Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1837-12-26

to ii. Experience has shown that the
tendency Of our Federal system is 10 con.
solidation--a concentration Of all power,
! first in the Legislative, and then in the
Executive department of this Government
1t is strong enough, without being COR
nectcd with the money power Of the coun-
try. When the connection with the banks
was dissolved a few months since, there
were eighty-six deposte banks, being the
leading banks in every part Of the Union,
under the control Of the Secretary Of the
Treasury Now, when bank is infu.
enced, it is not merely the directors, Off.
GERS, and stockholders, but all other banks
in the vicinity, and all who are dependent
upon the banks who may be effected. IL
We were heavily in debt, and large reven,
ses were to be collected and deposited, II
is impossible to imagine a better instru-
nent in the hands Of popular and ambi
tons man, by which the liberties of the
country may be subverted, and his power
perpoiuated. The Treasury scheme
propose for collecting The rcgcnue Of the
country, when compared with this in the
patronage tobe dispensed, is absolutely in-s
significant. The Secretary Of The Tres-
surY supposes that il viii require thirty
officers more than are now employed TO
carry it it into operation; but suppose as
many officers necessary as thep6 we're pet
banks-eightytsix,sl man for aibank--will
not the difference in patronage be i'm
mense?--itc cannot be doubted.
Mr., Chairman, neither in the scheme
proposed by the gentleman from Virginia,
nor ia that which have advocated, cant
perceive any extensive relief to the coun
try. The psople unquestionably are dis
tressed and embarrassed but within the
competency OF this Government, limited
in its powers, can discover no higher or
better means Of assistance than those l
have suggested. Those who have beeu
accustomed TO look to this Government for
every thing, naturally look here in this
emergency; but the remedy is in time
and the people themselves. The State
banks, unless hurried on by coercion OF
popular clamor, will in due time resume
their healthy action, and the unbroken en-
erges of this free and mighty people viii
soon work out their own salvation, Upon
the causes Of our distressed condition, |
will say few words before close.
The gentleman from Kentucky (Mr
Menifee) who sits before me, when few
days ago DISCUSSING the bill for the post
of the fourth installmeAt Of the
surplus revenue, broadly maintained that
i was executive usurpatlon alone which
had occasioned the calamity under which
we labor. agree with him that the ille.
gal seizure of the deposites by the Execu-
tive. and placing them in the deposte
banks. was one of the links III the chain
of causes which produced our calamities;
but he overIooks the far higher and great
er causes which have originated in Legis-
Iative usurpations upon this floor. The
Bank of the United States, unconstitution-
ally created, was one of these causes; and,
although an unquestionable benefit when
It's recharter was denied, yet, extending,
as it did, its roots into all the commercial
and pecuniary interests Of the country, it
could not be distracted from the immense
sphere in which il moved without conYul-
sion, Hundreds Of banks sprang into ex-
stence TO I'll the vacancy it was expected
o occasion, whilst those which were al,
-eady in existence gave loose rein to
heir issues. But it was the surplus rev.
,nue, for which the gentleman was con-
ending. whchsmost obviously shows the
sllacy Of his position. 1.-THE surplusrev.
existed, ESecutiveasurpatio
nd corruption could not have rendered II
INJURIOUS Or dangerous.
And what producedtlie surplus reyenue2
Che tariff. -the Ainegiean sYstem--that
olson stiIE IiheeTfl Veins Of the
ody polite land that uaAallowed and
offupt combination, as unprincipled as
he partition Of RUiand, BY which one sec
ion Of the Union was pioneered for sthe
eneft of another. Taxes were laid BY
congress not to support the Government
r to nay our debts, but to foster the man
factures OF the NoIth at tlie expense Of
he rest Of the Union; whilst the revenue,
hus unconstitutionally raised, was to be
expended in internal improvements in the
Jorth and West. And SO enormous were
nese exactions, that although, by the COM
romsc bill Of 1888, not less than seventy
billions have been saved 10 the people, in
he face OF the most reckless and profgatc
the Treasury still oyerfowed,
nd on January last there were thirty
ight millions Of surplus 10 be deposited
-ith the States. The State banks, where
iese funds were deposited, were stimu'
tied by them 70 inordinate issues other
aper, and the free accommodation 70 IN
iyidua S, which these issues afforded, fed
he rage for speculation. Suddenly the
eposites were called for from the banks
V the deposite law The cali met them
becnuse they could not collect
.osrl their customers. They pressed the
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