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

coLUMBUs ans TUsDAY. MAY %. 1888 :.

what admirable restraint would be imposed
on Government, how doubtly sure would
assurance be made for it, that all its expen-
ditures would be strictly limited to the alb.
solute and indispensable wants and de.
mands of the public service?
- But, sir, fortunately, very fortunately, a
chNEne so wild, and which would Be ID
mi clievous, is totally inpFacticable. Ii
rests on an assumption, for which there is
not the least foundation, either in reason
or experience. 1t takes for granted that
which the history Of every commercial
state refutes, and our own especially, in
almost every page. 1t supposes that If.
redeemable Government papercan circu.
late in the business of society, and be kept
at par. This is an impossibility. The
honorable gentleman rejects convertible
bank notes, which are equivalent to specie,
since they will always command it, and a.
dopts in their stead, Government paper,
with no promise to pay, but a promise on
ly to be received for debts and taxes: and
he puts forth the imagination, as / have
said, so often and so long refuted, that
this paper will be kept in circulation IN the
country, and viii be able to perform the
great business of currency and exchange,
even though it exists in quantities exceed
ing, by many millions, the demands of
Government.
If it be necessary, sir, at this day, to re-
flute ideas like these, it must be because
the history of all countries, our own in
cluded, is dead letter to us. Even at
the very moment in which am speaking,
the small amount of Treasury notes which
has been issued by Government, hardly a
fifth part of the ordinary annual revenue;
though those notes bear an interest of five
per cent.-though they are redeemable in
cash at the Treasury, at the expiration oil
the year-and though, in the meantime,
they are every where received in Govern
ment dues, are not only of less value than
, specie, but of less value, also, than the
notes Of non-specie paying banks: those
banks whose paper is daily denounced here
as "rags, filthy rags" In my opinion
5 sir, the whole scheme is as visionary .anC
impractical as any which the genius of pro.
ject ever produced.
: Mr.. President, towards the close o
" this speech of September, find a para
l. graph in which several other subjects ar
:. brought together, and which | must ash
o permission to read.
j Having commended the wise and nobl
!, bearing of the little State Rights party, O
/ which he says it is his pride to be member
n throughout the eventful period through
t, which the country has passed since 1924
| he adds:
2, ''In that year, as have stated, the TART
l. system triumphed in the councils of tn
Il nation. We saw its disastrous politica
/ bearings; foresaw its SURPRISES, and tn
is extravagancies to which it would lead; W
s rallied on the election of the late Presi
n dent to arrest it through the influence @
ie the executive department of the govern
s ment. In this we failed. We then fe
q back upon the rights and sovereignty {
ID the States: and, by the action of sma
rs but gallant State, and through the Potenc
: of its interpostion, we brought the sys
r tenn to the ground, sustained, as it was
it by the opposition and the administration
n and by the whole power and patronage Q
} the Government.
ID Every part Of this most extraordinar
Y statement well deserves attention.
v In the first place, sir, here is an ope
h and direct avowal that the main object fo
S. rallying on General Jackson's first elec
re ton, was to accomplish the overthrow {
Y, the protecting policy of thecountry. II
( deed! Well, this is very frank. al
be glad to hear the avowal made. It puts a
D. end to all suspicious.
at 1t was, then, to overthrow protection
at was it, that the honorable gentleman too
ne so much pains to secure General Jacl
$, sons first election? commend his car
ht dor, in now acknowledging it. But, 81
Id the honorable member had allies and a
it's sociates in that rally. They thronge
IS, round him from all quarters, and follow
as ed his lead. And pray, sir, and was h
ut object, as now avowed by HIMSELF Il
in Joint object of all the party? Did he te
o. Pennsylvania, honest, intelligent, straigh
forward Pennsylvania, that such was h
its purpose? And did Pennsylvania, conc
TO in til Pennsylvania was first and foremo
ise In espousing the cause of General JAG
be son. Every body knows she is more
ed tariff State than any other in the Unio
II, Did he tell her that his purpose was
II. break the tariff entirely down. Did
be state his objects, also, to New York;
Nv, Did he state them to New Jersey! VIII
IRE say you, gentlemen from Pennsylvanl
ev gentlemen from New York; and gent
oW men from New Jersey Ye who su
ported General Jackson's election, VIZ
ed say you'll Was ityour purpose, also,
/, If that election, to.break down the protect
he policy? Or, if it were not your purpo'
did you know neverthele let
~; understand that-did you know, neyertl
Be less, that it aoas the purpose, and the nlt
the purpose, Of the honorable member frC
raj Cardinal and did you still cooperate Y
ab. hint
,lic The present Chief Magistrate Of 1
,ro- country was member Of this body
the 1928. He and the honorable melnl
and from Carolina were, atihat time, EXERT
ion their united forces to the utmost, in or
to bring about General Jackson electil
M. Did they work thusz ealously together,
ad- the same ultimate end and purposel
SCI did they mean merely to change the {
Of vernment, and then each 70 look out
s 30 HIMSELF
ces Mr.. Van Buren, voted FOR the tariff
lent Of that year, commonly called the s'bil