Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1837-10-10
Yours in haste.
From The New Orleans Bulletin

Ever since the United States Bank has
been repudiated by the Executive, and its
services dispensed with as agent for the
custody and distribution Of the public
revenue, confusion and disaster have
/ marked the pecuniary transactions Of the
nation. This institution had proved itself
the faithful handmaid Of the government,
through years Of service. The treasure
of the people was safe in her vaults, where
the fingers Of peculation could not reach.
The public monies could be commanded
at moments notice, and transmitted with
a despatch and eheapness, to the most re-
mote sections of the commonwealth. Do
nestle exchange was properly regulated;
so that funds could be removed from one
part of the Union to the other, with the
utmost facility, and at an expense COM
paratlvely trifling. The State banks were
kept in check, and extravagant issues of
paper were effectually restrained. Never
was the currency of the country in better
condition, than at the moment, when Presi-
dent Jackson assumed "the possibility"
and gave the fatal order for the removal
Of the deposites. To that fiat of the Elk
ecutiye may be traced the exciting causes
Of the sea of troubles, whose appalling
fluctuations have deluged and desolated
the nation with a widespread havoc. Vain
are the attempts of the partisans Of the
administration, to divert the minds Of the
people from the real sources Of this
calamity. 1t is nonsense to talk Of the
over-production of cotton" or the excessive
importation of foreign goods, having led
to the present embarrassments. There
are links in the chain Of causes far above
and beyond these, and the confederation,
if traced to its end, will be found to ter
inmate at the chair Of the Executive itself. |
Since the United States Bank has been
discarded, many experiments have been
made, and untried expedients proposed,
for the purpose Of finding a suitable sub
stituto. But how fruitless and how disas-
trous those experiments have been, we
shall know, when inquiry is made after
the forty millions Of surplus revenue scat
tered among eighty-six Pet Banks, and a
thousand irresponsible office holders. Who .
is tobe accountable for the heavy deficien-
cics which it is apparent, the deIalcations of
these delinquent cashiers Of the executive |
will occasion? Has the party who took
the responsibility the ability to cover the
stupendous losses which now threaten our
treasury? or will his endorsement indem-
nifty the government for the immense
sums that have been thrown and sunk
among rotten banks, and lnsolvent deposi- |
tories? These are questions which the
votaries of General Jackson may not find |
so easy to answer on the day Of reckoning.
There is presumptuous and reckless
creduity, which "disdains asserting to OBJ
vious truths, and catches at the improba-
bilites of fiction as its grounds of faith.r
Some hallucination Of this kind must have
possessed our late magistrate. 1t was in
deed n wild and adventurous credulitv.
which led him to trust in the hands of IT. |
responsible and dubious corporations, the
public treasure, which he had pronounced
unsafe in the vaults of Bank, whose
solvency was unimpeached and credit
established on the firmest basis. Nothing
but his vindictive feelings and insane hos.
tlllty to this useful institution, could have
so blinded him to the true interests of the
government. Dearly has the country paid
for the qualification of his frantic passions.
But our body polite is young and germi-
nant, elastic in its constitution and mex.