Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-05-05


ney in their hands to their friends TO speculate
upon, and pockeling the interest themselves
They would be denounced through the country as
guilty of gross abuse, for Which they ought 10
be signally punished. Yet the principle is the
same, whether the public money be lent out by
one keeper or another by individuals or corpora |
tons by collectors of the customs 'or banks. |
II is an application Of the public funds to private
uses.
And would a collector or postmaster find
any Justification IN saying, that to keep ihe mo-
! ncy on hand would be an attack on "ine credit |
systeml" that ii would be an improper shutting |
up and boarding the specie Of the country that
il would be an attack upon the banks lilo might
he laughed at for his folly, or stated at for has
lmrudencc; but would receive little credit Tor
! his fidelity or his patriotism. Yet his reasons
would be just good those Of the same char
actcr adduced against the Independent Treasury.
7. II is further objected, that to dispense with
banks altogether in the keeping OF the public mo
ney, is TO make zone currency for the Govern
ment and another for the people"-a "PGriician'
currency aud "piebeida" currency.
! This objection comes with bad grace from
those who assume TO BIO the special friends OF the
banks. 1t has originated since tho sloppage Of
specie payments. The legal currency Of the U.
Slaies-the peoples cCrrency--the currency es
tnbshed by the Constitution aud protected by
the laws-ls gold and silver. Although the States
may establish banks, they can make nothing but
gold and silver tender in payment Of debts. All
the laws OF the United States and Of the several
States recognise that currency the courts OF
Justice all give their judgments payable in Tint
currency. 1t IS cmphaically THE PEOPLES
CURRENCY, established BY then Constitution,
Confirmed by their lars, and proisciedby their
courts Of Justice The banks are authorized to
ISSUE notes only upon condition that they shalt
pay them on demand ~ that currency. But the
+ banks having, by the indulgence of the people,
filled the country with their notes, thrust them In
to every mans hands, ard caused them TO super
sede the peoples currency almost entirely sudden
~ stop payment III over 100 millions Of dollars
in circulation. The people who are the holders
of this currency, and generally have no other are
obliged, in consequence of this general violation
, of law by the banks to use il for time, contrary
, to their wishes and will II is absurd to say that
/ they prefer a paper dollar, at ten per cent dis
count, 10 a silver dollar OF ten dollar note,
t worth pme dollars, to golden eagle. The poo
f pie afrnot so simple. But individuals not being
c able, single handed to resist this violation OF
their rights, submit unwngly to the loss and in.
l. convenience, and fall one after another, into the
habit Of using for a currency the DEPRECATED bank
= notes And the banks having thus, in violation
1, of the Constitution and laws, and of the will o
10 the people, forced their notes upon them TO th'
:. exclusion Of the legal currency, now turn toun'
Or and say, "behold deprecated bank notes ar
p the currency Of the people, and the Government
is should look loI nothing betterw That is to say
" " having imposed our notes on the people, sub
IS stantlay as tender in payment Of debts, con
7. irary TO the Constitution, aud in violation Of h
+ laws, The Government ought to acauiesce in h
J. usurpation, and be content to see its Fundamental
i, principles overthrow and ilampled in the dust !!
:. The people created the Government to pro
Is teci them, as fan as possible, against wrong ant
Ie outrage. They have, by their Constitution ans
D. laws, established gold aud silver AS the only le
N gal currency Of tho land They have sworn oy
il cry public officer to obey the laws, and TO proec
\, and defend the Constitution. The public off
,s GERS could not recognise bank notes us the cur
II rency Of the Government without being guilty 0
70 perjury In refusing TO receive them, they werI
o true TO their oaths to obey the laws, aud protec
m and defend the Constitution, But If there hat
q been no such oath. public duty would have requlr
4 ed the same course. Tho Government had pro
Is missed to pay all contractors, and others engagct
&c in the public service, IN The legal currency Of III
ID Cnied Stdtss--Ihe public faith could not b.
l. maintained without collecting from the debtor
\. Of the Government the money TO pay its creditors
r AS in consequence Of the stoppage ofhe banks
ie nothing could be legally paid but gold aud silver
" 50 no other currency couh be receirsd. Had tn
"a nj IL,
X to receive the bank papers for public dues the.
&c could not DO 50 because they we've prevented b.
,ir the Constitution and laws of the land by thei
as oahs Of Office, and by their obligations TO pre-
Re serve the public faith inyioIalc
IN Blu. II was essential that Resistance should com
H.. nence somewhere 10 the attempt to subyert on
al fundamental laws, and impose on the country, 70
n an indefinite and unknown PERIOD an inedeema
at bic paper currency. Single individuals were nc
he strong enough to raise their arms agans, tn
10 overwhelming power wish winch the foundation
Ike Of morality and law were Suddenly assalled.-I
" became the General Government, whose exam
{ pie and whose influence we're likely to have pref
- weight, to raise the standard Of correct pritrept
he commence the resistance to this denoralizlng i
A. noyatlon, and aid IN restoring TO the people the
h legal and constitutional currency. The obje
dit was not to establish better currency for the q
VA vernment and a worse for the people, but 10 re
, a tore TO the people the better currency, Of whit
nd they had been wrong(uIly and illegally deprive
ey 1t was to secure 10 the people and Govenme
d. BOTH that currency which was established by 4
lot Constitution, and promised to be protected by 4
We law and the courts Of justice. 1t was, instead
ne subjecting the Government to the wrongs 1
people suffered, to deliver the people from the
lite wrongs, and to restore TO them their 10
ID. rights. 1t was to make the Government a
raj, people equal as to the currency; to secure
-ge both The sams currency-the currency VIII
il hnds It's basis. in the Constitution, and IS esse
II lial Ia Ear Lrndn md hc.a-A l.aI.rz This ~