Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-07-04
From the Boston Atlas.

] THE WAR UPON THE CURRENCY,
ITS COMMENCEMENT AND ISSUE.
We would call particular attention to
the facts developed in the following
article, which presents a view of the
whole course of the Executive in rela-
ton to the currency-showing its orr
ginal plan of substituting local paper
currency for the currency of the u. s.
Bank; the admitted failure of that plan;
the late afterthought of a metallic cur
r2ncy; and the admissions of the Exc
cntive that it has destroyed the cur
rency, and done ''little" towards intro
ducing another. We give the history
of the whole proceedings as it is furn-
ished by the documents of the Exeeu-
tive. Such a series of failures, frauds,
and falsehoods, broken promises and
exploded experiments, as are exhibited
in the following paragraphs, disgraces
the diplomatic history of no other Ad-
mlnistration, popular or despotic, that
has ever fallen under our observation
The pretended euiI to be remedied.
1929.
at must be admitted by all, that it
(the U. S. Bank has failed in the great
end of establishing uniform and sound
Currency."-Andre,o Jackson.
Augmentation Of Executive po,Oer, the
real object.
| 81 submit to the wisdom of the LIE.
gBlature whether National one Bank
founded upon the credit of the Gov
eminent and its revenues, might not
be devised which would avoid all con-
stitutional difficulties; and, at the same
time, secure all the advantages to the
Government and to the country that
were expected to result from the pre-
sent Bank. Ibid.
1880.
Hint on an Executive Bank, and a sub
stitute for u S. Bills.
at is thought practicable to organise
such a bank with the necessary Off
GERS, as a branch of the treasury de-
partment. The states would be
strengthened by having in their hands
the means of furnishing the local paper
currency through their own banks
Andrea Jackson.
Here is the original plan. Not a
syllable of the metallic currency in Ell
Their of these messages. This part OF
the humbug was entirely an over
thought. The original plan was to sub
stitute a Government Bank for the
Bank of the U. States, and to furnish
the people with a paper currency Of
the local banks.
1881.
Entertaining the opinions hereto.
fore expressed in relation to the Bank
OF the United States as at present or
ganlsed, x / leave it for the pre-
sent to the investigation of an enlight-
ened people and their Represents
tives. "a. Jackson.
Their Representatives accordingly
investigated the subject, and re-chart.
cred the Bank.
1882.
The Act Premature.
Whatever interest or affluence has
given birth to this act. it cannot be
found either in the wishes or necessi.
ties of the Executive Department, by
which present action IS deemed prema.
ture"- A. JdckSon's Veto.
And this after the subject had beer
brought three times to the attention o.
Congress, by the Executive ITSELF
Neither upon the propriety of pres
ent action, nor upon the provisions o
this act, was the Executive consulted
ID.
lit is a singular fact, that the phrase
metallic currency, or better currency
does not occur in the Veto Message
nor is there the slightest intimation tina
the Executive contemplated at tina
time any other substitute for the bills o
the United States Bank than the pa
per currency Of the local banks.
, Removal Ofthc deposites first. suggested
f "Such measures as within reach o
the secretary of the treasury, have beel
taken to enable him to judge whethe
the public deposites in that institution
) Gu. S. Bank may be regarded as en-
f tirely safe; but as his limited powe
may prove inadequate to this object,
: recommend the subject to the attention
J. of Congress under the firm belief tina
i. it is worthy of their serious investiga
: ton. An enquiry into the transaction
of the institution, embracing the bran
J. ches as well as the principal bank
seems called for by the credit which
{ lgiven throughout the country to man
) serious charges impeaching its charac
!; tier, and which, if true, may justly ez
E cite the apprehension that II is no long
g er a safe depository of the money Q
!, the people"
l Here is a wanton and deliberate al
tack by the Executive on the credit Q
: an institution which was the disbursin
Q agent of the Government, held million
|, of the revenue, and ia which the COT
g ernment was stock holder to the !
: mount of S7,OO0,O00. The conideE
), ltial agent of the Treasury. appointe