Southern marksman. [volume] (Clinton, Miss.) 1838-1839, 1839-01-08

sustained. hese contained many good
provisions, but were, as whole, defective.
Many points which ought 10 be fixed by law
were left to Executive discretion, and ma
ny necessary safeguards were omitted.-
The appropriation it was proposed TO make
to carry the system into effect, was more
over, SO very parsimonious, that it would
probably have been impaired in practice
by ihat-cause alone if by no other. A
good system would cost more than the
trainers of these bills contemplated, but
there would be a great saving by it in the
end. 1t need not however, cost more than
one hundred thousand dollars year, and
! it is hardly rational TO expect to have for
less system which will work we'll in
practice, and embrace in its whole length
and breadth so extensive country as the
United States.
The Democratic party has, in discussing
this question, stood too much on the de-
! fensiye. 1t is time for il to change its at
titute, and push home the objections TO
the Deposite Bank system. We have room
10 mention only one or two among a null
titude.
The frstis, that so long as banks are our
fiscal agents, our fiscal affairs are liable to
arrangement whenever II may be the policy
of the English Government 10 expose us
10 financial embarrassments. England is
always the creditor country, and the Bank
of England is an instrument of the Gov,
eminent. The Ministry has only to sig.
Nifty its wishes, and that powerful institu-
ton can al once SO shape its operations as
to cause the banks of this country TO sus-
pend specie payments. 1t was, as is well
known, through certain measures taken by
the Hollanders, that Laws celebrated
bank at Paris was fist obliged TO suspend
specie payments; and afterwards through
the contrivances of the French that the
suspension ofspecie payments was brought
about in England. So numerous are the
banking and commercial connections
of the United States and Great Britain
and so great is the power of the
latter from her being a creditor country,
that our financers will be completely at Der
mercy if Bank and State be reunited
The secondIobiection is..shat members Of
Congress, by voting to deposlte the public
money in the banks, are, in many instances
only voting in an indirect way 10 lend the
public money to themselves. How can
bank, thus favored; reject an application
from ore to whom it is under such great
obligations? The member of Congress
lends the bank one hundred thousand dol
lars of the public money, how can the bank
refuse 10 lend him ten thousand of it,
The member Of Congress indeed pays, or
promises TO pay, interest for the sum Dor.
rowed, but il is a favor 10 get loan at
bank interest when the market rate is con-
sderably higher In this way many high
minded representative is caugh! in the trap
set for him before he is aware of his dan.
ger, and exposed to influences of the most
deleterious character Modern inventions
have entirely superseded the necessity for
the old modes of influence by bribery and
corruption.
IF we had room we could tales unfold
which would harrow up the souls of the
most jealous Conservatives" We could
tell how, among the deposite banks, there
was one that made a false return 10
the Treasury Department Of nearly mil |
lion of dollars in the amount of its avail
able means: how, through collision be-
tween the deposite banks and receivers of
public money, in some parts of the coun-
try, the orders sent to the Treasury De-
partmant were utterly disregarded. whereby
the currency Of those parts of The coun>
try was reduced 10 thirty per cent. below
par; how certain banks, under pretended
claims against the Government, withheld a
part of the public money, &c. &c. We !
then might 60 on to show how any depos-
lie bank might, by starting Fictitious claim
lay the Government under the necessity of
insii.uting suit at law, to get the public
service. But we should never have done
if we we.e>to attempt 10 state all the OBJ. |
jections to the Deposlte Bank system
The United States bank was indeed "a
MoKsTER"-a monster with twenty-five
horns--but then il had head. The league
of deposte banks was greater monster,
for il had eighty or ninety horns, and was
withouta head. 1t was, literally,
"Monstrum, horrendum, ingens, cui lnmen
ademptum.n
Re-establish this system, and 1t may do
very well, or seem to do very well, for a |
year or two; but Its inherent defects are
so great, that no mode of management
can, In the long run, prevent its inhicting
great evils on the community. The ulti- |
matum is National Bank or the Indepen-
dent Treasury System. The more INTEL
ligent and more candid of the Federalists
freely avow that they regard the Deposite
Bank system as ONLY halfway house.
And if any men who are truly Democrats
ic in their principles, view it in any other
light, we have only to hope that their con,
viction of their error may not come too
late to be of service TO their country.
Tho Indonandnnf rTraa r,1rxr SuSfnno nc