Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-07-17

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mar. calhoun here spoke with more than his
usual Yehemence Of the necessity Of fighting
the LATHE, on an entire separation of Govern
ment nom the Banks. Any thing else, (hel
declareds) is lowering our position. It Is i'm
possible for me 70 sustain any measure COM
ing from our side, short Of the Divorce"
But he was totally opposed to the substitute
ioranother reason. Mar. Webster's PROPOSE
tom he sand, left the Banks under the regula-
ton OF the law but Mr.. Buchanan's freed
them from all legal control. If said he, Banks
are 70 be used as repositories ct al. he wanted
them to be under the sanction and restraints
OF law, and not under the discretion Of the
Executive. The substitute repeats al limita-
ton on the power Of the Executive an the
mercantile duties imposed on the Banks, and
all the requirements as 10 the sum the Banks
ought TO pay for the use Of the public money!
Mr.. Calhoun then attacked this unfortun-
ate substitute, as plan Of Special Deposite
System, which he said, would BE merely nom.
inal He cOntended that nothing short Of the
provisions of the Sub Treasury Bin would ev.
er be adequate to enforce Special Deposite
System on the Banks, and even If it could be
enforced, It would enable the Banks greatly 10
enlarge their discounts. But the Special De-
posite, he was sure, would turn out to be a
mere general deposite.
This extraordinary man concluded this re-
markable speech, BY repeating his talk about
the responsibility now resting on the opposi-
ton, and expressing his determination, that so
far as In him lay, the burden should rest there.
Mr.. Buchanan made very plausible return
to this onset from his new ally. He defended
his measure as calculated to limit Executive
discretion, instead of enlarging it. He ex-
pressed his astonishment that Mr.. Calhoun
should prefer Mr.. Webster's proposition to his;
when his proposed to prevent the use of any
banks as general repositories Of the Govern.
ment whereas Mr.. Webster's would bring
back the State Bank DepOsite Scheme. He
more than inslnuated that Calhoun was Iii.
lie inconsistent IN this matter.
He denied that his proposed Deposite
Scheme, was the same as a General DeDos
tie: and he wondered why Mr. CalhC un die
not make that discovery, when the Sub Treas
ury Bill was under discussion. The Specia
Deposite was one of the best features in tha
scheme, IN Mr. BIS estimation and his only
objection to that bin was, that there was toe
much detail about bolts, bars, safes, &c. Car
there be no Special Opposite Scheme, said he
without these details?
.Ir. B. said he was as good friend to tht
| ADMINISTRATOR as MI. OdlhOu0. but Mt
Van Buren, himself had suggested system
of Special DepOsite, as the measure next ate
the Sub Treasury. For himself he would no
60 home and tell his constituents, that becaus
the Sub-Treasury Bill was rejected, he woul
leave every thing at odds and ends withou
any regulation by law.
MI. Buchanan concluded by reminding
Calhoun, that without some measure of tn
kind he proposed, the old Deposite Law woul
be in operation in one half Of the Union, an
out of force every where else. He wished t
) know how Mr.. c. would remedy that evil!
) Mr. Calhoun replied, that that question an
, all other queries as TO what should be done
must be put to ''the opposition who have de
, feated all our measures. He left it to then
He wondered how Mr.. Buchanan could tai
; Of ''onr doing nothing" when Mr.. Webster
proposition was before the Senate.
> Retrenchmsnt and Tsf TT. 1t ma
r perhaps excite the surprise ofsome of tn
n