Southern telegraph. (Rodney, Miss.) 1834-1838, 1837-12-19

Its professed aim was to establish . ma.
'ai''c currency, but the real purpose of the
administration was 10 engrOss the issue Of
the entire paper medium Of the country. tn
snpplant all the local banks, and 6nalIv tn
concentrate in the hands of the General
Government, under the management Of the
Executive, the control Of all the money.
whether the precious metals or paper Of the
whole nation.
/ That such was the design, AMI that. az
least, for time sufficient for Mr.. Van Blu.
rem, and for his designated successor. such
would have been the effect Of that nef.rious
plan, no one can doubt who will take the
tronble to follow it out to its probable con-
sequences. What was it? Nothing was to
be received, nothing to be discussed but in
specie. The immense revenue of the Uni.
ted States was to be all collected in specie.
and that specie was to be held in numerous
officers hands, scattered throughout the
land, as s;ih-treasuries, subject to the draft
OF the Secretary of the Treasury at Wash.
lngton. One half Of the revenue from cus.
toms is received at New York. There
would he the principal sub-:reasurv. The
Secretary was to draw upon it. His checks
or drafts, would be issued, in convenient
sums, according to the wants of the country.
upon paper resembling bank notes. and
signed, countersi gned, Gel like bank notes.
Whilst the system should be honestly ad.
minis:ered, these checks or drafts. or rather
Government bank notes, would be the best in
the world for two reas pEs: first, because
each Of them would be the representative
of precisely as much specie, and no more
would be issued than there was specie to
pay; and secondly, because, whether the
specie was safely in deposite or not, in the
suh-treasurv, the government itself would
he liable for the redemption Of the notes.
Well; who, under slch circumstances.
would not prefer the Government paper
on New York, for exampIe-to the specie
which it promised to pay? In any part of
the United States it would be equivalent to
specie; in many parts it would command a
premium. No one would think of exchany.
ing paper, which was equal or better
than specie, for specie. Thus the paper
would remain out. The appropriations of
Government from year to year, being paid
in similar drafts, would rapidly swell the
amount of Government paper, until ali tho
channels of circulation would be filled, and
VI
in great degree, suspended; for VIII,
would not prefer that paper for which the
Government of tho. Limited States xssald b
respansibfe, to that for which mere State
corporation is liable?
In process of time, it woHlA be seen, (aa
was the case in the bank of Amsterdani},
that of all the paper issued by Government,
payment in specie would not be demanded
for more than about one-third. In few
years, we should have some fifty or hun.
dred millions of Government paper ia circu-
lation, the representative Of an equal
amount of specie in, or which ought to be
in, the custody of the sub-Treasuries.-
Thus the government, or, in other words,
the President Of the United States and
subordinate Executive officers would have
the command Of this vast sum in specie, and
the issue of this vast amount in paper.
1t being discovered. that no, more thaa
one-.hird Of the total amount ofspecie in
The possession Of the sub Treasures, would
probably be demanded, there would remain
two-thirds living dormant. What would be
done with il? What by a corrupt EXecu-
tive? What, in such contest as that
which recently prevailed in New York,
when the fate of such an administration
depended upon its issue? Can any ono
donbt that millions, if necessary. would
! have been expended to ensure to the men
in power their nenaced places? Can any
one doubt, that, after the lapse ola few
years, when the money in the sub Treasp.
ries came to be counted, a deficit of at least
| two-,hirds would have been discovered to
exist, as Bonaparte found to be the case
| hen that in the bank of Amsterdam was
counted? -ss5
We know that in the bill lately before
Congress, there was a provision requiring
the speedy presentation Of Treasury drafts
for payment in specie; and hence, it might
be argued, that they could not remain opt
so as to form a common circulation. But
who does not Know. that such a provision
could not be enforced; and that probably It
would have been repealed at the very first
session after the commencement Of the
measure? What! say to a man in Arkan-
sas or Louisiana, if you do not apply for
lpayment Of your Treasury draft or check
lhya given day, you shall lose the amount!
1 The creditor say to the debtor. that II he do
not apply by special day for payment. he
shall not even receive the principal! Such
a thing would be unprecedenied'and impos-
sible. -ssss.sss
| Such Is brief outline If tho Tremendous
banking project; brought forward under
tho guise Of establishing tsc Consfit4tio aat
cnrreacy, from which this country has just
happily escaped. The Bank a: the United