Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-08-06
From the Charleston Courier.


MEssRs. ED1ToRs:-It is truly anu
sing, to notice with what pertinacty the
Administration prints at the South labor
to prove that Mr.. CLAY entertains Fede-
rat Doctrines and a ldhtudinarian con.
Struction of the OBSERVATION-DISCLOSURES he
once advocated, and still believes in, the
constitutionaity of National Bank
was favorable TO Internal improvement,
and the protection of American Industry.
You have published Mr.. CRAwFoRD's
letter, wherein he contends for all that
Mr.. CLAY ever contended for on the SUBJ
lect of the Bank of the United States.
Mr.. CRAWFORD was thoroughgoing dis.
ciple Of the JeferSoni IN school. In 1871,
Mr.. LowNDES used the following Ian
guage in favor of the Bank of the United
States: 1.-THE great object of the govern
ment IN chartering the Bank, was to pro-
ride a currency ,chich should hare that de.
gree of Statitity and uniformity IN its cal.
ne, aohich is required both By The interests
of our commerce and revenue.
But, If the government were
willing TO bear the loss of deprecated
and unequal currency, 1t must neglect the
plainest principle Of the constitution in
doing SO-equahty Of taxation. The CON-
mittee must we'll remember, that before
the establishment Of the National Bank,
such was the unequal Ualue of currency
in the different states, that the merchants
paid duties, varying fifteen per cent from
each other, on the same articles" The
chartering of the late Bank was a Repub.
hcan measure. 1t had for its supporters
MADISON, CRAWFORD, CALHOUN, DALLAS,
HLowNDEs, GALLATIN, McDUFFIE, and
other eminent statesmen of the day
Gen. JACKSON and FELIX GRUMPY signed
a memorial to the mother Rank, soliciting
a branch of said Bank at Nashville
Gen. JACKSON, also, while President oil
the United States, recommended TO Con-
gress the chartering of a National Bank
Mr.. VAN buren,, Gov. MARCY, and Mr..
BUTLER also signed petition 10 hare q
branch OF the United States Bank eStab'
Hshed at Albany. Mr.. GANBRELENG re.
ceired from the citizens of Buffalo s 900
10 proceed to Philadelphia. and endeauo'
to get a branch of said Bank located in thai
city. All these gentlemen, we conclude
will be acknowledged as pure Democrats.
Mr.. GALLATIN, in his able article (whic!
was published in the american Quar-.
terly Review" for December, $780, on
Banks and Currency, contends:
lst. That Bank of the United States
is of the utmost importance to the tinan-
cial operations ofthe Government.
ID. Had such an institution been in
existence, il would have prevented the
suspension of specie payments in 1914.
Sd. That the Bank was the Immediate
and direct agent in producing the reSump'
lion of specie payments.
4th. That it has established and main
tAinS a uniform currency.
5th That the arhole country has derired
great aduasiqge from its operation, in ex-
change and cheap transfer of funds.
9th. That it maintains the general
soundneSs of the currency aoithout inju.
ring The State BdnkS-and
18th. That it was ably and judiciously
managed.
Mr.. McDUFFIE, in his transferable
report on the subject of the Bank of the
United States, said-'ln little more than
two years after the government went into
operation, and at period when most o.
the distinguished members of the Fedora
Convention were either in the Executive
or Legislative Councils, the act for moor.
porating the first Bank of the United
States passed both branches of Congress
by large majorities, and received the de
libeTate sanction of President WASHING
TON, who had then recently presided ovei
the deliberations of the Convention. The
constitutional pcaoer of CONGRESS 10 pas,
the act Of incorporation was thoroughly
Investigated"
"No persons can be more com
Ipetent to give a Just construction to thu
constitution, than those who had princi
pal agency in framing it." Mr.. MADI
SON, in his message of December, 1916
held the following language: but (sait
hey for the interest of the community a
large, as well as for the purposes of tn
Treasury, it is essential that the nation
should possess currency of equal value
credit and use, wherever it may circulate
II The Constitution has entrusted Congress
Exclusively. with the power of treating an,
regulating a currency of that description
and the measures which were taken, du
ring the last session, in execution of TIL
power give every promise of success
The Bank of the United States, unde
auspices the most favOrable cannot fail L
be an important auxiliary"
Messrs. Editors-We would call OF
your readers to ponder and reflect, on th'
following paragraph, from Mr.. M'DUF
FrE's report. "Soon after the expiration
of the charter of the first Bank of thu
Unified States, an immense nstaaber Of 10
cal banks sprang up, (as has been the cas-
since the charter Of the late bank expired,
under the pecuniary exigencies produced
bv the withdrawal of so large an amour
Of bank credit as necessarily resulted
from the winding up of its concerns
These banks being entirely free from the
sanitary control, wkich the Bank Of tn