Piney Woods planter and Amite union literary reflector. [volume] (Liberty, Miss.) 1838-1838, 1838-09-15

pay dollar in the legal currency Of
the country. II does not desire 70 be
again placed in snch situation. II
does not wish TO be dependant on those
whom its experience has taught it are
not, always to be depended upon.
The Government only desires to
manage it*sown business in its own
way ). to letsthe banks alone, and to be
let alone by them; to use them when
the public interest and safety require
it, but not to be compelled to use them
to the public detriment. Is it just to
chrge every citizen with hostility to the
banks who does not keep his money in
them? The idea is absurd, but moi
more SO than that a Treasury independ.
ent of the banks is in hostility to them
It is objected that it is a measure Of
hostility to sound currency.-The re-
verse of this proposition is true. II
will prevent the initiation Of our paper
currency, which arises from the use Of
the public money, and, in that degree,
tend to prevent fluctuations and sus-
pension of specie payments. By ex.
hibiting an inhexible determination on
the part Of the Government to recog.
nlze nothing as money but specie, OF
its equivalent, it will inspire the banks
with salutary caution, not by the ex.
cess of their issues to endanger thai
standard. In fine, it will leave the
banks to be sustained by their own
capital and prudence, without temp
ting them with the uncertain and dan
gerous aid of a huctuating public de
posite.
1t is objected that this measure is
hostile to the rights of property, and
essentially dwelling in its character.
The reverse of this is true. The mon
ey ofthe Government is the property
OF the people. The object of an In
dependent Treasury is 10 preserve his
property for the use Of the true owners, in
stead of handing it over to those to
whom it does not belong, to be lent
out for their emolument. Its tendency
is to protect individual property also.
Nothing is more destructive to the
rights of property than fluctuations
in the standard by which its value is
measured. The tendencn of this mea-
sure is, to prevent those fluctuations, by
preventing, in some degree, the expan-
sions and contractions produced by the
over issues of banks, and thus give sta
blllty to property.
1t is alleged that this measure is part
OF scheme to force on the country a
currency purely metallic.--This is I'M
founded. A specie currency for the
ordinary dolly transactions Of life, and
such a specie basis for paper as will al
ways ensure its convertibility into spe-
Gle, when required by the holders, is
what is contended for; and such is the
only tendency and real design of the
measure proposed, SO far as the banks
ire concerned. A purely metallic
currency is no part ofthe Independent
Treasury plan. as proposed by the Ad-
ninistration, and supported by its friends
In fine, with the exception of very
small number, who are in favor of de-
costing the public money specially
n danks, the question at issue between
Is, and those who favor deposite in
he banks, may be stated thus: They
Oish to hare thepubiic monsy deposited in
'dnks, not to dekcpt By them, but to be lent
'ut for private uses. We are opposed 10
ending oat the public money for private
'ses; and, efsctualiy to prevent ii, are in
aOor Of barring il Kept 6y public officers,
tnder heavy bonds and securities not TO
use ii, or suffer 1t 10 be used for any pri-
'Dte purpose whatsoever, and to pay It out
'nly in pursuance of appropriations
made by law, as prescribed in the Con-
titutian.
We do not think that to furnish the
ranks with money to lend or to accom-
nodate the customers of banks with
he use of the public money or proper
y, is one Of the purposes for which
he power to lay duties and taxes was
to the Congress of the Uni
ed States.
On the contrary, we look upon the
Employment of it, knowingly and deli
'erately for such purpose, or where
UGH is known to. be the natural and
necessary result, as an abuse Of the
most aggravated character. 1t is tax
ng one mans property and delivering
over to another, under false preten-
es, and may justly he denounced, mot
$ a. ievellimg operations butt as an ex-
rcise Of arbitrary power, Wrestling mo-