Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-12-19
NO. IA.


at which it took place, deprives the
measure under consideration Of much
of the support it might otherwise have
derived from the result. Local cleo
tiUns for State officers have, however.
been held in several of the States, at
which the expediency Of the plan pro-
posed by the Executive has been more
or less discussed. You will, am con-
fident, yield to their results the respect
due to every expression of the public
voice. Desiring however, to arrive at
truth and a Just view of the subject IN all
its bearings, you will at the same time
RENE mber, that questions of far deeper
and more immediate local interest, than
the fiscal plans of the National Treasu.
70, were involved in these elections.
Above all, we cannot overlook the stri-
king fact, that there were at the time
in those States more than one hundred
and sixty millions of bank capital. of
which large portions were subject to
actual forfelture-other large portions
upheld only by special and limited leg
islative indulgencies-and most of it, if
not all, to greater or less extent, de-
pendant for continuance of ITS cor
porate existence upon the will of the
State Legislature to be then chosen.
Apprised of this circumstance, you will
Judge whether is is not most probable
that the peculiar condition of that vast
interest in these respects, the extent to
which it has been spread through all the
ramifcations of society, its direct con-
nectiOn with the then pending elections,
and the feelings it was calculated to in
fuse into the canvass, have exercised q
far greater influence over the result,
than any which could possibly have
been produced by a conflict of opinion
in respect to question in the admins
tration of the General Government,
more remote and far less important in
its bearing upon that interest.
have found no reason to change my
opinion as to the expediency Of adop.
ting the system proposed, being per-
fectly satisfied that there will be neither
stability nor safety, either in the fiscal
affairs of the Government, or in the Pc
cuniary transactions of individuals and
corporations, so long as connexion ex-
lists between them, which like the past
offers such strong inducements to make
them the subjects Of political agitation.
Indeed, / am more than ever convinced
Ofthe dangers to which the free and un.
biased exercise Of political opinion
| the only sure foundation and safegUord
Of republican would be
exposed by any further increase of the
already overgrown influence of corpor-
ate authorities. l cannot, therefore,
consistently with my views of duty, adj
wise arenewal of connexion which
circumstances have dissolved.
The discontinuance ofthe use of state
banks for fiscal purposes ought not to
be regarded as a measure ofhostility to-
wards those institutions. Banks prop
erly established and conducted, arc
highly useful to the business ofthe coun-
try, and will doubtless continue to exist
in the states, so long as they conform to
their laws, and are found to be safe aI
beneficial. How they should be crea.
ted, what privileges they should enjoy.
under what responsibilities they should
act, and to what restrictions they should
be subject, are questions which, as /
observed on a previous occasion, belong
to the states to decide. Upon their
rights, or the exercise of them. the Gen.
eral Government can have no motive
to encroach. It's duty towards them 10
well performed, when it refrains from
Iegislating for their special benefit, be-
cause such legislation would violate the
spirit of the Constitution and be unjust
to other interests; whenit takes no steps
to impair their usefulness, but so mana
ges it's own affairs as to make it the in.
terest ofthose institutions to strengthen
and improve their condition for the So
curity and welfare of the community
at large. They have no right to insist
on a connection with the Federal Gov.
eminent, nor on the use Of the public
money for their own benefit, The OBJ
iect Of the measure under considera-
ton is, to avoid future a compulsory
connection of this kind. Itproposes to
place the General Government, in re-
gard to the essential points of the col.
lection, safekeeping and transfer ofthe
public money, IN a situation which shall
relieve it from all dependence on tho
will of irresponsible individuals or COR
porations: to withdraw those monies
from the uses of private trade and c0a-
fide them to agents constltutionally Sc
lected and controlled by law; to alb
stain from improper interference with
industry of the people, and Withhold in-
ducements to improvident dealings on
thu r,nrA nf;ndiuidnaln to niuo stability