Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-07-21

the States, receiving from UNI GYMS
strength TO the States; indissolubly united
in their destinies with the States, and ha-
wing no other powers but this But that u
is perfectly safe TO add this power, great
as it confessedIy is, 10 the vast mass Of
power already possessed by this Govern
ment--this Observation-Disclosures ac-
cumu alton Of power in the Federal Gov
eminent which we have been denounclng
and warning against-because 1t Is said
the power must abide somewhere, and II Is
too dangerous power to trust 10 STATE cor
variations, which have neither motive,
courage, nor ability, to abuse 1t. And, sir,
has ii come 10 this2 Is this the bOasted
separation of the Government from the
money powerG A most notable sePar!a-
ton. A separation by direct and entire
union. A separation by granting the I'M
limited power to make and issue money;
q power too dangerous TO give TO State
corporutiops, least per adventure they
NAV combine with the Government; but
perfectly safe TO grant the whole power
Without NAiS
And this is Staterights?
9Th. II will operate unequally. These
notes, by laws Of trade and commerce, in
variable and unchangabbe, will accumu-
late in large cities where they are needed,
under the universal law ofdemand and
supply, and will afford no relief to the in
terior-to the farmers and the country
merchants. Such was the experience OF
Mr.. Dallas in 1916. He says, shat the
Treasury notes afforded no general relief;
that they had, and would continue to accu-
mulate in the large commercial cities
where they are needed, and rarely found
their way into the interior, and that the
currency of the local banks was all that
the farmer could obtain" Mr.. Crawford
says the same thing, and adds that "they
gave relief only to that section east OF this
city, where Government disbursements
we're chiefly made" Where is now the
largest amount of these notesl Where 1t
always will be--in New York-where
they are most wanted. Below par in New
York; five per cent above par in Charles
ION; and yet am asked TO believe that, to
have peculiar currency for the Govern
ment, when that currency accumulates in
such abundance in New York, as to be be-
low par, and is so scarce in Charleston, as
10 command five per cent. premium, Is to
facilitate the payment ofdues in Charles
ton. Am forever to be asked to assent
to these novelties, unsupported by argu-
ment, and opposed by all experience and
facts. 1t is said the importations of
Charleston have increased Of late, and
hence this policy is favorable TO the south.
So in much greater degree have those Of
Philadelphia. Is Philadelphia Southern
city? Why have they increased? For
the simple reason, that in the present de-
rangement Of the currency, funds cannot
be placed in New York; and, from the
greater suffering Of New York than any
other point by the late universal crash
one ofthose tornadoes In which the talles
trees are the first to fall, when time must
be allowed for those to straighten which
have been bent, and for a new growth
The Chairman of the Committee of Way:
and Means tells US, that it was not antlcl
pated that these notes would have so soor
returned to the Treasury. | suppose il
was not. But it might have been foreseen
and would have been, by fnancler ofor'
binary sagacty, or even by the present
Secretary, if he had consulted the history
of former issues of the same kind of paper
The report OF Mr.. Dallas would have in
formed him, that, when tried in 1916, "tht
revenue had been collected almost exclu
sivey in Treasury notes, and would con
tinue to be so collected, as long as they
are issued by the Government" Mr.
Crawford says the same thing, and in tn,
opinions of those able men, such must al
ways be the case. That if any revenue
was collected, it must be in these notes
and that ofconsequence, they would return
to the Treasury in the payment OF publ
dues as rapidly as they were paid out t
the public creditors, like Penelope's web
undoing in the night the work of the day
But suppose that the brilliant genius c
Mr.. Woodbury. scorns all aid from tn
lights OF experience, or the suggestions
such Flooding fellows as Dallas, Craw
ford, and Gallatin; and that if he looks q
all int0the history of these times, il is a
he would into the history Of the Persia
monarchy as matter of curious reading
not for information and practical instruc
ton. But, sir, is it really necessary tina
the Government should resort to this dan
gerous power2 It is not, There are 9th
or, and in every way better modes of raj
sing money, by which the necessary sur
plies may be raised, and most beni6cen
effects produced upon the PROSTATE enel
pies and interests of the country. Make
loan in the regular and proper form Of
loan--receive it in specie or the bills
.nao;a M vinp hanks-and in sixty daV