Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-08-13
WY OPPOSED TO TIE Sun -
SYSTEM rlr
To The Editor of 81. -.

10'Ae Editor Of the Argus
Sir: In giving my ouio;o,
treasury System, consider 70 'heSub
Of such vital importance. and ? SUBJECT
already engaged so much Of n. winch y. has
o. our most distinguished Statesm 81 s'eltoO
DO not hatter myself with tbs l1 hal
! can throw any new light on !, th9
the exercise Of right dedcs,s :. Sula
genius of liberty, and in disrba.oy he
promise heretofore made, | s,sa ds
to express an honest opinion =. 'orssra
words of Junius, | would saw al y, q lie
alton of this country is alarniD." e situ.
TO arouse the attention of every enough
P eiends to concern for the .aa s@a,shO
fare. Appearances justify susp G.ssss.
when the safely of a Nation { !, nd
suspicion is just ground of eno : ! s'As.
Let US enter into it with cs.5
deccncy. 'aoq0' nd
look upon the sub ,re,,n.-
as another of those chimericaI s., syS'en
on which the prosperity and s. gTsllIneua
our country. is again 10 be staEas ,'t0a Of
other purpose than TO support n.; ~ 10
at variance with cirilizaton and p d.
c0nism. That our present dis,r . "spaSh'
been brought about BY an eve ea'ss nave
government playing cup and ban , a1 !
currency of our country, no one W. "'la zoe
Not satisfied with the destn,c,;osaa uaeny
of the best currencies in tbs ~a',g y one
total failure Of the 'sPst Bors S S ne
the failure of the Gold and S,,. . ~
bug" hut driven to Desperate, :. IA nun
gardless Of the sufTerIngs Oftbe PIT T.
our government aims 10 strike e.s
blow at their liberty, by the iDlri'.. ~
ton of practice adopted in Bari..oaa
ages, me strong box or hoardiDp w..
under the disguise Of a Sub i,s,,,-
Should Mr.. Van Buren, succeed IN 49,
ing his object. then will be exult !, 4.
words Of Cesar. "Give me mopey =.
buy men, give me men I can make pov.,.
I'll take the responsibility"
The Sub treasury system, IS fr,pys,
with themost formidable evils, and IS mos
decidedly at war with the civilization 4
the age in which we live, threateu;no 4.
overthrow of that great system fem
mercial credit, based on moral probsbT,
and confidence, and which has en,B,a
England and America, so far TO excel 4
their competitors. IN the great STRUGGLE In
the Internal onal commerce offbe wors
Il IS a declaration OF war on the bankiDO
system; and 70 put down all banks IL i'm.
possible, unless some such scheme as tbs
sub-treasury is devised to ruin them al
That being tie case, we are bound 10 sc,
in a man. err, which win best secure tbe
interests of all.
j The sub treasury scheme viii no, az.
swer The purpose, because ii would NOS
conciusively make specie a melcaBfs
commodity, by giving it a premium, an.
thus forever prevent the resumption 4
specie payments, or keep the hank IN con
tinnal insecurity, If they should ever agss
. pay srecie. And how. | would ask, void
such State Of things comport with lie
/, interest Of these United States?
In countries like England and our own,
/, where The PROCESS Of civilization Ia.
reared that great erglne Of imprOTemept-
the credit sy stem, and sustained and eVs.
oped il by the operation of banking com.
panies,the banks must Of necessity become
i the most prominent part of thai sysen,nOr
can an international commeFee waA he
world flourish without them.
Mississippians know too well the sat
ferin.s and distress occasioued BY a DE-
ranged currency. Let every man ask
himss If If that arrangement was not pro
dured by the removal of the b-st Of Rst
tricfors and CorrecforS, the lsle U. Siaia
Bank, by a self.wiileG constitution d
the constitution. in direct opposition toie
opinion ola MADISON, and CHEF lVs
TIcE MARSHALL.
in 1916, nearly all the Banks b.
ceased to redeem their notes, mercantl
failures were alarming. and the fiscal OPs
rations offhe government were also Ss
pended. Mr.. Madison who had hitherto
been the most formidable opponent 9th
Bank, saw the necessity of one, and rec
commended a Bank 10 Congress. COngres
then charte, ed the late u. S. Bank. whs
received the approval of Mr. Madlso'
After this, the Supreme Court of the Uu
ted States, decided tina was cOnstlt'
tional. And Dir. Madison u 1888 said, }
considered the coastitnhOaalliy Of a Ban
as finaJy settled, and then differed VII
Gen. Jackson on the prOpriety Of vetoin!
the Bank. Mr.. Madison had been six'ee'
years freed from the shacklPs Of party: b
had seen our government triee rlth0Ht
Bank, and TWICE WITH ONE, and exPen
ence had convinced him, that Bank va
indispensable. Now | ask, whose oPlnoa
on constitutional law, will weigh agalns
flose OF james Madison and Chief Justice
MARSHALL Surely not Andrew Jacks0a'
or Martin Van Bplen's!
Il ssl2ut LET us for moment sgg
that the sub treasury scheme, shils 'I%
tested, BY What has already hapsafO
the Banks. that is by an enornous ~ ~
revenue for time inappropriate u \.
!. agination> can scarcely CONCEIVE o ~ \.
calamity thar would then ensafe. ~, :
whole circulating medium OF TIE .u. :
+ Including paper and specie, does y DIV /
this lime exceed one hundred and tEsD3
millions Of dollars. Now. if there 'n' y.
be a surplus Fevenne of 20 Millions 4.
would suddenly. abstract ore ihlTd y y. =
whole from circulation. Upon las II
eipaI of supply and demand, prices ~. =.
fall one third. But when we take la'0 =
sheraton the shock that would Oe :,
ito confidence. the consequent dls1l's -. :,
stagnalion ia trade, and The goA.'f 4,