Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-07-04
of the failure Of the First Ex-

pertinent.
1885.
The message of 1885 repeats the as
sertion;' that the bank of the United
States had not furnished the country
with a sound currency; but withdraws
the doubts of the capacity of the State
Banks, and assert, point blank thatthev
have supplied the "wants of the COM
munity, in relation to exchange and
currency, as well as they have ever
been before" 1t asserts, also, in the
most unqualified manner, that the "cir-
cUlatIng medium has been greatly inn
proved"
This message is the first document of
the Administration in which the Me-
talllc Currency cuts any distinguishing
figure. In this paper, he says, that if
congress will do so and so;and four and
twenty statelegislatures will do so and so
sit is apparent that gold and silver will
become the principal circulating me-
dunn" Congress and four and twenty
state legislatures did not agree with the
General, and the consequence is what
we have seen; the destruction of a
sound and uniform currency, and the
substitution of an unsound and fiuctu-
ating currency in the paper of the To-
cal banks.
1886.
We have traced the documentary
history of the warfare on the Bank,
from its commencement in 1929, where
the attack was made on the express
ground that the Bank failed to ''estab-
lIsh solid and uniform currency"
The currency it was proposed to i'm
prove by substituting the better paper
currency of the local banks; and this
remained for five years the policy of
the Administration.
As the community became aware.
by reflection and experience, that these
banks could not furnish a general cir
culatmg medium, and that they did not
as per agreement, "honor each others
notes and drafts it became necessary
to make still another promise-to fur
nlsh a substitute for the substitute
which had been given us for the cur
rency Of the United States Bank. And
how is it with this substituted substi.
tute! After eight years of incessant
and harrasslng interference with the
currency, what has been attained by
President Jackson's own showing? Let
the message of 1886 speak for him:
Although various dangers to our
republican institutions have been obvi-
ated by the failure of that Bank to ex-
tort from the Government a renewal
OF Its charter, it is obvious that little
has been accomplished except a salu-
tary change of public opinion towards
restoring to the country the sound cur
rency provided by the Constitution"
And how much is that little! And
what is that salutary change in public
opinion!
l. Three hundred and fity-seven
new banks have been created. ..
One hundred and seventy-nine millions
have been added to the banking capi-
tai. 3. The circulation of paper mon
ey has increased $I23,50O,OOO. 4.
Loans and discounts have been in
creased $39S, 100000.
And this is the marvellous good for
which we, have endured so much! This
is the result for which we have passed
through SO much suffering, and are now
the witnesses of such widespread de-
vastation And the Executive looks
calmly--exulting in its iniquities-re-
Ijoicing in the ruin it has caused-and
appealing for the justification of its
measures to the motives that induced
them, and the OF "haPpy consequen-
ces"L 0Q in which they have resulted.
PoStscript.-Since Writing the above,
we have received further intelligence
of the better currency-the improved
circulating medium'-of which Gen.
jackson so learnedly discourses in his
messages. The Safety Fund and De-
posite Banks in New York have sus-
pended specie payments. This is the
the finale-the denouement of the Gold
Humbug. Gen. Jackson's "humble
efforts" for the restoration of the Con-
stitutional Currency have compelled
the banks to suspend specie payments,
and have literally cursed the country
with a currency of rags. Truly did
Daniel Webster say, in the memorable
session of 80 81 would say to eve
lry honest manevery where, who wishes
by honest means to gain an honest lly-
ing-beware ofwolVes insheep's cloth
ling; who ever attempts, under whatev-
er popular cry, to shake the stability of
the public currency, brings on distress
lin money matters, and drives the coun-
try into paper money, stabs your hap
piness to the heartl AndIwhoever has
: the wickedness to conceive, and har-
dihood to ayow, a purpose to break
: down what has been found IN forty
wears experience essential to the pro-
lection Of all interests, by arrayingone
, lclass against another, and BY acting on
f such aprinciple as that the poor always
: lhate the rich, shows himselfth sreck-
) less enemyof all: An enemy to his
/ whole country, to all classes, and to ev-
] ,,,rs,1 a = 4 n.