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

The Experiment, its Results, d.
UiSion in the Enemies Camp.
We have ever believed that the dar-
ling project of the late administration to
establish a purely metallic currency,
was not only visionary in the extreme,
but that the circumstances under which
it was conceived and attempted to be
enforced were such as to justify those
fearful forebodings which have already
been re allied in the ruinous consequent
ces that have resulted from a rash and
futile attempt to force the country In
to the adoption of a measure so dl-
rectly at war with its commercial pros
perity and happiness. 1t is beginning
to be perceived that what is called the
experiment" IS operatingmost severe
Iy upon those classes of the people
which it was professedly designed to
benefit and protect; that the abolition OF
the credit system, which is one of its
distinguishing features, instead of CIV
ing to the poor the advantage which it
promised them, is directly calculated
to confirm and strengthen the wealthy
monopOlists in the ascCndency which
they had already acquired over the la
boring and often more deserving por-
tons of the community. This expert
mcnt if carried out, could not fail to
bring about, i'll this country, that state Of
dependence and servitude on the part
of the labOring classes of the commune
ty, which may be found to exist in ev-
cry arbitrary and despotic government,
In such a state of things, of what avail
would be the industry, enterprise, and
intelligence which composed the only
capital with which large proportion
of our most useful and industrious citi-
zens, entered upon the business period
Of their lives. All this would avail
. them nothing. If they had the misfor
tune to commence life poor, they coulC
see no other alternative than to end i
in poverty. In the absence of all hope
+, to improve their condition, they would
be impelled to adopt the passive prin
ciple of being contented to labo
throughout their lives for a mere sub
sistence. Perceiving that such is tn
tendency of this Humbug Experiment
some of its leading advocates are al
e ready taking the alarm, beginning to re
a cant the doctrines they have hithel
: to supported.
: The Globe has wheeled right abo,
e as will appear from the following e,
e tracts taken from late number of tn;
: paper:
"BANKs cannot be dispensed Nth e,
e cept at the sacrifice of all justice in r,
: gard to the contracts made under
Y mixed currency, nor oUithOut a biol
) ttOn Of the faith pledged in the kgfsL
: tlOn (where honestly obtained0 +
Y which they were established. TT
l. ssubjectmust be left to gradual reforr
TO which the intelligence of the pe,
pie Of the respective States is t1l
adequate"
> The chimerical scheme of an excl,
slVe metallic currency has never bee
f. entertained by the friends of the ma
or the present administration. nor h,
d there been the slightest ATTEMPT
interfere with the credit system. IT
sentiments of Mr.. Tallmadge on Ii
point properly receives the approv
oil his political brethren. A cnrro,
"cy exclusively metallic has never ee
proposed, nor advocated. either !
President Jackson, Mr.. Van Pre-
.Mr. Benton, or any other friend ,
"the administration high ia author;t
or nthe confidence of the democracs
"Mr. Rives Of Virginia, was amor
"the first to propose the measure J
" which the last and present administr,
le ton insist, viz specie circulation E
10 the produces of our wealth-bank !,
le sues and exchanges for the mercal
Of tile carriers. and exchange of our con
ID modities. ~ NO'i
q ] Our political nnnonan... -.