Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-09-10

$ paierni.y, but boldly lay their illegitilnat.
offspring at the door of the wings.
In other countr es ministers arr, resaon.
Esible for measures, and upon their success
3ependsthe stability of the administration
; Here, II seems that those ont of power are
lid amenable for the mapractlces al d
lures of those who WELD it; and we are
arged not ONLY with their unwise acts.
At with their worn out and discarded
s2lI.ons. AT all events, both parties ac-
knowledge the Ineffi;. ency of the pres.
mt system. and tie ecessity of change.
The party in power, clearly indicates its
Intention to wage 4 war o. exc .mination
gainst its old allies the state banks and
AIMS at the estabis .ment upon their ruins
IT the sub ttea ury system. In our own
state this IS openly avow d. Takin, ad
vantage ofthe we'll founded Indignation of
the feope against The miserable system.
which they themselves fostere1 into exist
Ience. and which is now p e,sing like an
incubus upon the state, the friends of the
administration have long since commenced
fierce crusade against all sorts of bank
1Dg. state ar naf.or-.I- .AllAL-..,I-
currency IS repudia,ed by them, and banks.
30 matter how hone,tly conducted, de.
| eounced in the most unme lsured terms.
not only as anti-republ'can, but also. in
the language of ore of their distinguished
leaders, as aiming, "a fatal flow at private
morality and 1T pubic virtue, ard as
eooseqa ence. destructive of all pure and
sincere relig on.
On he other hand the wings are des'r.
Gus Of reforming not of de troyirg tie pa.
per money system. Tey behave tie
plan of an exclusive gold ard silver cur
rency not 1lv absurd. but in this country
impraRlicable. ley advocate mixed
currency ofco;n, and bark paper convert.
lb'e into CON at tie will of the holder.
| T ev believe the PIE .ent state bank sys-
tenn Incapable of producing such result;
but in col junction with United States
Bank, they know its entire competency
for purpose.
The wings are therefore in favor Of es
tabl shing a National Bark. independent
of executive influence, but under strict
accountability to the representatives of
the PEOPLE. Trey are in favor of such
an institution, simply because they see no
ct or mole of attaining their object, viii h
is a sound and uniform GU ncy.
The sub-treasury scheme which is set
up as the antogon,st ola U. S. Bank, 10 $
not even propose TO pro luce such a result
but mo1eSilv assumes its sole funct;ons 10
tie, Il e COLLECTION and disbursement of the
public 1everues.
IF this be extent of the measure. It's
adoption bv no means disTc nscs with tie
necessity or NatonaI Ba k, for L col
lcction and disbursement of the revenues,
wo I'D const tute but a small portion of the
functions of such an ins''tut on. II, on
the other hand, it is intended, as it doubt
6 less is. that sub treasury, shall furnish
paper currency, in TIE shape ofts draf 5
aud c.eckS, then it will constitute, to al
;nfents and purposes Ii GNernm lit Dark
under the control Of the executive; vvhs,
: the wings of all things, most fear and abb
hor.
am therefore opposed to the Sub treas
urv Sc eme. rot ONLY on account of lis n.
/ trins,c and tsseniial defects as financisl
svS'em, but also because il proI in It's
, Sc fish policy, to protect the government
AID not the people, and processes TO con-
) fire its berefs entirely TO the fbrn7er.
believe people of the u. S. require
ard are entitled from some source, TO a
good. sound and convenient currency.
10 rot believe gold ard silver alo g can
furnish it | not teltve tie stale banks
, alole can furnish it. | do bflieve the OBJ
iect can be accomplished ty the charter o
National B nix, and that Congress ha.
$ the consltu'io al power TO grant such {
, charter. Scorer or later the people vii
comrel them TO do II. The present sSs
y TEN oftEiags cannot be submitted to mucl
longer. Trades against banks and credit
NAV Tor q moment tickle the ear. but trey
: afford 10 relief 20 the suff, rgs of an out
:, rarcd AID BETRAYED commu ity.-To
) PEG l. have hcen waiting long time 70
!. relic ON the measures ofthe domlnan
party. T ev are Tow 10 king in anothe
Quarter. Trey demand some betterargu
= meat against a National Bank than tn
pons appiehens ons of The advocates q
!" The sub-treasurv: ard a tier mos'el FL
= tie conduct oftheir affairs, than the Islam
of Cuba, that colonial vassal, of tie wors
:, governed nation ON earth.
1t is in vain to talk, even if TIE thin
we're desiratl,. of Grad eating all the stat
:. banks; il could be effected only by a SUI
: render. on the part oe all the states, Of I'll
mower to charter such institutions. L
: suppose this surrender will be made,
:. absurd. Even should it, TIE present ger
:. eift on could not attain I e proposed oil
!, eft. The larger portion of tire banks no.
= + existence in the Uated States are pre-
tec,ed b. the sanctiiy of contract ar
:, shielded bv TIE strong arm OF tie conSt
- tuition. A majority of them cannot
got rid of without their own consent, III
!, : rs the people see fit TO follow the advle
:, % certain desperate and miserable part
= saus of the administration, and supple
! them by physical force,
. / DO no, apprehend that my countr
he men will fo'ow such wicked counsel.
=, take il then for granted thai, in son
ca | shape or other. the banking system "
M COZ, ME to exist. al least during our &c
oil Grafton. This being the case, the refus
sfl to establish a National Bank will rot I
" 1eve the country from the curse, as scr
nd are p-east.d totcrm.it Of a paper currenc
the All lie evils which can possibly BIZ PREF
IN Gated upon National Bank, with ma
% more. are likely to result from tie PRISE
In. svs e- Il, which tie latter is incapable