The Yazoo Democrat., 1853-02-02


This is subject that is properly commanding
the attention of our friends of the press 10 this
State. Can the present unfortunate state Of our
currency be remedied and if so, in what way
But before discussing the remedy letu look at
the evil to be remedied.
1t is general complaint throughout the Uni
ted States, that small change is very scarce, not
withstanding money is easier than il has been
for many years. Silver now commands high
premium, where, a few years SINCE it was drug
that could be bought with the shinplasters of
every little rotten bank, at a discount. If gold
was given for silver, it was for high premium.
But the reverse is now, and has been the case for
the last few years. Silver can scarcely be had
now at any price, save in very small quantities,
and what little there is in the country, is uNh-
stantly gathered up by brokers and shaving shop
who charge from three TO seven pei cent for
changing gold or paper If you have bill
against yoar neighbor for less than v, it is i'm
possible to collect it unless you run yourself
down hunting change, and frequently after hav-
ing spent time enough to have--earned half the
amount, you fail to obtain it. This is no small
or trifing matter with those whose business re-
quires them to make change frequently. Often
times persons are prevented from purchasing
small articles that they actually need for want
of change, and the merchant loses the sale of his
goods. These are facts too well known and felt
by all business men, to require further notice
What is the cause of this deficiency of small
change, and how is it to be remedied? The i'm
mense amount of silver sent to other countries
is undoubtedly the principal cause. And there
no way to check this heavy exportationo OF silver?
1t seems to us that the coming of all the silver
in the country into American coin, and great
portion of it into small pieces-say from three
cents up to half dollars, would undoubtedly
check the expectation in great measure, and
make change more plenty here. Gold can read
lily supply the place of silver dollars. and would
be infinitely more convenient to handle or carry.
This deserves some special action of Congress,
but like thousands of other important matters
il must be s.laid on the table," while Congress
men spend the change in making long ears for
themselves.
But the disadvantages and evil suffered on ac-
count of the scarcity of small change, is of minor
importance when compared with the miserable
condition of the paper currency in this State.
Let us first see what the condition of paper IN
edied
As Mississippi does not issue dollar OF paper
she is paronizing other States for every
dollar of paper in the State. Then. is there any
bank paper in circulation in Mississippi We
have no means of ascertaining the exact amount,
but we will venture the assertion that there
is not less than million of dollars. Supposing
this money to be all current and safe to the hold
er, what does this State pay other States for the
use of this amount of her currency? Putting
it down to the legal interest on money loaned,
it amounts to the sum of eighty THOUSAND dol
lars. This is large sum of money to-pay tor
the use of rags from other States; but half the
cost is not yet counted More than one half of
the paper money In circulation in this portion
Of the SFate, is from one to three per cent below
par. Many persons are compelled from circum
stances to take it at par and then suffer the dis
count. Others again prefer doing SO in prefer
ence to contending about the discounts there
is not fixed amount of discount, depending en-
tirely upon persons and circumstances This
state of affairs gives brokers and shaving shops
a fine fed for speculation, and they alone are
benefited by it; for this same money cannot be
obtained from them at discount, or at the
usual discount at least They canmake arrange
ments to send all their surplus where it is par,
and thus make large profits off of our citizens.
80 that continual flow of this trash from other
States TO our own, is thusskept up. But these do
not include all the disadvantages of this stale of
our currency. Thousands and thousands of dol
ars are yearly paid by our citizens in the way
of acceptances, that might be kept at home un-
Ter proper management of our money matters. |
Almost every planter, as well as the entire mer-
:antile community, know and feel the burthen
1orne in this latter way that benefits other States
llone. Thus is our State impoV erished to the
amount of hundreds of thousands of dollars every
Tear
There is still another great injury sustained by
he State, by this unfortunate state of our cur
ency--namely. that it prevents capitalists from
INVESTING their means within the State, in the
arious branches of manufacturing, as well as in
gricul :ural pursuists. Where is the State with
he same amount of wealth that Mississippi can
cast Of, that has so little capital invests IA
IN Anical pursuits Not one in the Unid
bis brings us to the mode ofremedy. The oil
smedy is, by driving this trashy paper from our
ountry, and providing means to supply the de-
hands of our business men at home, with & ac-
eptances, as well as good currency. Under
he present condition of money matters in the
United States, there IS but one way to accom-
lish this ;sand that is, by establishing.a good
s.