The Rodney telegraph. (Rodney, Miss.) 1838-1840, 1839-08-22

U1sls - B8 ]
a. pl.e y which d sic i colIecied. "a
paid q the ordinary expenditures a US ~
vernment; as system bcarine - pcreen(iss
Bile resemblance to banking, but s.
IN manner totally tho reverse.
cannot be 80 in practice. All The bills in-.
froduced into Congress, for regulating the
details OF the measure, were bank charters
under another> name, converting the whole
revenue ofthe treasury into a basis for bank
ing operations, under the control Of the ex-
ecutive. The Secretary, by these pIans,s
was to draw bills, and sell them, in payment
Of salaries and contracts, and if occasion re-
CURED, to purchase them from others. 1t b
plain enough that the bills thus drawn,
would be q common medium Of circulation
in the vicinity Of the ESdce where payable,
and a subject Of traffic every where else
Relying on the faith Of the government, the !.
public would not hesitate to receive them, !
and circulate them as money, or purchase
and sell them as means Of remittanccs.--
The specie would, in the mean. time, no
steadily accommodating in the sub4rcasuriesy
and its place would be supplied by the bills
of the treasury. Under such an operation.
the bank would be drained; and the secrc-
tary OF the treasury, as the chief officer Of
the great banking engine of the nation,
would have the monetary affairs Of the peo-
pie under his own control. Cana more pow
eriul instrument of tyranny be constructcdi
4 1~<~ 4. L.
Tor relief against SO enormous an evil. Tho
power of the executive branch Of the gener-
al government would overwhelm Congress
and the State legislatures, and establish an
empire with the empty forms of republic.
We have thus presented condensed view
of this much boasted remedy for the evils
with which the party now in power has Wis
TIED q confding and deceived people. All
1.-The patronage Of the governmental the
power Of party discipline, and allthc arts Of
sophistry have been brought in to aid in en-
lgrafting this instrument Of tyranny upon tho
free institutions of our coun!ry.-Ail have
failed. With majoritics in both houses Of
Congress, pledged, as was supposed, topas-
sive acquicscence in the will Of the prcsi-
dent, this odious measure has been several
times rejected, and with each succeeding
election Of representatives by the people, its
j prospect Of success has become moro hope
less than before. Yet it is still avowcd to
be the policy from which the president will
not depart. His hope Of success in the next
presidential election is indissolubly connec-
ted with its fate, and his prominent parti-
sans are too deeply committed to its support,
to allow him to retract his first opinion.
!, Unable to lead, he must be contentto follow
i the faction with which he is associated, Or
sink into obscurity. 60
! However unamiabls and anti-republican
we may regard claim, by tho chief 81 Of
fce holders, that he and his sub0rdinates
should enjoy better currency than the peo-
pie could afford themselves, the subject is
too small for an extended commentary.
Nor would we complain of his Recommended
!tion Of the sub-troasury, were we permitted
! TO view it ms q suggestion to Congress, hasti-
Iy or inadvertently presented. 1t is his do.
termined perseverance, in the measure
against the known wishes Of the people, and
after his own experience Of the faishlessncss
Of the collectors, that calls for our earnest
reprobalion. The peculations ofthcsc men
are without parallel in any country. And
while they prove the sagacity Of those who
have uniformly resisted the mvorite policy
of the president, they furnish, also, another
lesson which should not pass UNDECIDED.
They prove that a party which regards the
Offices established for the benefit Of the PEG
pie, as the proper spoiis Of conquest, TO b
distributed ty its chief among his pattisans,
in proportion 10 their zeal in his service, can
never administer the government with ho-
nesty.
Mr.. Van Buren, came into power, under
a pledge Of uncompromising hostility to the
bank of the United States, and of whatever
] may be understood from the following, adj
dressed to the president and vice presidents
I of the Baltimore convention:
81 content myself, IN this occasion, with
lssaying, that consider myself the honored
lainstrument, selected by the friends Of tho
tapresent administration, to- carry out IL
Ll"principles and policy; and that, a. we'll
tafrom inclination, as from duty, shalls Il
ahonored with the choice Of the Amorica6
!, speople, endcavor 70 tread generally Ia do
ssfootsteps Of President Jackson happy, q
81 shall be able TO perfect the work which
Il ahe has 30 elo1ousiy begun"
Il II is truly unfortunate Tor tho country, anf
j for 10 portion moro than Mississippi, fhnl
: Ithe Bank Of The United States has ceased i
. be q national institution. AIk.expafienc1
I | flhs proved that the State banks cannok 6ir
nish uniform currency, even ID seasons
4