Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-10-02

best one for both government and people
The rsceivability of al convertible bank
paper ii payment Of government dues, g
"a inducement for the preservation Of It's
convertible character, and q United State
Bank. armed with the money power Ct the
national government, ID order to apply the
specie tesl when necessary to the host Of
State Banks, and thus keep them and the
currency Of the country, to sound ana
healthlul condition.
We need not fear that this power to re.
gulate viii Be used as q power to destroy.
such win never be the interest Of the gene
raj regulator, and were it even possiole
that pecuniary interest might prompt i 70
do So, the higher interest Of self preser-
walton, the saIutary fear Of incnrring Popu-
lar odiurn and ultimate ruins would sum-
GENTLY keen down its destroying propensl-
". and coniine il to q conservative iniltl-
ence. The possession of the governments
deposites for banking purposes, by q Ma
tional Bank, IS void too of all objections %
the score Of favoritism and corruption
while it may be regarded as but talr equl-
valent for the services Of that institution
in collecting, transferring and discussing
the public revenue, in the manner least IN
furious to the commercial operations OF the
countrY--and il is also attended with the
advantage ofsafety indispensing the surplus
revenue, in loans to the people, instead OF
boarding it in misery Golfers.
If we wanted an additional argument
for a u. s.. Bank, we would find it in the
opposition of State Banks to the esta blish-
ment of such an institution-they are
afraid of its wholesome restraints, OF dimi-
nished profits in the consequent promotion
Of the public good. But let the State
Banks have a care; a National Bank al-
though their regulator, will be their refuge
and prop, not their destroyer. They have
been already used as instruments to destroy
a National Bank-they are now them
selves whistled down the wind to prey at
fortune-nay, the blow is now aimed at
their own vitaIs. The anti. bank party,
that party whose war cry is ''down with
monopolies, /" "down with bank charters
has recently received formidable aces
sion, in responsibility, in intellectual moral
and political power, from the alliance Of
Mr.. Calhoun. That eccentric Statesman
mas denounced the banking system as n
itself vicious, corrupting anti.r epublicap,
odius as a monopoly, and adverse to the
business, industry, and moral and intellee-
tual Development of the country-declar-
ed that mortal conflict is now in progress
between bank circulation and metallic, and
one or the other must perish in the struggle
and proposed, in anticipation, of the j.
nal overthrow Of chartered banks, and the
extinction of bank paper as currency,
the establishment of system of free bank
ing, and the issue of an inconvertible go
vernment paper, to the amount of ''many
millions beyond the demands of the CO.
vernment." We repeat, then, let the state
banks beware how they act-a spirit is
abroad in the land-infinitely more power
full now, than when ''the little Flibbery
Gibbet," Fisk, was its discom6tted incar-
nation in our community-which bodies
destruction, utter humiliation to the bank.
ing system. The war against a national
bank may be only the prelude to fierce
and universal war against the chartered
institutions Of the country. Let the
State Bank interest beware lest in warning
against the regulator, it only yields itself
to ehc, fxAul embrace Of tho dc6frnUpr.