Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-29

streams OF commerce, and NIL more tuu the
deep and already swollen great channel,
you viii act very wisely to that end, if you
keep out of receipt of the Treasury all
money but such paper as the Government
may furnish, and which shall be not other
wise redeemable than in receipt for debts
to Government while atthe same time you
depress the character of the local ciroala.
ton.
Scuh is the scheme of the honorable
member in its probable commercial effect.
Let US look at it in political point of
view.
The honorable member says he belongs
to the State-rights party; that party pro-
fesSes something ofan uncommon love of
liberty, an. extraordinary sensibility to all
its dangers; and of those dangers, It most
breads the union of the political and mo-
ney power. This we learn from the au-
thentic declaration of the gentleman him.
self, And now, oh transcendent consis-
tency! oh, most wonderful conformity OF
means and ends! oh, exquisite mode of
gratifying high desires! behold, the honora-
| BILE member proposes that the political
power ofthe State shall take to itself the
whole function ofsupplying the entire paper
circulation Of the country by notes or bills
of its own, issued at his own discretion, to
be paid out or advanced to whomsoever it
Pleases, in discharging the obligations Of
Government, bearing no promise to pay,
and to keep in circulation merely by be-
ing made receivable at the Treasury!
| The whole circulation ofthe country, ex.
cepting only that which is metallic. and
which must always be small, will thus be
made up Of mere Government paper, is.
sued for Government purposes, and re.
deemable only in payment of Government
debts. In other words, the entire means
ofcarrying on the whole commerce of the
country will be held by Government in its
own hands, and made commensurate, ex'
actly, with its own wants, purposes anC
! opinions; the whole commercial business
0 of the country being thus made mere ap
: pendage to revenue.
IS But, sir, in order that may not misre
it present the honorable member, let me sho'
: you a little more distinctly what his oPin
Il ons are respecting this Government paper
The honorable member says, sir, that
/ make this sub-treasury measure success
1 full, and to secure it against reaction
2 some safe and stable medium of circula
s ton, ITO take the place of bank notes i
, the fiscal operations of the Govern ment
: ought to be issued" that, sin the present
f condition of the world, paper currency
D in some form, if not necessary is almost ii
e dispensable, in financial and commerce.
D operations of civilized and exten sive com
munities;" that, "the great desideratum
{ to ascertain what description of paper ha
the requisite qualities of being free fror
fluctu alton in value, and liability to abus
f in the greatest perfection;" that shank note
{ do not possess these requisites in degre
D sufficiently high for this purpose" An
5 then he says, 81 90 farther. 1t appear
J. to me, after bestowing the best of reiec
: ton can give the subject, that no CONVEX
/. table paper, that is no paper whose cred
r rests upon promise to pay, is suitable fc
> currency" ''On what, then, Che asks
!. Ought a paper currency to rest?" | woul
f say" he answers, ''on demand and suppl
i simply; which regulate the value of ever
/ thing else-the constant demand whiC
4 1 Government has for its necessary supple
e He then proceeds to observe, ''that the
# might be asound and safe paper currenc,
f founded on the credit of Government e2
; clusiveIy." "That such paper, only to
!. issued to those who had claims on the CT
4 vernnent, would in its habitual state, be
}. or above par with gold and silver" tn
''nothing but experience can determir
q what amount, and of what denomination
: might be safely issued; but that it mig
70 be safely assumed that the country won
5 absorb an amount greatly exceeding
Is annual income. Much of its exchange
q which. amount to vast sum, as well
IS its banking business, would revolve abo
!. it. and many millions would thus be kept
i circulation beyond the demands ofthe Y
al vernment."
h By this scheme, sir, Government, in
e disbursements, is not to pay money, but
ds issue paper.-This paper is not otherwi
re payable or redeemable, than as it may
rk received at the Treasury; 1t is expect
r.. to be let out much faster than it comes
m so that many millions viii be kept in c
he culation; and its habitual character will
at or above par with gold or silver! No
X. sir, if there IS to be found anywhere me
plain and obvious project Of paper mon
yc in all its deformity, should not kn'
IN where to look for it.
he In the first place, sir, / have Suggest
lee the complete union which it would form
re il were, in ITSELF practicable, between
he political andthe money power.
"a The whole commerce Of the count
nv indeed, under such state Of law, would
-. little more than arsort Of incident to
Tue Treasury operations athera collate
To Iemanation. Of revenue system, than 8
ost stantial and important branch Of the put
&C. interest, j have referred also, 70 its ?
Of tpable consequences, upon that which
.itv gentleman regards as 50 great an evil,
fan which he denominates s.the centralized
TfEof commercial action.
"a And now j pray YOU to consider,
Rat President, IN the next place, what an
~ mirable Continuance this would beto
ved cure that economy il the expences
M Government which The gentleman Ia
,oer much at heart Released from al me-
no. siiy ofiaxstion, and from the eonsequ
ere responsibility to the people; not called
et on % regard az ALI the amount Of am
M income, having an authority to q
tbe Treasury notes 10 issue Whenever i 81
49,