Southern telegraph. (Rodney, Miss.) 1834-1838, 1838-01-16

ITO Sph- Treasury system Is l'io ''.''y
other mode spoken u. Ia recomn'eha."s
,h;s pro;ect. the position assumed ny inc
pr.s;de,, ,hat IS the regulation OF inc On
r,,a.,..s If me country, or interfering WI"
tho ordinary operations OF foreign OF ''o''',s-
a.. oxch,nyc. does not come Wi'n,i '"e
nrovince Of the general government, Is as
newell as il is inconsistent with the purposes
8. whch Il was constituted. The grant OF
tho sno,.ific powers to regul,aie commerce.,
and to provide for the general meJarr,
hr;,os them clearly within the Legitimate
sphere of the action OF Congress; snd I'M
plies and imposes certain obligations, from
which the government cannot SO Ayhty d.
vest itself. The groat effort seems to be, to
force upon us hard money currency L"
the exclusion of that which is now in gene
raj use. Tho system OF banking is IN IN
ycn.ion of the mode.ns to remedy the made
quincy of the ancient exclusive metallic
currency, to meet the increased damands
consequent upon extended civilization
projected in times which had the full benc-
fit OF the progressive Improvement and ex
perencc of ages, in .ha knowledge AMI SCI
ence Of government. The eminent success
of The experiment places beyond doubt the
wisdom of its adoption. by the aid ct the
increased mixed currency furnished by 1t,
our country has established for itself the
greatest degree of national Importance and
commercial prosperity, with raP'diiv nm
paraIIeIed in the annals OF history. Aud
now. when our commerce extends through
on, the civilized world, and when its multi
furious transactions have created s'ich an
increased demand fnr money: the idea OF
deserving the facilities of the credit system,
and adoptingH HE aniiqnated scheme Of i
metallic currency, must surely be impoliic.
In that event our extended operations, and
our grand projects of internal improvement;
must be narrowed down, and graduated by
a scale adjusted to the limited ncaus afford
ed by such currency. | do not mean tn
say, that all the blessings and prosperity
which we hive experienced, are to be at
tributcd entirely to this paper or credit sys-
ten; but it is certain that we have enjoyed
them to an extent tibet has never fallen to
the lot of any people: and Our rapid adj
as Il nation. may'with equal pre-
cision, be ascribcd mainly TO the convent
cnce and facilities it afforded. 1t is there
to propose SO sudden revolution
in habits that have grown upon us, and been
strengthened by long experience in the bu
sincss and great commercial transactions o'
the country: and by which the astonishing
advancement of our national prosperity has
been SO much aided.
AT q moment like the present, when the
exchanges of the country are deranged, 70.
reign and domestic commerce ut n stand
and unprecedented evils assaillng almost t.,
ruin the mass of the pe"ple: it is gravely
proposed to abandon these great interests
and 10y this independent Executive machine
ny, to separate the government from all
banks. | can neither admire the spiri. MOI
the tone in which the measure was conceiv.
ed nnd brought forward. The time was
badly chosen for so thorough an innovation
When so large an amount ofspccie is hoard
cd for experimentation the banks are il
want of it to strengthen their vaults, ant
when it already commands so high premi
um that it is no longer a currency, but ar
article Of traffic: it must be impolitic to ere
ate and bring into market, SO powerful q
competitor as the general government woulo
through its sub-agents.
The measure of its operations must tend
to enlarge Executive patronage-to increase
greatly the insecurity and risk of the gov
ernmcnt--to raise indirectly the salary of il:
oflicers-to compel merchants to purchase
specie at a heavy premium to discharge
their Custom-House Bonds-to enhance the
value of coin, by still further dscredtine
Bank Bills; and it is equally apparent, tina
it will postpone the great object we should
constantly keep IN view, Of a resumption o
specie payments by the banks. Instead
then Of giving us sound and uniform cur
rency, government itself becomes the disor
ganizer and cause Of depreciation.
Bat there is another and more impressive
point of view, 10 which the proposed meas
IRE and its tendency may be considered.
had supposed that the great conservative
principle to be cherished and incu,caied, ir
support Of our happy institutions, was /;
close union of feeling and interest: and tho
idea OF the government, the mere agent o
the people, Withdrawing or separating it
self from their most important interests, i:
not of that expanded caste that should dis
tinguish the views Of the Chief Magistrate
OF great nation. An an example, it mus
tend to ALLEVIATE the warmth Of public feeling
towards the government, and to weaken, i
not to sever the ties that bind us to the I'm
ION. There IL natural disposition, an in
herent principle, in all subordinate govern
ments TO cast off restraint, and to set up fo
themselves, that needs not this prompting
This scheme promises no general relief
but by requiring that the receipts and dis
bursements of the Treasury should be il
gold and silver, establishes an invidious dis
tlnction between the currency for the imme
date purposes of the government aod ~,