Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-07-24


ing fun well that good notions may sometimes
be cleaned from bad sources-that however
absurd proposition may be, something cor
rect may be obtained from its. consideration,
and that all may find
Sermons in stones-books in the running
brooks
"And good in everything"
We publish the first number to-day and win
continue them weekly
We commence, by request, this NOR.
ming, the publication Of a series of short
numbers, from the Philadelphia Sentinel,
on the subject of new system of univer-
sal banking, which proposes to dispense
with a specie basis altogether, and convert
every other species Of property into cur
rency. We of course regard the scheme
as wild and preposterous.
charleston Courier.
From the Philadelphia Sentinel, Feb. 90, 1886.
Important Project for the establishment of
Republican Currency, through Re-
publican Bank.
NO. 1.
ReSolUed, By the People of the United
States, that through their Representatives,
they will have it enacted
That a Bank be instituted, with such
regulations as may be necessary for its
government, whose officers shall be paid
| by the people. That this bank shall be
established for the purpose of supplying
the people with sound paper currency,
! having the useful labor Of the citizens as
the basis Of its value, instead of gold and
silver.
Thus.--If a man builds house, and
wishes money upon said labor, he may 90
to the Bank, and by mortgaging his prop
erty, demand an issue Of paper equal to
two thirds the value of said house, without
paying any interest upon the money issu-
ed.
So also, If a merchant has 1000 barrels
Of -four, and wishes to raise money to pur-
chase some other article, by giving his
-four as security, he may obtain loan Of
money without interest.
Again If the State wishes any i'm
provements, they have only in legal
manLer to obtain an issue of paper giving
for its security the work projec ed.
The action of such an institution is OBJ.
vious, it would save an enormous tax,
) which our iaboring and productive classes
paw to the money dealeFsI for althaugh the
the people are not aware of it yet, it is q
positive fact, that they pay at least 6 pei
cent. for nearly every dollar Of the paper
, issued by the Banks which a.e now in cir.
culation; and this enormous tax is borne
by the laboring classes those who bulc
hoHses, manufacture clothes, raise food
&c.
A man builds a house, and he warts
money to- build another; if there is DC
money in the market be is obliged to b
: idle, and hundreds want employment
why is this? because there is no money in
the market. Europeans have taken away
their gold and silver, and the banks dare
not issue paper. Or suppose the most ia.
vcrabe case he builds his house and
want money to build another, by going
to bank they receive his house on mort.
: gage, and give him their notes, for which
they charge 6 per cent. Is not this a di.
7 rect tax upon his labor? of what real val.
ue are these bits of paper, in comparison
$ to the real value of the mans house
Y They cost no labor Of any consequence 10
make, and yet the industrious carpenter or
a bricklayer must pay 6per cent. for the
/, privilege of converting his work into a
, circulating medium.
Future generations will groan with an.
guish at the folly Of their ancestors, who
having The power to help themselves, con-
. sented to feed host of idle and gambling
stock jobbers, out of the produce of their
3 hard earned works of usefulness.
g Another obvious result from such an in.
a stitution will be, that money would always
4 have fixed value, and Of consequence
: provisions and all the conveniences of life
? would bear certain price, which is one oil
the most desirable things in any communi.
. ty. Another resultwill be, that as money
will bear no interest, no one will hoard Il
up, but will be obliged to spend it in useful
productions, such as houses, farms, &C..
if he wishes to realize any benefit from his
7 money; SO that all tile ccnveniences a
;. life will be multiplied to as great an exten,
! as the labors Of industry can be carried,
Men who are successful in business. vii
) not then be rich in money, but in usefuI
e possession.
e When money ceases to command in.
t terest, fa.ewell to Stock, jubbers, to Pawn.
q brokers and others, of that class. who arr
now preying on the vitaIs of industry.
Preserve the present system of Bank.
ing, and you will be ruled by a n1onIer
/, : ariStocracy, more tvrannical than anv
L monarch--adopt the system now recon-
mended, and you viii raise this republic /,
: one of the happiest, most powerful, mos
}, wealthy and freest communities thai MAJ
f has ever dreamed ofin his most in,ao;na.
r tive faneies-for labor viii be let leose
: and have its full reward
: REPUBLICAN.
/. T From the philadelphia SeniaeI Feb. "a
1885.
important project for the establishment 3
a Republican Currency, through arennbli
can Bank.
9 NO. 9.
Reader! have you attentivelg make,
G the innportaace ofthe first. nurnher az "a,
4 communication 10 youl Ifyou lave. an1
# you are refeeting mind, YOU must 5
d struck, with the startling but 81 the sac
a