Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-07-04

of the bank, nor the security OF the de-
posites would admit of doubt" Con-
gress was satisfied that the pretended
apprehensions of the President were
unfounded; and that his charges were
made without regard even to that sap
parent veracity" which all public men
would study to preserve. The House
therefore, by vote of 100 to is, de-
clared that the Government deposites
were safe in the Bank of the United
States.
1888.
lis a remarkable fact, that the mes
sage of 1888, of President Jackson, in
its paragraphs on the bank question,
like all the previous messages from
1929, makes no reference to a metal
lie Currency, and contempIates no 9TH
er substitute for the currency of the
United States Bank than the paper
currency of the local banks. The long
report of Mr.. Secretary fancy, apollo
getic for the removal of the deposites,
makes no reference to a metallic Cur
.rency, and promises nothing but a
lOPBetter Currency, to be furnished
by the State Banks.4O
| We copy from the report ofMY Sec
rotary a development Of the plans of
the Executive:
at is well understood that the supe-
rior credit heretofore enjoyed by the
notes of the United States Bank was
not founded on any particular conf
dence in its management or solidity.
1t was occasioned altogether by the
agreement on behalf of the Public, IN
tie act of incorporation, to receive
them in all payments to the United
States; and it was this pledge on the
part of the Government which gave
general currency to the notes payable
at remote branches. The same en-
gagements in favor of any other mo-
neyed institution would give its notes
equal credit, and make them equally
convenient for the purposes of COM
merce."
/ To wit: the same engagements in
favor of the Pets would make the notes
of Buffalo, Natchez, or New Orleans
branch worth one hundred cents on
the dollar in Boston. Why does not
the Government make such engage
ments!
+ "But this obligation OIL the part of
the United States" the secretary. con-
tinues, will cease when the charter
expires; and, as soon as this happens,
all the outstanding notes of the bank
F will lose the peculiar value they now
possess, and the notes payable at dis
tant places become as much deprecia-
ted as the notes fthe local banks.
! Not only is this not the case, but all
the bills of the United States Bank
have been at a premium in every part
of the country; while the local bills
have been at a discount in many places
of from 3 to ~25 per cent. What would
a bill of Western Pet Bank be worth
in this city, compared with bill ofthe
same nominal amount Of the old or new
Bank of the United States!
| Again, let MY Secretary speak the
views of the President:
"The State Banks can, ! have no
doubt, furnish a general circulating
medium, quite as uniform in value as
that which has been afforded by the
Bank of the United States, D-FProb-
ably more so" Oh
E "By agreements among them selves
to honor each others notes and drafts,
they are providing a general currency
E at least as sound as that ofthe Bank of
, the United States, and will afford ia
cilities to commerce, and in the bust
ness of Domestic Exchanges, quite
equal to any which this community
heretofore enjoyed"
t Not a syllable thus far from the
t President Of My Secretary of Metal.
f lie Currency. The only proposed sub
stitute for the Currency of the United
States Bank is the Paper Currency d
}. the Local Banks. And this was the
! fifth year of the warfare on the Ma
! tional Bank
1884.
The expositions that were made
Uy TIC w ulS AuCAlUCIS Va 80
during the session of 1833;-S4, dem
onstrated SO clearly the incomPetency
! of the State Banks to furnish a sound
! and uniform currency, that the Execu-
tive was compelled to shift its ground
: and the next rising of the curtain was
$ the. first scene of the Gold Humbug.
First Hint Of metallic Currency.
"The progress Of our Gold Coinage
J is creditab!e to the officers of the Mint
: and promises in a short period, to fur,
! nish the country with a sound and
! portable currency, which viii much
f diminish the inconvenience to travel.
lers ola general paper currency, shoulc
! the State Banks be incapable Of turn
I'll ishing it."
: EJackson's Message Of "a
5 Here is the first animation Of any
: doubt on the part Of the Executive Q
= the ability Of the State Banks TO turn
l-lish q suitable paper currency for tn
q country, and here is the first indistinc
,