Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-09-28

pre- specie "a more exponent H every PiAn CT tief
.han 10 collect d ia ihe paper ol hanks; State ZIG
National, such an Institution therefore s neither
necessary ulT proper. Tie degree OF ucccssiiy
conlemp plated 10y toe Constitution, 90 warrant ihc
exercise Of any power not expressly delegated is
osf5Aiie necessity.
There Is 90 delegated power n Che constitution
10 regulate ihe curcary. The dulles Of govern
neni IN relation 10 this subject IRE expressly con
fined 10 the coinage, which proves that specie wcs
the constitutional currency intended 20 be used
BY the government, as understood by The iIamers
OF the constitution. They were bard money
men. They had passed Though scenes similar
TO those through @liich the country IS now giop.
ing its darkoned way. They Compensated the |
evils Of the paper system, and dad not intend n |
confer on Congress the power TO make paper |
money, else, they would have coupled i With the
coinage.
The opposition arc not agreed among them
selves, which shall be adopted as custodian Of the
public money, National Bank or select num-
Der of the State banks. Mf. Clay urges a Ma
iional Bank. The whig party IN New York not
long since repudiaied a National Bank, and
their State address deEiad that the Wing party
was pledged to It's support The wing conyen.
ton IN this State, through rs organs, reecomnen-
ded National Bank; their candidates for Con-
gress canvass as bank men. while the Wing can
didate loi Governor, Mr.. Turner, Is said 70 he
electoneoFIng as AN ayowed anti bank man. -
Such are the discotdant materials Of which this
party is composed aud so Iiuie have they any
principle in common, except deadly hostility to
tho republican measures OF this administration.
Their only bond Of action is, TO turn out the
present incumbent and thrust in themselves.
THE SAFETY OF THE MONEY UNDER
THE TWO PLANS.
For the safety Of the money. the United States
Bank could offer IFS capital as security, The IN
tegrIty OF the various Offices, and the safes and
strong boxes Of the bank. The money would be
kept by the mother banks and some twenty five
or Thirty branches, with from two hundred aud fifty
10 three hundred bank officers and clerks, aho
must be trusted in greater OF less degree. The
number Of State banks and their officers, would
not vary much from The above estimate, II the
State bank plan should be accepted. In addition
10 the IRISH Of the dishonesty Of ihls number o
bank directors, there Is the additional one Of al
the hazatda which attend The banks, from the FAC
that they are subject to oil he rcyulasons Of trade
Of commerce., aud The fluctuations Of paper mo
ney. These, although mol easily calculated ar
always immense. The National Bank might fail
or dsspate IFS capital stock, and then The govern
menl having no security whatever, would lose al
its revenues Ncr is this supposilion ut all i'm
probable. The United States Bank was on tn
verge Of bankruptcy in 1910, and the pfesen
Bank Of Pennsylvania, although declared by AlI
Biddle To be stronger than the former bank, sus
pended specie payments IN 1887. The risa !
the Government as well as TO the backs, must 81
ways be considerable from tho misconduct Of III
officers and clerks fSsaimo-t every mail brine
hdings Of ~sofbenes aud fight by some one {
theu&s IN employing State banks security ha
Heretofore been required.
The Constitutional Treasury proposes that III
officers Of the Government, who collect the rev
nuc, shall keep and pay i out when required. F'
the faithful discharge OF tins duty they arc und
cath iler s,,,a haauAt hos,dnt mem eum,siad i
Imprisonment IN the peutontlay II they use or en-
bezzlc the money. For tho security Of the mont
they have the same snfes and chests as the bank
II a bank cmbez2los the money II cannot be pu
lshed penalty.
WIZ The money not be safer in the hand of i
dwlduals selected for pobity and honor, und
such guatds, than IN the hands Of banking nstit
tIons, Which defy alike the bchosts Of the law
precepls Of morality and common honesty J.
When We see banks daily violating their conlroc
and good faith with impunIty, and committing nc
Of fraud aud pofiidy that would forever disgra
private citizen, is il not absurd TO say that the
institutions are moro trustworthy than the hone
tfeemen Of Tho counlryl Such an assertion is
insult e the intelligence, honesty and PATRIOTS
Of Inc people, and ycI it Is the common urgumt
oE our opponents.
THE EXPENSES OF THE TWO
SYSTEMS.
The chairman Of the committee who repor
tho Sub. Treasury bill, estimated an expense
ten thousand dollars for the preparation OF I
buildings vaults, Sc, one NJ ST. Louis, to
erected, aud the custom.hnuso 70 be fitted ur
Charleston. BY the Sub Treasury bill the 7
sent officers ate 10 keep the money without any
d,ienal compensation. To these the bill proF
es 10 add four new officers, whose combined 81
rIes are not to be less than eight, nor more 4
twelve thousand dollars From six TO twt
clerks are also to be added, whose aggregate
will be from sixio twelve thousand dollars. L
twenty.fouf housand dollars annually is the wi
permanent expense of this much abused
Treasury system, TO support which tho coui
IS grayely told, Will lmpoveFlsh the Treasury
The National Bank and the pet banks rec
lng the money on general deposHe, charge
thing directly but he use Of the money for ks
ing it. But what is this twenty four thousand
lars compared with what the country loses by
disorder Of the currency and business, by
bank using the money IN banking operations
producing continual throes and commissions
What Is Il compared with the loss on depreer
money aud the time has often been when
notes oil The United States Bark were worth II
less than specie What is this sum comp
with the millions which the Government is c
PEELED t. lay Out Of, and lose in case Of sus
sion Of specie payments The present u
G,res Rank did suspend and would have