Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-11-19

THE EFFECTS OF Loco FocO MIsRULE.-- |
From the best information we can gain, j: ap-
pears that most of the States are compelled to
suspend, or give up in toto their several works
Of Internal improvements, after having expen-
ded on them millions of dollars. This is occa-
stoned solely by the disorganizing policy adop-
ted by General Jackson. and pursued by Mar
tin Van Buren,, which has disjointed business
of every character, and upset the affairs of the
whole country. And we not only make this
assertion, but we will also proceed to state the
reasons for so doing; and in the end, if we do
not prove that our position is correct, then we
will acknowledge ourself in great error 1t is
contended by some that the States have taken
the responsibility of going too far ahead in
this matter, and have incurred liabilities which
they are unable to discharge, as well as under
taken works Of greater magnitude than they
have abilIy to complete. This may be so.-
But why did they do this +! The answer is !:
When the DepOsites were removed from the
United States Bank, placed into the vaults of
the local and State institutions, and that corpo-
ration destroyed by refusal to sanction the
charter, by the Executive, after it had been
granted by Congress, the country became
flooded with the issues of the local institutions.
that sprung up without number, to supply the
vacuum created by the withdrawal of the cir
culation formerly supplied by the National
Bank-which not only did supply, nominally,
the amount of paper withdrawn, but a great
deal more and the consequence of this redun-
dant issue was great apparent, though not real,
5 prosperity. This being the posture of affairs,
the Stale Governments as well as individu-
ais, began to look around and TO calculate
whatcou be done 10 advance the respective
interests, importance and prosperity of EACH
thereby intending to benefit their citizens by
rapid advancement in State enterprize. Or
/, reviewing the several subjects, the prospect
appeared fair and the way open. On the one
hand was the country teeming with rich pro
, ducts, and on the other, commerce spreading
her white sails on the bosom Of every sea ant
: in every cline.
G The Nation was free of debt, and larg,
! surplus in the Treasury besides. Confdenc,
/. prevailed at home, and the creditof our citizen
s was respected abroad In word, everythin!
r, appeared glorious, and the affairs of men wen
/ on swimmingly; and there appeared nothing il
e the way to impede the enterprise of any VIII
I chose to embark.
This was the state Of affairs, when most {
: the States began to move in the great works
many of which are yet on hand in a state {
q incompletion, with the prospect now as gloom
, as the beginning was bright and suspicious
d And why is this! the answer is from th
!. first these things were not real
RI The system thus introduced was bloated an
Al unsound: the prosperity that seemed to pre-
d vail was not genuine: the aspect that thing
N wore was fictitious and undurable. TIL
2. country had not grown SO rich as appearance
! indicated; for, the productive labor, whic
alone can avail wealth, had increased in but
nf small ratio whilst the consumptive deman,
only, had rapidly advanced, upon an inpropt
basis. Here, them must be stopping plac
so soon as the former began to claim remunel
ationfrom the latter, which was unable to a
y ford tangible satisfaction, i.e to pay for wha
ever was had, when, Of course the whole mu