Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-04-23

Tin DEse Ihis Journal has at-
empte 70 ansnerthe article q our ast rela-
i've p tie eanzs le pecnniary distress We
low abol un sns + i were possible e re-
un g answs broad ans unblpshiag g
We would answer BIZ. e overthrow iaet
IND argument IA order q subserve Their own
Views and interests, and 70 propu Their sink
ihg cause, tie Democrat il inlsiatioE q The
Globe and other loco foco priats, resort % slle
most ilnfounded assertions 4hrE i WI ever
Be with those who are supported By Govern
mont patronage. 10 retain Their once q
publis the laws, and WELDING political pow.
q and pecuniagy profit BY the attainment and
Of other Offices, they stopliot e any
thing that WIN please their masters Ioargue
with such viii always prove bootiess task
ior ourselves. Fl reference to The article Of the
Democrat. ne can only say We shall not pro
long the controversy, but simply refer the Iea-
der ID our articla II last Tuesday 8 paper e 2
SUFFICIENT answer to tile balderdash Of our loco
foco neighbors
me above was written when we IecelFeQ5
the following from our esteemed ccrreapo lent
x, 3. q and.we commend bis remarks e
the especial attention ofthe reader. Weshal
always welcome the fayOrso Of our cotrespon-
dent, as his style always perspicuous, his ar-
gurnents good and always based on imm1table
truth
eostsfUaicATioN
Mr.. Editor: could bat read with q.
smiling counlenanee. part ofthe editorial.
remarks ii the Columbus Democrat Of the
20Lh inst; and notwithstanding the pnw
was % the eyelid, there was, no bttie
greer, perceptible. These Editors have
much "a learn on the subject oe Banking,
before they can WELD successfully the
irunchion of opposition. Let them care
fully examine the present banking system
of our own State, and say, do we, or do
we not, require a controlling influence, TO
set aside the mismanagement Of our state
institutions l would answer, we do -
even should that controlling influence OPP
crate to crush them. 1t appears to have
been beyond the knowledge of the gentle
men, TO know that it ever was 10 the IN
terest of the United States Bunk or any
other Bank to over issue but their infor-
nation extends sufficiently far, to know
that the United States Bank did frequently
over issue-and TINT such course, had,
~ t:,-.<s- L .r,,..Lk 4bo,o -, tI,1 1,arco - 6 :,
precil ice, with destruction staring them in
the face; and that in 1885, its expansion
of SI4 100000, thrown into circulation,
was increased, ten fold, by the state banks,
who, according to the said editors ac-
count, knew well how to play their cards.
And further, that the SAID ten: fold amount,
thus thrown into circulation by the state
banks, was felt throughout the Union, and
did firm basis for extensive speculalionS,
and to which. / suppose, may be attributed
the chastisement we are now laboring I'M
der. l agree with the gentlemen, and
commend them, for so ably advocating, if
not the constilutonality, at least the cape
diencg Of creatilg a Nat nal Bank. !
would ask the gentlemen, one or two plain
questions Was the $I4,0O0,000 issued
in 1885 an injury to the country? Was il
purchased up by the stockholders of that
Institution, at .ruinous discount to the
holders? But, did it not, fairly, and 10 the
community Conveniently represent so much
specie Did the state banks, induced TO
follow such by the expansion of tenfold
issue, act in like good faith to the public
] here pause for reply. As do not an.
ticpate satisfactory reply, take the lib.
7ery of unravelling the mystery myself
| The $14,000,O00, issued by tho United
States Bank, was followed by a tenfold
Issue on the part of the state banks, fol
the very best of reasons-reaSons salts
factory 10 every unbiased because
4 they knew that the only barrier to their
excessive issues was broken down by the
immortal Jackson, and that, that which
had operated as u corrective TO excessive
issue, on the part of the state banks, car.
rying in its train speculation and ruin, was
by the said immortal parsonage totally
destroyed
1t is something not little remarkable
but at the same time no less true, that we
can take all the arguments adduced by
advocates Of the sub. treasury system, and
those Of the opponents of United States
Bank. and slft them, free of the prejudice
with which they are adnlixed, and we FIND
/ nothing remaining but tie best of all evI.
dence. of the necessity Of a corrector, to
our banking system, by the creation Of a
II 'nifod States Rank
Ask any of these loco foco gentlemen
if they wish to see a uniform. currency in
The country, they will answer yes, and
tell you that it IS desirable. Place the
sub-treasufy system in full view before
themA and ask them if 1t can produce q
uniform currency, and you take them al
aback, and stump them at once. The
sub-treasury system, in opposition to 9
United States Bank, confirms the remarks
), of those redoubiable heroes of anti.repub
lean principles, that the spoils are the
hcna-fde property of tie Uictora. But,
deny the right of any class Of citizens t.
divide the spoils and hope yet 10 zee The
day, when patriotism and love of country
wihbanish with the b and Of intaDay, thos,
who BY 5ribfyy and corruption. are under
mining republican constitution which ha,