Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-22

and boxes up with sand and lead or not.
Nor can counterfeit pieces otherwise be
detected than by actual handling. He
must open, he must examine, he must
count,
And, so hath the land offices, the minis,
and elsewhere. If these officers shall
have taste for silver sounds, they are
all likely to be gratifed.
Mr.. President, in oil soberness, is not
this whole operation preposterous!
It begins by proposing to keep the pub.
lie monies. This, itself, in.the sense the
word is here used, is a perfect novelty, es.
pecially in the United States. Why keep
the public monies; that is TO say,why hoard
them, why keep them out Of use? The
use of money is in the exchange. II is
designed to circulate, not to be boarded
All that government should have to do
with it, is to receive it to-day that it may
pay it away tomorrow. 1t should receive
it before it needs it; and it should part with
it as soon as it owes it. To keep it
that it is to detain it, to hold it back from.
general use, to hoard it, is a conception
belonging to barbarous times and barba-
rous Governments. How would it strike
us, if we should see other great CONNER
cial nations acting upon such system?
If England, with a revenue of fifty mill
lions sterling year, were found to bel
collecting and discussing every shilling of
it in hard money, through all the ramif-
cations of her vast expenditure, should
we not think her mad? But the sys.
tenn is worse here, because it withdraws
just so much active capital, and is paving
interest for capital wherever it can obtain
it.
But now, sir, allow me to examine the
operation of this measure upon the gene
raj interest Of commerce, and upon the
general currency of the country. And
in this point of view the first great ques.
ton is, What amount of gold and silper
lciH this operation suJStract from the cir
culation of the country, and from the
use Of the banks?
In regard to this important inquiry, we
are not without the means of forming
some judgment. An official report from
the Treasury, made to the other House,
shows that for the last ten years, there has
been, at the end of each year, on an ave-
rage fifteen millions, and four hundred
thousand dollars in the Treasury. And
this sum is exclusive of what had been
5,lIootcti of tire people, but had not reach
ed the Treasury by disbursiug officers, brit
which had not been by them paid to indi-
viduals. Adding these sums together.
sir, and the result is, that on an average
tor the last ten years, there have been at
least twenty millions Of dollars in the
Treasury. | do not mean, of course,
that this sum is, the whole of it, unappro-
priated. mean that this amount has in
fact, been in the Treasury, either not APP
propriated, or not called for under appro-
priations; so that if this Sub Treasury
scheme had been in operation, in times
past, of the specie in the country, twenty
millions would have been constantly lock-
ed up in the safes and vaults. Now, sir,
| do not believe that, for these ten years,
the whole amount of silver and gold in
the country has exceeded, on an average;
fifty or sixty millions. / do not believe
it exceeds sixty millions at the present
moment: and if we had the whole system
in complete operation, it would lock up,
and keep locked up, one full third of all
the specie in the country. Locked up
say-hoardcd-rendered as useless to all
purposes OF commerce, Of business, as if
it were carried back to it's native mines,
Sir, is it not uncomfortable that any one
can fall upon such scheme of policy as
thisl Is it possible that any one can fail
to see the destructive effects of such a
policy on the commerce and the currcn-
cy of the countryl
1t is true, the system does not come ill.,
TO operation all at once. But it begins its
demands for specie Immediately; it calls
upon individuals, for their hard dollars,
that they may be put away and locked up
in the Treasury, at The gerry moment aOheN
the country is suffering for The '0ant @
more specie IN the circulation, and tn
banks are for means to enable them to re
sumo their payments. And this, it is ex
p0cted, viii improve the currency, and ia
eilitate resumption!
Il has heretofore been asserted, tina
the general currency of the country need
ed to be strengthened by the Introduction
I of more specie into the circulation. Thu
has been insisted on, for years. Let
be conceded, / have admitted it, and N
deed, contended for the proposition here
tofore, and endeavored to prove it. BIZ
! it must be plain TO every body, that an ad
dition Of specie, in order to be useful
must either 90 into the circulation, asst
part of that circulation, or else il must g
| into the banks, 10 enable them the bette
to sustain and redeem their paper. Bu
this bill is calculated TO promote neither 9
! those ends, but exactly the reverse.
withdraws specie from the circulation arlli
from the banks, and piles it up in useles
heaps in the Treasury. Il weakens ia
general circulation, bymaking the portioi
i Of specie, which is part of il, 50 much III
less; It weakens the banks. BY reducin
the amount of coin which supports thei
circulation. The general evil imputed I
| our currency, for some years past, is, the
paper has formed too greater portion {
4 Il. The operation Of this measure riu.
be 10 increase that very evil. have al
/ mitted the evil and have concurred
measures to remedy II. have iaVore
the Withdrawing of small bills from eircl
lafion, 70 The end that specie might iak
/ their place. I discussed this policy, an
supported il as early as 1882 Ny 90
league, who shortly niler that period, Wi
placed ii the chair Of tie chief magistI;