Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-11-13

.,lep which they nave 50 fapidiY ahQ eu
: .-s nrozpered. look upon the credf
$3.50 - 4 has operated IN this countT,
1870, thetnediunn Of banking institutions
.., ~ most efficient Of al The cause.
..6;.b have developed tho resources and in'
~ssd he wealth ofthis Union ii 3
S.sn1er unexampled ia the history Of the
..srId. Credit IS the child Of confidence
rs result Of intelligence and good gov.
-nment. The banking system IS credit
rsonlatsd and restrained By law. + no
INV sfa1,rda The best possible medium loI
tssvchan0e accommodates, but eonstl-
tues perhaps the only mode through which
X + country as extended as ours, the
-s.,rnlns CAPITAL Of one portion Of the COM
,,6;sv can be made available for the use
.,esbe other. Il has given capital an Inn
..,,,s and usefulness which exist no where
- CaDital 10 this country never lies
idIe. Il IS continually performing its APP
nroDriate function reproduction. lteye-
rvI,bere seeksa. union with labor, Those
bo 40 moi choose to labor and yet have
capital also, flemish it through the me-
dinm Of the system TO those WHO wish to
labor but have not sufficient capital. 1t
Is TO this we owe the unexampled rapidly
wnh which our resources have been de-
veloped.
In France the. gold and silver is esti-
matedat something like double theamount
Of the actual circulation; in other words
one half the money Of the country is
boarded and useless. What a now inn
pulse would 1t give to the prosperity OF
that nation ofthis boarded capital was relas-
.cdto labor andengagedin thelegitinate du.
tv of production. '1ncrease and multiply,
is a command as appropriate for capital
as for man. Suffice it to say, | believe
the banking system essential to the pros
,perity and welfare of the country. be-
liieve the SUB Treasury scheme aims at the
very existence of that system, and there
fore opposed it. further believe that
the norton ofthe scheme which relates to
the keeping Of The public monies by sub
treasurers, is not only Objectionable on ac-
count offs Withdrawing and boarding up
large portions Of capital which might oth-
erwise be continually productive, but also
because, in my estimation, j increases m
AN alarming degree the power ofthe Ex-
.ecutive, already too great. Such were
some Of The general views which EtoOk of
this subject; though my fear Of wearying
your patience has prevented me from Illus
trating them as fully as | could have wish.
ed.
But this Sub.Treasury scheme was
presented to me in another attitude and
enforced by other arguments than those
to which have alluded, in my oppo sition
to which it seems | have been charged
with deserving the interests of the South.
You all know that at the special meeting
Of Congress, a distinguished Senator from
South Carolina, threw himself at the head
Ofthe Administra alton party as their cham
pion in the great contest upon the Sub
Treasury; but though he led them, he
both the ground and the weapons
never was an order OF battle SO sudden
ly altered. The administration stood a.
ghast at the holiness with which their new
ally forced them to leave the entrenchments
which they themselves had thrown up,
and occupy the new position which he
pointed out to them. II was the same in.
the House; the administration party, des-
iitute of any leader of capacity, placed
under the command of their en-
smies, who fought with zeal like that
which burned in the breast of "Alp the
Adrian renegade, when he led the Moslem
host against his Christian brethren.
well understood at the time the OBJ
Jet Of leaving the contest in The hands
Of Southern men. They argued it upon
positions whichNorthern men did not dare
TO take, and which they thought no south.
srn man would dare to oppose. They
placed the question upon sectional grounds
and arrayed around it all the preiudices,
which, with the abolition question as
nucleus, cOuldlFossibly be gathered tOgeth-
err.
II was asserted that the collection of
The revenue in the paper currency Of the
and its use by the banks had con-
centrated capital at the north; had foster
ed northern commerce at the expense
of the south; and that the vast CONNER
cial prosperity of the north was NOT the re-
suit either of natural advant iges, enterprise,
or necessity, but the illegitimate offspring
of the Unconstitutional action ofthe gov.
.ernment. 1t was said that Il was the inter.
est of the south 10 disconnect herself from
all business relations with The north tc
abstain from the use Of northefn capital
Rnd to carry on all her commerce, boil
exporting and importing. BIZ the adoption
Of the sub-treasury Schemes II was contcn
ded the artificial aid which had hcretoior
sustained northern commerce., would b
taken away, that southern commerce
would Immediately arise 10 its stead, AM
the desirable contamination at length b,
attained of total disconnection from on
northern brethren. Such, as near as N
could understand, was the character of ID
arguments addressed 10 southern gentle
men TO enlist their support in favor Of th
bin. They were yariously intersperse
however, with bitter complaints Of ID
vassologo to which we were subjected
the purchase Of northern merchandis,
and the use Of northern capital.
Now take a different view Of this ma
ter and dissent from most Of the propos
tons upon which the argument is base,
of course cannot yield my assent 70 b
conclusion. \ for one, dc not believe thi
the commerce. Of he north has been Il
result either ofthe United States Bank Z
nof the fiscal operations Of the gevernmen
Nor do think that the commerce Of I'll
south has been linifad ~ aifher &C fha.