Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-10-20


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.1 -grllau- STlc.s H faE I..as - -
i-..'' Is weight %. t.e ttttl.. B, .,ia-' .'
...r-t-..si.IH-t 60 aees.-.a- 20
:. ,-,rs banks Uo.l l.-n DC i".'S1 y. y %
i>s The txactaa c. -'.4 aaa s.l,l 'A
.-.-. ~ t-- Government l>s.'> .I
! G. Bfuk paper, % The amount tti-'--
.71. IN, ,agu.tais, AID llcrlay, i1 tL1t cE-
g ~. '.-7 I'm, is issue, would create q steady
-al 80 occurring demand for specie N.lcd (
b 81 r-,i.I have IA FURNISH. and tE NHcl
Be D'lnrl H. ls-y reminded 81 ,Hc necessity @. I
ssi 49,. lg, puroIou between l.-lr -s-Hes +
-. of rtIelnuu5 tIcln. aaI W1a4 .sh
~ ". s.l f-oei running into excess. IL Nar nv /
-rt f.rauIs g. Specie i1E balances "us 't .'.
i.f.,ss 10 ,hc Bank oil Iac lMigo olaies, 'l-' /
Il 4 ,...=,, ,7crattJ A. a check upon thls '-
srla regulator OF llie paper gu ''"S' , -'',
2 - A., rcssla ID doubt that similar &ea'Ah.s
,l--,,ssuf making payments 70 iht Govern
-. cgna produce tie saat ""oiss'oe s"'''
V-. =, 7lt,oa to lao SANITARY influence "ata
,,-,ti,- al the finances 0i ue vatri Gov
-. from Tic Banking system ""sr+ A''t
- th. currency @. tue Whole country 'N- N..t
III i,.t,aH who are not band Go tut ,'is
|# ,,,.1.i,.I clrreucy there are other teaadt'a-
IN. which cnude 1t TO tie iaPoFan.a i'g"4 %.
.lts, y,ha value republican, equality ana 'i'"'. 'i
..,tf,n. Of the Government, and especially p
~ monte of the South, to whom IT i 50 import
va, ,,at the revenue should be fell as burden by
,ts Whole peopc, and not as a burden only 10 some,
al a bfntft 10 Others, as il has hitherto been.
A General deposit OF money IN hank. Is m Tcai'-
49, loan to the bank of the amount deposited with
1 iotfrgst--so also bank note is in substance only
r,,,ifcate that the holder is entitled to demand so
r,g[i money Of the Bank, which until 1t is de-
handed may be, regarded as loan 10y the holder
g :, tbe bank without interest. The Government
herehre By receiving bank paper and dcposliinE
he revenue il banks did, in fact, lend Il TO TIE
tanks without interest from the TIME OF receiving
4, that Of disbursng ii.
The hcRcGt derived by the banks, from the re
cen,ion OF their notes by the Government, and tic
lcpostcs of public money, ruSt necessarily be m
erased or diminished in proportion 10 the increase
as dmnntion of the revenue, The greater the
revenue, the greater the demand for their notes e
4 fl nav il and the greater the amount Of deposits It
h fl becomes the interest Of the banks under such q
HI system that the revenue should be large, and higi
4 Is la'cs by swelling the revenue instead OF being
burdens become bnuntcs to them they are 10 The
#
Hanks themselves but those to whom an Increase
A revenue enables them to extend further accomm0
\ 3saiions, are enlisted in the unnatural caursc 0
Mlcayy taxation.
/ ID On the contrary, If the Government were 10 cX
8aci specie IN payment Of its dues and TO keep it
lEenuc in its own golfers; the demand for BAN
8HOtes would he diminished, and tie demand 10
spccic Increased by the amount required TO pa
ttn revenue and as the specie necessary 70
dat purp13c would lie chiefly drawn from the banks
hcv would be made To feel scnslbly every lncrcas
Eof Ie revenue, and a numerous and influential be
ay Of ciiiZtns would thus be interested IN kecpan
Down. the rate of taxation al the lowest point
These are a few OF the many equally conciuaY
gr,umcnts in favor Of an Independent Treasury
~ Mi now notice some of the most prominent Of
q cc,ions made to this measure. 1t IS SAID that 4
public money viii b, less safe in the keeping Of pu'
lc officers dian il is in the custody OF the Bank
Without alycrtinr to the fact, that when depo5lt'
ia banks, it is not kept by them, but lent ont 70 The
numerous customers, subject to all the vaIo
~ chances ot loss incident to their pursuits, II Is d'l
Ill cult 10 conceive Why public officer, appointed
III tbe President, with the advice and consent OF
ri Senate. ewing ample security Tor The tahul exec
ton u bis trust, and liable 10 infamous puhI'hme
nj .r any dedication, should not be as sale guar
III an OF the public money as the cashier OF ual
amounted by The directors, and not liable to pun,
~
~ tration OF public affairs, ana the custody OF all
pub.c property is entrusal to public officers a
vet we are told that they cannot be trusted with
npbic money however carefully the may be hedG
IN and surrounded be legal devices Tor sccnr
their fidelity. Bait past experience OF ne y
eminent furnishes conclusive answer to TINS
jecton From a thorough investigation oisthe "a
nappears that since its establishment much N
has been lost by banks than by pubic olhccs,
!, ,tIt .h How Ia
b.cn rpepcctiyoly entrusted. Ii is said again
Inc establishment of Treasury independent
bank or banks, would he in effect to unite the p'
with the sword in the hands OF thc executive
IN olher words. that the PrcSldeit by virtue Of
uoYer over the head Of the Treasury Dcparln
and through him. over his sub-oTdihateS, Wi
able, at his pleasure, to possess himself o. me
lie treasures, and illegally and treachously TO u
tor private purposes Of his own, or Tor SurVcf
The liberties of the country, But tins danger IS
no means dNijnishcd by keeping tie pubic urea
N banks Cor they must hold it subject 10 me ora
the Secretary OF the Treasury, and therefore rs
Die to be withdrawn and prevented to improper
1.-THE will Of the President as il were IN the Gus
Of the pubic officers.
Ills said further that the ox.con Of spcci,
public dues viii increase the burden Of aNaiIe
The additional expense Of obtaining specie 1t /
interest and security that the duties on I'M
should he felt as burdens. II they are most
densnmc on account of the cxactlon ~ speci
them he reduced To the extent Of the dlterenc
tween specie aad paper, and the effect will b
same as Il they were made receivable IN paper
It is further objected that the lndepenieRt
ary will require an additional number oil !
officers to Be appointed BY the President Wh
lis patronage aud influence will be increased,
The number of additional officers required
exceed Is, at the utmost extent, and surely Y
huencc 10 be derived from the power oI ap
ing this small aumber of officers, must shk IL
ter insigniicance, when compared win Iha'
ierred by the power of selecting from anon
banks, the depository of the public money, an
dispensing the whole revenue Of Tie count
gratuiou8 loans among mullitnde OF corpoT
possessing in the aggregate more influence u
President himself with all his patronage
pnt ~ ,,,r,, cl,,norous objection IL, that