Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-08


Congress has heretofore exercised. this al
lthority, and fulfilled the corresponding du
tiles. Il has maintained, for forty wear
out of forty-nine, a national bank. procee
ding from its power, and responsible &
the General Governments With inter
vals of arrangement, brought about 5,
war or other occurrences, this whole svS
tenn taken altogether, has been great,
successful in its actual operation. w,
have found occasion to create no diff
ence between Government and people-
between money for revenue and uaoneT
for the general use of the country.-IJn.
I'll the commencement ofthe last session
Government had manifested no disrositior
tolook out for itself exclusively. VIVA
was good enough for tie people, was as gooG
enough for Government. No condeseen.
DING and gracious preference had, before
that period, ever been rendered to mem.
oerS OF Congress, over other persons hay.
ING claims upon the public funds.-Such
a singular spectacle had never been exhi.
blted, as an amicable, disinterested and
patriotic understanding, between those
who areto vote taxes on the people. for the
purpose of replenishing the treasury, and
those who, from the treasury, dispense
the money back again among those who
have claims on it.. In that respect 1 think
the Secretary stands alone. He is the
first, so far as know, in our long. list Of
able heads of Departments, who has
thought it a delicate and skilful touch, in
financial administration to be particularly
kind and complaisant to the interest of the
law makers-those who hold the tax.lav.
ing power: the first whose great defer.
ence and cordial regard for members of
Congress have led him to, provide, for
them, and the medium of payment and re-
ceipt, something more valuable than was
provided at the same time, for the army,
the navy, the judges, the Revolutionary
pensioners, and the various classes of Ia.
borers in the pay of government.
Through our whole history, sir, we
have founda convertible paper currency,
under the proper control, highly useful, BY
its pIiability to circumstances, and by its
capablllty of enlargement, in reasonable
degree, to meet the demands of a new and
community. AS have all
ready said, sir, we owe permanent debt
of hundred millions abroad; in the pres
ent abundance of money in England, and
the state of demand here, this amount will
probably be increased. But it must be
evident to every one, that, so long as, by a
safe use Of paper, we give some reasona-
bic expansion to our circulation, or at
least do not unreasonably contract it, we
do, to that extent, create Oh maintain an a.
bility for loans among. ourselves, and so far
the amount Of annual interest
paid abroad. r, 81.
But let us now, Mr.. President, ask the
of the senate to another subject.
upon which, indeed, much has already
been said / mean that which is usually
called the CREDIT SYSTEM.
Sir, what is that system? Why is cred
1t work OF so much solid importance,
and Of so powerful charms, IN the United
States? Why is it that shock has been
felt through all classes and all interests,
The first moment that this, credit has been
disturbed !? Does its importance belong,
equally, to all commercial States? Or are
there pecnliarities in our condition. our
habits, ana modes of business, which !
make credit more indispensable, and onnin.
gle in more naturally, more Intimately,
with the life-blOod of our system A full |
and philosophical answer to these maui. |
ries, Mr.. President, would demand that 4 /
should set forth both the groundwork and |
he structure of our social system. 1t
would show that the wealth and prosperity |
ofthe country, have as broada foundation |
IS its popular constitutions. Undoubted. |
y there are peculiarities it that system,
resulting from the nature of our political
Institutions, from our elementary laws, and |
rom the general character of the people. |
These peculiarities most unquestionably
give to credit, or to those means and those
arrangements, BY whatever names we call
hem, which are calculated TO keep the
whole, or by far the greater part, of the
capital of the country in a state of con-
slant activity, degree of importance far |
exceeding what is experienced elsewhere.
In the old countries of Europe; thereis
] clear and well-defned line, between cap.
tai and labor; line which strikes
through society with q horizontal sweep,
eaving. on one side wealth, in masses, lol.
ensbylfew hands, and those having little
participation ihithe labOFions pursuits Of
life; on the other, the thronging multi
.udes of labor, with here and there, only. |
III instance Of such accumulation ofearn. /
ngs as to deserve the name Of capital. /
This distinctiony indeed, Is not UNIVERSAL
md absolute in any Of the commeEeial
States Of Europe, and L grows less and
ess definite as commerce advances the /
sifect Of commerce and manufactures, as
III history shows, being everywhere, to /
iiEfuse wealth, and not 70 aid its accunu-
alton illsf few hands. But still the line y
greatly more broad, marked, aud visible "a
European nations, than IA the United
States IA those nations tie gains Of CAPT.
lal and wages, 81 lie earnings Of labor,
IRE NOT onlyidiatinci ii idsa, - elements
81 The science Of political ecpnomYs but
@ great degree, also. distinct a. fact;
and their respective claims and merits,
md mo- e Of reilative l lIstnnenis become
diseussiona and q pubic 9eraila.
Ton. Now SIR every body may see thai
that y state g l9liehdofs n0Iex
ist with Us. We have no such visiblsapd
broad distinction hpital and la-
Dor andmuch fer tie genera happiness
0f slI classes results from this, With Us,
IrlsnF e aSftI1sp f|axE alerIr19fil1f ife means