Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1839-10-24

ating by Congress, such bank with some mod.
iGcations, as had been recommended by Gen.
Jackson in his veto and preceding messages,
and also by Mr.. Jefferson urder the name OF a
hank. in his letter to Mr.. Gallatn Of the 18th
Of Dec 1903"
After quoting at some length from General
Jackson and Mr. Jefferson, to show that they
had advocated sort of Government or Treas
ury bank the Hon. Senator comes to The com
Portable conclusion that this was precisely "tho|
bank" the "creating'' Of which he so earnestly
recommended to Judge Black.
The next step in the Hon. Senators ratlocina.
ton is to shcw the identity of his "bank'' aud.
the present sub,Treasury scheme.
should do him injustice not 10 give his own
words on this point: :.
sTHS fiscal agency, dcaomiaated By Mr.. Jcf.
1 fcrsoa, Gen. Jackson and myself, ga bank" IS
nothing more than The independent Treasury btH
except that the bill, nor proposed by the democrat,
ic party Is stripped Of ercrg feature Of Il bank =
1t can receive no individual deposlteS, sci no
exchange, make no loans or discounts, and IS
sue no currency. 1t is not then as no" pro
posed, "a Government bank" as designated by
Mr.. Prentss, nor bank of any description
bat simply fiscal agency, 10 receive, discourse
and remit the public moneys. Such is the
sub. Treasury bill as now advocated by me, bat
even in the form in which it was proposed orr
ginaly by Gen. Jackson, ! would with some
/ notifications prefer it now, as | did IN Ssh
rs an alternative TO the State bank deposlte
system. There might be some objections 10
both systems; but the Independent Treasury
: hin. even as advocated by me in 1884, IS much
less Objectionable than the State bank system
+ Where then is this aIledgcd change OF opn,
2Iion?n
| | will tell The Hon. Senator where is this al
lodged change of opinion. In March, 1884, he
r was in favor Of SHE Grating bank to SHPP'y
IA general currcncy." Now he is opposed 10
"crcoting a bank to supply general cqrren,
cy.n His party deny The right oil the Federal
! Government to create bank for that purpose
I The great argument in favor of the sub-freaS-
$ ~ is that it does not supply general eurren'
o Icy that it has nothing to do with the currency
It but is purely measure OF custody and sale
= keeping Of the public revenues.
The Hon Senator's own inlmiabe argu
/ mcnt to prove his consistency shall serve M
c 10 prove his radical change. Mark it well, iol
0 it is delicious morsel Of political logic. =
&c Spcaking of the "bank" recommended IN hi
u letter to Judge Black, he says:
II aqHis fiscal agency denominated by Mr.. JcDcr
r son. GEN Jackson and myself, a bank IS no
ina more than The Independent Treasury bill, ca
re cent that the bill as noc proposed BY the demo
4 cratic party is striped Of ererg tca'"re Of
P Ebank."
X. We'll done consistency! and well done argu
,k ,,ontl-The bank | advocated in 1884 IS pre-
S, ciscly like the sub-'rrea8ury except that th'
If snh. Treasury has not feature Of bank abou
@, III John looks precisely like James, excep
le that lanes has not a single feature of JOIN
IN about him. But the Hon. Senator is right
r. bank TO supply a general currency; ana 'he SUI
10 Treasury scheme, as he has explained 1t, ar
Ill precisely alike, except that they nave ho'h'"
in common.
, ] Butt am not done with the Hon. senator
in consistency. lie was q good wh,S "heh II
~ wrote the letter to Judge Black. That ie'te
ed contains the whole doctrine tor whlch IN
wings now contend in relation to the oankih
20. system; am willing TO take il as my poilt'c0
We text on that subject. The wings DO not be'e'
TX. the Stale banks by themselves can "S"PWy q"
les gorern tie general currency" they 'hefelo'
ofIthink Congress ought to "cfedte a oa"F 70 SUI
op- plya general currency" Are not these me wv
in great and cardinal points oil the wing iattil
relation TO this matter? yet both these pos'''o'
ny extract from the Hon. Senator's letter j,
am But the Hon. Senator now says that ne a
his differ from Gen. Jackson on the suDIect o. ~
ed .rcmoyal of the dcpositcs," and glorhes mn
Ills, self unon its being the "oniy measure Nlha'
md The State bank dcposIte SYSTEM oil Gen Juc'
es. sons administration 10 which nc ever declare
ion his opposi,on; and tlut it is the on'y "'sa$0
ian Of that great patriot and statesman now ana
H. doped by him and the whole party" am 80
~ 10 disturb this pleasant ha lucnatlon
; 10 which the Hon. Senator has placed hlnse
ste, obore Gen Jackson and the whole democrat
ain marty in the scale of consistency ana po'tlc
be rerr3c,ion. | sill contend that on the who
ing question Of currency, he was on lhe ISL
mo March, 1884, good whig, advocating inc We
un. nostions which the wings taen occupied a
Ma still contend for. His letter OF that da'e 40
moi merely relate to the custody OF The reVeh,
!. but covers the whole banking question,
3 to SAYS, .lhc public voice loudly demands
ght restoration of the dcposites;" now this Is an
$, preston Of opinion as TO the proper cus'oGy
rcat the public money, and IS the only Pat1 %
ucs- letter which can be connected Win INC w
'nds lion of the sub.rreasury. But he goes on
rco- says the public voice demands something m'
A than the restoration Of the deposlIes, soI
the thing more than the safe custody Of INC pun
ncnl money--it demands The restoration OF inc
lion. pos,cs, and The creating "6aHE 70 supp
The GENERAL currency;" not merely q oahk " y
ntlul Inc public dcposies, but bank 70 supp.
general currency for the people;