Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-09-23


that be can, BY this rase. prevent them from /
examining into toe causes Of their present
troubles. The gentleman says that there have
been oyei-issues by the Banks over-tradng
by the People, &c. |, SIR, have not time 20
investigate this mater closely; bct il has been
examined repeatedly, both ia ihis and The late
Congress, and proved beyond the possibility of
doubt that the destruction q Las Bank Of the
| United states and he after policy OF the adj
minlstration caused those over-issues of u hieh /
! the gentleman complains. The very state of
things now existing was predicted by The Oppo-
sltlon previous to its destruction. We were
told, sir, by the friends Of the then existing adj
ministraton, that the State corporations would |
furnish better currency; that money would be |
more plentiful and that money was to be all
gold or silver-no Bank paper But no SCORER
was the bill rechartering the Bank Of the Uni-
ted States vetoed and the deposi'es removed
from its care, than we had message after mes
sage landing the State Banks. In 1874, the
President proclaimed TO Congress that "tie
State Banks are found fully adequate to the
Performance Of sll services winch were requir-
ed of the Bank of the United States quite as
promptly, and with the same chez pness." In
1885, the President in his message again as
sures Congress that he State Banks continued
TO realize every expectation enteuained offheir
capacity o serve the purpoees of Government.
In 1896, the President again tod Congress that
the State Banks still performed all the duties
. required of them. Every administration paper
f III The Union echoed Their praise. The Secre-
tary Of the Treasury, Mr.. fancy, urged upon
the several DepOsite 9anks to INCREASE their
/ discounts, and gave as a reason that "the Ge-
! posltes Of the public money will enable yO1'to
! afford increased facilities" Banks were Sc
lec'ed as public repositories merely on account
OF tie party bias O. those who controlled their
!. affairs, as will appear by the published cores
: pondenee of certain institutions IN lew York,
o and other parts of the Un'on. 4sccordrnG to
. the Recommendation Of the Secretary Of the
5 Treasury they did extend their issues, and
!, sDeculation-unpreceden expansion, be-
. came The result. Then came the ~Pecie r.
o cular, and the very crisis which the opposition
= had always predcted FL with appalling force
= upon us; and ever since tina, time he Country,
IKE a drunken man, has been reeing 10 and ir1
b, uDGer the influence of tie noxous draught ad-
x mJnistered by the political empires OF that day.
!, This, sir, Is a brief sketch Of the causes Of the
over-iSsues TO which are attributed the present
n embarrassnle nts OF the country. But, SIT, Il
Encouragement of Banks and over-iSsues are
b, to be alluded to party point OF view, would
|
!, States where the administration party had the
n control. will instance Mississippi, Alabama
y &c Those States, sir, a. e edifying specimen.
a, nf administration fuanciering. II is useless
4 sir, 70 attempt % satisfy the People any longe
r. with fine-spun theories or specious promises
I II is in vain to ask them 10 submit TO an NOR
h. | experiments. Theyare determined 70 have
al ;haBge in the administration They can &c
r.. collect that but a few years since they had
he sound currency, good markets, and cons. an
p, employment for their industry. hey know
IS that there mas been m'smanagemP Soulelebe7t
To- | Their present condition cannot be rendere
20 more distressing Any change must be for III
nj better, and therefore a change they will have
on This, sir, is the language of common sens, a
If. nov coming from the mass of the People
to But, sir, perceive that the admnlstra''o
ed party here affect to sneer, as usual AT the as
or sertion made by myself and others, that gene
al distress pervade> the country. know, 81
he that gentlemen have said haiti Is bat ina !
an, ! arv. One gentleman, or. DunCan) III h
,cb speech. has tod Us thrt, il tn People are en-
icp barrassed, he would advise them 80 take c
4 y their coats and 90 to work" TINS languag
r;ll sir, may suit an administration rolling IN veal
,air and splendor; il NAV come with fitting era;
DTg from the supporers Of men who are rece'Vr
de- large salaries in god and silver, and actual
nle proftine by the arrangement Of ne curTeCc
I've But Itch Foj sir. that the People Viii kno
oc bow to appreciate and TO answer sucn uniet
"a NO, heartless, cod-boodcd and insolen' Ia
nsJ guage They have had their coa's atF; tn
anti have labored; trey have valulY used eve
nv effort to obtain the de reward Of hat iabC
rive and now the products Of the agricultural COZ
,on, munity are still remaining unsuld or, if d'spC
4 ~ ed OF, it has been at q ruinous sacrifice. A
cor even now the farmer is sowing and plauu
reS- without hope of remuneration. He knows
q T whether the sweat-drops OF long summe
tho labor will avail him aught. In the present {
4, is rangement of all business operations the calt
laticns even of the most sagacIous fai and
gentlemen, as an answer to the every da
experience Of these truths, return the Old Z
swer that the administration IS no: responslt
and attribute it all to the Banks. Sir, the
ministration is responsible. II is It's exploC
onal and exploding experiments winch have oc
1ugh stoned this state of things. lis tainperngs.
nile reckless disregard for every interest, lis de-
i'm. mination 10 susi am itself IN power az ev
Nth hazard, It's execrable attempts to chez
,uht- enterprise and asslmliate the condition of
hing Am ,rican People to that of the mOnarchie
Lur pc. Sir, one weeks arrangement Of
have active industry of Il is country greater
, and TO the country than if YOU were to throw
,surs whole capital of the Bank of the United st;
since into the Delaware. This, sir, is undenla
soon. ami yet we have Lad not only weeRs but y
were of constant arrangement; and the conseql
aor ces are nov hanging darkly as pail upon
in an country.
Iesst But, sir, as the gentleman from Virginia
,,rite loud in his denuncia'ion o: the Banks, and
,rnf1l thinks that the public money ought by
AXIS OF means to be placed in their keeping, will
so,lle passage from the report of the majority Of
i;ror', Investigating Committee, of which the get
min man vas member, and with which max
4 said he acted. After stating that the loss to
NJ amt Government of large surns might have
avoided by 9epositing in the Banks on So
h;eots dsposile. and emitting the Bank Of Amt
ii The and the Manhattan Bank as having been
2 me. as Repositories after they suspended specie
10 the n,entS, the Committee, on page ~, say:
:. with at is. then, apparent that, had The depoSi
,aiion. system at banks been continued, Mr.. Swart
1e adj could not have had money, beyond the &C
isripa. tions of single week, exceeding the Gu
expenses of his Office, 10 have retained on G
To the out of office; and the evidence OF his not
:, and ng diverted any previous to that time. anc
,iosely all previous collections were IN bank,
sir, IS have been regularly derived from the b
q hour as well as in Mr.. Swartwout's othcIal retu
,ducea shall have occasion, SIR, to refer to
he true report again; but in the meantime, mus
antici- mark that the genileman's opinions have
ipcinal tainy undergone a great change since IN
distress session of Congress- Il is useless Tor the
- . I..Ff hon