Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1837-10-21

NY leNcNeu ~ lle revenue OF inc aA4tef "Ai-N f
was much less than 100000 per annum.
speak on the information Of citizens Of that State,
on whom can rely.
But, whatever may be the amount tat can be
circulated, hold IL clear that. TO that amount II
would be IS stable 10 value as gold and silver IL
self, provided the GoyoTnme Il be bound TO receive
It exclusively with those metals IN oil ITS dues,
and that il be left perfectly optional with those
who have claims on the Government TO receive Il
or not. twill also be necessary condition that
notes oftoo small a denomination should not be
issued, so that the Treasury snail have ample
means TO meet all demands, either IN gold or sill
yer or the bills Of the Government, at The option
Of those who have claims on il. With these con
ditions, no farther variation could take place be-
tween it and gold and silver, than that which
would be caused by the action of commerce. An
unusual demand from abroad for the metals
would, Of course, raise them little in their ieo-
tive value, and depress relatively the Government
bills in the same proportion, bich would cause
them TO flow into the Treasury, and gold and sill
yer to flow out; While, on the contrary, an Increas-
ed demand for tie bills in the domestic exchange
would have the reverse effect, causing, MS have
stated an alternate nux and reflux into the Trea.
sury, between the two, which would at al timcs
keep their relative values either at ~ bear par.
| No ono can doubt that the fact og the Govern.
mept receiving and paving away bank notes in all
| ~ fiscal uarsac;.,s, is c.e OF ihZ principal
sources of their great circuatoni and liYas main
ly that account, that the notes of tho late bank
Of the United States so freely circulated all over
the Union ! would ask then, why should the
Government mngeils credit with that Of private
coTporatiOnsl No one can doubt but that the
Government credit is better than that Of any bank
more stable and more safe. Why then should
Il mix It up with the less perfect credit Of those
institutional Why not use its own credit TO the
amount otlts own transactions Why should it
not be safe in its own hands, while il shall be con-
sidercd safe in the hands Of 500 private insttu-
tons scattered all over the country, and which
have no other object but their own private profits,
TO increase which they almost constantly extend
their business TO the most dangerous EXTREMIST
And why should the community be compelled to
| give per cent. discount for the Government
credit blended with that of the Banks, when the
superior credit Of the Government could be fur.
nished separately, without discount, to the mutual
advantage Of the Government and community.
/ Why, let me ask, should the Government be
exposed to such difficulties us the present, by
mingling its credit with the Banks, when il could
be exempt from all such by using by iiselfs own
safer credit II is time the community, which has
so deep an interest in sound and cheap curren-
cy, md tho equality of the laws between one por-
ton OF the citizens of the country and another,
should reflect seriously on these things; not for
the purpose Of expressing any interest Ut to cor
rect gradual disorders Of dangerous character,
which have nsensibly, in the long course of years
without being perceived by any one, crep into the
State.
The question is not between credit, and no
credit, as some would have us believe but in
what form credit can best perform the functions
oiasaie and sound currency. On this ilnpor-
tant point, have freely thrown out my ideas,
leaving 1t to this body and tho public to deter.
mine what they are worth. Believing that there
might be a sound and saiepaper currency found
ed on the credit Of Government exclusively
l was deslrous that those who are responsible
and have tho power should have oyuiIed them.
selves OF the opportunity OF tho temporary deficit
Of the Treasury and tho postponemeDt of the
fourth instalment intended to be deposited with
the States, to use them rs the means of aflordng
circulation for the present relief the country
and tho Banks, during the process of separating
them from tho Government, aud, if experience
| should justify il, Of furnishing a permanent aud
safe circulation, which would greatly facilitate the
operations Of the country. But different direc.
ton was gwen, and when tho alternative was pre-
scented Of loan or the Withholding the fourth in
stalmont from the States did not hesitate to
give decided vote for Withholding it, MY aver
sion to public debt is deep and durable. II is,
in my opinion, pemclous, aud ~ little short of a
fraud on the public. saw too much of il during
the late war not TO understand something of the
nature and character OF public loans. Never
was country more egregiously imposed on.
Having now presented my views Of the course
aud tho measures which the permanent policy Of
the country, looking to its liberty and lasting
prosperity requires, come finally TO the question
of relief. have placed this last, not that am
devoid OF sympathy Tor the country in the pecu-
mary distress which now pervades it, No one
struggled earlier OF longer to prevent il, than N.Y.
self; nor can any one more sensiby feel the
wide spread blight, which has suddenly blasted
the hopes oil so many, and preciptacd thousands
from atuehee to poverty. The dosola,ion has
fallen manly on the mercantile class--a class
which have ever held in the highest estimation.
No country ever had superior body Of mcr.
chants-of higher honor, gilmore daring enter
prise, or of greater skill and energy The ruin
OF such class is heavy calamity, and am SO.
l,citous, among other things, to give such stabih.
~ TO our currency as to prevent the recurrence
Of n similar calamity hereafter. But il was first
necessary, in the order of things, that We should
determine what sound policy, looking 10 the l,i-
ture, demands to be done at the present juncture.
beforemc consider the question of relief which,
as urgent as il may be, is subordinate and must
yield to the former. The patient lies under a
dangerous disease, with burning thirst and other
symptoms, which distress him more than ,he Vi
tai organs which are attacked. The skilnI nhy.
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