Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-08-20

liAntt III Tho ~ u.
administration. ~''af &c agsisr i
But let US bring to view ~.
scheme, and ask Of these ,,a sue SOas n.
pare our notes with then e seAaelea
awe safety of the National AIN F..iA .ss H.
Treasury and in the Bank 1s a9ds u d s
may be no doubt. And ' sna, Ae'e p5'1'
collected, safer IN gold and p P1 he ~
other form, yet the con~, ST. slye', tAss
would ensue, would diminish / pie''ls S.
nltely more, by drying On +, sle is'eas s
occasional losses BY BsnT -. y so2sssss s
And after all, what would h. aa ~ ssa
sequences ofthe occasionsi W sssdil
sands, of the Revenue offba - - 81 ~ ~
mentl Such losses might nj Core.
from a widow or an orphan -g e N, ., sa'
which shall keep every Bant 1,5,s
IN eternal jeopardy, and so 1,,a . lass ~.
the land In moarninc. sOH !Oa vt u
The most formidable object.
urea scheme is, that t nm. Q Cd
lead to Government Banlina+ 'us = ne,ess.s
suppose the sub treasury in En- fof erss,i
you have your deposites n ~ =, oPPeiistr 8
different i points. A, goes to on ~ 4 ss'ss
9fheer Tor payment of his ssI i ,re q elsSa,
draft on New York, in eo ny . be gss,
state of exchanges It NAV h .sssoeaee q s
cent premium; if on New n n. 10iih fTsDe
at a discount S of five per cent ' NJ. nlk
Ger OF Government who deterns.o.S5' | idatoi
ter, must necessarily have cran. iAains
those who are to be pad. ~ H.. poEer ore
source open o. Patronage ~ 3'is s ages
Again, when these drafts s,s s,-. e'Tflg'iR.
convenient point. they woy3 ~ . 1pai
tered by the holders TO sDris g x giealIP=.
not consequently be presents5 ~. Inc! wsli
they soon fill the channels = ~ Pes.rs5
became to all intents and purpo. ST. ~. a
per. II we may suppose this ~. - o-li z.
last, the Sub Treasury would r. .-'ssia
OF the Lions Den; the specie - { s5e
but would never flow out. and ~ M
ton would break every bank IN 1I.s
But here we are met, BY the por. -.
would be enacted, that thesedraf, $50 -.
presented within a certain line -, e..5A
ored. Now, to this, we SAT. that 4. =. .
that made. might easily be temn,si =.
make; and so great would Be the co5r.,;.. :
and profit of these drafts, compsre3 M =
cIt, that The Government MIGHT IN 80 ,.- E
years, be tempted to give the holder. - =
ton in the matter. --~A
The people themselves wonld aen,,,
You would then have the Spb. Tross1-,
Banking institution, conducted on rriirr-l,
similar 10 those, upon which .be eeIeb,i5..
Bank OF Amsterdam did business Ijge
IN the case of that Bank, it might soon h. Il
covered, that there would be no HkeTtoal. q
all the silver beng called for at once; aD5gr.
sequently that a large portion might be losns
out, or made away with by the conductors
the institution.
But again; suppose the whole Banking St,
rem of our country should be endangered m.
ollect that the weakest Ink IN the chan
the measure Of the strength Of the whole s.,
tenn the banking system being eBdsHpss
credit and confidence of course would 81 +,
great contraction would take place IN tbe e..
cuIating medium, bankruptcy and dSrz
would cover the lands. Can YOU Doubt n
one moment. to what quarter The eyes d,I
would be turned for relief in such a perg 4
calamity! Most assured Y 10 yoH sub trsss
ury. Just at such a period It's arag b1a
might be glutted with the precious me,az It
would then have the life blood, the rer soul
of the Banking system. al that Toa1 be
wanting would be to enduc It, with ths tsus
and privileges of that system! Apddg sny
one doubt, that a people ground mo tie vgT
dust by monetary pressure, Ecad hesitate
for a moment, TO confer such privileges, WIN
immediate relief might be tie consequences!
You might almost as soon expect tie snip
wrecked mariner to hesitate IN seZIg tie
| plank, that fortune had tlIoBn II rs VA, &
to suppose, that the Representatives O ads
tressed and suffering community, would PaE'
| to calculate the remote consequences O.
measure, which would check Tor the FFiSI
the overwhelming tide Of National caaHT
| The experience OF modern times las sl7i
but TOO conclusively, that IN the agG!
commercial commissions, Patriotism and W
tue, will he sacrificed en- tie shrine Of IEea
interests.
So far, have been considering Vhai
public themselves would be willing to C.
what changes they would be likely lofa-i
IN this sub treasury system. Ihaye oeeAs-
posing the executive all the time entire! P
slve. But can we anticipate such coniell
ness, such inertness! Those who do De-
more confidence in the integrity and Teel'
OF human nature, under strong tempia1
than | have. No! you NAV rest assr
that sooner or later, some popular eIeeut
would breathe the breath of life INTO The
tenn. We may talk of this and that De-
to restrain the Executive, of this and
provision to make Your sub treasury v
according TO your anticipationsl VAN
sion! You are but binding the sleeping s.
son with silkeD threads Your eXecu
will watch for his times and seasons OF
enactment. He viii build up and arm
his own defence this mighty ally; and
be to that country that shall ever WITTY
the consummation of such an alliance. l
will the Tree Of Liberty droop, and Ike
Israelites Of old. we may hang up our ia
and mourn over Liberty sacrificed by
worshipping of Gold and Silver Images.
To the Cotton Planters Of MIsslssPga
would say the evil does not rest here !
sub treasury system creating demand
gold and silver; European countnes mus
crease their rate of interest TO a level WA \
own, so as to induce their capitalists 70 y; /;
investments of their surplus funds At halii I !
lieu of investing them in stocks eIs1's ~ !,
improvements going forward IN ihs.e go, ~,
foreign countries, where the rate0 me- l e,
so much higher. The Bank Of Engialu W. =,
seeing the effects of the sub treasuT! So -
and the probability Of IFS going mo ~ =, -
is raising her rate of interest to SIX r M M
which Of course must depress the Price W W
ton. These are commercial revulslOns 4
out of an injadicious interference WIZ
currency Of a country. onrcoF
YELLOW FEVER IN MOBILE--D'l
OF JUDeE HITcHcocK, WIG h''-
ELECT TO TIE LEeIsLATuRE.-We ns
TO learn that the yellow fever pre''s
Mobile. Judge Hitchcock was taxa
by the disease a few days since.