Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-11-17
Prom ths Boston SirtCsnisa.
I'M L CALHOUN AND THE CREDIT
SYSTEM.


FINAL APPEAL TO rHE RIAL MERCHANTS.
The opinions Of MI. Ca)tcgn in regard 10 TIC |
credit system, arc hy many persons quite msundtt- |
stood. Such misundtT landing should os eet'ee''',
both llcm justice 10 Nj. Ca houn uaa ltd:a regard
10 truth itself
Il has been sunNosed dat this distinguished state
man was ia hycr of the Independents Treasury b.
4 caasc be Was opposed toa credit system. Noii7hg
can be more untrue than this statement d The cues,
Z to'., Can any thinking merchant VINO reflects
upon the recorded 'aytncs and recorded a9lRSs .,
/ JOAN {. Calhoun lay his band upon ms heart ana
| say that Mn Calhoun is hostile to the mercantile
/ community No; we venture 90 say not ohe,-
/ How, then can he be opposed 10 CREDIT upon wlieh
! the mercantile community depends Ia act, 50 lar
from opposing, Mr.. Calhoun seeks credit SgS9. N.
/ He Ia On FAVOR at tie lndrpendga, Treasury be-
cause il is one step sud the first one to Nstefnatse
credit Il is also frequently affirmed that MI, Cat
hour aims, ~ means Of the Independent Treasury
70 destroy Tie banks, Tins IS ~ ,oaaly uu'fue
statement Of the question, MI CALHOUN - 10 en-
emy - banks, bat he distrusts in CenWm' with
every other cnaglincj mind, the present 5antlhe
system. lie believes that the workings OF tbs sSs'
TEN Ia Is present form are INJURIOUS IN The ohg run
10 the permanent u,ert SIS OF the merchant and "
terry opposed "a the interests OF a other classes ~
thu community lie disuusts Tie present banking
SYSTEM let 1t be understood, not because he IS an
enemy to merchants but because lac IS Their true
and substantial friend He ayors tie Independent
TVamry not because 1t will destroy The banks, hut
because It will tend much 10 preserve them, ny
checking their constant tendency to oyer.acuon and
BY kerpng in the country large spcce bass Tor
their paper circulation In the eye OF Mr. calhoun,
| the union between the Government and Tie bauk',
3 not ouly jalurious u the Government but hod lor
the banks themselves, and he believes that as we
have now pretty generally, VA tins county tavclltd
up to the great idea that government ana tthEth
both thrive best asundcr, 80 ere long by divorce
OF government aud banks, wc shall reach by Hnolcr
road an application OF the same general prncip'e
Mr., Calhoun regards the Independent Treasury As
we have stated to BE- the first step necessary N or
der TO prepare the way, not for the DESTRUCTION ol
he banks but for such grad al mylaNuoa o. Vie
banking system, as val secure the lWt rights % thc
agricultural, mechanical ond producing classes, ahd
at the same time, place cnmm3rca cteu't upon
sound and sure foundations.
tie proposes also that receivable bills created by
law, should be paid oUt by tie Secretary Of The
Treasury 10 the public creditors giving lotath cred
ll0ra Tie che cc between these treasury receipts OF
gold and silver Mr. MeDutle claimcs the autbar-
ship Of this idea. II quite immatcual whether the
right Of originality here belongs TO Mr.. Calhoun or
Ia him. We agree, however, entirely with MrMc
Dulie 10 the pfcul Importance which he gives 70
ilc suggestion. These Treasury receipts patlakt
GtNTCf al
, | Though subject in tho act Of ssuiug 10 the rsd
D so,cio etosd,rd tbpy rest n,t for her value upor
b tncr couyeflity INTO spccip hul upon the credi
E nfa a,,,rnurn, In nayinr of lhe public dues The,
Ia erc unGkn NE id 1,prcc atc1. Continental money
+ The reason why The Continental bills became Ne
~ rrcI1rd was, that government ISSUED hem IL u
\, excess lAr beyond hc demand. When Tour or lE
y huulfeI uil lions 81 them were put ~ ctcnialol
q, tLng L,r,n,s or raursp ,oprr aca Now, thes
ni fr,a,,ry ,,raif, can never Lc IN excess bccdns
h' Nm, Inn II spnply ana demand which regulate
ne all tTodc applirs 10 them with an unerrnr and mo-
y hcnutiGl precision aud so soau o. tie dcnan,
n FIR Trc,sn,v RECENT, sbopId En below lie de
mani M ,,,u aad silver nnf another trrnsu
y recent woud issue. When the receipts are at pa
&c win ooI ana ycr. thew would 81 colr5e conuan
~ ,he urlerofrcanj inns those ,ecl1ls being If he's
" demand yngal he bald back into tie treasury, an
Ih ,crup,ula,,n,, tbcrr would create higher dcman
" G,r,Ll,rd liver So soon however as tint highc
he dc,2,nl sto,l1 lao reduced bv the ig5Ujnc Of go
re anl sIyer tbcn lie issuing Of receipts woul
- o,,oin Lre;n and SO on forever. Here SIC hay
~ 2,,'f,i,s NJ 10 .,.spt, ~ eny artificial syetpn
s bi si.,,o,,l, no,yiftp fen, nm obedience 10 u
10 sin,'. rI.s If n,tnre The uses or These trcasur
is' ,r,rpt. ,v,pd lie tva.I,d. fiscal ond conul,rcta
c- M ,p.,i .rrye as means If payment ol u
~ rp,or,rs and would furnish the merchant with
49, .,ls ,,,J convenient medium oC remittance To ~
az r,,ut ir,sc hmm Thrv would contend success
re- l,,ll,,sil, ,,,l1 md sly,r ns medium Of ecnt-
N, r,d,,i,p thr,unholt lAc country. Bank papc
ey NJ. mqdutu, Of heal circulation would al conluu
3D. and ia NE nrone of,bc dncrcntsacs wouId be Dc
.W the work aud duty 81 putting the banking ty''t
,te In rlt.rs.yeral States into such form as pat q
has ner..nra and n,e seat state Of public opn,
hs would seem 20 require. Such Is a brief outline
to Mr. Calhoun system. Tia, oauoot at ou,e
BE utn eonp.ote eHcrt.is true. Iha i ouph. not
nor once n N, INTO complete effect Is kcw3e tue i
lot nlio.onTic ptatesIlan where important i0'ere.
Eat are involved. by gradual approximations accom-
1u- li.Ecy grent chanrea
c'r We have spoken Of Mr.. Calhoun IN 'ttrcnco
10 tie credit system, We heyc something now
me s,v a. i., m .,ricgal a.. pubic man. (,trs ~
her 49,. N N, ,yr,aEcI IN lrge .caie, lti7uaor or