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The Debt Of The Slaveholders

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The foilowing iletns of information may be ! useful in assisting us lo have correct ideaa of i the manr.erin whichthe capital of theNorth ia made to flow into the great southern I gulph, out of which it never emerges. To begin with the Bank of the United i States' The last suspension of this great j instituticn produced a general paralysis jn nanking operations Ihrough tho South and I West. It is, now utterly doad, bevond any ■ hope of a What was the oc caswn of its deceasc? The bank had under. taken to resume, and aftor paying out aboiu six millions in specie, was obliged to suspend for the last lime. At the very timo oí suspeneioü, there vqb duc to the Bank from ! Southern Banks, Cèrpontions, ind. individuáis, ncL-ording to a statement published in the New Orleans Intel ligencer, 327,850.000. That paper dcc!ar,ed the hole obligations lo be worth less than 10 per cent. rnaking ; the loss of the U. S. Bank to be more than [ $24,000,000 while he Louisville Advertiser whicli copied the same account, estirnatcd the [os $20,000,000. Now whatba.nk ccr. be ejepected to transact business successfuly and lose 20 millions at a time, and thal from one part of the country alone? The losses from the North were far less, and the grcjitt-r part of the amonnts duo from thflt section, will probably be ultimately good. The effect of t'i.e failure of ihe U.I S. Ban!; on currency generally has been most disast nuis, -anti bas. been feit eensibly jeven in Michigan. . .Yol, as we have scen, . tbaïTaiiuro wa? oiviiïg to the utter insolven, cv bf the slavtiholdcrs. J 2. In líiSÍ, a fareigner deposjted in the t Mini, at Philadelphia, $509.000 in gold, unl' der the ple.lge of the United Slates that i' f ehould be faihfully kept, and apphed, for eer j tain purposes. JFühin Ikree duys, the whole jsuin was on the way to Arkansas lo m.ikf a,banf{ -If Arkansas should choose to bcftome insolvent tomorrow, the United States must foot the bil!, and a hrg-? share of th. J.nmout would be extracted from the North. This statement was made by Mr. Adams in j Congres8.3, The dubt of Missisaippi has been 03timated by good judges at 90,000,c00 dolJ Isrs, of which two Ihirds was due the olher States for slaves. During; the great speculalions in that State, whsn private funda were used up, the speculators appüed to the Banks. Wlicn the credit of the banks run )ow, on account of t!ie excessive issues of paper, the Legislature charlered a Doi(beí of banks with Jarge capitals, backed ' by State xirode issucd for that express purpose. TuèBC ifouJs ,vere so!d in the market, and the tnoney was shared by the d.rectors,their connections, favorites, and political friends. Whocofld nol affbrd to speculatc, wUen ihc State would find capital? When sttlet ing day carne, there was nolhing to pny with. fhe State bond are Mling uc arni the banks have no means of caoceliing prin cipalor interest. Acommittee of the Tgislature, which examined the affiirs of t!.e Planter'sand Uon Banks, tvpprteíl, tíiai, "Theyore fnliy persundtd the State wil] ultimately be compelJed to pcy the greater portion, if not t!,e enlire amount of the xnds alrcady notialed. and that for thej. Srst instaüments of the bonds amountin to 250.000, ihere wil! be no mcans of paynTent ;cept by direct taxation," ' í' An exchangB paper snvs: ;i '-Thcrc iid to he pwarífc nf L300,OOC ;] uruujrrcnt and valuless buik notes now j in the Treasury ofthe Siate of AíississipTiie Natclicz Frcc Trado;.sayg, that (axestomeotthe debts of the State ns tíiey bccome duc, will increase thc atnount pf-tax alion fifteen times. He who paid 100 dollars last year, must pay 1500 this year. The faanks ofthis Stnlo it 3 supposed were al) cstablished on Northern copital.- What a beautifu! prospect fur the Norther creditors ter get Ihcir pay.' 4. In Alabama, the same plan of issuing Siate Ptüclcs was pursued and with the same result to the Norlhern capitalista, who bmight ii2íif. Th amount of state stocks issued fur bank capiuls, vyae Il,5ü0,000.- fhe baiiks ure unablo to pay even the interest. A Mobile paper estiniatea the losses at the lowestrate, by the Branch Bank at 3Iobile al S4,O0O5000 Branch Bank Montgomery, 1,000,000 " " Decatur, 500,000 Bad and doublful debts at HunlevilJo Brach, IC7.000 56,417,000mis tieducted from tlie. capital leavcs 5,083,000 to do bnsiness on, vvbile the interest and expenses anount toa million of dollars annua!]y,and no resource but direct taxation. And who can pay tiie faxes? A writer in the New York Evangelist, who has resided at the souih, thinks if all the property of evcry kind in Mississippi and Alabama shoulc' be sold at a fair price, the proceeds would not pay the debts of the citizens, the banks, and the statcs. 