Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1837-11-04

from Massachusetts,, hr Websgor,l IN regard
to the PapeT currency OF the country, and the
supreme control which he claims on this subject.
and al that relates TO il, Cor the government of
the United States, be would proceed at once TO
the inquiry now before US, whether it would be
proper 10 postpone paying over TO the states the
last insialment under the deposite act This IN
stalment amounted 10 a sum exceeding nine
millions Of dollars. The report Of the secretary
ofthe treasury informs US that the money is net
10 the treasury to pay the instalment Even IN
the event OF the pos,Poncment Of tbs deposic
with the states, there is still deficiency in the rev.
enue, which tho secretary asks to be supplied by
the emission Of treasury notes.
Its, then, Obvious, that if this insiamont is to
be paid to the states on the first of Ociobcg next
Il can only be effected by an emission Of an ad
diiional amount Of treasury notes, bearing inter-
est, or IN other words, by the creation of new
national debt, arising from a new loan, in order
to dePoste the amount for safe keeping with the
states Of this Union. Disguise IL then as We may,
the refusal TO pass this b is determination on
our part to borrow more than alllc n..ii,i,ons of
dollars on the credit Of Il, United States. 10 he
deposited for safe keeping with the states of this
nv NoisllutfVH dHihotlStu US 10 Dor
row money on the credit Of the United Safes
but for what objectl Clearly for no other than
to carry into eflec, tho powers delegated by the
constitution But that this government could
borrow millions, without limitation as to the a.
inouni for the purpose Of dopositing il with, or
distributing it among the states. was TO clothe
this government with the most alarming and dos.
potic powers.
1t this government can make such loan for
such purpose, the taxing power is unlimited,
iorby taxes only can il raise tho money 10 re.
fund what thas borrowed. Mr.. w. said no was
one 81 small minority Of six in the senate who
had voted against this deposite bill lilo had
then predicted the disastrous consequences that
he thought would follow from the passage Of this
bill, and his worst fears would be realized, rnow,
whom there was deficit in the treasury. when
many OF the public creditors had to be paid in
protested drafts, surplus was created by loans
for the purpose Of depositing among the states Of
the Union.
Mr.. w. Said he well knew the voracious char
accr Of the surplus spirit; that il was ready 10
keeppp the tariff, to keep UP the price Of the
public lands, and 10 refuse all relief 10 the set
tiers Of the vest for the purpose of creating a
surplus for distribution, but he could scarcely
have believed that now, when We must in any
event replenish, by loans, an exhausted treasury,
that now loans aro asked for to tho amount OF
nine millions for distributions to be re-
funded, il not from the lands Of the West, from
the tariff, by which Mississippi, now nearly the
greatest exporting state Of this Union, will re-
ceiye but about one fourth as much as she will
be compelled 10 refund by the operation Of the
Misunderstanding tho price Of her great staple 10
enrich the Incorporated monopollsts Of other sec.
tions oi the Union. MIR. w. said he must ho
blind indeed who did not perceive, that ID raise,
by loans, niue millions for deposto with tho state,
IL, TO the extent Of nine millions, to render il nc.
cossary to augment the tariff.
II Isl true, we talk ofgetting bar k this money
from the states, whilst majority OF tho senate as
he tMr. W. thought most unwisely, have just
taken from the secretary Of the treasury the au-
thorty which he possessed, under the deposho
act, to call upon the states 10 refund any portion
OF the money already deposited. And now (Mt.
". predictcd,) that Congress never would make
any requlsition upon the states for this money,
but that whom II was wanted, tho South would be
compelled 70 raise Il through the operation Of the
tariff. Could any man doubt this result, whom so
bold an effort was now made to induce the 20.
yernment to borrow money to pay the last install.
ment 10 the states.
But the senator from South Carolina, lMs.
Pfeston) tells us that we can obtain this money
for deposIte among the states by repenling some
Of the appropriation bills Sir, the senator from
South Carolina, Mr.. Calhoun) has most clearl,
shown the impossbiity Of obtaining a repeal Of
laws partly executed, passed by large maiorites
in both houses Of Congress. But IL tho appro
pratioa bills were repealed tomorrow to tho OK.
tent proposed, il would not put one dollar in III,
treasury, now exhausted, nor enable the govern
ment on the first Of October next, now al hand
10 deposite these nine millions with the states q
the Union for, in the calculation of the secreta
ry the treasury, the expenditure of fifteen mil
lions OF these appropriations is postponed til
next year, But we have been told by the sena
tor from Massachusetts, Mr. Wobster,) that hi.
amount may be paid TO the states by the none,
in the deposite banks, whose paper would be glad
ly received by the states in which they arc loca
ted,
II has beer already shown by the senator from
New York, Mr.. Wright, that the entire none,
now in the depositc banks subject to new drafts
y not enough, by more thaa 4 million, to NEE
The required amount of the last doposl,c install
ment put il il were enough let us examine til,
effect Of this proposition. 1t is to pay the state
IN the paper the deposite banks, by new ,ssne
ofpaper by those banks, an amount exceeding
nine millions Of dollars--to put out, in othe
words more than nine millions Of deprecated
bank paper issued by banks that suspended spc
Gle payments. And is this the relief The Senate
from Observation-Disclosures extend to the comnu
nifty Sir, said Mr. W. nearly all the embar
easements Of the community have been occasion
cd by the vast oyer-issues of paper by the banks
paper which they cannot now redeem in specie
and which has deprecated from ten to thirty pc
cent IN various sections Of the Union.
Is it not clearly perceived that this wou
greatly increase the embanassments OF the com