Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-03-30

take effect ID January, 1SS3; proposed 20 divide
ont hut illry-Six miinuS oi dosarS, and that b.
nine millions at a tune, and 10 commence the di,trJ-
BUTTON SIX months later ilan the laai nj. proposed
anu YET Whist Was the reSuits The result was The
Sioppage Of the principal depo>ile banks and all the
resi- az the hsnhS within i've months, after the diSir.-
hution htGan to take ciitcll The denosije hank,
made the first distribution N January; thew nearly
sunk under the second inSlslment in Anal; they
were unable 10 NEST Tue third one ia Jolly, and clos.
Cd tlcr doors IN May; aud, While several cause,
contributed to The result, vet il WuSt never he ior-
cotton that the committee Of the New YORK. hank,
where the >toppage began, IA tnumcratns he trr
principal causes for thai event placed at The head
Of ,huSe causes, tie operation Of the DEP0SlIE
OR DISTRIBUTION act Of June. 1856 Thu,
experience proved that the dypoS.le banks could un,
stand distribution Of tlItty->N millions, comuya-
chg SIX months later than the proposed land bi
distribution, and made in quarterly instruments otoa-
" uInt millions at a time. How then could they
have stood distribution of tiiy-hyc millions, COM
mencug SiN-monthS earlier, aud the FIRST instalmtnt
amounting TO seventeen aud quarter millions The
thing was Impossible; 1t could not he Gone, ana that
was ,oeviitHt 10 me ,latl proclaimed IL, and ret-
Grated my opinion on this oor ia language loo strong
IN the ind lm"nt OF some of nav friends. 20 b. al
owCp 90 60 To the country, and what was that npn-
an by me repeated thousand times, that what was
called asurpu> of forty millions IA tbe Treasury,
was a mere DELUSiON that the money, IN polut
ol fact, vas NOT "a the aepoSte banks tllA It
had been LENT cut; that Congress had sanctioned
and insilgated the LENDING 10y requiring inter-
cstiTom the banks for lis USE, that instead of beng
IN the banks it was in the hands Of merchants, ira
dets, deasrs manufacturers, mechanics, spectators,
and others; that the banks had USED It with the
knowledge of Congress, and with the implied cnn-
tract und fair understanding OF having the USE oi
il til gradually called for on account Of The public
service and. that to call for all tins money in masses
aud almost without notice dor the first PlUmeut
would have begun as som as the bill could have
bccn passed. was 10 COMPEL THE LARGE
DEPONlrE BANKS TO CHOOSE BETWEEN
STOPPING PAYMENT THEMSELVES, OR
THEIR DEBTORS. All tins
,,,s g, nl,,a to me that Il was amazing, lncomprc-
hansibr. and almost Incredible that any person
could AVOID seeing the same. Yet THIS IS the mea-
sure the loss OF which we are ca'd upon to de-
plnre This is the measure, the patriotic resistance
OF which, by General jackson, is denounced as On
act of tyranny This is the measure, then believed
10 be rrcs,slbly popular, now known to be- heartily
condemned by every conNlderae man This Is the
measure before which General Jackson, and all its
opponents were expected to be Frustrated land be.
ted if such had been the penalty Of adherence 10
their principles y this is the measure which, Ike
the consular distrbutlnns of grain, aud money and
Doblic lands, among the voters IN the Degenerate
DAYS Of the Roman Republic, was expected TO prr.
chase the sutlGagcS of all the people General
jackson and his friends myself one Of them, did
what they believed was right, in resisting this mea-
sure. without fe.t'rl ~ consequences personal 10
themselves. They resisted the col assai distribution
of fty-Gve millions Of money, They threw them
selves upon HE intelligence, the patriotism, and the
candor Of their fellow couutrymen and tie event
has proved that they were not mistaken in their
estimate of that caudor, tat intelligence and that
PATRIOTISM! It has proved that the AmencaD peo-
ME are not vet eady 10 he scduced and dcb9uc1ed
with the spols and piare Of their own country.
Sir. sad Mr. b. pursue this bill Of Nav, 1886,
one step further pursue 1t INTO the fourth section
and see that nothing but WAR with FOREIGN
POWER could have arrested the distribution OF the
G55 600 900 and given the Treasury rirht 70 re-
tain the Sl4 81, l19 received from the public lands
in $50, and the So 776 $50 received from them in
1881. By the terms Of the act the distribution was
10 ro on without regard 10 any thinr but a FOREIGN
1rar and the 330OO0O0 dollars received from the
lands in SO and 81 were 10 belong 10 the States,
and to be paid 20 them, without the least regard to
the condition of the public Treasury II was
specific appropriation of the proceeds of the lands,
and as such would have been pad over 10 The
States on the DAYS named in the act The shut
ting M" Of the Treasury would have made odil.
ference; the stoppage of the banks would have
made no diHerence there was no FOREIGN war-the
appropriation was specific and absolute and fhe dc.
livery of the money to the States would have been
compulsory and inevitable. What then; Why.
that notwithstanding the retroactive disbursements
from the Treasury of the before received revenues
from the lands Of 1888 "a, and '35-nonrthstand.
ing the attempt to dsburse these old expended rev.
enueS might have bankrupted the deposIle banks
yet lhe current receipts from lhe lands for SO and
'37 would have been turned over 10 the States as
they came in The IS 600 900 dollars fnearly) ol
SO would have gone 10 he States, the 100000
dollars (nearly) OF ~ would have gone 10 Them al
so and thus, with the banks all stopped with the
Treasury shut up--wih Congress called together
to provide the ways AID means Of keeping tie Go.
-err,oont ia ,,oat,uif The dutias lya,,, ,et,,,.