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

HOe OAAO VI uiS AAlCu0o AiuO AiaS ~ONiSA W
propose il as law. But the othe., whicl
proposed that the whole. revenues should
be collected in the precious metals, ant
remain in the custody Of Office holde $ for
safe keeping, occupied the attention Of
congress during the whole extra session,
and has been topic Of discussion, in the
TWO sessions which have succeeded.
This proposition, Familiarity known as
the 'sSub- Treasury" has been made the
leading policy of the administration; and
it has occupied too important place in
the political discussions of the times, to
pass unnoticed. We might satisfy our
present purpose, indeed, by bare state
ment of its principal features, if it had
been permitted to fall under the condem.
nation of the public. But, decided as has
been the failure ofthe Van Buren, party. to
convince the people of its wisdom. it is still
pressed upon US by its author. with per-
tinac ~ without example. And the dec
laraiion of the party leader, in the HOUSE
of T representatives., that it should be-ts-
practice, in spite of lamentations there aud
elsewhere, leaves little 10 be hoped rom
for the forbearsnce of the President.
The President proposes 10 have the re-
venue collected in the precious metals,
and kept by men under his control, and
subject to be removed BY him at his own
will and peasure. And to make them
more honest than they have been, or are
likely to te,under tie system of party mo
rails which now prevails, he recommends
gnominlous punishments for future de
Eaulters.
We will not alledge that Mr.. Van Ru
rem intended by this plan to cure the dis
orders of tie Gu rency which previous acts
of the Executive had occasloned. His
design extended not beyond the care of
that fund, from which he and his depend
ants derived their revenues; and so lie
hrsitaled not to avow in his first message
10 Congress. But the universal dlssatis-
faction of the people, against govern
ment wlch had embroilcd the finances of
the country beyond oil prospect Of entire
relief, drew from his supporters arguments
which he was ashamed 10 advance; and
liE DuOiiC nave uGCl iOlu WIN q DlQuuLiN'N
and earnestneSs whirh seems the result of
conviction that all the evils of loss of cred
IT, and depreciation OF currency, can be
remeded by the very institutions which
have heretofore sustained the one, and
cqualized the other; that TO be q rich and
prosperous people. we must reject all the
experience of the most improved States in
Christendom, aud adopt the uSages of the
urks and Africans. Preposterous as
this proposition is. it has been gravely
and repeatedly urged; and all the little
popularity which the sub treasury has ac-
CURED, IS based at least upon this sugges-
ton. under the plausible DISCUSSES in WI ich
ingenious dSputanfs know how TO c!othe
their soph stry. Let us examine, then,
the operation of the system.
First. The leading motive of the Pres
ideut, in proposing this I'lan, was lie safe
~ of the public treasure. The Bank IF
the United States had been VIC emily dc
pr,yed of the trust which none ever pre-
tended that it neglected; and some favour
cd State Banks had been selected to take
cha pc Of the revenue, under conditions
which ieopardzed their own credit, as
well as the safety of the depostes. Their
suspension of payment involved all who
confided anything 10 their care; aud the
public suffered in common with individual
depositors. To prevent such losses in
future, the President proposed to substitute
men for monied institutions, as SUBSIDIARIES
of the public treasure. 1t is much to be
lamented, that the pride Of consistency is
sometimes too strong, even in men of ele-
waited stations for the control of patriotism
and virtue. Doubtless, when error is pro-
we'd and failure is acknowledged, by the
projectors of a scheme, the most obvious
sugge ton Of good sense is TO full back 10
the first departure from the line OF pru-
dence. Had this been done; had PresI-
dent Van BuIen recommended a rccur'
renee to a resource which had leeu twice
| tn, W h entire success much of tie d is
tre>s which followed the suspension would
have been a,ered; aud the public treas
ure, which had been kept and disburSed,
for many years, without The smallest
charge, or any !, IS whatever, would aga n
| have been entrusted TO those VINO had 50
ia thfuly guarded it. Instead tins, 1t is
proposed. as a measure of prudence, 10
place the whole receipts Of tie treasury,
| amounting TO more than thirty millions,
in the care ofmen selected, as office hold.
ers have already been, under the rule OF
rhe present party, f ON lie c.ass of active
par'isans Of the President.
L the people could ever have hesitated,
h. therr opnion ofsuch pan, the late re
yelopements from the Treasury Depart.
nent would have left no room Tor doubt.
A single collector has absorbed, within
The past year, million and a quarter OF
dollars; aud tie officer appointed 10 pros.
ecute this faithless cellec;o or and his sure.
ties has followed 10 his footsteps, with &
hundred thousand more. Look, TOO, al
The report OF the Secretary, on the affairs
of the Lano Offices, aud sec how well the
Receivers understood the rallyin cry Of
ftheir chief. .'To the viciors belong the
spoils of victory" And whoever will ex.
anime the statements of defalcations, as
detailed in official documents, will con,
rlude, that the pre- sent debt of the United
States could be discharged by a smaller
sum than the aggregate due from the col
lectors of the revenue. Is this system
likely TO answer the safety of the public
treasurer The experience of The world
his proved, that governments are seldom
served as faithfully as individuals. A di.
Tict personal interest in the skill and hon.