Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-12-25

rency only, is not denied. We must ther
have mixed currency of specie and Banl
notes. The one according to the g indie
pendent Treasury" doctrine for the Gov
eminent, and the other for the people, anC
they must come in conflict. The refusal
of the Government to receive the PEOPLES
! currency, must dePreciate it, or produce q
constant drain upon the Banks, which mus
destroy their usefulness.
On the score of safety, the indepen.
dent Treasury" is to me particularly OBJ.
jectionable. Few of US are ignorant that
the officers of the United States are ap.
pointed more frequently from political con.
Siderations, than from intrinsic merit, and
TOO frequently from noisy demagogues,
who are always the most forward and per.
tinacious applicants for Office. The de-
posts in the local Banks must, from their
nature, be more secure than with such
officers. They are guaranteed by the
capital Of the Bank, and the watchful eve
of self-interest, is perpetually upon them.
| speak chiefly in reference to the officers
and the management of the Banks OF this
State, and from personal knowledge, and
am very certain, that no Sub-treaSury can
be organized, with which | would so con-
fdently ent'ust my personal funds, as
with our Banks.
But this Sub. treasury scheme must in.
crease the number of officers, and the pa.
tronage of the General Government, III.
ready swollen beyond all proper limits. |
have an insuperable objection to seeing
the agents OF the Government spread
over the States, with the control of money,
Or power of any kind, to operate on our
habits, manners and feelings, or to infu-
ence our elective franchise. We have al
ready mint without coin-an arsenal
without need--collectors, and hosts of
custom-house officers, all at our ports of
entry, and postmasterS like the locusts of
Egypt. They form a phalanx which no
patriot can contemplate withou: Just ap-
prehension, or think Of increasing without
Gismay.
Some advocate the scheme, because in
its operation it will be hostile to the local
Banks, and that in their natures they are
antagonistical, and cannot exist together.
Are we prepared for the destruction Of our
Banks, and with them, of our tr&de and
enterprises Are we willing to witness
reduction in the value Of our property,
of one half or morei Destroy our Banks
and we will witness this, or the humilaiing
alternative of being sustained by foreign
capital.
We are told that the e Independent
Ire sury will relieve the South from the
shackles of Northern trade-enable her
to establish direct intercourse with for
eign countries--bulld up her markets-and
unite the whole South in trade, interest
and feeling. Nothing surely was ever
more fallacious. Did its Northern pro-
jectOrs originate it with this view. or do
they now sustain ii upon such motives !?
Hardly, gentlemen.
These shackles of Northern trade of
which we have lately heard so much, pro-
coed from causes not so easily overcome.
The North is much indebted to her natu-
raj advantages, but she owes more to the
liberal employs ent Of the credit system.
This enabled her at an early period to COM
mence a generous rivalry with European
commerce and manufacturers. This fur
nished her with means of Ship building
called her manufactures into being i'm
proved her navigation, and constructed her
roads and canals. These Improvements
soon reacted upon industry-gave facili-
ties to the farmer-encouragement to the
northumberland employment TO labor Of
every description. These objects Tex
cept commerce. were greatly fostered by
the war, subsequently by the tariff, and af.
forwards by the money thrown into her
circulation by the payment Of the public
debt.
Our course was vastly different oul
energies were directed to the quiet pur.
suits of agricultural life. Always fearful
Of over.banking, we employed the credi
system for no valuable improvement. OuI
trade was originally mostly with Europe
There we shipped our products, and re
ceived in return, manufactured goods t.
supply all our wants. Gradually, howev
or, our trade began to be transferred to tn,
North. We began to find that there W,
could meet with foreign goods, importet
in Northern vessels, and by northern cap
| ital, which, added to their own manufac
lures of greater extent and variety, AM
been importing directly, because they bet
ter understood the wants Of our trade, hal
spare capital, and could adapt small as
sortment to our convenience. Hence tn
transfer-but the North always consume
largely of our raw material which ren
ders the trade reciprOcally beneficial =
us.
Our merchants are a calculating an
pains-taking class, depend on It, they hay
made their calculations ia figures, and IN
/ their profit in a Northern over q difee
n European trade, or the present state
& things bad never existed.
The city of New York possesses natr
raj advantages So greatly superior to an
other port illthe United States, that sh
! has not only the trade Of the South, By
, Of neorly all the Northern and Easter
!, States, in a greater or less degree.
! To build up home markets is eertalnl
/ highly desirable, and Of primary impoI
! lance. but Il cannot be effected by Con
Dentioiss. Their collected wisdom ma
: devise the means, but they must be sue
means as have heretofore produced Il
same results. Such as have enabled It
North to compete with Europe. Wemu
extend the credit system afford the mean
J / ID erect manufactures, to build ships,
improve our navigation, open canals, e.