Lexington union. (Lexington, Miss.) 1838-18??, 1838-11-17

lry receipts partake in 10 degree OF the
character Of bank paKA Though sub
ected in the act of Ng % the rigid (
spe.:iie standard they Il II for their val h
lie upon their sconveri Ally into specie,
but upon the credit OF ppernmeni vest
cd with the unlimited er Of taxation |
and upon their being ia by the govern
ment inpaying ofthe pI dues Whey
are equally unlike 10 thl deFcciateh,
Continental money. y Feasoawhy NE |
Continental bills becani pprecisted, WIS
that government issued \ n to excess far
sbevoud their demand. When Tour Or
five hundred millions ofs "a were i'nFia
calculation, they becams course, mere
rags. Now, these treisty receipts can
never be ia excess. beciasE the :gfeat law.
Iof supply and demand, which regulates
Tall trade, applies to them With an ulerring
and most beautiful precision, and 50 soon
! s the demand fer treasnryreceipts should
1 fall below The demand for gold and silver,
not another treasury receipt would issue.
Whenthe receipts are atIplr with gald ana
silver, they would, Of foarsc, command
1.-THE preierence-and III, i those metals be-
ling ia less demand, woid be paid back
limo the treasury, ac}umuIatlpg there,
would creute-a higher dfmand tr gold q
IsiIyer. So soon, however, as iAatlIhighei
demand should be reduced by tha issn-
! lifg ofgold and silver, then the issuing
tof receipts would againIbeglp und SO O
forever. Here weIhave regularity, no
1.-THE result Of an artificial system, but spon
taneously flowing from an oUldience t
, the rules Of nature, Tho uses Of ihes'
treasury receipts wbuld be twoSfold, hsca
. and commercial. They would serve as
4 means Of payment Of the feydnues, 40,
would furnish lie merchant wih q safe &
convenient medium Of rcriitajc TO m,
tpoint in the Union. They woad conten
isuccessfIlly'with gold and silver as me-
dium Of general circulation throughout tn
country. Bank paper, as amedium 9
local circulation, would still continue, 40
TO the peopleShe different states would y
left the work md duty ofputiiag the bank
ing system in thehseyeral states into sue
form as past expefence and The presel
state ofpubIc opinion would sectnto
Iquire Such Is a briefoutiine DC Mr.. &
nouns system. That itcannbt a
!. 90 into complete effect, is true. ";
Il ought not at once 60 into compleS
Ills likewise true. The philss
man, where importantinteresd
. led, by gradual proximatioas
cs great changes.
{ We have spoken Of Mr.. Ca!ht
9 gard 10 the creditsystem- Wen;
z Thing now to say ofhim in gen ]
: public man. Great men are 70
I ed in great scales. Ii is poor cri u
eliudge by iragmentary portions o
Q pinion, character. Look ata
q as at any other great work, as I.
j The rule Of the Roman orator is
n1rule Of political consistency.
.said he, for the fame not Of having
u SAID the same things, but for that
y fame Of having always moved In 4
9 direction. Regarding Mr.. Calho
y this point Of view, We see one pe
I spirit shining through his whole
- He ia worshipper pflcopstitutiol
p dom. Admitting thhtin some pc,
. life he may lin seeking out that &
: have been hurried tip far, still u
9, sssomething is to be pprdoncd toth
81 ofliberiy.n Ambition is the slnof
2 Mr.. CaIhoun's ambition IS honorab
~ Ibrave. ltneither stoops nor find
e Ii skulks not behind 4 wail--neith
Y Iithideitselfin d corner. l.sceks Il
~ Of danger and loves q be at the 4
y the fight. Mr.. Calhoun may lie d
orl ous, buthas his worst enemy dared
q that ia order 10 compass his amb
V aims he ever soiled bis fingers will
V ty Or lowsiived action?
le MIR. Calhoun now appears before
o. country IN D noble and commanding
is |tude. His movement Of the special.
~ sion, history will record as the brial
y act ofhis political career. Even II
v-Ewho complained Of previous aberratie
~ now admit that his splendid Intellect
ne once more in The right track. senss|
ds that same flag which iloated proudly d
r. This head 10 early manhood, 'inthe fnsA1
r |of ~ powers, lie once more stands. ~
3 lold Republican banner Of equal }o
O. a strict construction Of the Consk
n, and the limitation OF the action Y
r. General Government within the sTs
g. possible sphere, is again unfufled,
r. the Republican party will once ~.
a. march.bendath il, conquering rad 10 I'll