Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1837-10-10
WASHINGTON, Sept. 18.


WASHINGTON, Sept. IS.
wrote to you on Saturday last in re
ference to the views of Mr.. Calhoun upoI
the Sub Treasury scheme. On the morn
ing Of Saturday he promised US lons
speech, giving the Senate his views il
full, in reference to the various public
measures before the Congress. His pledge
has been redeemed, and crowded Senate
chamber. never more crowded, have lis.
tened to his propositions in full. Import,
ant as they are, | send them to you the
earliest moment The principle Of sopa-
ration has been openly avowed, aud its
details are simply a enforcement Of the
Government from all the Banking Institu-
tons Of the country. \ continued union.
Mr.. Calhoun says. would be unsafe, OF no
benefit, and every way dangerous. The
alternative, he says has assumed this po-
sition, that the Government must either
adopt the Sub-Treasury system, or a Ma
tional Bank. The history Of the Deposite
Question, Mr.. Calhoun gave at some
length. Hecontends that the State Banks
hereafter can find favor with no party,
nasmuch as the only party who placed
confidence in them have been diSappont-
ed in their expectations. The great Wing
party predicted their failure, and they
have failed. The friends Of the admins
tration predicted their competency, and
time has proved them TO be wholly in
for all purposes, when connect
ed with the government. Who, then, Mr.
Calhoun asks, will renew the connection
between them and the government. In
abandoning this old and exploded expert
ment, Mr. Calhoun then says that the
government is placed in the dilemma of
choosing between a National Bank and
some new scheme Of different character
If the Government adopts any Bank as its
fiscal agent, that Bank Mr. Calhoun ar
CUES should be a National Bank, having
an equal currency, good in all parts Of
the country. Separation in toto as a u.
S. Bank, is the language Of Mr.. Calhoun
Total enforcement or Government Bank,
is the plain and only alternative.
Mr.. Calhoun, however, takes strong
grounds against a National Bank, strong
er perhaps than he has ever taken before.
Experience and time, he even says, has
rather increased than diminished his op-
position to United States Bank. A ma
JorIty of the people, he says, are opposed
to the Bank from political reasons, and
large body OF the people upon constitu-
tionaI grounds. Mr. Calhoun goes further
than this, and says that the establishment
Of National Bank would bring a worse
pressure upon the country than that under
which the country is now suffering. In
proof of this broad assertion, Mr.. Cal
houn adduced no facts, but left the state
ment simpl y where he found it.
Against a continued union Of the Bank
with the Government, Mr.. Calhoun fur
Their SAID, that union of the two created
large expansions which led to a creation
OF multitude of banks and an enormous
increase of banking capital. In addition
to this, such union was dangerous, I'M
molly and corruptlng. The only union, he
also remarked, which could be made in
the present state of affairs, was q union
OF the Government with the present State
Us Bank of Pennsylvania. This union,
Mr. Z. remarked, if the Government
placed the Government Deposites with
the Bank, would lead to resumption Of
specie payments; Mr.. Calhoun however
sad, that such union would find no
favor at his hands, because it would give
Pennsylvania too much power for one