Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-12-01
BsEKs 4 CREDIT.

NJ n NJ Il II L -
TUESDAY xOESIEe, EOvEEBER l, 1851.
BANKS AID CREDIT.
Aneng The leading objections 10 an exclusive
metallic currency, our neighbor Of the Bslisfia
urges that in that event, "eredit, which is the
poor mans capital, is at an en..D We cannot
understand why the abolition Of banks should
necessarily produce the abolition Of the credit
system. Confidence is the basis Of credit, and
there is no reason why confidence may not ex-
Isl between nan and man as well where there
are no banks as where there are. The truth 10,
It is confidence alone which gives the banks
themselves any credit with the community, and
We maintain that banks, By means Of their sus-
pensions and smash-ups, have done more to
destroy both confidence aud credit, than ali the
other causes combined. By their expansions
and over-issues, they lead invariably to an
abuse Of the credit system, and, presto, change
BY their contraetions, suspensions, &c, they
destroy it altogether. We maintain, then, tia.
there is no force 10 the position OF our neigh
Dor On this point.
again. We u ANk GEEEE Win 4AM ALaA g
is the poor mans capital. Even if it is, let US
ask bow many poor men get accommodations
from our banks? No. one in a hundred. The
very ides Of a poor mechanic or lsborer asking
for a discount, has become 70 be SO ridiculous
that they never think Of asking for such a
favor. No, it is labor, industry and honest
integrity that constitute the poor mans capital.
and often. after the employment OF these for
wears. he wakes up some foe morning, and 6Rds
that his hard earnings have rOtted 10 his pockets.
He carries his bills TO the bank, but is told that
It has either suspended orfailsd, and cannot re-
deem its promises to pay. In this instance, &C
cording to our neighbours argument, this indus
tTicas laborsr has paid pretty dear for support
ing such a credit system as the banks afford.
On this point, we conceive our neigh5or again
a. fault, and he must strike some other key, be-
fore be can enlist the sympathies Of the poor in
favor Of banks.
KEKFEIs Cotton EAREKT -TEE TIDE
CHANGED.
A short time since some OF the Charles
ton and Augusta newspapers were congratuls-
ting themselves, and predicting wonderful
AuLLEes UPON ANt 4LAeLrANE N NAlAEe pau U /
cotton between Memphis and the Atlantic mar
ksts. Owing to a temporary difficulty, cotton
did command a higher price al Charleston, Ss-
vannsh and Augusta than at Memphis, and NOT,
as some supposed, to the superior natural ad-
vsntsges enjoyed by those cities. The cause
ceasing, a. least to some extent, prices are be
ginning to come back to their former standard
50 much to the advantage OF Memphis. We
invite The attention Of the planter to the state
msEis which we have been publishing from
time to time, and which appear in this morn
ing's paper, taken from the Southern Atlantic
papers and ask him to compare the prices paid
for cotton in this city with those received 10
other Southern cities. L viii be found that
Memphis ofsTs superior inducements 70 the
planter Tor the disposition Of bis crop, also
thai our grocery merchants can uudsrseH those
Of any Southern city, New Orleans not except
e.. Our grocery market also has many aivsa-
tegss over the Atlantic market. Taking our
daily cotton reports as an index, our market for
cotton has been for weeks past higher han that
a. NeR Orleans. Why then Should Memphis
be overlooked, OF WHY should the cotton plant
e. OF North Alabama OF North Mississippi pre-
fer he Charleston or the New Orleans market?
GEEE CONSTITUTIONAL CURREECY.o
Under this caption the Eagle, Of Saturday
last, dsvo.ss q COLUMN to cur benefit, in an
effort TO answer arguments advancsd b. Us the
day before. relative to banks and civilization,
hard money and baTbarism, &c. II the eonclu-
sion Of our argument, we quoted an extract
from the Fsiera.isi, TO prove that gold and sill
yer was the only currency known to the Con-
]stitgion o. contemplated By its trainers. The
Eagle affects 70 be glad that such high author
tiles as MADISON and HANILToN, (the authors
Of most Of the papers In the FeferGlsf,) should
be quoted BY Us. The Eagle then proceeds to
show that both Of these distinguished states-
men favored the Bank Of the United States
Well, suppose they did; we had said nothing II
our article about the Bank Of the United States.
