Lexington union. (Lexington, Miss.) 1838-18??, 1838-12-01


tol HIll!' Let not federalism hereafter
Ireproach those opposed to It's Doctrines 10
| Jewellers AMI reyoluionis!s, ill it ceases
to initiate those refrners famous in Eng
fish Annals, Jack Cade AM Wat Tyler.
| Bat while due credit i, given {, the
present Chief Magistrate Of the United
States for contributing to the restoration
of a currency, by his firm and decided
measures, let it not I've fjrgoton that much
is due t. the so much desiled policy OF
President Jackson, by which the qmntI.
~ OF specie n the United S;n'cA was in
creased from al Amount but little exceed
ing twenty millions, to near one hundred
millions. 1t was in great degree ow-
ing 10 this broad and solid specie basis,
that the SAFE blnhs were able to resume
at so early perioi, and The country was
able 10 rise above lis difficulties in the face
Of its powerful and wary adversary, the
United States Bank.
Nor is this gentlcmen, the only sal ject
of CT Equalization The scountry his moi
only risen above the difficulties which
surrounded il, but it has risen and the
banks have resumed specie payments with
'he Constitutional Treasury in ful anl
successful operation. Not in operation BY
the arbitrary viii of the Executive, tu ia
operation under the dcpnsIto act of 1885
which in certain contingencies which have
happcnod With most, 1t no. ali Of the State
banks, disqualified them to act as fiscal
agents OF the government, and provided
FIR the present mode of keeping the pub.
nc money by Tie officers OF the govern.
ineDt
| 1t is true that spece is net required in
the collection If the public reve0ue, nor
vas ii considered by the great ma nrity Of
Inc friends of that measure in Coner So, as
an indispensable dart Of the system. On
the contrary, almost the entire Eo1y OF the
friends Of the administration in the Senate
voted for the bill, as it passed that body,
with the specie provision stnken out !;
though some Of them, and among that
Number myself, would have preferred for
it t. have hec1 retained. We did not
however, consider il indi3pcus bic to the
system, aud voted for tas It pissed. The
opposition ia Congress, with thai provision
stricken oct. denaunred it is "ti.o edis.o
Sui. Treasury" How then can their
par,iz4nsnow a!1e 70 consider the spe-
Gle provision as all Indispensable parl Of
ihc syseu?
The great charcttrisic feature of the
sys;en isa separation of the government
from the banks as agents to manage It's
fiscal af,irs. Although ii has been re-
pcately declared by those 10 opposition that
the representatives at IFS late Session de-
clared against this me lsare, do not con.
slider its decision in that light. 1t adept
ed resolution declaring that the public
money oughl not TO be used for banking
purpose; this concarrrg with the Senate
IN The great essential principle Of the mea-
s.tye.
This measure presents the simple cues
ton whether the peoples government
should keep their own money, Of whether
it should be placed in banks, 10 be loaned
ont t, specuIntcrs and other fayoriies.
Whlt right have the banks or patizans to.
demaud the public money, raised by taxa
ton from tie peoples pockets, to be loaned
10 iavorite class? lis pretended that
citizens cannot be fuaa honest enough to
take car" Of the public money. 4 pretty
this to the honesty OF the
Il BY this it lie meaut that all
h. honesty of The country has taken refuge
n Incorporated banking companies, we
rave for the lat few wears had some nn-
oyorahle specimens Gift This objection
strikes at The capacity of the people to
.overn themselves. II the banks can
manage their finances best, Why in lit
lie tine, it will be said that they manage
very Iranch of the administration best,
md their pariizans will very charfably /
undertake TO relieve the people Of the
ares of self government.
1t is said or pretpnted, TINT the banks
prosper without this kidd of gov
rnment aid - Those that cannot stand on
heir own bottom, ought no. TO stand at
II. The principle asserted is tariff
rinciple. 1t claims the public deposities
n the score Of government protection,
nd therefore may come in as part and par
ell of the American System.
The Constitutional Treasury is the svs-
EN- intended nv the framers of the Cons ;
tuition. his nothing more thant hes ystem
assed by Congress Of 1850, except that {
ne later law expressly acquired the pnhlic
ues to be paid in gold and silver, which
,as violates by the then Secretary Of the
Treasury, in directing the reception of /
ank notes in payment OF the public dues. n
While the enemies of this svstetn denOunce K
in such nnmeasured terms, let them re- {
,ember that the patriotic Madison; and {
lanv other eminent statesman who ass,s. !