Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-08-31
For the Democrat
THE ISSUE

UDpJIts anu PSNu4iat PtlhhFsts VI utt h"'N'f -
be ginning to assume form and CONSISTENCY
Every feature Of our government, and every IN
s,ituiion Of society, is subjected to the ordeal Of
the sirictest and most searching scrutiny. The
changes Of public sentiment, upon several i'm.
poranl subjects, have 10 consequence beengreai;
so great that the present may well be denomlh-
aled the transition period Of our history.
Not until about two years since, did the lm-
portant subject Of currency, begin seriously to
occupy the attention Of the people Of the United
States | mean by the "people Of the United
States The great mass of the PoPuaiion-the
subject had certainly engaged the attention OF
particular individuals PRIOR to that time, but II was
regarded as too deep and mysterious, for oTdl-
nary comprehension hence the people IN gen.
eraI remained in state of almost entire lgno-
rance upon the subject.
There existed at the beginning of the conro-
yersy which is now going on, 40 difference OF
opinion between the two great parties Of the
country, as to the utility Of banks Of circulation
This was regarded as common ground, or a set.
tied principle about which no discrepancy existed,
and about which it was thought no serious dis
cusslon could take place. 1t is true, few lnd-
ylduals occasionally mentioned specie clrcula-
ton, but this idea was regarded as too absurd for
serious consideration
From the suspension of specie payments un-
til the extra session OF Congress IN '37, the adj
ministration party was in the most helpless and
PROSTATE condition imaginable. The State Bank
system had just failed; they were opposed on
principle to the establishment of National Bank,
and no other measure at the time presented itself,
which was likely to receive the support and sane
ton Of the great mass of the party On the
other hand, the wing party taking advantage oil
the fallen and helpless state of the enemy, urged
the establishment of National Bank with zeal
and talent which has rarely been equaed in party
warfare.
Things remained in this cordition until the
meeting Of Congress in the fall of '37. A, this
session, Mr. Van Buren, formally proposed the
Independent Treasury, or as il has been termed
the Sub Treasury system; but so filled were
mems minds with banking, so fearful were they
Of proStrating tho banking system Of the States
and so much alarmed were they at the prospect
of Government Bank, that the proposition me
on The one side with GOODNESS and distrust, ant
on the other with the most violent opposition
The consequence was, a considerable number o
the administration members deserted, and joined
the ranks Of the opposition and had il not beer
for the timely assistance Of Mr. Calhoun aud hi
friends, tho Democratic party would have bee
left, at least for time, in state Of utter help
> lesnsss. Even with this assistance, the admin
s isiration was left in smaller minority, its cond
ton was altogether helrlsaa, Ian was eve
known in this country before.
. Notwithstanding this, however, the party ha
; now something around which to rally, and il 500
$ began to recover its lost strength; he more til
: Independent Treasury system was discussed
!. the less Objectionable did il seem; and the NOR
r. tho National Bank question was examined II
l. more were the great mass of the population COZ
I vInced that neither the general interest Of Il
! country, nor the convenience Of ordinary bus
n ness, required such an institution. During II
remaining part Of 81, and the whole of '3s, II
4 issue was, Bank or Sub.TrsGsury; the Ban
ID though with continually diminishing prosp ect
" still remaining in the ascendant
nc Things, however, have now greatly change,
n. The Bank is hardly now regarded as seriot
or question; lis warmest advocates look upon i
establishment as one of the most improbable
&c all contingencies What then, is the question
+, issue at the present time 0stensbly Ban
or Sub-Treasury' but in reality, Banks Of Giro,
- Iatoa, or no Banks Of circulation Paper
nd Specie.
~ THIS issue may not be acknowledged by a
~, even OF the Administration party, but he must
". blind indeed, who does moi see that this is II
he true iSSue-the one to which all must come at las
DC The difficulties and embanassments which o
- cur with periodical regularity, in the commerce.
a, affairs OF the United States and Great Britai
n. where the banking system exists in its hghe
er stale OF porIecuon--and the exemption of n
W lions without this SYSTEM from all such difticu
!. ties, have induced rejecting men to inquire VII
Their the whole Of this is not the result of ban
v. my. The result has been change Of publ
sr- sentiment on both sides Of the water, neye, b
be fore equalled upon any other subject of like il
~. e. portance.
he | have looked into this subject with all Il
on care, attention and patience, which matter
is important could mpan. have had but a sing
Is object in vlew-a sincere desire to discov
m truth. desire not office or political distinction
ne A.,. 49,, oo,,;,,;au, ,Ac -