Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-08-15


6rt Mondayin November lora meeting
81 the wing Convention The con
vention should by all means meer next
month at tarthest. Say the Cd or
Sd Monday in September. The Del
eoates from Lowndes County are al
ready appointed and are ready to start
At days warning.
Dr. CoODer on Banks and BaHktng.
Having taken time for an attentive
re-uerusal Of DIR. CooPers article III
the last Journal, we earnestly re-
commend It to all who are DESTROYS OF
Having within the compass of few pa
ges the most important facts in the his
tory of Banks and Banking. To at
ford proof of its value and interest, we
| intend to make one or three extracts,
of convenient length to our readers.
DR.. Cooper treats Of this subject I'M
der the following heads, and makes .
memorandum of facts occurring be"
tween 1907 and 1897.
/. The Banks Of England, Scot
land and France.
2. The Banks of the u. States.
8. The conclusions these facts
seem to afford.
4. Can we get on without Banks
and a convertible paper currency.
5. Can we get on without a Bank
Of the United Statesl
6, Precautions necessary IN chart
ering future Banks.
We commence our extracts to-day
with DR.. Cooper's summary of the re-
suit of General Jackson's seUen gears
sOGr against Nicholas Biddle,-which
summary may be properly styled
THE VERDICT OF HISTORY.
"During 10 or ~ years of Mr.. Bid.
dies most able administration of the
Bank of the United States, the paper
issues of the State Banks were kept
within bounds; balances were not per.
mitted to accumulate, the currency Of
the country was in as good a state al
could reasonably be expected. Our
paper was every where convertible
into cash, without difficulty. The f.
nances of Government entrusted tC
that Bank, were managed with a cheap
ness and facility, that left nothing to bC
desired; and the whole currency of thu
United States extorted the approba
ton of the best informed fnanciers o
, Great Britain. Nor is it to be denicC
! Eby any man who has q character 4
lose, that the notes Of Mr.. Biddle's BanI
were for several years preferred {,
coin. During thirteen years, $50 mil
: lions ofthe public money were trans
ferred to and from all parts of the Union
without the loss Of one cent, through
the excellent management Of that In
: sGitution.
Soon after General Jackson's EIec
ton, it seems 10 have been determined
to control the Bank of the United
States and bend it to the party purpo
: ses of the administration. The frs
: open attempt was in June, 1929, sup.
ported by Mr.. Woodbury. and Mr.. Hill
TO effect the removal of Mr.. Mason
: President of the Branch Bank at Ports
: mouth, in New Hampshire, from hi.
!, Office, because he was not friendly t.
: Gen. JaCksOn's election and Admins,
tratiOn. This measure was supported
by the Secretary of the Treasury, Mr.
lngham, who undertook TO state to tht
Bank "the views of the Administration
in relation to this appointment" Tn,
President of the Bank, with concur
Q renee of the Directors, replied to Mr.
! Ingham, that he rightly apprehende,
his views: but acknowledged no re-
{ sponsibility to the Secretary of tn
e Treasury touching the political conduC
If Of the officers Of the Bank; that bein
It a subject on which they consult no al
minislration, That the Bank has du
ties to perform towards the country
. but not toward any party, whose PR
tensions it would not acknowledge q
b, compromise with. Inthe present cas-,
- the best mode Of satisfying all partie
!, was to disregard them all.
That President Jackson, who had n
peatedly spoken Of the bank ofthe Tn
ted States, without objection or reprl
= lsion, now began a formal attac
m that Institution, in his message
-. This was, continued in lS0l
a i, 1882, and every succeeding yea
by a series Of complaints against Oh,
ak, frequently resisted By Congress
1t perseyeringly backed BY the who
power and patronage Of the goverr
ment, he finally prevented the renew,
of the charter. He withdrew from 4
bank the deposites Of the public trea
ury, against the opinion Of constitution
al authority, be took the money ind,
his own command. He distribut,
those enormous sums 70 various loo
banks dispersed over the country, /
creasing through their means the infi
ence and patronage Of the executiv,
and having thus locked % the publ
treasure among the banking instit
tions which he thought 81 % favor,
successor may now look ior Il il vai