Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-10-02

OF the PUBIC tCVSu00s Wltu0ut the Drive
ilege ofusing it for discount, whether il Be-
bank OF an individual, IS matter Of mere
detail and little moment. The privileges
Of discounting Of banking on the public
deposites, constitutes he insuperabe 20.
litical objection 10 the restoration 0f the.
pet-bahk system. Gould asystem IS de.
vised.by which every sound specie paying
bank should havein its turn an equal share
Of and equal benefit from the public de-
posites, the political objection, the faporits.
ism, inequality and corrupting tendency Of
the system would be remoyed-but the
financial objection would remain, the want
Of q great regulator, to restrain excessive
issues and secure sound currency. Next
To- a y. s. Bank, we would prefer the SUBJ
Treasury scheme, without the specie fea.
tune, whether banks, as special deBosita
ries, (which would be betterJ or individu.
ais, be- the sub Freasurers. This We ad.
NIT would not be a thorough divorce Of
government from banks--it would be q
divorce only a meRsaet thOTO, and not a
viHculiS n1qtrimOnii--the latter, we do not
regard as at all desirable--as we feel as.
sured it would only lead to some new and
more unhallowed alliance with another and
more mischievous paper system, nearly, If
not every whit as bad, financially, and per.
hapsssworse politically, than Continental
money or French assignats. Under the
sub Treasury. scheme without the specie
feature, every specie-paying bank, to the
extent Of the reception Of its paper, in pay
n1ent of government dues, would be de.
pository of the public revenue--for Whoev-
er takes bank bill has deposit pro taatO
in bank, as much so as If he had actually
deposited money in the bank--with this
only difference that he has ready drawn
or accredited check for the amount in his
pocket. Here there would be no favorit.
ism. no unequal and corrupting dispense
ton of government favors-no immense
accumulation ofdeposites in certain banks
to the injury of others, and to the peril of
the government money, and to the embar.
easements of commerce by the occasional
sudden abstraction of large sums for pub.
lie expenditure in distant quarters. Even
under this system, however, the great f.
nancial objection would still exist-the
want ola great and controlling regulator,
without which we can never hope for
sound currency or stable fortunes.
The question then, now before the coun.
try, is whether we shall fall back on the
old twice tried, safe system of a National
Bank, or enter upon the untried expert.
ment Of the sub.Treasury scheme, with
glittering golden promises-to be redeem.
ed, we fear, with nought but paper perfor.
mances. And first let US premise what
Mr.. CALHOUN, (now the redoubtabIe cham.
pion Of the project) thought of the hard
money scheme, when it squared with his
views Of policy and the constitution to
move prolongation of the charter of the
United States Bank, for the term of ten
years.
"But there is in my opinion strong and
1NsUPERABLE objection against resOrting to
this measure 1.-THE Sub Treasury result.
ing from the fact that an exclusive receipt
0fspecie in the treasury would, to give it
efficacy and to prevent extensive specula-
ton and fraud, require an entire discon-
nection on the part Of the government scith
the bIHaking system in all its forms, and
resort to the strong box as the means of
preserving and guarding its funds
means, if practicable at al in The present
SLGte Of things, liable to the objection of be-
ing far less safe, economical aud Efficient
than the present"
We concur with Mr.. CALHOUN in 1884,
in thinking it ian insuperable objection
to the sub Treasury scheme, with the spe.
Gle feature, that it would require ''an entire
disconnection Of the Government with the
banking system" land not with Mr.. CAL.
HoUN in 1878, that in such dIsconnec.
ton, such a divorceof long and happily
married parties, is to be found panacea
for all our financial and commercial ills.
We do not, as the Mercury once did, 20
so far as to denounce the project as can.
attempt to make the Presidents breeches
pocket the depository of the public reve-
nue." but we oppose it as impractlcable,
and calculated to produce both financial
and commercial mischief. Time and space
do not permit US to enlarge on the proba.
BILE evils the system. We can but glance
at some Of them. The forced and unnat.
ural increase of our specie basis, beyond
the wants Of commerce, the conversion OIL
specie into an article Of merchandise, to be
bought for the payment of government
dues, the surrender of all national contro
over the banking system, and consequently
over the popular currency, except so far a
4 to lniure and discredit it bv putting it t.
| the ban of the government, the consequent
license to banks to run (if they please) into
every species of riot and excess, the deg
radiation of the South (whose staples stanC
her in the stead of specie for all CONNER
, cial purposes) into mere collector fspe
Gle to be expended at the North, thus com
pleting, instead of removing the CONNER
( cial thraldom of the former, are some O
the objections to this notable project, thi
J, perIlous experiment with the finances, th,
II commerce, the property and prosperity 0
the country-with the added prospect o
the whole scheme bursting as mere bub
BE, and fastening on US, in lien of IFS shi
q ming silver and glittering gold, and even il
lieu Of convertible bank paper, an incon
veFtible government paper, and payable or
demand, in gold or silver, but merely re
! ccivable in payment Of government due,
Ia new form of continental money, d
French assignats, Or North Carolina proc
-vaunted BY Mr. Calhoun as the bes
form, and indeed the bean ideal Of credits
In this great and growing country, o
such extended and extending commerce, I