Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-09-15

lone, and 10 be let alone BY them to use them
when the public interest aad safety require but
not 10 be compelled TO use them 70 public deIrl-
m0nt. l. It just to charge every citizen With hos
tliiy to the banks who does not keep bis money
IN lheml The idea is absurd, bot not more 50
than that Treasury independent Of the banks u
IN hostility TO them.
II is objected that il 10 a measure Of hostility to
sound currency. The reverse Of this PROPOSE
ton IS tue. !. will prevent initiation Of on pa
per currency, which arises from the use " The
public money, and, IN that degree, tend 10 prevent
fluctuations, and suspensions oispecle payments.
BY exhibiting an lnfexIble determination on the
part Of the GoYsnmsnl to recognise nothing as
money but specie, or It's equivalent, II will inspire
the S,..i .- 9Th q salutsry caution, not by the ex.
cess OF tho; issues to sndalser that standard. In
fine il will leave the banks 10 10 sus,,@e'ned by
their own capital and prudence, without tempting
item with the uncertain aud dangerous aid Of
ilucluaIIng public depose.
II is objected that this measure s'hosiils to the
rights Of property and essentially lsysng in its
character. The reverse OF this is true. The
money Of the Government Is Ire property Of the
people. The object Of an Independent Treasury
is 10 prs'srrs this property Jor The use Of The true
owntrs, instead Of handing II over TO those TO
whom 1t does not belong, to be lent out for their
emolumcnt. Its tendency is to protect ndvd
ual property also. Nothing is more destructive
TO the rights of property than fluctuations in the
standard by which fls value is measured. The
tendency Of this measure is, TO prevent those auct
uailOns, by preventing, in some degree, the expan
sions and contractlons produced by the over is
sues eibanks, and thus give stability to property.
It's aedged that this measure is part Of u
scheme to force on the country currency purely
metallic. This is nnlounded. 4 specie cunen-
cy for The ordinary daily transactions of life and
such specie basis for paper as will always en-
sure its conyertlbility INTO specie when required by
tho holders. is what is coniended for; and such
is the only tendency and real design the meas
ure proposed, so far as the banks are concerned.
A purely metallic currency is no part Of the indie
pendent Treasury plan, as proposed by the Ad-
mlnIsiratIon, and supported by ITS friends. In
fine, with the exception Of very small number,
who are lniavor OF deposlting the public moneyspe
cIally IN banks, the question at issue between us,
and those who favor a deposlte in the banks may
be stated thus; They wish to have the public mo-
ncy deposited in banks, not to be kept by them, but
TO be lent out for private uses. We are opposed
to lending out the public money for private uses;
and etectually to prevent It, are IN favor Of hav-
ing II kept by public officers, under heavy bonds
and securities not to use il, or suffer il to be used
for any private purpose whatsoever, and to pay it
od, only in pursuance Of appropriations made by
law, as prescribed in the Constitution.
We do not think that 10 (urnlsh the banks with
money to lend or to accommodate the customers
Of banks with the use Of the public money or
propeny,is one OF tho purposes for which the
power to lay duties and taxes was delegated TO
ho Congress Of the United States.
On the contrary we look upon The employ
nent Of it, knowingly anu deliberately for such
purpose, or where such is known TO be the natu
al and necessary result as an abuse of the most
aggravated character. Ii is taking one mans
property and delivering il over to another, under
alse prctences, and may justly be denounced,
not as a leyelllng opcraton,) but rs an exercise
If arbitrary power Wrestling money and property
rom those TO whom /, belongs, for the use Of
hose TO whom 1t does not belong. We oppose
his praGtice, as one of injustice. We are in ia |
or Of collecting only as much money from tho
eople as may be necessary lor public purposes, |
saving the rest 10 BIO used by those TO whom it |
elonps. We ale not the enemies Of the banks, |
ut we nre not so much their friends as to tnke
money ou, Of the pockets Of our constituents, and
leposl,e it with them to swell their actre capital,
md increase their profits. Let them be content, as
very honest man ought to be, with using that
which properly belongs TO them.
We look upon the withdrawal Of the public de-
Dosties from the banks, as measure beneficial
10 the banks themselves, aud calculated 10 pro-
notes stability in the bushes aud currency of the
county. So long as the public moneys are made
the basis Of bank issues, they will necessarily
produce fluctuations in credit and currency. As
the deposite accumulates, bank leans and bank
notes increase IN number and amount; as TIE de-
posite dmnshes, bank accommodations are cur,
tailed, and the circulation is retrenched. More
tlecting man can doubt that the immense surplus
IN the Treasury two years ago, beng all lent out
by the banks was one cause OF the oyeltradIng
and speculation which ended in general suspsn-
sion OF specie payments. Ought the banks TO de-
sire the continuance Of a temptation which expe-
risnce has shown they have not the 6rmncss to
ISsiSH OuBHt wv Ps0P'e w FVii'hN 'eNi" w
or a continuance Of system which not only takes
from them portion OF their property forihe use
Of the banks and customers, but tends TO render
the rest unstable and insecure, by unsetIling the
standard OF value, baushing the coin Of the coun-
try from circulation, and dsluglng the land with
an rrcdeemabe, and 10 great extent, a iraudu-
len, paper currencyl To avoid these evils, we
must remove their causes. One Of the most potent
is the use Of the public money for private purposes
BY putting stop to the mischief, and udr ms
tsrlng The Treasury Department wholly nde
pendent Of the banks, the people Of the United
States will have done much, through their Gov
eminent, to fill the country with precious metals
TO secure constitution currency, TO keep th'
public faith, TO preserve the public morals, I,
five confidence to credit and stability to trade
and, above all, to preserve the rights OF the States
and the liberties of an American people.