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

allowed. In our own States, where small
notes are excluded, gold and silver supply
their place. When driven to their hiding
places BY bank suspensions little firm
ness in the community soon restores them
IN sufficient quantity for ordinary pnrpo'
ses. Postage and other public dues have
been collected in coin, without serious IN
convenience, even in States where depre-
ciated paper currency has existed for
years, and this, with the aid Of Treasury
notes for part ofthe time, was done with
out interruption during the suspension OF
1887. AT the present moment, the re-
ceipts and disbursements Of thegoyern-
ment are made in legal currency IN the
largest portion of the Union--no one sug-
gests a departure from this rule and II !. It
can now be successfully carried out, twill
be surely attended with even less difficulty
when bank notes are again redeemed 10
specie.
Indeed cannot think that a serious OBJ
lection would any where be raised to the re-
ceipt and payment Of gold and silver all
public transactions were it not for an APP
prehension that surplus ir the Treasury
might withdraw a large portion Of It from
circulation, and lock it up unproatably in
thepublic vaults II would not, in my o.
pinion be difficult to prevent such an IN
from occurring; but the.au-
thentic statements which have already
submitted 10 you in regard to the actual
amount in the public Treasury at any one
time during the period embraced in them,
and the little probability cfa different state
of the Treasury for at least some years 10
come, seem to render it unnecessary to
dwell upon it. Congress, moreover, as
have before observed, will in every year
have an opportunity to guard against it,
should the occurrence of any circHmstan-
ces lead US 10 apprehend injury from this
source. Viewing the subject in all its as
poets, / cannot believe that any period
will be more suspicious than the present
for the adoption of all measures necessary
TO maintain the sanctity of our, own en-
gagements and to aid in securing the CON-
munity that abundant supply of the pre-
cious metals which adds so much to their
prosperity, and such increased stability to
all their dealings.
In country SO commercial as ours,
banks in some form viii probably always
exist; but this serves only to render il the
more incumbent on us, Notwithstanding
the discouragements of the past, TO strive
in our respective stations to mitigate the
evils they produce; TO take from them as
rapidly as the obligations of public faith
and careful consideration of the immedi.
ate interests of The community will per-
NIT, the unjust character of monopolies
to check so far as may be practicable by
prudent legislation, those temptations Of
interest. and those opportunities for dan.
gerous indulgence, which beset them or
every side; and to confne them strictly tc
the performance of their paramount duty
that ofaiding the operations of commerce
rather than consulting their own exclusive
advantage. These and other salutary re.
forms may, it is believed, be accomplished
without the violation ofany ofthe great
principles of the social compact the obser
vance of which is indispensable 10 its ex
istence, or interfering in any way with tin
useful and profitable employment of rea
capitui- .-----.---
Institutions so framed have existed ant
still exist elsewhere, giving TO Commercial
intercourse all necessary facilities, with
out initiating or depreciating the currency
or stimulating speculation. Thus accom-
piishing their legitimate ends, they hav'
gained the surest guarantee for their pro
lection and encouragement in the gooc
viii ofthe. community. Among peopl
so just as ours the same results could no
fail to attend a similar course. The direc
supervision ofthe banks belongs, from tn
nature of our Government, TO the States
who authorize them. It to their Legs
latures that the people must mainly lool
for action on that subject. But as th
conduct of the Federal Government in tn
management Of its revenue has also |
i powerful though less immediate influenc
upon them, it becomes our duty to see tina
a proper direction is given TO it. Whel
the keeping of the public revenue in a SCI
[.arate and Independent Treasury, and o
collecting ii in gold and silver, will have
salutary influence on the system of papel
credit with witch all banks are connectet
| and thus aid those that are sound and we
managed, it will at the same time sensibly
check such as are otherwise by at once
Withholding the means ofextravagance al
| forded by the pubic funds, and restraining
them from excessive issues of notes whic
they would be constantly called upon t,
redeem.
| am aware it has been urged that th
control may be best attained and exerte
by means ofa National Bank. The-con
| stitutional objections which | am we
known 10 entertain would prevent me j
4 any event from proposing or asserting t
/ that remedy but in addition to this | can
not, after past experience, bring myself t
think that it can any longer be extensive
81 lyregarded as effective for such pur
pose. The history of the late Nationa
Bank through all its mutations shows 3ha
it was not so. On the contrary, it may
| after a careful consideration ofthe subiec
be, think, safely stated that at every pc
ROD of banking excess it took the lead
that in 1917, and 1918, in 1923, in 1873
and in 1884, its vast expansions folowe
by distressing coAtractions, led to those {
the State institutions. 1t swelled an
maddened the tides ofthe banking system
!, but seldom allaysd or safely directed Their
1. At a few periods only was salutary. con
| troll. exercised, but an eager. desire, on til
4 CONTRARY. exhibited for nrnfif IN the f;r.
place; and il, afterwards its measure
were severe towards other institutions,
was because It's own safety compelled II /