Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-05-05


over an army OF rich and powerful men, the effect
ofwhlcb if adroiiy managed by an admlnlstra-
ton disposed to make the most OF 1t, 1t is lmpos-
sblc to calculate.
Nor is it possible to calculate the secondary
influence over the customers and debtors Of the
banks which migN be exered through friendly
presidents, directors, and officers.--Speaking
well OF the Executive which favored them, and
making these with whom they dealt believe that
TO his policy thew were indebted for accommo-
daton and indulgence they might greatly en-
large the sphere of his popularity, and secure TO
his interests the whole corps of bank debtors as
well as their presidents, directors, other officers,
stockholders and customers.
How Is il with the proposed Independent Tre0-
Sury Most of the agents which would be EN-
ployed are already public officers, and as much |
under the control of the executive as they can be-
| Three OF four Receivers of Public Moneys, aud
perhaps a dozen clerks, would be the entire addl-
tonal force added to the Executive Department.
| This is the whole accession 10 executive patron
age, so much dreaded and deprecated. II their
influence were as great, individually, as that OF
the presidents aud directors Of the eighty banks,
| 1t may safely be left to the people TO determine
whether, IN the aggregate, It would not be mn
mcaSurably ess.--Between the Independent
| Treasury and the Deposc Banks, there is the
same difference that there would be between Il
man sitting upon a money chest stcrny defend
ing Is precious contents against an eager multi
! tudc, and one sitting by such chest open, aud
distributing its contents with smiling face and
ready hand to all who asked the accommodu
ton" 1t is proposed to impose heavy penalties
on any Executive officer who may lend or use
the public money, whereas tho banks want It tor
no other purpose The difference Of the niu-
ence eXerted in ster,,Iy kteping money and kind
IN lending it, is not difficult Of comprehension,
Does any man believe the Executive will obtain
more Influence and power by the appointment OF
four Receivers and few clerks, than he could
by employing the eighty banks and concllaung
eight hundred If the President were seeking
to extend his influence by operating on the pr
vate interests OF men, he has resorted to the
wrong means. The absurd'y Of the charge IS
evlnced by the fact that this very bank influence
which he refuses TO purchase, is boldly held up
by those who make it, as the power which is to
destroy him-all the patronage OF an independent
Treasury Notwithstanding
5. 1t is further objected, that the Independent
Treasury system would withdraw the specie OF
tho country from circulation, place ii under the
control OF the Executive, take away the basis on
which the banks sustain their circulation, and ia
tally affect the credit system Of the country.
+ If Congress raise no more by taxes than is ne
. ccssary for the current wants Of the Government
:. the amount of specie on hand at any one time
could not exceed ionr or five millions OF dollars
y Although the annual revenue may be twenty OF
thirty millions, il will if not greater than the ne.
. | lao ont (noi n
4 paid IN ; and The amount on hand need be only
enough TO enable the Government TO carry on It's
y business with convenience and safety. The u.
!, States Bank has frequently had on hand for con-
siderable periods, ten or fifteen millions Of dol
. lars in specie, and all the banks are in the habi,
Of retaining large sums vet nobody complains.
!. Why are there not loud complaints that the banks
q needessly shut up millions Of specie from the
uses Of the community II is because every bo
), dy knows that considerable sum Of money on
i hand is necessary TO enable them to sustain then
!. credit and carry on their operations. Why, then
q should any one complain the Government does
the same thing, and for the same purposes II
i. does not propose TO keep specie for the purpose
Of boarding it, but for the purpose Of slpcnding
= | it--not for the purpose Of withholding il from
!. the community, but for the purpose Of returning
!. il in disCwScments--not for the purpose Of IN
pairing the credit Of banks, but of sustaining Us
=, o,ca Is il any cause of just complaint that the
70 Government, or bank, or an individually should
If keep money enough on hand to meet claims da.
c y presented, and carry Oh business without en-
e banassmenl But if any fears are really enter
Il tanned of a mschevous accumulation Of specie
,. in the Treasury, they can be readily obyiaed, By
i providing for its investment in State stocks.
70 How is the Independent Treasury an attack
- on the credit Of banks Does it propose TO TAXI
g from them any of their privileges, or any Of thcl
- capital No ii proposes to leave them just a
~ as hoy are and just as the States choose to mok
Of them.--lt proposes TO permit them to issue thel
" notes, TO pass them upon every body who is vii
r. ling TO take them to use their credit and capita
without let, hlndrance, or control from the Gen
:, eral Government. Ii will not be maintained tha
ic the banks have any righlto the deposItes Of tn
IA Government or individuals, or have right Il
-, require the Government individuals 10 taxi
or their notes. Every individual in the communt
n. has right mol TO keep his money in bank
ov and he has right not 10 receive bank notes.
h For the exercise of these undOubted rights h
ought not to be censured, or charged with at
n lacking the credit Of the banks. So II is wit
nd the Government. To maintain its own cred
be under all ycIssitudes il proposes 10 keep It's owl
nd money, and deal in its own currency This IS
u measure Of precauiion and safely for Itself, an
b. not an act Of hostility 10 he banks. If the
il manage their affairs prudeny, they will have cree
-. it if not, they will lose it. II they cannC
maintain their own credit, they ought TO hav
mi none and the Government would do wron
m to the people, by attempting to give them any.
oc "The credit system is very Indein
phrase. II be intended to impute to the AZ
nv minisraton design 10 subyert credit in genera
th- by the Independent Treasury plan, the charg
* has no foundation in fact The only object