Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-08-08

1 exchanges and furnishing them below
the cost Of the transportation of spe-
Gle.
The late Bank of the United States,
sthe fiscal agent of the Government,
1 Performed all the duties imposed upon
It by the charter with a promptitude
and success which the most sanguine
offs friends could not have anticipated.
Under its control and agency the pub
lie funds were collected and discussed
in every state in the Union in curren-
cy equivalent to gold and silver and
the domestic exchanges were so nearly
eqhali2ed that the vibration between
the most distant places in the year
1880 did not exceed l to l l-2 per cent.
although only about six months prior
to the commencement ofthe operations
Of the bank the exchange between Bal
timore. and New York Gin time of
peace was at q premium Of IA l-2 per
cent, in favor ofthe latter, and between
Richmond and Baltimore at 8 per cent.
against the former.
Indeed, such was the well establish
ed credit of the institution abroad and
at home that its bills on London were
RENTED by our merchants to China,
India, South America, and elsewhere,
in preference to Spanish dollars, and
but for the termination of the charter
the benefits to the foreign commerce of
our country, by means Of the extensive
credit system established by the bank,
would have been equal IN all respects
to the export ofso much actual capital
in money or merchandise, and its eff
feet or influence upon our foreign trade
would have been precisely equal to the
same amount Of additional capital.
The resumption Of specie payments
will probably not be attempted with
out the aid of a National Bank in a
shorter period than two years. We
must first greatly reduce our debt to
Eng land by the export of specie, which
will now daily find its way from the in
terror to the seaboard, in consequence
of the premium offered for it; and we
must have the benefit also of at least
two years, crops of grain, cotton, tobac-
CO, &c. The suspension ought to have
taken place three months earlier, which
would have prevented the sacrifice of
commercial credit and property to a
great extent. That wise measure was
resorted to by the banks at New Or
leans before they heard that it had been
adopted ct the NGRFRerg gHtFsa 5i5 in pro-
portion to their circulation than the
banks possess elewhere and they as
sign the true reason for its adoption
''that it was necessary to prevent the
general ruin of the merchants and PLAN
tiers Of louisiana. And as it is now
obvious that the course pursued by the
banks will receive the sanction Of intel
Iigent people generally throughout the
United States, the constant discussion
of the propriety of that measure, or Of
the period at which it will be proper to
resume their payments is out of place
at this time, and can do no possible
good but may be productive Of much
harm, as it only serves to agitate the
minds of the timid and uniformed, and
to depress the value of stocks and eve
ry species Of property. Besides, it ha;
a tendency to prevent the return Of
confidence and the resumption of the
general business concerns of our coun
try, upon which all classes of our citi.
zens depend for profitable employment
and until this desirable object can be
effected, any effort to resume specie
payments will eventuate in failure
nor should the attempt be made with
out the aid of a national institution tt
give impulse and connexson to the
great means of state bank machinery
which is now so much out Of gear; anC
which is attributable much more, in M
judgment, to the want of a regulating
power than to the want of means.
: Treasury notes may. be issued ant
employed for the payments and receipt
3 of the Government, but they can neve
{ be made useful circulating medium il
3 this extensive country. Nopaper mon
: ey can ever be maintained as a perma
: nent general currency of equal value
: in all the states, unless it be issued b.
e a National Bank, and be redeemabl,
e on demand, in coin, at the pleasure 0
: the holder. The United States, wise
ri " using the paper system based upoI
! a due proportion of specie, have mad
e greater progress within the same peri
: cd, in population and the acquisition 9
+ wealth and comfort, than any other ma
IS ton in the world. And it is not likel
l. that system so well adapted to th
i wants Of our people, canever be abaI
/ doned for one Of an experimental char
II acter. twas the work Of Hamilton
), approved by that immaculate patrit
: w ashington, and has. been productiv
IS Ofs0 much prosperity and happiness
e all classes of:our citizens, that i neve
ltt ought to be departed from as Il neve
7;l can Be without injury. The unhapp
sci relations which now exist between u
ie Treasury on the one hand andthe banl
ID and merchants on the other, has pr
Of duced & panic most ruinous IN its col
in sequences, which nothing butthe actlC
rs of congress can remove. And in ord
ic TO show the baneful effects OF geneT