Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-06-26

bringing the creation Of new banks Ileve.
~ state of the Union the second stimula-
ting them to enormous expansions Of the
currency, and the lass Fastening the ca
tastrophe.
In 1885, and 1886, was the era Of Clio.
ry. at was glory enough to serve under
such chief,'s or to follow IN the footsteps
ofsuch an illustTious predecessor. March
the 4th, 1887, this chief from the Wes-
tern FACADE Of the Capital at Washington,
in his Farewell Address, proclaimed exul-
tingly his satisfaction with s'nny expert.
Inent, and uttered that memorable phrase.
q LEAVE THIS GREAT PEOPLE PROSPEROUS
AND HAPPY"
The SCENE CHANGES. LIN April 1887
the merchants of New York foreseeing
the storm ahead, met and appointed del
egation TO visit Washington, and to re-
quest Of the President
First, an immediate convocation Of
Congress.
/ Second, an immediate repeal Of the Spe.
Gle Circular.
Third, National Bank to regulate the
currency, and domestic exchanges ofthe
country
The only direct answer to their requests
was, after the refusal of Mr.. Van Buren,
to grant either of the three propositions
that ever memorable answer ofthe official
organ.
"THERE IS NO PRESSURE WHICH ANY
HONEST MAN MAY REGRET"
| On the 10th May, 1887, the New York
and Mississippi banks began the suspen.
sion ofspecie payments, and all the Union
| the Canadas, and the Provinces followed.
In few days after, Mr.. Van Burer
discovered ''great and weighty matters,
demanding the action Of Congress: Thi.
proposition first of the merchants wa,
granted.
In July, came the memorable letter o
Gen. Jackson from. the Hermitage, de
nouncing the banks and the merchants a.
guilty Of unparalleled treachery and per
fdy.
In August, came the proposition of Mr.
Gouge, from Washington, and of Senate
Wright from the st. Lawrance, to sail OF
the new tack of the SUB Treasury.
In September, Congress met, and Mr.
Calhoun put on the Loco Foco jacket O
the New York Park. Then Mr.. VA
Buren, knew him, and begged his pardon
for having called him John Catalina Cal
houn, the great traitor and incendiary G
the day.
In October, a boasting HARD NONE
GOVERNMENT which was to make the ''gol
run up the Mississippi and 'the yellov
boys peep out the interstices of long ST
ken purses, was seen making TEN MILL
IONS OF DOLLARS of Treasury paper be
low specie par, and in some places belo'
that bank paper, which did not bear an
interest at all
In May, the amount of Treasury note
called for by this hard money Governmel
is $4,000, 00O,-and in June, the secon
proposition of New York merchants
granted, viz:
A REPEAL OF THE SPECIE CIRCULAR
Now we have before us three tracks [
take, the track of Washington and Mad
son, the track of Experiment or Eaped
emit. The Ecpedient is about being abar
doned by its own friends. The helm
the Ship of State, SO far as to repeal Il
Specie Circular, has been put on the BAG
track. When the question comes to Il
people of 700 State Banks, with conhic
ing interests, and $4,000 600 of Treas
ry notes, or one National Bank with unit
Of interest, the third proposition of Il
merchants of New York will be granite
and the Republican Ship once more W
be on the glorious track of the Father
his country, George Washington, and Il
Father of the Constitution, James Mad
son, both OF whom approved A NATION
AL BANK.