Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-06-04
cATTsE OF DIR DISTRESS.

ers: and in the Senate of the United States,
they raised their warning voices against the
mad schemes and Quixotic experiments Of the
Jackson Van Buren, administration, and de-
monstrated, fully and clearly, the inevitable
and ruinous results of persisting in them.
Their warnings were UNDECIDED, and we are
now reaping the bitter fruits Of the acts Of
headstrong, corrupt, and experimenting go
vernment. The removal of the deposites from
the Bank of the United States to league Of
State Banks, with the recommendation TO loan
them freely to the people, and thrusting into
the market millions of acres of public lands.
were acts denounced by enlightened states
men as leading directly and inevitably to an
expansion of paper issues by the State Banks,
and consequent speculation, distress and ruin
among the people. 1t is profitable to revert
back few years, and to look over the speech
es made in Congress against these measures of
the administration much food for reflection
may be found in hem In looking over file
of papers of 1887, we came upon he remarks
of MIR. Calhoun, in the S,nate on, The subject
of the letter of Gen. Jackson, calling him to
account for words spoken in a debate on the
land bill, which remarks Gen. Jackson took
exceptions to. The extract that follows is
repetition of Mr.. Calhoun's remarks in the de-
bate referred to-:
If my memory serves me, opened my
remarks when spoke formerly, by stat.
ing that so many, and so subtle were the
devices by which those who were in pow
er could, in these times, fleece the people.
without their knowing it, that it was al
most enough to make a lover of his coun-
try, despair of its liberty. | then stated,
that knew of no measure which could
better illustrate the truth of this remark
than the one now before us. lis profess.
ed object is to restrict the sales of public
land, in order, as is avowed, to prevent
speculation; and by consequence, the ac-
cumulaton Of surplus revenue in the
Treasury. The measure is understood
to be an administration one. | then sta.
ted that, so far from preventing specula-
ton, it would, in fact, but consummate the
greatest speculation which this country
has ever witnessed "a speculation origina.
ting in a state of things of which those in
poWe were the authors; by which they
had profted; and which this measure,
should it become law, would but CON-
pete. | then asked, what had caused
such an extraordinary demand for public
land, that the sales should have quintru-
pied within the last three years, and said
that 10 answer this quetsion, we must look
to the state of the currency. That it was
owing 10 the extraordinary increase Of
bank paper, which had filled to repletion
all the channels of circulation. The
Secretary had estimated this increase
within that period, from six dollars and
fifty cents per individual, to ten dollars.
believe the increase 10 be much greater
the effects of which have been to double
the price of every article which has not
been kept down by some particular cause.
In the meantime the price of public land
has renamed unaltered, at one dollar and
twenty-five cents the acre; and the natu-
raj consequence was, that this excessive
currency orer1owed upon the public land,
anu has caused those extraordinary specu-
lations which it is the Professed object of
this bill to prevent.
then asked, what has caused this in
undatloa of paper? The answer was,
the Experiment. love 10 remind the
gentleman of the word,) which had re-
moved the only restrictions that existed
against The issue of bank paper. The
consequence was predicted at the time
It was foretold that banks would multiply
almost without number, and pour forth
their issues without restriction or limita-
ton. These predictions were at the time
unheeded; their truth now begins 10 be
realized.
The experiment commenced by trans
fer of the public funds from where they
were placed by law, and where they we're
under is safeguard and protection, to
banks which were under the sole and IN
limited control of the Executive. The
effect was vast increase of Executive
patronage, and the opening field of spe-
culaIon, in describing which, in antIcipa-
ton, pronounced II 10 e so ample, that
RoihschiId himself might envy the oppor-
tuhity which it afforded. Such it has pro.
ven to be.
The administration has profted by this
vast patronage, and the prejudice which
it has excited against the bank as the
means of sustaining themselves in power.
1t is unnecessary TO repeat the remarks,
in illustration of this. Ire truth of the
statement is known to all the Senators,
who have daily Witnessed the party topics
which have been drawn from this fruitful
source. | then remarked that, if rumor
were to BE- trusted, il was not only in a
political point Of view, that those in pow
er had pro6ted by the vast !, cans put in
the hands of the Executive by the expert
ment-'hey had rrofted in a pecuniary,
as well as in political point of view. 1t
has been frequently stated, and moi con.
tradicted, that many, in high places, are
among the spectators in public lands and
that even an individual connected with
the President himself, one of his nephews.
was an extensive adventurer in this field
of speculation. | did not name him, but
| now feel myself called upon to do so. /
mean Mr.. McLEMoRE.
misunderstanding matters look squally
in Natchez. The following article announ-
ces heavy failure in that city, and contains an
insinuation that the Union Bank may become
aloser. Every thing is at : sires and seueas,n