Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-04-07

tuul II WOthS Ou(C q Autt
luton in our republican system rs aalzlng
to the Executive power an irresistible en-
ergy, and enabling the President, in prac.
tice, habitually 10 set at naught the decls.
ions of the Legislative department; for
with the great influence his station confcrs
he can rarely, il ever, failto command a
third, of one or the other ofthe two Houses
of Congress, which would be sufficient TO
sustain his negative, and thus put in his
power, by his single fiat, to control all the
rest of both bodies Of the Legislature.
In relation to the dangerous schemes of
radical innovation heretofore recomn1en.
ded and encouraged by the President on
the subject of the currency, and so deeply
affecting those daily interests oflife, which
come home to the business and bosoms
ofmen," the late Message, instead of dis
closing any salutary modification of his
former opinions, ieprojuces those opin-
iors, In more naked, unequivocaI and
alarming form than they have ever, here
toiore, been presented. IT is evident,
whatever may have been said by his par
tlzans to the contrary, that he aims at a
total overthrow and destruction of the ex.
listing monetary system of the country and
not merely at safe and prudent reform
| of the errors and abuses which may have
attended it. After speaking of certain
gross irregularities in the course of bust
ness lately pursued by the Pennsylvania
Bank of the U. S. and one or two other,
banks, irregularities for which the system
in general, cannot, with justice BE held an
swerable for they consisted In an acknowl-
edged abandonment of the fundamental
principles and designs of banking, and "a
deviation" as the President himself says,
from the former course of business in
this country,') he proceeds to exhibit a
highly wrought picture of the evils and ca
lamities which ensued; and then pronoun-,
ces his " delenda est carthage" against
the whole system, in the sweeping declar-
alton that" these Consequences are in
herent in the present system-they are not
influenced by the banks being large or
small, created by National or State Coy
kernments-they are the results of the ir-
resistable laws of trade andcrediI." He
follows up this declaration with much
more about the evils of "a credit curren.
Cyl and the injuries inflicted "by the
resistzess laws of a credit currency and
credit trade, and, finally, after earnestly
urging the policy and duty of the General
| Government TO collect its dues and pay
its debts in gold and silver, he says very
significantly, that its example in so doing
would serve as ga rallying point by which
our whole country may be brought back to
Ethat safe and honored standard" Now
this certainly SOUNDS very much like an
exclusive hard money currency. It is
true that the President, in another part of
his Message says, that Gin a country so
commercial as ours, banks, in some form
will probably always exist" but it is evil
dent from what he says, in the same con-
nectcn, that he means to exclude banks of
circulation, as now existing, and if we
have banks at all. they are TO be banks of
deposite, confined in their Operations to
their specie oasis, or something Of that
sort, which would virtually operate TO all
! intents and purposes, as an exclusive hard
money currency
My purpose now is not to discuss these ex-
traordnary opinions and recommendations of
the President, or to point out the ruinious con-
sequences which so total revolution in the
monetary 81 stem of the country would bring
with it to every class of society, creditors and
salatied officers, as / have before remarked,
alone excepted. This has been done with far
more ability than l can pretend to, by one of
: the ablest AMI most distinguished writers on
] political economy III our country. (and Viz
I ginian too, am proud to say,) who though re-
moved from all connection with party politics,
has been so startled by the dangerous fallacies
of the Presidents Message, on subjects to
which be has devoted the chief study of his
life, that he has felt it duty, from which no
good citizen is exempt, to aid In exposing them.
You will find his views, (without his name,
| however, which his retired and unambitious
f course of Life has caused him to wish to be
, withheld from the public, but which, If known,
, could not fail to draw general attention, in a
letter recently addressed to representative In
: Congress, and published in the Madisonian OF
u the 2Sth and Both of last month. ] commend
5 1t to your attentive perusal, and most ar
: IDENTITY wish that it could be in the hands OF
Y every reading and rejecting man in the coun-
' try
will not touch upon the topics which he has
! so ably treated; but / cannot forbear to notice
4 the extraordinary and unprecedented tone oil
: dictation and denunciation, which the Presi-
It dent, in the fiery zeal with which he is ANNA
S ted for the propagation of his favorite schemes
+. has permitted himself to assume IL his message
n towards the sovereign States of the Union.-
He INDUCES in the most vehement animal.
versions on their systems of State policy. He
y invokes a ruthless spirit of determination
! against their Banking Institutions, '.by arhos,
If means he says the provisions of the Constitu
/ ton, authorizing Congress ''to coin money ana
), regulate the value thereof and prohibiting III,
; States "to coin money, emit bills of credit
: &c. have been s'prdcticaIy Subrerted" He
calls upon the States, "from whose legislation
J he says ''these evils have sprung,'' to ssapply
e the remcdy," aud especially to enforce San IN
= ferible execution of the laws against Bank
n which may have suspended specie payments
,fl or In other words rigidly to exact forfeitur
!, of their charters! After these imprecations OF
: the State Banks, he arraigns the State Legis
, latures for s'plungtngt herrespective States IN
e to embarrassment and debt telling them tia
l. tour people viii not long be insensibIe to tn
l. extent of the burthenS entailed upon them AM
,e holds up the States TO the view of the world
!. for their extravaganza and improvidence, il
such manner as cannot fail seriously to preiu
= dice their credit, whatever be their resources
y So vehement is his horror of the credit system
" that he seems to view with instructive aver
n, sion every thing which it may have assisted I
IN create, and proceeds to denounce those nobl
o. and mast useful State Improvements, whic
have caused the recent wilderness of Americ
TO sblossom as the rose" as splendid but i
. many instances proftless railroads and canal