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

0tAl
an impregna6e chest. Ev Banks, viii
all their securities. have been sometimes
entered by burg ars. And with all the
strength which bolts and bars could furn-
ish, guards of soldiery might occasionally
be required. 1t is difficult, indeed, TO cal.
culate all the costs of so unwieldy ma.
chine. In France, the only country
where this system has prevailed of late
years, and where statistics are made pub.
lie, the cost of collecting the revenue a.
mounts to nearly twenty five per cent.
of the whole receipts. Our system, while
the Bank of the United States existed
cost not fifth of that sum. Besides
money is no. expended in the different
parts of the cour try. in any proportion 10
ITS receipts by Collectors. A single land
office may colleet more in one year than
is spenl in Eve, il The whole region west
Of the Allegheny. WITHOUT the aid oi
Banks. to transfer these sums 10 the p ints
Where wanted, by means of credits, a sea
voyage TO an Atlantic port. or the march
of a caravan of wagons through the m sun
tainS, is The absurd alternative TO which
This system reduces the government
all the cost of guards and insurance, and
all the inconvenience of delay.
Tn rdly. How is the currency 10 be
affected by the sub treasury? For the
purposes of an extended commerce, the
precious metals are clearly inadequate.
Indeed, currency composed of no other
material would be too announcement and
unsife for ordinary neghborhood trans
act Gus. And the experience of those
nations winch are most commercial, and
which have tie efore, improved most rap
IDLY, had led them TO the conclusion that
the wants of trading community can be
supplied in no Other way than by banking.
Bills of exchange for remittancss, and bank
notes for ordinary circulation, are now
universally in use among enlightened ma
tons And in country wheie no midi
viduals are sufficiently wealthy to under
take this business on a scale commensu-
rate with its commerce, agriculture and
manufactures, rs is assuredly the case in
the Uuited States, joint stock associations,
conducted with the prudence for which
capitalists are proyerbial, and restrained
by proper legislation, have been regarded
by all our statesmen, as furnishing the
best banking facilities that are within our
reach. Safe Banks. indeed have been too
reckless for their own advantage, or the
soundness of their issues. But, with n
National Bank 10 check them, conducted
with the wisdom which distinguished the
last, they furnish circulating medium
superior to any which the world has ever
known. Even in the absence of such a
great regulator, and even if we could be
so blind US 10 attempt a currency exclu.
sivey metallic, by the destruction of the
State Banks who does not see that every
village would furnish support to brood
OF brokers fattening OH the necessities OF
the community Bills of exchange ofev-
cry SIZE would be sold at enormous rates
of advance, and even then would not pre-
vent all The specie i'm circulation flnnn flow.
ing both up and down lie Misses ppi, and
towards the great comm ercial emporium,
in payment of the various articles which
must be consumed in our State. In fact,
every planter of large and unincumbered
property, would use his shipments of cot
ton as the basis of exchange, and grow
still richer by specializing on the wants OF
his unfortunate neighbor.
And how would the Sub treasurers af.
feet the Banks, supposing that they still
remain in existence! The operation Of
the Treasury Circular furnishes some ex-
perience on that point. All who purchase
lands from the government, and all wEC
import foreign goods which are subject &c
duty, must procure specie for their pur.
pose. In the ordinary course of trade,
bank notes are preferred to specie, be-
cause of ii cir more convenient form.
And to convert them into a currency
which the collectors would receive, de-
mands are made ON the Banks, rs tile
easiest ard most expedltious method o.
procuring IT Thus, at a season Of large
inrortaions, whei tie aid Of tie Ranks
is most desired, prudence compels then
to withhold il in nnticpa ion of a drain.
Their power Of promoting the interests OIL
con mefce is impaired when there is most
Occas on for its exercise; while they are
kept in stale of perpetual uncertainty,
by the occasional suspension Of some that
are too hardly pressed, and the certain
want Of public confidence in all which
such failures inevitably occasion. And
the srecie of the country, with revenue
OF thirty five millions. is lying, for large
,,r,:,,r, &c Tho M, 4 q 10 tho vaults ,{ tho
sub treasury, instead ofcirculatne through
tie channels of trade, or furnishing the
Banks with the means of assisting the eff.
forts of the enterprsng.
Another argument, which has been dd.
dr. ssed to the people of the south, is the
supposed influence of the system IN crea.
ting direct trade between the planting
states and Europe. This is based upon
the notion, that orr trade will Always pass
through New York, when we have cur.
rency Sufficiently uniform TO permit oul
merchants TO deal Il ere with facility i
is proposed, then, to open a channel fol
trade, which has not been considered ad
vantageous, by obstructing that in which
it has hitherto moved. The wisdom o.
such plans is doubtful al best; and to the
southern people, The uniform advocates b
free trade it would SEEM particularly OBJ
iectionable. But, in truth, even these OBJ
strut lions will not operate as the adyo
cafes of the sub treasury propose. Tt
prove this, a very slight view of the con
dition of the country will su' &c.
The custom houses ofthe large import
ing cities. and the land Offices, are Ink
r,nir,tz Al u.,hi1h AL, rauen11as are r,rlralai