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

How, then, does the collection ofrevenue
Trough the banks "centralize" the action
fhe commercial system? 1t seems to
be sr, the cause is mistaken for the eff
bet. The greatest amount Of revenue IS
collected in the greatest city, because it
5 Sr2ady the greatest city; because its 10
sSA advantages, its population, its capital
Ind enterprise, draw business towards 1t,
constitute il central point in commercial
operations, and have it made the greatest
city. histhe Capitalization of commerce
By these Just and proper causes-causes
which must always exist in every country
which procures large collection Of reve-
nue in the favored spot. The amount of
capital is one very important cause, no
Doubt and leaving public moneys In the
banks till wanted, allows to merchants, in
places oflarge import, a degree Of inciden-
tai benefit in Just proportion to the amount
Olcapital by them employed in trade, and
no more.
suppose, sir, it is the natural course of
things in every commercial country, that
some place, or few places, should go
ahead Of others in commercial business
oiimpOrtance. This must ever be so,
until all places possess precisely equal ma
tural advantages. And suppose too, that,
instead of being mischievous, it is rather
for the common good of all, that there
should be some commercial emporium,
some central point, for the exchanges of
trade.-Government, certainly, should not
seek to produce this result by the bestowal
Of unequal privileges; but surely sir, it
would be a very strange and indefensible
policy which should lead the Government
70 withhold any portion of the capital of
ihe country from useful employment, mere
because that, Unemployed, while all enjoy
1.-THE benefit proportionally, all would
pot enjoy itwith the same absolute mathe-
NAUTICAL equality.
80 much, sir, for concentration, arising
rom deposting the revenues in banks.
Let us now look to the other part of the
connection, viz: the receiving of bank notes
for duties. How in the world does this
-centrolize" the commercial svstem1
The whole tendency and effect, as it seem.
to me, is directly the other way. 1t coun
teracts Capitalization. 1t gives all posi-
Ole advantage to local currency and loca
payments, and thereby encourages botl
imports and exports. 1t tends to max,
local money good everywhere. If rood
oe .mported into Charleston, the duties ar
pad IN Charleston notes. New Yorl
notes are not demanded. Nothing Ger
tssnly' can be fairer or more equal thar
,Ils, and nothing more favorable TO IN
Charleston importers.
But how would that system worl
winch the gentleman himself proposesl
Il TINS plan would prevail, he would hay
1e duties collected either in specie, or
government paperto be issued from III
lreasury' He would reject all bank note
Whatever. If the gentleman, sir, fear
Capitalization, ana astonished that b
SOes not see Capitalization in an It's terror
~ 'nls very proposition ofhis own. Pru
ulOW me to ask, sir, where viii the O.
'erhment paper in the course Of its issV
aIu circulation naturally centrel 4
Wna' points VII it tendl Certainly, mo
Ser'alnly, to the greatest points Of cole
.lOn and expenditure; 20 theivery heart
'ue metropolitan city, wherever that Il
may be. This isas inevitable as the f
u water or the results Of attraction.
sEo-thlrds Of the duties Be collected
view York, it win follow, 81 course, I'll
sE!o-thlrds Of any Government paper
ee'yed for duties win Be there receivr
and It viii b more valuable there q
elsewhere. The value Of such pa
would consist in its receiVabilify, and
,AIng else. ItWould always tend, the
lore, directly 70 the spot where Tie gre
est demand should exist FOR 4 for that p
pose. Is It not so at this moment with
outstanding Treasury hottest Are q
abundant n Georgia. ~ NIissiGsippiin
nos, or in New Irrpshiro9 No 500
isa1ed, than they commence ih5if maj
towards az place wb5,e they ara most
lled ana mo - demands as