Holly Springs Gazette

A writer in "The Guard" of the 26th ultimo, over the signature of "One of the People," seems perfectly rabid on the subject of banks. His ire appears to have been roused by the discovery that Gen. Bradford had given notice of his intention to introduce a bill to repeal the bank law of 1840, and for the relief those banks which have complied with it, where at "One of the People" opens his eyes in amazement, invokes the name of Benton, crosses himself, takes a final leave of common sense, and asks, "what is the meaning of this ominous announcement? Is thieving, swindling, robbery, to be sanctioned by law?"

He seems utterly to have lost sight of the fact, that by the conjoint operation of the bank law and the laws to enable individuals to avoid the payment of their debts, the banks are compelled to pay all their obligations on presentation, while they cannot enforce the collection of their just dues in a shorter time than three years. The law says to the banks, "you shall pay all you owe, and at once," while it says to the people who owe the banks, "you may pay at your leisure." This state of things is manifestly unjust, and requires correction. The laws we are speaking of were enacted by a set of agrarians and disorganizers, with the avowed intent of destroying all banks, good and bad, indiscriminately, careless of the ruin that might ensue. And now, when some three or four banks have stood a test of such iniquitous and unexampled severity, thus showing that they have always been conducted upon sound principles, and it is proposed to give them a fair chance for existence, an infuriated zealot comes forth to denounce the measure and its supporters, in pitiful ad captandum nonsense.

We are not the advocate or apologist of an inconvertible paper currency, nor do we desire a repetition of the banking farce which has been enacted in this State, but we would wish to see even-handed impartial justice dealt out alike to banks and individuals. We are weary of reading senseless tirades against "the swindling banks," for we know that the people owe and have swindled the banks, thrice as much as the banks owe and have swindled the people. The balance of swindling is largely against the people, who, when they pay half their indebtedness to the banks, will enable these latter to pay all their debts. Under the present state of things, our good banks can do nothing, and they have no circulation. Our sister States of Alabama, Tennessee and Louisiana will not destroy their banks, and we are dependent on a currency upon institutions over which we can exercise no control. Why should not we have banks of our own?