Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-01-14

OF me general prosperity of our own
country, and the profitable expectation Of |
The surplus produce of our laborq
The circumstances to which have
thus adverted appear to me 10 afford weigh
y reasons, developed BY late events, 10
be added to those which | have on former
occasions: offered, when Submitting to
your better knowledge and discernment
the propriety Of separating the. custody Of
the public money from banking insiitu-
lions. Nor has any thing occurred to
lessen, in my opinion, the force of what |
has been heretofore urged. The only
ground on which that custody can be de- |
sired by the banks, is the profitable use
which they may make of themoney.--
Such use would be regarded in indiyidu-
ais as breach Of trust, or a crime Of
great magnitude, and yet itmay be rea-
sonably doubted whether first and last, it
is not attended with moro mschievous
consequences, when permitted by the for
mer than by the latter. The practice of
permitting The public money to be used by
its keepers as here, is believed TO be pc
culiarto this country, and 10 exist scarce
" any where else. To procure it here,
improper influences are appealed to; I'M
wise connections are established. between
the Government and vast numbers fpow-
erful State institutions other motives
than the public good are brought so bear
both on the Executive and Legislative de-
partments, and selfish combinations lead
ing TO special Legislation, are formed. If
the interest of NEUTRALITY-SUSPICIOUS. and their
stockholders throughout the Union to use
their exeruons for the increase oftaxation
and the accumulation Of a surplus revenue
and, while an excuseis afforded, the means
are furnished for those excessive issues
which lead to extravagant trading and
speculation, and are the forerunners of a
vast debt abroad, and suspension of the
banks at home.
Impressed, therefore, as ! am, with the
propriety of the funds of the Government
being with drawn from the private use of
either banks or individuals, and the public
money kept by duly appointed agents
and believing, as | do, that such also is
the judgment which discussion, reflection,
and experience have produced on the pub
lie mind, leave The subject with you. 1t
is at all events, essential to the interests of
the community and the business of the
Government, that a decision should be
made.
Most Of the arguments that dissuade us
from employing banks, in the custody and
disbursement ofthe public money, apply
with equal force to the receipt of their
notes for public dues, The difference is
only in form. In one instance, the Gov
eminent is creditor for its deposites and
in the other for the notes it holds. They
afford the same opportunity for using the
public moneys, and equally lead to all the
evils attendant upon it, since bank can
as safely extend its discounts on depos.
lie eff its notes in the hands Of public off,
Ger as on one made in its own vaults. On
the other hond,it would give to lie Govern
mcnt no greater security, for, in case of
failure, the claim of the note holder would
be better than that Of a depositor.
I am aware that the danger ofincon-
venience 10 the public, and the unreason-
able pressure upon sound banks, .have been
urged as objections to requiring the pay
ment Of the revenue in gold and silver
These objections have been greatly axag-
gerated. From the best estimates we
may safely fix the amount Of specie in the
country at eighty five millions of dollars,
and the portion of that which would be
employed at any one fine in the receipts
and disbursements of the Government, e.
ven if the proposed changes were made at
once, would not, it is now after fuller in
vestigations, believed, exceed four or FIVE
millions. 1.-THE change were gradual, Sc.
veral years would elapse before that sum
would be required, with annual opporluni-
ties in the mean time 10 alter the law,
should experience prove ito beoppressive
or inconvenient. The portions of the
community on whose business the change
would Immediately operate, are compare
lively small, nor is it believed that its eff
feet would be in the least unjust or injuri.
Gus to them.
In the payment of duties, which consti-
tuteby far the greater portion ofthe reve-
nue., very large proportion is deriv-
! ed from foreign commission houses
and agents of foreign manufactures, who
sell the goods consigned to them, general
| ly, at auction, and after paying the duties
out of the ayails, remit the rest abroad ir
specie or its equivalent. That the amount
|,of duties should, in such. cases, be also re.
tanned in specie, can hardly be made Q
matter of complaint. Our own importing
merchants, by whom the residue of the du
ties is paid, are not only peculiarly inter.
Tested in maintaining q sound currency
which the measure in question will espe
Gladly promote, but are from the nature Of
their dealings, best able to know when .spe
Gle will be needed, andto procure it will
the least difficulty or sacrifice. Residing
too, almost universally in piaces where
the revenue, and where the drafts useC
! by Government Tor its disbursements mus
concentrate, they have every opportuni u
TO obtain and use them in place of specie
should it be for their interest or conven
fence. Ofthe number of these drafts, anC
the facilities they may afford, as we'll as o
the rapidly with which the public fund
are drawn and disbursed, an idea may b.
formed from the fact that, of nearly TWEEN
| ty MILLIONS of dollars paid TO collectors ant
receivers during the present year, the ay
erage amount in their hands at any timt
has not .exceededa million and hall; am
Of the fifteen millions received BY the col
lector of New York alone during the pre-.
sent. year, the average amount held b.
him, subject 10 draft during each week
has been less than half million.