Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-29
81.

/ -
Its richest fruits are all reaped /; NuIIi6ca-
ton embraces the Sub Treasures, and
oppression and usurpation VIII be heard of
no more.
On the broad surface Of the country,
sir, there is a spot called the Hermitage"
In thai residence is an occupant very wen
known, and not little remarkable both
IN person and IN character. Suppose, sir,
the occupant of the Hermitage were now
to open that door, enter the Senate, walk
forward, and look over the Chamber to the
seats on the other side. Be not frighten-
ed, gentlemen, it is but hncy's sketch.
Suppose he should thus come IN among us.
sir, and see INTO whose hands has fallen the
chief support Of the administration, which
was, IN so great degree, appointing him
self, and which he fondly relied on to
maintain the principles Of his own.-If
gentlemen were now to see his steady mill.
tary step, his erect posture, his compressed
lips, his firmly knitted brow, and his eve
full of fire, / cannot help thinking, sir,
they would all feel something queer
There would be, / imagine, not little
awkward moving, and shifting in their
seats. They would expect soon to hear
the roar of the lion, even if they did not
feel his paw.
proceed, sir, to the speech Of the hon
orable member, delivered on the 18th of
February last, in which he announces
propositions, respecting the constitutional
power Of Congress, which, if they can be
maintained, must necessarily give a new
direction to our legislation, and would 90
far towards showing the necessity of the
present bill.
The honorable member, sir, insists that
Congress has no right to make general de-
lposites of the public revenue, IN banks,
and he denies, too, that it can authorize
the reception Of any thing but gold and
silver In the payment of debts and dues
to the Government.
These questions, sir, are questions Of
magnitude, certainly, and since they have
been raised, oaght to be answered. They
may be considered together. Allow me
in the first place, however, to clear them
from some extraneous matter. The hon.
orable member puts the first question thus:
Have we the right to make deposites In
the banks, in order to bestow confidence
| in them, with a view to enabls them to re.
/ sumo specie payments I And, by way Of
; Illustration, asks the further question,
/ whether Government could constitutional.
t ly bestow on individuals, or private as
: sociation, the same advantages, In order to
: enable them to pay their debts2 But this
8 take not to be the question. The true
/ enquiry is, may net Congress authorize
} the public revenue, in the intervening time
5 between its receipt and expenditure, to be
J deposited In banks, for the general purpose
of safe-keeping, in the same way as indi.
Viduals deposite their money! And if
this mode of safe-keeping be attented
with Incidental advantages, Of eonsidera-
bic importance to the community, is not
that reason which may properly govern
the discretion of Congress in the case .
To benefit the banks or to benefit the com.
munity, is, in this case, not the main OBJ.
lject; It IS only the incident; and as to
} to the case put for illustration, It would
not be expected of Congress, certainlv.
: to make deposites with individuals with I.
| view, principally, Of enabling such indi.
r Viduals pay their debts il might. new.
r ertheless, be very competent to Congress
, IN some cases, and a very proper exercise
of Its power, to deposite money, even with
t individuals, In such manner as that 4
S might be advantageous to the depositarv.
f This incidental or consequential adDa1.
5 tage results, often, from the nature of the
/ tranaction, and IS inseparable from i. n
g may always be enjoyed, more OF less. bV
5 any one, who holds public money for Dis
4 bursement. In order to the necessary az
I. ercise Of any Of its powers, Government
; doubtless may make contracts with hanls
/ or other corporations as well as individu.
n falls. If it has occasion to buv bills Of
e exchange, it may buy them Of hauls.
J. If it has stock or Treasury notes to sell.
s it may sell to banks, as the Secretary Of
], the Treasury has lately proposed. Il NAV
emPloy banks, therefore, at its discretion.
7 for the keeping Of the public moneys. as
], those moneys must be kept somewhere.
/, It can no more need a specific grant of
i lpoWer inthe constitution for such a mr.
e ipose, than one merchant, becoming aoeut
If for another to receive and pay out money!.
/ would need a particular clause ia his am.
! thority, enabling him to use banks for
: these purposes as other persons use them.
a No question has ever been raised In this
It Government about the power Of Congress
]. to authorise such deposite. Mr.. Madi.
g son, inopposlng the first bank charter IN
+ 1901, argued strenuously, that a. Bank Of
K the United States was not necessarv IA
e Government as d depository of public
J. moneys because. he insisted Its use couid
s be supplied by other banks. This EufIi.
GENTLY shows his opinion And IN j son.
d Congress made It the duty Of the cnIlpc.
8 tors Of customs to deposits bonds far a..
e ties il tho bank and is branches for c0l.
Il lection. - s., - :.
i When the charter Of the first hank eJ,.
= plred, IN 1911; almdst every penfleman
e who opposed its renewal coniended that !,
y was not necessary for the purpose Of bol.
$, ding deposites Of revenue, because statr
b banks could answer al such pirrose.
r equally wen. a strong and brsyaiilino
D. tone Of argument runs through an th1
e speeches on that occasions y. ~,
& conclusion, VIZ that Go7ernr5sns ~,
% derive from State banks an r.. bene6f
q which Bank of the United sia.ss eoul
=. render. n 1916, when TIE charter 3
"a. he last bank was gr1nted, Il c0ntafned q
s. ofiQina ~ rreeenflrl. M r,rssuf-;g, fl,. -,