Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-11-20

-. NoyE 80 d.
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ere net aware whether 1e CORES pom
dent u Go Dfnoela 81 Tie l0t inst, signing
himself las complied with tie con
ditior 81 neca % or compd-
ance with Nc rsqaes . publish a. extract ofa
letter from Jefferson to 81. Gallatin II
1903; but upon reflection. u have concluded
81 publish i. a We have fall faith il hlT. JeiIer-
sons opinions, ana know iilII wen that The whl
cause cannot ii any time b injured 81 ! full
dissemination 81 them. Men however great
they may have been. il an ages 81 Gle world.
have occasionally changed their opinions; and
il would Be very unfair, for inst nce. ID quote
the sayings Of 4 Jew, d matters Of religion IS
good authority. who after had embraced tie
doctrines Of Chrstianity and renounced bis
former belief The letter Of Nj. Jefferson We
give n full that al who read il may understand
the whole connexion. From Il we infer that
AZ. Jefferson had fears Of an institution apene-
trating ~ is branches every part 81 the On.
ion. without the consent Of The States, for
Be It remembered the Bank then IN existence
had power to locate branches il every State,
By act Of Congress, might proxe disas-
trous tothe Union. He then suppoaes what
such an institution might do and asks If tits
prudent to give further growth toit BY estab-
fishing branch Of il IN New Orleans. To
bring the then existing institution into subor-
dination he proposes, as we understand Ii, the
very " Pei Bank System, which has so
signally failed, and which, we trust, viii never
Be againreviyed, except as . lesser evilto the
sub-reasry plan. Mr.. Jefferson says -
aButin order to be able to meet !. general
combination Of the Banks [meaning the Uni
ted States Bank and branches. against us, IN
a critical emergency, could we not make be-
ginning towards an independent use of our
own money, towards holding our OaOn depOsies
IN al he bants, [meaning the State Banks,
where it is received, and letting the Treasurer
give his draft OF note for payment at any par
ticular place" &c.
The reader viii perceive at once that his
plan Of keeping the public money, at the time
Of writing the following letter was the same
or nearly the same as that adopted by the late
President, which we have above referred to.
Mr. Jefferson, however, changed his opinion
as to National Bank the very next year this
letter was written; and however much he was
opposed to giving such an institution growth,
by establishing branches IN the States and
Territories, and particularly one in New Or
leans, to which he refers in this letter, heGctuGl
" approuedthe bill authorizing the then U. s,
Bank tOIOcateG branch in that city, in 1904.
We now ask every candid reader if Mr.. JEFF
ferson's acts do not possess as much weight as
his previously formed opinions; and if the au-
thority of his name IS to be invoked for the
sustainment of particular proposition, wheth-
er If isnot more safe to judge by his acts than
his pre-conceived opinions!
The Attorney General having consid-
cred and decided, that the prescription in
the law for establishing bank, that the
officers in the subordinate offices of dis
count and deposit, shall be appointed on
the same terms and in the same manner
pFacticed in the principal bank does not
extend to them the principle of rotation,
established by the legislature in the body
Of directors in the principal bank, it fo!.
lows that the extension of that principle
has been merely voluntary and pruden-
tial act of the principal bank, from which
they are free 10 depart. | think the ex.
tension was wise and proper on their part,
becausethe Legislature having deemed 70.
tation useful IN the principal bank constitu.
fed By them, there would be the same rea-
son for il in the subordinate banks to be
established By the principal. Il breaks ia
upon the esprit dg corps, so apt to prevail
il permanent bodies; it gives a chance
for the public eye penetrating into the
sanctuary of their proceedings and prac-
tees, which tie avaricc Of the directors
NAV introduce for their personal emoiu-
ment, and which the rcsentrnents of ex-
cluded directors, or the honesty of those
duly admitted, might betray to the public !;
and it gives an opportunity at the end Of
the year, or at other periods, Of correct
ing choice, which, on trial, proves un.
fortunate an evil of which themselves
comDlain ia their distant institutions.
Whether, however, they have a power TO
alter this or not. the executive has no
right 10 decide and their consultation
with you has been merely an act of com.
pIaisance, or from desire to shield so I'M
porlant an innovation under the cover Of
executive sanction. Bot ought we TO 1ol.
unteer our sanction on such a case
Ought We TO disarm ourselves Of any fair
rightof animadversion, whenever that IN.
slitution shall be legitimate considera.
tionl Town think the most proper an.
swer would be, that We do not think our.
selves authorized to give an opinion on
the question.
From passage IN tie letter Of the
President, observe an idea of establish
ing branch bank Of the United States ii
New Orleans. This institution IS one of
tie most deadly hostility existing, against
the principles and fonnof our constitution.
The nation IS. at this time, SO strong and
united ii its sentiments, that It cannot BE-
shaken At this moment. But suppose
series of untoward events should occur
suticienttO bring into doubt The compe.
tency Of republican government to meet
2 crisis Of great danger, OF 10 unlinge
the confidence Of ihe.people il The public
iunctlonaFles az institution ike I'll S, pe.
netrasing BY is branches every part 81
The Union, acting By command and Il
phalanxs mays u Z critical moment. upset
ihe government. deem IS government