Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-08-25
From the Columbia Is. CT Tszescone


on From the Columbia Is. c. Telescope.
or The ablest paper on finance tina, h
met my Perusal for years, depicting
- rangement similar to that now existn
" remarks as its browning calamity, "a val
o. ously deprecated currency" Whel
s. payments are TO be made at remote point
e during the continuance of such depreci,
| ton, to the debtor is, of necessity, mo.
! ruinous. Take Mississippi, for example
In March, her paper was generally depre
GATED to IS per cent. below par in New
Orleans, (ifthe price current before me b,
, correctly A merchant of Natchez hayinr
to make his payments in New York at tina
Time, If ne has nothing else with which &c
meet his engagements but Mississipp
funds, exchanges them with a broker in
New Orleans, deducting 35 per cent, and
with his Louisiana funds, thus procured
buys bill at 80 days on New York al
i've per cent; thus sinking upon the mere
current of exchange, the enormous dis
count of 40 per cent, besides the interest
OF his money for thirty days!
In reference to the consequences result
ting from this cause, during thescommer-
cial embarrassments which preceded the
- - So I---+'-:- Io.~ NJ M.n,,c
ne, IN the report above referred to. saws
that an annual tax ofsx millions was ie-
wed from the Industrious and productive
classes, by the large monied capitalists in
our cities, who were engaged in the bust
slness of BROKERAGE" Here are the re-
suits OF a variously deprecated currency!
Are they to be repaired or reached bv this
remedy of the iron chest? | have not
eyes to see how the attraction oftwentv or
thirty millions, either of currency or coins.
from the circulation Ia vacuum which
would instantly be supplied by credits in
some lorm) would so regulate the remain.
der as to restore it to the nearest apnroxi.
nation toperfect credit and confidence. at
the remotest point from its EMISSION
Short of this, every thing else accomplish.
ed will be delusive and unsatisfactory
So much for the system of special deposits
Much more might be said; but less would
suffice.
OF the independent federal treasurv,n
which, thanks to the power of all good
hlngs, is now, trust, forever at restl il
night be difficult to show how, BEGINNING
Is 1t does, with fallacy, it would be like.
y oend in truth. Is the proposed dis.
Of the government "from banks
md banking operations" divorce as has
'een pretended, of the political from The
money power? lffunds be put in the per.
onal custody Of an individual, or, which
the same, in the strong box of his an.
horned and accredited agent, to which he e
las unrestralned access, instead of being |
lsconnected from them, are thew not. i9 I
hect, IN his own hands? So far ne tbn t
anks are discontinued as agents in the 81
ecelPt, transfer and payment of govern. o.
rent funds, or their notes are refused 10 Of
3 taken IN payment of public dues, there W
separation from them; but is this a ii. OF
orce OF the political from the money now. e.
= What in the mean time. has bec r of
the money power Of Treasury in the ke
'Fsonal keeping of Executive agentsp de
II the Executive be the POLITICAL and tho w
reas%ry the money power, it would seem o er
at the means of being united were M re
asst as direct, when it IS in the hands oc of
creatures of presidential appointment, pc
when the money is on deposIte in the
nK' where it could only be reached
rough a regular course of business onl
ATOMS, which could be identified frop, G.;
0ooksg In one sense this treasury i n "a,
lePendent-but in sense in which no - P Pr'
ldent man. acquainted with the nreo;so ~
'hod and system essential to the aeon. n;. us
e receipt and payment of money. couId d"
IN; independent Of the fiscal reonla r;,', vel vel
order OF institutions under perfect ~ j
'izatlon and arrangement, and con- on % :;
led in their transactions BY cbartered 81
lralnts and liabilities; independen, ~, wn'
Of corporate organization, but of cor r 20,
ate discretion and intelligence. ;o o . ,"oe
dent Of board !of direction, ac,;On a arU'