Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-08-20


are annually drawn from us, to be expend
ed elsewhere, must weaken, instead o
. promoting our ability TO engage in foreig
CONNER e. With a sound currency, thes,
drains were made in remittances throug
the banks; under the paralysing influence
ofthe sub treasury. they must be made Il
: specie. Thus It is proposed, that on
/ commerce shall be established by system.
which deprives Us ofthe means even o.
ordinary dealings with our neighbors.
/ But it is aledged, that the coto cror
Of Mississippi may be sent to Europe, ane
the proceeds inves ed in the foreign foods
required for the consumption of the state.
oubtless this is practicable, to consid.
erabe extent. But It is not more pract
cable. with bad currency than a good
one. Indeed, such state of things oper.
ates powerfully against our means of ex
portation, by carrying 10 other states tn,
portion of cotton necessary for meeting
The demands which a deprecated currency
is inadequate to discharge. And the whole
argunan nj is founded on the assumption,
that tie planter who owns a cargo ofco
ton is will ng TO invest its value in traffic
! which he probably does not understand,
instead of having ii returned in form in
which he can pay his debts, or improve
his estate. The history of the world fur
nshes few examples of such folly. Or,
if the advocates ofthe measure deem this
expectation too preposterous for public
credulIty, and propose that the planter
shall draw bills upon his factor, and sell
them for ready money in the market, no
will be the purchasers? None will believe
that the merchants of Mississippi will bid
as largely for such funds, as tie great cap
italsts of the northern cities. The pur-
chase of the bills will give them the con-
troll of the proceeds, and trade will then
be where 1t is now-in the hands of the
northern merchants-and they will deter
nine, as they now do, whether cargoes
shall come directly from Europe 10 our
ports, or indirectly through New York and
Boston. 1t would be foreign TO our pres
ent purpose, TO discuss the advantages ofa
direct trade between our stale and En-
rope. Those who most anxlously desire
such change must see that the sub treas
ury will rather retard than promote it.
But to estimate fully the disadvantage to
which this system will subject US, it must
he remembered thai this state pays much
of the public revenue, in land sales and
hostages, and receives nothing, except the
salaries of few officers connected with
courts. The money collected in Mssis-
sippi is expended principally on the sea
board, or at the seat of government. This
course of expenditure, necessarily creates
a demand for funds at those points aud
thus raises the rate of exchange. The
Banks, and the brokers Of the eastern cit.
les will thus be able, through the operation
of the system, TO drain US of our resources;
and our Banks, drawn on, as they must
be, by the upper country dealers, and the
agents of northern merchants, must in
demnify themselves az the expense of the
planters or eurrenoer their charters, and
cease their operations.
There is another objection TO this plan,
which, if founded, as we believe in :ruth, is
TOO great to be out weighed by any small
or questionable expedlency. 1t is the de-
moralisrng Influence which it evidently ex-
ercises over those engaged in conducting
lis operations. The President proposes,
10 obviaie this evil, that defa1ters be pun
ished as felons. We wish not TO be un-
derstood as Directing TO unshment, when
crime had been committed. But we deem
it inhuman and unwise, to tempt men to
dishonesty inthe expectation of Furnishing
, them afterwards. Punishments, thus IN.
} flicted, are almost gratuitous. Bes des,
even if tie denunciaiion of the harshesi
sentence of the law would deter the weak
or the wicked, which experience has UNI
happily disproved, it seems impossible 10
to detect defaulter, before lie is hey ond
The reach of prose cUtion. And when ev.
; cry thing is done that such proposition
conten plates, the crime is not extlnguIsh-
! ed, 10 the criminal restored TO virtue OF
reputation.
We have thus far considered the sub
treasury as a plan by which specie is col
lecled. and paid in The ordinary expend-
lures of the government; as a system
t, bearing no perceptible resemblance to
banking, but operating in manner totally
the reverse. But it cannot be so in prac-
tice. All the bills introduced into Con-
gress. for regulating the details of the
measure, were Bank chartcrs under anc-
Their name, converting the whole revenue
, Of the treasury into a basis for banking
, opera ions, under the control of the Exc
cutve The secretary, by these plans,
was to draw bills and sell them, in pay
nnent of salaries and contracts, and. if oc-
castor. required, to purchase them from
others. 1t is plain enough, that the bills
thus drawn, would be common medium
of cicula ion, in the vi, nifty Of the place
where payable, and subject of traffic ev-
cry where else. Relying on the faith Of
!, the government, the public would not hes
itate to receive them and circulate them
as money, or purchase and sell them as
means of renittances. The 81 ecie would,
in the meantine, be steadily accumnla,ing
in the sub.treasuries, and its place would
be supplied by the bills of the treasury.
f Under such an operation, The Banks
) would be drained; and the Secretary OF
f the Treasury, as the chief officer of the
great banking engine ofthe nation, would
have the monetary affairs of the people IN
der his own control. Can more power
, fol instrument Of tyranny be constructed
; Ii would be vain to look to state legisla-
ton, for relief against so onerous an evil.
The power of the executive branch of the
!, general government would overwhelm
Il To-, rrrncc aud the cfafn lnriclaf,,rne and