Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-01-01
NO. L.


caH tie attention Of Congress b ~ pras.
Eeabllity of organizing a. isstilutiop eOls-
lining al It's advantages and O5eialg
those objections. That Bank Of ths Dni-
ted States competent to all the duties which
may be required by Government might 81
so organized as not 10 infringe on or an
delegated poaOers, or tie ressyUed gfglts 81
the states, Z do not ente, tain doubt Had
the Executive been called upon 70 furnish
the project Of such an institution, The duty
would have been eheerfalEy per- OrHsd. .
The following are the sentiments Of Jon,
Q. CALHOUN, delivered in 1884, and &
doptedi in his speech, in 1885, in the Sen
ate ofthe United States
Whatever the Government rsceiTag
and treats as money, is money and if i
be money then they have the right, under
the Constitution, to regulateit. Naysthey
are bound by q high obligation t. adopttho
most efficient means, according % tie ma
ture OF that which they have recognized g
money, to give it the utmost stability and
uniformity of value. And fit be ia The
shape Of bank notes, the most eficiens
means of giving those qualities Is a Bank
of the United States, incorporated By Cen.
gress. Unless you give the highest pEae-
teal uniformity to the value of bank noteS
80 long as you receive them in your
dues, and treat them as money, you violate
that provision of the Constitution which
provides that taxation shall be uniform
throughout the United States" =
Fe'low.citizens, the Congress oFths q.
States have four times decided il favor ef
the constitutionality and expedisncy Of q
Bank of the United States, to wit IL
1871, 1915, 1916, and in 1882. Two
Presidents ofthe United States have sane.
toned Bank of the United States; and
third, Thomas Jefferson, sanctioned q bill
authorizing the Bank TO establish branches
in the territories. In addition, win add,
that tine Supreme Court of the u. States
has repeatedly decided that Bank Of thu
United States was constitutional.
The following facts, taken from a letter
of the Secretary ofthe Treasury, will shoW
the influence Of Bank of the United
States in preventing and restraining ths
increase of local banks. In 1911, Whsn
the first Bank of the United States expiF.
ed, there were in the United States 90
banks; in 1916 there were 246, giving an
increase of 157 banks in fee years. The
National Bank had many difficulties 10
surmount after its incorporation, on &c.
count of the disordered state of the cur.
rency and during the first four yea1s,
VIZ. from 1916 to 1920, ffty.tWo local
banks were created but from 1870 70
] 1880, period of Zen years, and when &
was in successful operation, only twenty.
two local banks were Incorporated. u
1880 the country began to apprehend thS
destruction of the Bank of the II. Ssaiea.
and each state turned its attention 10 the
best means, as was supposed, ofpreparing
for the withdrawal of the capital Of The
U. S. Bank-and on the LIST Jan. 1887,
there were six hundred and thirty.fcu
local banks, giving in the short period or
seven years, an increase of three hundred
and four local banks. Most Of you have
some idea of the increase of BANKING cap
ital in tie state of Mississippl since tn -
Of January, 1887.
have collected the above facts and e..
thorities, and / submit them to the candid
and rejecting men of Lowndes county for
their consideration. do not wish Is 60.
large upon this subject lest may tax your
patience by lengthy circular. Thsk
there were objections to the late bank an
/ fee to admit. think there IS visdozD
and patriotism in the country TO orr nixs
another, combining the advantages Of de
! old, and avoiding such provisions as ozpo.
rience may have taught US are objections.
bic. In the mean time, the Legislature q
the'state of Mississippi should adopt such
measures as are warranted BY the causti.
, tuition to bring about a speedy restoration
3 of specie payments. Many Of the banks,
acting in good faith TO the people, win.
! have no doubt, resume in short time.
Others should be compelled to do so.--
. Among other measures within the power
: of the Legislature, time might Be fixed
for a general resumption-and let theelaia
E refuse to take the paper of any bank q
payment of dues to the state which refuses
3 10 bring itself within the provisions. I ed
4 not at this time, nor have been for mani
4 months past, q. Director in any 81. iio
Z Banks Of this state. And while / am uz.
! willing to bring into contempt Of destroy
/. the confidence of the community ia such
E institutions as are fairly conducted, / bold
! myselfin readiness to take prompt and e.
J. ficient measures to free the country lfori 4
a rotten and unsound currency.
: The grounds of my objections 70 thG
i Sub treasury have BEEN fully stated ID
E illustrated in my public speeches thfo1Es
h out the County. Il is impossible 70 W
o at this time, what plan Of Sub-troaSngy
D will be settled down upon BY The Admins.
q tration. greatly fear that il is the obiieel
3 of the Executive to obtain too great Dis.
3 cretionary power over the public reseIi,is.
3 The public deposites were safe Is "a
3 Bank Of the United States. where tie,
3 were placed BY TIE Represented 6es 81
/. people. During the whole period 81 ft
d charter, the Government lost not one err
8 of the money deposited ID that Institutes
Ii On the other hand, several millions ht..
y been lost BY public officers. individual s
3. terest prompts men having large aIfoifi
Of money, to deposile II for sais keen.ne 7
\ Bank. This pfecaUti0n should sa
son Of wisdom 10 the Go9efnnni. h
q should be thought thai d Bank 81 10
States would derive TOO great
a having the public deposiles, lsl il
3 Vided that the Bank should pay