Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-01-17

echoed by folly, against the banks OF
the United States. Until it was DIS
turbed bv the Government, the bank
ing system of the United States was at
least as good as that of any other com
mercial country. What was desired
for its perfection, was precisely what
have so long striven to accomplished
widen the metallic basis of currency
by a greater infusion of coin into the
smaller channels of circulation. Tins
was in a gradual and iudicious train OF
accomplishment. But this miserable
foolery about an exclusively metallic
currency is quite as absurd as e dls-
card the steamboats,, and 60 back to
polling upthe Mississiippi.-Banks may
err Tor want of skill, and occasionally
be injurious as steam is: but it Is not
the less true that the banks of this coun-
try have been the great instruments OF
its improvement, and that, during all
the CONFUSION ofthe last fifteen years,
fer every American bank which has
failed, at least ten English banks have
failed.
So. with regard to the lands.
For the last few, years the amount
of the sales of the public lands has
been a theme Of congratulation with
the executive. In the very last mes
sage, on the 7th of December, 1896, he
repeats the same strain. among the
euiGences of the Increasing prosperity
oftde country, not the least gratifying
is that afforded By the sales cfthe public
| lands, wAicA amount IN the present gear
to $II, 100000. This circumstance at
tests the rapidly Nth ,ohich agrivuL-
ture, the first and most important occu-
patton altman, adrances and contributes
to the pUeaLth and polcer Of oar extended
territ0rg.'-In the same message he
declared that 1.-The circulating medium
has been greatly improved. BY the
use of the State banks it is ascertained
that all the rantS ofthe community IN re-
Lati0n to change and currency, are sup
piled as nell as they erer haze been be-
FORE Scarcely seven months elapse
when these pastoral and financial Wis
ions dissolve in air. Agriculture ceases
to be "the first and most important oc-
cupatiOn of man. the State banks
cease to be models of exchange and
currency; but forth issues the Secreta-
ry with declaration, that to protect
the Treasury frauds, speculation, and
monopolies in the purchase of public
lands" from excessive bank issues"
nothing shall be received for land but
gold and silver.
Now what an exhibition is this
The public lands are exposed to
public auction, the prices reduced in
order to encourage sales, and the Pre-
sident stands by, exulting at the amount
when suddenly he declares that he will
permit 10 speculations, and that he will
raise the price Of the landssby raising
the price of what he alone will receive
for them. Now: suppOsing it true that
men have bought much land; what
right has the President to dictate to
the citizens Of this country, whether
they buy too much land or too much
broadcloth They might be permitted
10 know and manage their own con-
Germs quite as well as he does, leaving
the evil if be one, to correct Itself by
It's own excess. If he prohibits the re-
ceipt of any thing but specie to correct
I taTlA no NJ
same prohibitions on hardware, broad
cloth or wines, whenever his paternal
wisdom shall see US buying too many
shovels, or too many coats, or too much
champagne, and thus bring the entire
industry Of the country under his con-
troll.
These troubles may not, however,
be wholly useless, as we extract from
them two great lessons. The first is.
that we can have no permanent fnan-
cial prosperity while the public reven-
ue IS separated from the business, of the
country, and committed to rash and TO-
norant politicians, with no guides but
their passions and their interests.
have but little doubt but that the specie
order Is the revenge of the President
: upon Congress for passing the distri.
button law. / have less doubt that
thus dispersion of the revenue among 3
multitude Of banks was to advance the
obscure aspirings Of some Treasury
| Caesar.
7 The other lesson is-one a thousand
times repeated and a thousand time,
!; torgotton-to distrust all demagooue,
of all parties, who profess exclasiyel,
, love for what they call the people. Fo1
the last six years the country has beer
$ nearly convulsed by efforts to breal
/ the mutual dependence of all classe
: of citizens-to make the laborer repar,
e his employer as his enemy, and to ar
t ray the poor against the rich. Thes,
: trashy DISCLAIMERS have ended by bring
n ing the country into condition wber,
e ITS whole industry is subject, far NOR
: than it ever was before, to the contro
: of the large capitalists, and where CIV
t cry step leads inevitably to make III,
: Erlch richer, and the poor poorer It 70
e mains to speak Of the remedy of thes,
: evils. They follow obviously the cans
h es of them. The causes are the min
: dicious transfers ofthe public money,
!, and the Treasury order about specie
. Tho FIRST ranocl1,.o, r,f ,.-l:,c IL =