Piney Woods planter and Amite union literary reflector. [volume] (Liberty, Miss.) 1838-1838, 1838-03-03
TIE sug-TREAsURy BILL.

1t will be carried in spite of all their eff.
forts against it. Tn" debate is now be-
fore the national Senate, and is carried
on with more than common ardor. Mr..
Clay, ofky. being chiefly conspicuous
against, and Mr.. Calhoun in support of
the bill. Mr.. Clay's last speech is said
to have been the most powerful which
has yet been heard against the measure,
and may be considered to embody all
that can be urged against the measure.
II his arguments against it can beshown
to be inconclusive, the great ground of
dissent may be said to be completely
washed away. We shall make few
remarks upon the objections urged by
Mr.. Clay, not Of course admitting any
one as valid, which assumes the whole
matter in dispute, in order to show thicr
matter to be bad.
LIST. That it was the deliberate de-
sign of the late administration to estab-
lish government treasury bank to be
administered and conducted by the ex-
ecutive department.
I'd. 1t was its end and aim to over
throw the then banking system ofthc
u. s.
Sd. it began with the late Bank of
the United States, and then proceeded
to wage war against the State Banks.
From considerations of policy the war
began with the former.
9TH. The present administration
has succeeded in establishing the doc
trines of the preceding administration;
the present solemnly declares its deter
fnination to carry out the principles of
the last.
9Th. The present administration
mans to have government bank-a
treasury bank upon the ruins of the U.
s. Bank and the State Banks. Such
is the pledge Of the present administra-
ton to carry out the principles Of the
last.
As to the first; what do we generally
understand by q bank! The only
banks known in the United States, are
companies chartered by government,
and consequently monopolies, endowed
withpeculiar privileges and exemptions,
not possessed by individuals; they dis
count promissory notes of individuals,
issue their own, dealin bills ofcxchange.
foreign and domestic, receive money on
dcpositc which they employ as their
own capital; they buy and sell all sorts
ofmerchandisc, even though prohibi-
ted from so, doing by the acts of their
incorporation; their promissory notes,
having, heretofore been received by
til. general and state governments in
pavn;nt of dues, have become the cur
fency 9 the country; the banks ofcourse
have inc cc,trol of the currency, and |
consequently Of the value u, property.
The above we believe to be the proper
definition of bank, and that itdcscribes
the banks which now exist in the
United States. We need make no
comment on the immense power enjoy
ed by the owners of the banks, consc-
quent upon the immense power which
we have described.
If. then, it can be shown that the
"late administration had no deliberate
design of establishing such bank in
connection with the Treasury Depart
ment, to be administered and conduct
ed by the Executive department, the
first clause of the argument must of
course fail. In the message commup-
Gated to Congress on the 7th Deem
Der, 1880, the viewsof the late admin
istration at that time are given in rela-
ton to that polnt-they wereto organ
Use thetreasury department so as to ena-
bic it toreceive fine public and indivi-
dual deposites, "without power to make
loans or purchase property, which shall
remit the funds Of the government, and
the expenses of which may be paid II
thought advisable, by allowing its 9TH
GERS to sell bills Of exchange" "Not
beinga corporate body, Having no stock
holders, debtors or property, and but
few officers, it would not be obnoxious
to the constitutional objections urged
against the present bank" Whether
this is more like bank, as above def
ned, or the present sub-treasury system,
we leave with our readers to decide,
Begging them to recollect THAT the pow
er of the officers to sch land only sell,
not buy bills of exchange was not an
essential feature fthe plan, but only
to be adopted if thought advisable by
the Congress. This may be called a
bank, or a sub-tr"asury, or you may
call it what you will-but il will be
impossible to show that it would be any
th;n n, ELo what onr hanks are: and