On the contrary, We were endesvoring to show
by this extract, from the FsderalIt, that the
States had 10 authority, under the Constitution.
either to issue OF authorize the issue Of bills Of
credit or bank notes. We were endeav5ring
70 prove, from the writings OF MADISON and
Hz1ILroN, that the States had surrendered I
the regulation Of the currency entirely Z
10 the Federal Government. They did not
believe thas the states could furnish a uni-
form currency that would be Of equal value in
all parts OF the Union, and hence Congress was
entrusted with the power of " coming money !
AID regulating the value thereof t was
hoped BY The advocates Of the United States
Bank, that sach on institution would break =
down the safe institutions, and afford a sufi-
Gent and uniform currency, The gold and silver J.
AZ that tine being insufficient for the CONNER
cisl wants Of the country. Well, We have =.
tried q United States Bank. l. did not answer =
the purposes for which il was created, and the .
people Of the Union have pronounced their
verdict against Il. It is low, ia the language ,
Of Mr.. WEBSTER, an Obssete ldea-s dead car {
cass. As The lawyers would say, il is res Cd 5
judoafa-a thing settled. We esnIot permit i
ourselves. Just at tais time, therefore, 10 be !
drawn Of 10 an argument for OF against the \
or denerits Of a United States Bank. p
question uow is between q specie currency q
and sach al one az The States can give US; or
whether it is not wise il the State governments 4
to follow the example Of the FEDERAL Govern f
nsnt, and adopt gold and silver az tie only q
currency. The arguments urged BY both
and HA1ILTos, as qaosed hy the J
E1gle, are as much against State banks as o
hey are in favor Of an United States Bank q
And, although, for want Of constitutional Z
authority, Mr.. MADISON ssia he signed the g
National Bank Bill with a trembling hand, yet
lie did SO in the hope that II would give the [
country a safe aud uniform currency, Of equal ,
.alue in al portions Of the Union. he SAYS t.
For ire Interests Of the oommvaity at large, Of
ls rel as for The PurPosss Of The Treasury, II Is ID
.ssenfiaI that the aGiioa shoald posses q cur
Of eguzI raise, cr.Sit Gai use, tsAerereT Il Al
circulate We ask our neighboF, can the b!
s5stss, 10 their individual CO Paeities, afford such II
currency? Hr- bADIsoN thought they could nd
.ot experience has proved they cannot. We
ave tried d United States Bank. T. has failed
.st us now Try the currency recognized BY the d
Of the Constitution, and i this fails 2.
ben we wiz consult with our neighbor ss to
-hich is the best policy, e return &c a National
r the STATE Bark system OF Issuing paper =
honey. h
CoxrEsrED ELEcrIoEs-It is understood. 81
avs that the Baltimore San, Nat both the seats mi
& Wessrs. Harris sad Davis, returned mem M
ers elect 70 Congress frotD the bird and fourth ID
ongressiouai D s,Ticts Of this SAFE, are to be OF
tir. Brooks announced SINE DAYS 90
20 that be Intended 10 eortas. the seat of Mr.
,aviz. We now hear that blr. Whyte bss de- IA
srmine5 upon the sane course n relation 70 !
Be seat Of DIR. Harris.
The election is to be contested, it viii be re- o
.em5ered, upon the ground that a large por- ia'
on Of the voters we're b. Intimidation and vic ~
nee kept from the polls. Hihs fact cen he
.ade clear that MessFs. DAVIS AID HAMS q.
their election in this way, Congress DO
bould not hesitate to make an example Of la
go. T, ,vould 20 far N s,op The vfolence de-