Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1837-10-21
NO. 10.

the Banks. | am neither Il bank mar, nor an
antl-bank man. have hltle connection with
them. Many Of my best friends, for whom I
have the highest esteem, have deep interest III
Their prosperity and, as far as their prosperity,
and, as friendship or personal attachment cx-
tends, nay inclination would be strongly IN their
favor. Bat | stand Up here as the Representatives,
ONO particular interest, lock 10 tie whole aud
70 The future, Is well as the present, aad shall
steadily pursue that course winch, under enlarged
views, believe 10 he M duiy. Ia lS3f.I saw
the present crisis. ! IN VAIN raised awarniEe
voice, and chdeayorcd 10 avert Il. | now see.
with equal certainly, one Ga more protenlous. Il
THIS struggle IS 10 20 oa-ll TIE baaks wall Insist
upon iounlun With the tiavefsineni against The
sense Of q large and Influential portion Of lie
communicated, above All. If they should sue
coed IN etlcctug ia relax food viii inevitably
sweep away The whole system \ deep popular
excitement IS never without some reason, and
ought 10 be treated wah ,especi aud it is The
pant Of wisdom tolook ftne',e 4nio The cause, and
TO correct 1t before the escilemeut shall become
so great as TO deulolsh ihe d ect, with all is
good and evil, AGAINST which il Is Objected.
The only safe course for both Government and
Banks, Is to remain, as they are, separu;ed--eaeh
IN the uso of their own credit and IN the manoge-
ment OF theli own aairs. The less the conifel
ana influence OF the ono over the other, tue better.
Confined 10 lher legitimate sphere, that Of aor-
ding temporary credit 10 commercial and bus-
ness men, bank notes would furnish safe and
convenient circulation m The range Of tho circle
of commerce and business within which The !
banks may be Respectively situated, exempt al
most enlue from those fluctuations and conyl-
tn Uhtsh ihaN
should occasionally be subject to Them, the evil
would bo local and temporary, leaving uudisiurb-
ed the action ofthe Government and die general
currency Of the country, on the stability oNhich
the prosperity and safely Of theeountty SO much
depend.
have now stated my objections 10 the reunion
ofthe Government and the Bauks II they arc
well founded; Il the State Banks are themselves
incompetent agents. il back Of The United
States be impracticable, OF il practicable, would,
at this tmc, be the destruction Of large portion
Of the existing banks, and Ut renewed and severe
pecunIary distress; IN would be aguinst The set
tied conviction Of an old gad powerful party,
| whose opposition tine cannot abate; if the union
Of Government and Banks adds % the un6tness
OF their notes for circulation, and be unjust and
unequal between citizen and cilizen, aud ore por-
ton Of the Union aGd onoiher and tinallNlfit
would excite an implacabo and obstinate war,
which could only terminate IN the overthrow q
the banking system or demonstrations oittc coun.
try; tien remains that the only alternative would
be TO permanently separate the two, and TO re-
organize the Treasury so as 70 enable il 10 per-
| form those duties which have heretofore been
performed by the banks as its fsc4l agtnls.---
| THIS proposed reorganization has been called II
Sub Treasury, an unfortunate word, calculated
10 nlsIead and conjure up difficulties and dangers
riment or some new do,icc, i Is ohly 19tiftf'ETo
the old mode Of collecting and discussing the pull
lie money which for thousands Of ears, has been
the practice oil all enlightened people I'll within
the last century.
In what manner is included to eoicanizc tho
| Treasury by the bill oported, do not know. !
have been too much engaged 70 read it; and CAN
only say that for one shall assent TO no arrange
mcnt whchwoydes for a Tfcasiny Bank, orihat
can be perverted into one. ltihcic can Re anv
scheme more fatal than areWnioi wiil, ihe tauks
at this time, il would be such project Nor viii
! give my assent to any arrangement which viii
add tho least unnecessary patronage. | am aen
the sworn foe 10 patronage, and have done
much and suffered rs muchin resisting it. as any
one. Too many years have passed over me 10
change, at this late day, my course or principles.
But will say, that il is impossible SO to Glgat2B
! the Treasury for the performance Of lis own unc-
tons, as 10 give The Executive a tenthrar Of lhe
patronage it Will lose BY The proposed separation,
! which, when the bill for reorganization comes up,
| may have an opportunity 70 show. have ven
tured this assertion after much reflection, and
with entire confidence in It's correctness
! But something more must be dorc besides lhe
reorganization OF the Treasury Under the roso-
/ luton " 1916 bark notes would again be le-
ceived IN the dues OF the Government, if The
banks should resume specie payments. The e-
| gal as well as he usual connection, must be sey-
cred. But ain opposed TO all harsh or precpi
| tate measures. No great process can be effected
without a shock, but through tie agency Of time.
| accordingly proposed to allow tiuie for the inal
separations and with this view, hive drawnupan
amendment TO this bill winch shall offer at tie
proper time, to modify the resolution Of 1896, By
providing that after the first Of January next
lhrce-fourhs Of all sums due to tie Government
may be received IN the notes Of specie paying
banks; and hat after the lst Jan nary next iot-
loving, one half and after the Ist OF January
thcrca'cr nothing but the legal currency Of ihe
United States, or bills, notes, or paper ISSUED IN
der their authority, and which may by law be au-
thonzed to be received in their dues. If The tine
is not thought to be ample am perfectly dispos-
ed to extend it. The period is Of htlle impor-
tence in my eyes, so that the objecl be ttlected.
In addition to this, it seems to me that some
measure, OF a remedial character, connected with
the currency, ought 10 be adopted, to ease off the
pressure while the process Is gong through. 1t
is desirable tha. the Government should make as
few aud small demands on the specie market as
possible during the time, so as 10 throw no imre-
diment in the way Of the resumption Of specie
payments With this view, am Of the impress