Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-04-28

IN exposition Of The course and principles Of the 40
miniFra'0H N relation 10 the custody q the pub
IL mogegs.
TO THE PEOPLE or THE L. STATES.
(CONTINUCp.l

~ AhE fEOPLE ut THE u. STATES
(CoNrINUED.)
| Let US now look at the position at present oc.
cupled by the Administration, the policy 1t has
pursued, and ihe measures il proposes in reference
TO ITS own duties, and the currency ofde country.
Suspension Of specie payasnis, aud n, course
Of The administration iksreupoH.
The people had declared against having Bank
Of the United States in the reelection Of Gene al
jackson, and Congress had provided by Jaw tor
the safe-keeping OF the public money in certain
/ State Banks. By the Constitution aud laws Of
the United States, nothing but gold and silver or
the equivalent, could be received OF paid cut by
the General Government, and the deposit law H.
self prohibited the employment Of any bank as At
depnsiary, which did not pay its notes IN golf
aud silver. All the funds OF tue Government, both
of the Treasury and Postoilice Departments, we're
deposited in State Banks.
simultaneously, nearly every Bank in the I'm
ion stopped payment. Treating the Government
IL they did the rest Of their creditors, the banks
| refused to plv the warrants Of the Treasury and
the Post OH IN any thing but their own notes ;
notes which could not be legally offered to pub
he creditor in payment. Threats of violence
we're used in Boston, Ntw-York, and al other
places, with the view OF compelling the EXecu
i've to violate the plainest laws, in receiving de-
preciated and redeemahle paper for al. public
dues. These threats were dIsrcgarded, and the
public dues collected IN gold and silver. But
there was difficulty in complying with the laws
in paying the public creditors, all the funds OF the
| Government being shut up in the banks, from
which nothing but inedecmgblc paper could be
obtained. BY the Post Office Department., the
| difficulty was soon surmouued. The current
income of that Department being equal to lis cur
rent expenditure, II was only necessary to have
It's income paid IL specie, to meet all IFS expend-
lures in the same currency. Prompt and sue
cessfal steps were taken TO effect that object, aud
not warrant Of the Postmaster Ger eral has been
returned protested since the suspensions which
his not been promptly paid in specie; and for
several months past, all payments have been
made IN that currency. This great establish
men having an Income of about four millions ct
dollars year, is now carried on, without the
slightest difficulty, in the midst Of the suspended
banks, receiving and discussing gold and silver
| only.
The difficulty would have been as readily sur
mumted by the Treasury Department, had not
| lis necessary disbursements exceeded It's current
income. The sales of public lands, and the I'M
poratons Of dntablo merchandise were almost
stopped by the commercial Revision, ana IL vas
! found necessary to grant indulgence on duty
bonds already given. Thus the resources OF the
Treasury were dried up, while the army and ma
w, the civil isl aid diplomatic corps, necessarily
gave rise to heavy demands upon II almost daIy.
1t had no alternative, but was obliged to render
! available, az far as possible the funds IN bank,
7 and anticipate lis future receipts. The Secte'a-
ry of the Treasury, therefore, continued to daw
upon the banks aud to enable The holders, OF his
warrants or drafts to use them in payments, Il
they preferred II to taking bank notes, and to
give them the highcs, practicable value, made
them receivable for duties aud public lands. This
very operation, though just to the public creditors,
cut off the specie receipts, by anticipating the
revenue, and gave no efiectual relief to the de-
partment At their extra session, Congress gran
ted the power to issue Treasury notes, asa means
of keeping up the credit of the Treasury with a
deficient revenue. 1t was believed by many Of
our most sagacious men, that this paper would
pass at specie par with very moderate interest,
or none at all but as present value cannot be
had for them, except by paying them in for public
daes, and as The disbursements ofthe department
are s greater than IFS receipts, It has been III
the power Of powerful party press. and other
hostile interests, 10 cry them down below par al
certain points. Efficient measures have, ho"ev-
err, been adopted 10 raise them 10 specie par, and
al that rate it is confidently believed they will soon
be negotiated. In the mean time, the Treasury
Department has paid specie as far as II had lle
power, and, since the soppage Of specie pay
ments by the banks, has actually disbursed over
six millions Of dollars in gold and silver. II is
expected that all its future disbursements will be
in coin, or its equivalent. Receipts are begin
nins to flow in, and in short time they viii pro
badly exceed the current expenditure, when all
embarrassments will be al an end.
The Independent Te1ary.
To avo I'd the embauassmenis encountered
from the stoppage Of the banks for ever hereaI-
lie money TO the purposes for which i ls exa' ted
from The people, the Administration proposes NJ
longer to entrust ii to the custody Of corporations,
but to keep it in an independent Treasury. The
following are some Of he reasons upon which this
proposition is sustained
lst. 1t is obviously the plan originally intend
ed BY the Constitution. Its a provision Of that
instrument, that mo money shall be dawn from
the Treasury except IN pursuance Of aPpropr'a'
IONS made by law" What does this mean, but
That the public money shall, when collected be
put into Treasury, and there remain until drawn
out to pay appropriations made BY Congress ! Is
tnot wholly inconsistent with the idea that can
be taken out, ard ienl 10 The merchants or ofhersY
| Suppose that John Campbell, the Treasurer Of
the United States, had five millions Of dollars IN
The Trsasury-in vault, room, or chest under
his own care--coud be lend $4,000 70 Daniel
Webster, 81 90 to Henry Clay and Sl,eO.,-
. 0 to Nicholas Bidde, for their private rurpo-
ses pnckelilng The interest himself miLheaL drai0-