Lexington union. (Lexington, Miss.) 1838-18??, 1838-12-08

or Stae DanAs. AIS recent signal failure
has made it one ofthe grand farces of the
day-a thing to be only spoken of with
scorn and contempt, as the willing and
worthless instrumen, of our late National
bankruptcy. Even here in our own state,
in our own capital, that institution whose
vaults the federal governmentha had strength.
encd ny n deEosile Ct its funds, was the
very first to give up the ship Of national
and state credit; and then, as if 10 mocke-
ry Of The general calamity, to declare tina,
1t would not receive from the people in
payment of their obligations the notes of
the other two banks, which were disposed
TO struggle at leas, before they surrendered
that faith which they hid solemniy pledged
to the people and the state. lfany man is
curious TO study the beauties of the state
bank system of managing the currency of
the country, he need not 90 out Of Raleigh
Tor specimen, which, not content with
violation Of lis faith to the Federal Treas
ury, turned around with the muck worn
fury OF soulIess corporation, to visit its
wrath upon the very people whose subs
lance it had sucked, aud whose honor and
whose interest il had betrayed.
Leaving now, National Bank, and
league Of State Banks, as beyond a hope
OF support from the State. Rights party,
we came to the main question of an indie.
pendent Ireasnry--a divorce of the Gov
ernment from the Banks. The first open
effort to establish an Independent Trsnsu-
ry was made by General Gordon OF Vir-
ginia, in 1884 when the issue was between
National Bank and he league Of State
Banks. He had been from the first a
thorough Nullifer, and l am gratiied to
say is still so. Mr.. Calhoun very soon
afterwards broachcd the proposition ~ a
speech on the floor of the Senate, in which
he predicted the prostration Of the credit o.
the country, and then he said should come
the necessity for the Strong Box. So>hat
1t would seem to have been in its origin
entirelya Modification nursing, and it is
notorious that in 1884 it had the support
cfno other party but those Stats-Righls
men who were then forming under the
Wing Banner. In 1885 Mr.. Benton made
some incidental allusion to the approach.
ing period when the Government should
commence the work Of collecting its dues
in gold ard silver.
The proposition however was destined
soon 10 become one of absorbing interest
for on the universal suspension of specie
payments and the consequent failure o.
the Pet-Bank system, the issue wa
changed from what it had beer in 1884
and now some REQUIRED to a United State,
Bank, and the President revived he idef
Of n total and entire separation of,he Gov
ernmeat from embraces OF tho Bank.
was this new position Of pariaes, this new
crisis ofaffairs which brought Mr.. Cal
houn and the President together, as coop
orators in the same cause. Had tho Pc
Bank system lasted, Mr.. Calhoun and ,h
President must have continued widely sc
perated; but that being entirely des,roye'
they met as matter of eours, upon tn
only other scheme by which the nationa
revenue could be kept and disbursed. Ha
Mr.. Calhoun gone back to national banl
his opponents would have upbraided, b.
quoting against him his suggestions in ia
vor of an Independent Treasury in 1884
and Mr.. Van Buren, Of course conld no
have done so. II will therefore be pei
ceived that they both occupy at this tim
the only position as highminded and dis
,inguished men they coull possibly hav
taken.
1t will be then perceived, that the chare
es made by Mr.. Clay aud his friends a
gainst Mr.. Ca'houn,and those made again:
Mr. Van Buren, by Mr.. Rives, Mr.. Kin
(of Ga.) and the conservatives generally
ola shameful abandonment of their formf
principles--are in fact-altogether III
founded, and that while Mr.. Calhoun pre-
ferred Treasury Independent Of a
Banks in 1884 to a league Of State Bank
Mr.. Van Buren, was disposed to try tn
league, and now lha, that has failed h
has returned 10 the Independent Treasur!
The constltutionality of an Independer
Treasury has, believe, never been Sc
iously questioned. The constitution sp'
cites Gold and Silrer as the only leg;
tender, and says nothing about the note
of Banks. Indeed it does not in the VI
guest manner allude to that famous Cred
System, which according to Mr.. Clay ar
his friends was the great object of the f
deral convention. 1t not only does n
say a word about Banks either Nation
or State-but expressly declares in fay'
Of a metallic currency and the States a
formally tied down to it as the only leg
currency. The Independent Treasur
therefore, has at least the rare virtue
being constitutional, and may thus be di
cussed on the ground Of expediencv alon