Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-04-28
10 hls power and IN obedience 10 m.

ENGLAND Is It safe To place our country in
pnsl,ion where ioreign power can sut up our
Treasury, alaios at will, AID cripple our Govern.
men, m nh its operations 7 lfso, let us rescini
the Declaration Of independence 'ald acknowl-
ed 20 ourselves. as We really shall be, again pro.
vnces of the BRUSH Empne.
4. The Independent Treasury, instrad oi Eos.
tcring over-tradins aud wIld speculation, like the
deposi,e Of the public moneys m banks, would be
mosl effective and salutary check upon those
operations. The revenue Of the United States
acc,ues .fom sales ofpubhc lands aud duties on
imports. As soon as speculation in public lands
and excessive impnuatlons commence. the reve.
nue begins to increase beyond the immediate
! wants OF the Government Deposited IN banks,
,,J there made the basis of new loans, il tend,
10 swell the rising tide of over-,radng and specu.
hnon. But collected in gold aud SILVER, and put
mia the Treasury, the accumal ton ITSELF woud
| s,on check the cause Of it, Ii, instead Of being
d,nos,led in banks,hc late surplus, IA II rose from
| ten to twenty millions Of dollars, from twenty 10
thirty, aud from thirty TO forty, had been locked
nm in the Treasury N gold and silver, who can
doub, that it would have prevented the immense
extension Of credit which led TO the general sus.
i
of the specie would have had the same effect M
It's exportallon. Ii could not have risen to twen-
~ millions before the check would have been
| felt throughout all the manifestations Of the credit
| system, aud the banks would not so ndlscre.tly
hnyc extended their issues. The means of oyr,.
,rndinp and speculation could not have been OBJ
tanned the receipts Of the Treasury would not
have accumulated and the suspension would
| have heen ayerted. "An ounce of prevention IL
worth pound of cure, The independent
Treasury would he pregnant means OF proven.
ting speculation IN public property and dutable
merchandisc---a evil which, under the bank de-
noslto system, finds its cure only in general en-.
| barrassmcni, extensive bankruptcy, and, lately.
an universal suspension Of specie payments.
Surely /, would be better for the country the Go.
yernmenl, and the banks, that these operations
should be checked in then early Stages, than that
,hey should thus involve the innocent as well rs
,he eu,ltv N .ndlscrnnlale ruin. Buff these adj
yon,aces are considered insufficient to make il
ooliuc 10 retain growing surplus in the Troasu.
~ now easy il Is TO put the accommodating funds
INTO State stocks, aud thus throw the specie in ,
circulation.
5,h. The Independent Treasury would tend tc
pteserye n currency OF specie or its equivalent
If no one would i've piper, We should have
, specie currency. In ii precise exlen, TO wheel
paper is refused, specie will always circulate
E The General Government is the greatest credit
. or IN the country. u II receives nothing but IN
constitutional currency IN lis lIAnshclons ii w
| keen many millions Of gold and SILVER in cucua
y ton winch would otherwise be substituted n
bnnk notes. and shuI up IN the vaults Of banks, d
exported from the country. In this way, it woul
greatly increase The specie basis, tosluct the is
| sues ofbauks, aud give greater security 10 IN
people.--1hc Post Office Department now col
lccts and discusses about a million Of dollars
quarter, all 10 specie, without tho least dhicuIl
or embarrassment
9Th. The independent Treasury viii place lbt
kccp-rs Of the publ money under the direct a,l
/ thofiiy and control Of Congtess, The constitutions
Al guardian of the public moneys A nuona
bank Is too strong TO be controlled having hereto
fore vuh IMMUNITY shut It's doors upon commit
fee Of Congress. Over the Slate banks thai bo
dv has no Legal authority or control whatsoever
| When placed IN these Institutions, The public mo.
news are beyond Their constitutional supervision
Neither the Legislature nor Executive power Car
control them. They are OUT OF tie possess,or q
the Government, without beng IN The hands d
the peopIe. II Is Otherwise with the officers o.
nm IndepcnIenl Treasury. Congress must fir,
create hem must prescribe Their re pcctye du.
ties, and fix their salaries; must direct the amount
of the bonds to be taken may, at any time, IN.
ou,re INTO their conduct may impose further les.
t,c,Ions may turn them out by impeachment OF
abolish Their oilices. Through thenl, Congress
ma, exercise as direct supervision over tho custo.
DIV OF the public money as II was possible tor Them
10 possess While their power Of control over
bank repositories is nominal and npolent.
Tn. The Post Office Department is now, and
long has been, complete Illustration OF the In.
dependent Treasury system. For many Yeats
pa.t, ninetef,hs Of the po.t-mascrs have been
the keepers Of the moneys which they collected
unit, thew were paid over TO the creditors OF tie
Departncnt.-U Upon the suspension Of specie
payments last sptng. they were all put upon that
footing. No principle OF administration was
chatned. but the one-i,nh which had deposited
IN banks, were placed on tie same ioo,lng that
the uiae.tenths were before. Now, every post.
master keeps The money he collects unnl II /,
pad out 10 contractors or others, unless safety or
convenience require that il shall be transferred Ia
some other postmaster For years, there have
been fen to eleren thousand di these officers, and
now there are hctire thousand, each performing
the duties which would be required OF an indc.
pendent Treasury, though generally on small
scale. Do the public hear VI any inconvenience
arising from this plan Is not every thug gong
on with harmony, convenience aud saeiys The
transfer Of funds cost not a cent. On the con.
tfary the Department could make money cut ol
the operation II II chose to do 50.
Here, then. is practical illustration Of the sys.
TEN IN full and successful operation before Tie
eyes OF the people, conradcnng every day, III
the most emphatic manner, the objections which
sefinlerest and party feeling so eagerly lnsen.
| and SO perseyefngy propagate.