Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-07-09

pend on il, that any man who urges con-
trary doctrine, is either a political .knave,
a selfish dealer on the fruits of honest in
dustry Of others, or bigoted fool. i
Now, the question is, how are we TO
reach this desirable staie Of good, reLa
\ bic and sound curreacy2-that is, such a
state of things that a man can sell his pro-
auctions to the most distant points of the
country, and get his money from thence
without being deprived of any part of il, by
difference Of exchanges -"extortion Of
brokers and money changers" or loss on
deprecated money !
know but one acay, and defy any man
to show another or better way.
We must have a NATIONAL BANK.
Stine the matter as we will-indulge our
party notions as we will, to this couIse we
must come, five have any regard for the
good Of the whole country. @Party opin.
ion" "partizan auimosities, "party com.
initials" may oppose, and talk of party
popularity, and old preiudices, and the
like; but the question is, shall honest in.
duSby die by inches, till literally dead, that
party policy may triumph, and brokers and
money changers riot in the spoils This
is the simple question for honest industry
to decide; it has the power 10 decide, fit
but exercises that power.
Look at Our conditiont Every day
things are getting from bad to worse, and
must from. the nature of things proceed.
! We are not only now with a disorganized
currency at hand, but We are completely
at the mercy Of foreign institutions
o. The Bank of England is aow The ru-
ling bank of these Unite States. Every
measure OF that bank is as scnsibly felt
here as if il were the ruling bank of this
country.
Should this DE so? And ask also if this
is not sol Five years ago we cared not,
because we felt not, the operations of The
Bank of England; and now the first in
i quiry when packet arrives is, "NVhat is
the Bank of England about-is she hold
ing IN, or easing off? Formerly we had
a chatting mat that defended us from the
whms or policy of foreign monied institu-
tons but now we are exposed to the op-
eratlons of every change Of Europe in its
monetary mutations, precisely as we would
be to the operations Of government, had
we no organized government and England
had one.
appeal then TO the good sense of the
people of these United States, east, west,
north and south, without distinction of par
ty-l say to them in the language of truth
and frankness, and in the spirit Of true pa
triotsm, our position is lamentabIc, and
but one course can remedy the evil. We
must hare National Bank--it alone can
retrieve us, and restore us to the sound
condition which our resources and means
entltle US to claim. And with all due re-
spcct to opinions and preiudices of others.
| now give an outline of one which think
will stand the test Of scrutiny and time.
Congress should charter a bank with
capital of Fifty . Uions Of Dollars. Half
Of this capital, or say twenty-five millions
Of dollars, should be left open to subsclip.
ton, in such state stocks as shall hare been
created IN aid of internal Improvements,
withlnt the States spectivcly, to an amount
equated to congressional representation
and the other half of the capital, or say
twenty five millions of dollars, to be sub
scrlbed in money, by citizens or others, as
usual in Bank subscriptions. The issues
OF the Bank to be confined to sums not less
than twenty dollars, and not TO exceed IN
amount the capital ubscribed-( Though
practically it would not reach half that
amount The bank to have the right Of
establishing branches at any leading point
of trade in any of the States, unless pro.
hibited by legislative enactments, in which
event the bank shall not be compelled 10
take in subscription to its stock any stock
of said State so refusing a branch. And
the issues of said bank to be received in
payment of all sums due the government
t of the United States to receive and take
charge Of all the public money cf the gov.
: ernment OF the United States, and to trans
; fer and pay the same whenever required
: by the government, free Of charge or ex-
f pense 10 the government.
Now let us see the practical effect of such
an organization and bear in mind dis.
cuss this matter free Of "party considera.
j tons, which are, in my opinion, very Sc
e condary, and rery, rery far below the no.
! tee of honest men IN such discussions OF
e general good.
LIST. Every State now in the Union,
with, perhaps, two or three exceptions, are
= engaged in the laudabe work of develop.
It ing resources by means Of good roads and
: canals, TO accomplish which, said States
s have created "BondS," or loaned THEN
credit TO- obtain means TO accomplish this
} desirable end. These bonds" are now
seeking a market abroad-and, like other
. commodities, are exposed TO all the viclssi-
i tudes decomposition and in the strife to
d gain fame with capitals---and being not
S always in judicious keeping and manage.
ment-are blown upon. So much so now
: that tho furnishing the very best security
}, they are daily depreciating, and, in fact,
c can scarcely be sold at all-some at a ru-
inous sacrifice.
S But once create a Bank as proposed
h above, and thus opening a means Of apply
n ing twenty five millions of dollars Of such
a securities, and you would at once see a
e very different state of things in the bond
e marx. - at home and abroad. Bond hold
s ers would, if they choose, thus exchange
: their Bonds for Bank stock and think
Y you that said Bank stock would be "blown
: upon aboad as Sta'e Bonds are 'blown
. uponl" And twenty-five millions of dollars
Of State bonds thus converted into Bank
/ stock, would show a very different state
n of things ia the "Bond market"
Y | know no better way of effecting this