5. The great banking house of Wright fy Co also failed last fall for an immense amount on account of itslarge transactions in theState dcbts, and Joint Stock Companies of ■ t!io Union. He was induced to have too r great faith íq tho solvency of these iustitutions,through the reprcsentations ofxMrJaudon, agent of the U. S. Baiflt- The Oíd school General Assembly sold iheir funds at the North. and invested ihe proceedsat the South. Acomtnittee of ihat body have recently reponed a Io6s of 43,354 suñered by a depreciaron of Soutlierns stocks, bcaides the amount invested in Uie Vic!sburgh Bank which 13 suppoaed to be very large. The Emancipator, from which we havo extracted most of tlie abovc item?, gives the particular in fu 1 1, and subjoins, the foowingr reflections: These items may shoiy, in somcj degfcé lie concliúou of the slaviolding Ö'aies.-1I10 farms are jn-ticr.üy rnorla-ed lor more they wotiltl sell for, hesites very iniuiy of them beinjr cov-ered over Bgain wiihjudgements. The negrees aro ín ihe like condiiion. The crops are plédged for yenrs tocóme. ad thtí rtvoíls alre.uly cxperulod. cEmuíÜtÍeS are 10 íicbt, fiirst, to capitalisjs who baned money lo buy land; sccondiy, to negro tradors uho ínrni.shocl húmense numhers oí tinrdly to merchnnis who Airuisiifid tlicm the mentís oí subsistence bóth uodrcluihmg and in.plemon:?, l,ci-r' importcl dúriflTg several years, espccially m üu, new gíaléSj fonthly, to ihe hÁ ror-áccornífíodations; í, the bánksftre soaiíppjy invlvcd, t!.at iheir gtotíks bear l)ut a nominal valué, sy f,om 10 to 15per ccmt.;iin si.v.hiy, Hió Simes aro mortíagf,-.i by ihc wsües of State bórfás fo tlíe naiik?, which hóVc bren óefáíetí, (aCnenUly wiih a northern eoílr.rseníerif ol some kind.) and the avuils all èxpéhd&j and finally, for ali ths,there is -slinw but land, that under Steve culuire i.s dwnys growing worse,ad sla ve property which ever had any real convertible valué, with profpective cr-.p, that will not pa; , vear by year , tot the expense oí' raising. Uoder these circumstnnee?, t s plain that ihínga can tVól begiü to move. llie. rhoroges nnd jüdgerramts atóiinst individuáis are tinavai!ab!e, for [wo" raxsons; ficst.tliut planters in hard times enerally combino fo prevent sales by ihe shenir; .and secorjdly, hecauso ihe oxhansMon la sogreat th;u ihere ís nobody al)le ■o Lhi.v. i'hs b niks ear.nöt resumé, hocausü cusiomers cannól pav. The States will not beabie to pay ihe'ir inler'st, b.-caupcihcpeopleoannotbear íaxa'ioiu 4bd the future offers no relief, beïause sliive labor never )icldsa éurpjua 0. e. taking R comtnwi,ity,):ivai!al)le 10 pav " d rfebtj; Unless therefore, the resources "I Uto JSorth can be bronoht in, the whole mata of souihern dehl is a dead loss W R=iKMd rtm tira South never en et untíer ivayafh with iis Jnyd f,f ,je)t ,h ■ P J" h!S '8 "ie vcr' w'á Ihai Irovidence ja nmv Seaehing iheSosidi -nd.henniion ir ,!íey it frpm m Jesson, well; ifnot,they will no doubt '-'ve nnotl;er, in due time, of the same iind- ,only r loper.The culored pébpiè of N. York heltl a conrentionatTroy, Aug. 25for the purpose of procuring for themselves the privilege of voling on the same foong with other citizens. Every portion of the Stat was represenied, and 130 debates were present.- They determinpd to folloW up iiieir endeavors they havo hhherto made with new and persevrringf eiF.rts tintil their object is accomplisld Tho n.nnbor of free colored people in tho State is about 50,000, Tbose on!y who possess a free.hold property of the value of L-)0 dol,ars or 1)pwardg can ()ow vote. Sl.ould the right of suffrogo be extended to them wjthuat restnclion, it wijl probftbly ndd Peven or oight thousaod to the number of voters ia t]19 Stare.ís diere any cmiizcd CViatiau country on the globo n whid, ,nen ari! women & childreanre stnicfc offíb iho hig)cst bid der l)v the Inmmer of the auctioneer, a the seatof governmcnt.e.vccpt the üniied Safes? Golhrough Europe, amongmonarchs and arisíocnusnd no such instènce can he fuunc!. of our missiunnrics lias wriüou !ack Trom (Jic interior of Por8W, (bát not a Ruropean sírnys thro-.g!, ihatcounlry for business or pleasiirc.wiili. out taking occasion lo (int lu'rn u'i'i i!c factthathig counlrymon advn-o'o froedom for ail, and yct (iold tiiétt Cdiow men HS property, abd what Ís worse, oür Doctors of Divinity undertahe to niake it appcarlhntlhe Gospel of JGSlIS Cbrist au thorizesthisplanofsoiünr jiljm,n ben(T3 at auction, and Ümt ii ,'g no sin for beatfiens to follow our ex;iin)le!In 1841, the PrésídeoH óT ihy United Siates receivcd $25,000 Trom the public treasury for lus subsislencc, and yet e compelled bis laborera ly force to work without wages. Shail wc cali t meanness or avarace, or extravagance- what is the proper name for such conduct? OcpTlie qucstion was taken in the ïouseof Representa ti ves on Friday the Oth nst., upon the passage of the Bank )ill, in spite of the veto and the sarne was ost, yeas 103, nnys 80,