Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-12-19


che public interest. They are now, as
they were before, submitted with I'M
feigned Difference for the opinions of
ethcrs. 1t was hardly to hoped that
changes so important, on subject so
interesting, could be made without pro-
tlucing a serious diversity of opinion ;
but so long as those conflicting views
are kept above the influence ofindivid-
ual or local interests; so long as they
pursue only the general good, and are
discussed with moderation and candOr,
such diversity is a benefit, and not an
injury. If majority of Congress see
Ghe public welfare in a different light +;
and more especially if they should be
satisfied that the measure proposed
would not be acceptable to the people,
/ shall look to their wisdom to substi>
tutc such as may be more conducive to
the one, and more satisfactory to the
other. In any event, they may conf
IDENTIFY rely on my hearty cooperation
to the fullest extent, which my views of
the constitution and my sense of duty
will permit.
tits obviously important to this branch
Of the public services and to the business
and quiet of the county, that the whole
subject should in some way be settled
and regulated by law; and, if possible
at your present session. Besides the
plans above referred to, / am not aware
that any one has been suggested, ex~
cept that ofkeeping the public money
in the State banks iii special dePosite.
This plan is to some extent, in accord
ance with the practice of the Govern
ment, and with the present arrange
ment ofthe Treasury Department.
which, except, perhaps, during the OPP
Grafton of the late deposite act, has al
ways been allowed, even during the ex-
iStence of National Bank, to make a
use of the State banks, in
particular places, for the safe keeping
of portions ofthe public revenue. This
discretionary power might be continu-
ed, if Congress deem it desirable, what
ever general system may be ad opted.
So long as the connection is voluntary,
we need, perhaps, anticipate few of
those difficulties, and little of that de-
pendence, on the banks, which must at
tend every such connection when COM
puisOrY in it's nature, when so arranged
rs TO make the banks a fixed part of
The machinery of Government. 1t is
undoubtedly in the power Of Congress
so to regulate and guard it as to prevent
the public money from being applied to
the use, or intermingled with the affairs
OfindividuaIs. Thus arranged, althO'
it would not give to the Government
the entire control over its own funds,
which / desire to secure to it by the
plan l have proposed, it would, it must
be admitted. in a great degree, accom~
pllsh one of the objects which has re-
commended that plan to my judgment
the separation ofthe fiscal conSerns
of the Government from those of indi-
viduals or corporations. With these
observations, / recommend the whole
matter to your dispassionate reflection !;
confidently hoping that some conclusion
may be reached by your deliberations
which, on the one hand, shall ggive sta
bility to the fiscal operations ofthe Co
verHment, and be consistent, on the o.
ther, with the genius of our institutions,
and with the interests and wishes of the
great mass ofour constituents.
1t was my hope that nothing would
occur to make necessary, on this Occa-
sion, any allusion to the late National
Bank. There are circumstances, how
ever, connected with the present state
Ofits affairs that bear so directly on the
character Of the Government and the
welfare of the citizen, that l should not
feel myself excused in negiecting to
notice them.
The charter which terminated its bank
ing privileges on the 4th of March 1886
continued its corporate powers two
years more, for the sole purpose ofclo-
sing its affairs, with authority Z" to use
the corporate name, style and capacity
for the purpose OF suits for final settle.
ment and liquidation of the affairs and
acts of the corporation, and for the sale
and disposition oftheir estate, real, per-
sonal and mixed, but for no other pur'
pose, or in any other manner whatso'
ever" Just before the banking priv.
leges ceased, its effects were transferred
hV the hank IN a new state institution
then recently incorporated, in trust, fol
the discharge of its debts and the settle
ment Of its affairs. With this trustee
by authority of Congress, an adjustment
was subsequently made Of the large in
terest which Government had in the
stock Of the institution. The manner
in which trust SO Unexpectedly crea'
ted upon the act granting the charter
and inVOlviDO such GREAT DIhlic interASfs