Southern standard. [volume] (Columbus, Miss.) 1851-1856, 1853-04-09
Banking System.

Banking System.
Under the above head find article the Port Gibson
Mil ReUee sound democratic Journal and as we have at
different times had something say relation Banking
feel disposed open columns free discussion of
the questions growing out of the SYSTEM we'll the expe
diency of chareng them this State Those who reply to
we hope will be fair enough repubish articles We
shall take pleasure in recpocang this courtesy and give
in another column the article which we have referred.
The line oreasoning adopted by many opposed banks
only calculated to continue and eradicate the evils
planned Of To suppose that men will trading upon the
credit of article from fear of oss to suppose men will
quit rafckng altogether and this is likely happen
Those who suppose them that the great of will
fuse receive foreign bank paper in exchange for debts
merchandise decevng themselves and Others unless the
party receiving be shown to lose by the operation every
time So there is reasonable hope Of mans
ring doubtful debt another making good trade and
ceving in foreign bank the contingency of loss
resting upon the continued sovency of the bank will
foreign banks find men, and plenty of them who will take
their paper There law of luck and law trade and
have either ouawed by either public opinion the
legislature Profit hazard in trade and trade de-
rves its subsistence off oprot Mssssppians about the
only people of whom have any knowledge who trade with
profit That Is the profits of our trade goes swell the
dividends oorgn bank stockholders The theory putting
down the circulation of foreign bank paper by the fear of los
is like telling he should kiss his wife for fear of the
Asiac cholera The lone two merchants" indicated by
contemporary who refused the foreign bills may be wise
but the question is would they declined receive
discount for if they lacked the idea of trade this
world goes
The theory Of the RereiUe is fault humby think
will think discoureous should say that its argument
fails the dignity of falacy decenty elaborated
relies upon Public Opinion expaiae foreign bank paper
State will but symbolic the boy who cried for the
stars intending he told his nurse make balls of them
Were possible should be pleased know that after
specified that another paper bank bill could be issued
We do wish that transactions brought down TO the
standard of the commercial world gold and silver and that
representative of one dollar would represent dollar
more no less the world over But this will happen
if ever Taking them the world stands, disposed
to treat with it Just find it, We are for giving own
people the advantages that neghbOrs possess We
are for breaking the circulation of bank paper but
we are much afraid that labor of than Herculean dgn
v is before u.s. and shall wait until modern Solomon
rises with plan that will prove certain death the whole sys
TEN of paper money before engage in any such projects
Acting upon the maxim nee trade sailors rights II
favor putting people upon equality with the people
all the other States Believing that no law will act as an
cuson ooregn bank paper from State the only way
make paper OF our own and let trade take its VIVA
paper dspaces is much of gain in home profit
and what finds circulation abroad is that recproc
y either good evil the may be, among for
eign neghbors This free trade paper and tired
seeing our made the neutral ground and people thu
victims of the spoiler We say let paper enter
energy of our people Above ALL do not hold them down by
prejudice that is weak nor folly that is blind and invite tn
sharper in to pick their pockets.
We think it doubtful whether contemporary OF the ReUe
L. could fashion phppc against banking that we would nc
endorse so strong hatred of them But must in
dor dissent from the supposon that there is no honesty
conducting banks" We dsncined to believe that a
mankind dishonest and suppose dishonesty In til
conduct of bank only when controlled by knaves If he1
is no honesty in man. it clear banks controlled by mu
be dishonest But we have yet learn that banks ntr
scay dishonest 1t has been the prevailing opinion anon
men that banks are dishonest only when the habits OF those
ong whom they erected become doubtful Hence we sa
that it right that of proper habits are placed
control thanks and that guards be thrown around them t
shall render dishonesty Improbable Such checks are sin
pie and will present themselves to the mind any man wi
will reflect upon the subject
We entirely agree with coteporay in his views tn
banks do not increase the capital Of State would see
TO require no argument establish the truth OF this posuo
and yet plain it is apprised that common oplC
the reverse oft Nothing faacious as we can al
yVilfhow Banks create capitanone, when well al
discreey managed; they simply create Credit the subshu
If canta the world over Credit under legitimate restraint
developer energy drawer out of the natural resources
e State and great promoter of labor and enterprise Wn
banks them step beyond their legitimate functions, ana
tempt to create capital they to be benefactr ana
come in most cases public Banks stand as prom
ter ofenerprise not less in the mulom details OF commerc
than in the walks of mechanical and mental employment
then thew furnish credit the substitute of capital they o
up the way labor and aid in putting In successful comp
ition with monopoles that grow up IN all commumues a
which, when coerced tend to crush industry ana
in disproporonate manner the necessares OF the world
We make preenson what is called IN pohte cc
IN political educaonthat is say have not STUDIED
- cal Economy with view the teaching it as scien
nor have we any very high opinion of the Judgment OF tn
men, who run theories against the practical operations OF
vod There are laws of trade it is true, which well
but there is science enough among man
10 level the commerce of the present day. so as to SOU
il with the theories of political economists
To reap the profits Of our labor and to meet our ne
unon their own ground for excluding paper cir
ne aon altogether from State by law, or we shall iavOr
OF -saoD ofbanks by our State legislature This let It be
~ dersOod will make US an advocate Of BANKS arc
mt nosed to them but bitterly opposed Una. syS
which our citizens are pundered for the benefit OF the
IT. lens Of Georgia, Alabama, Tennessee and louisiana
" source Of satisfaction know that ones friends are nO'
ey nally victimizeds