Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-04-28

This siren voice which sings an annual |
song to us ofthe coming ofthc golden age |
we have heard for the last ten years
Those who can be guled by 1t have lived
in this world 10 little purpose, and know
little ofthe business habits of the people of
this country or of the principles of our
free Institutions.
Fellow. citizens, | have stated to you,
and repeat the remark, that experience
is the best test of truth. That these sys-
TENS we have tried and have witnessed
their failure with our own eyes, we should
have no confidence in. / witnessed the
practical Operations of the celebrated
specie circular as it was called which
was an order from the Treasury Depart
ment under the direction ofthe President
of the u. S. that nothing but specie should
be received in payment ofthe public lands.
To my certain knowledge it did not bring
one specie dollar into circulation among
the people. The lands were paid for in
specie, in the Treasury Office, and to the
receivers, and then the specie aoaS taken
back into the Banks instead of going into
circulation, and the public creditors who
had the Treasurer's drafts upon the banks,
took the notes of the banks in preference
to specie, because they were more conve-
nient. Any one of them could have had
the specie if they had chosen to receive 1t
but he preferred the notes.
The drafts that were given upon the
receivers in the West, were negotiated
,..,L A., DovI-c opd tho Qooly notoc xvara
taken, and the specie in the hands of the
receivers, went INTO the Banks instead of
into the circulation. | disbursed when at
Washington, abont 800 millions of the
public money before the banks suspended
specie payments, and near y the whole OF
that sum was paid in Bank notes, when
the public creditor had his option to take
specie or the Notes Why did the public
creditors, who had my drafts upon the
banks, take the notes in preference to spo-
Gle when they could have had the specie
if they had demanded it. No other an
swer can be given than that they pre-
ferrod the notes because they were more
convenient.
Here then, is fact which is conclusive
that the bank paper will be the circulation
of this country until it is substituted by
Government paper. The organs of the
administration have discIaimed all idea of
a Government paper system. 1t is now
admitted on all hands that the destiny of
this Republic is sealed forever, when the
circulating medium consists entirely of
paper issued under the authority Of the
General Government. Under such a sys-
tenn we need no longer talk about State
sovereigntIes or of the liberties of the peo-
pie. They will be at the feet of the Gen.
eral Government, and it must become a
simple CONSOLIDATED despotism. 1t would
soon hoard up in its vaults all the specie
Of the nation as is the case now in Russia
and the people would have the Govern.
ment paper as its representative. The
stream of specie would be constantly run
ming from the people in payment of their
taxes, under the sub.Treasury system, in.
10 the rauZtS Of the Government, whilst
the Government paper would flow out as
the circulating medium, until the whole
country would be drained of specie and
flooded with Government paper. Every
man then in the nation would be merely
a creditor of the Government, who held
any Of this Government paper in his peck
ct, and of course interested in sustaining
il in all its usurpations and despotism.-
Under such system, would it not be per.
feet mockery to talk about liberty Ii
this view of the subject, how can the Sub
Treasury system give a specie circula
ton The government creditor woule
do precisely as he did before the establish
ment ofthe Sub Treasury system when he
had his option to take the notes of banks
or specie, and always preferred the for.
mer.
If each man boards up specie to pay his
taxes, that don; put it in circulation. j
has exactly the contrary tendency. The
circulating medium, is that money which
the people generally receive when they
sell any thing, and pay out when they buy
any thing. Specie boarded up to pay
taxes would be used in neither buying OF
selling. 1t would be laid by TO meet the
demands of the government. When paid
up to the government, it would 90 off to
, the Sub Treasury vaults from thence, il
would be paid out to the government
claimant, who would sell it to a broker, il
it was ioorth more than Bank paper, and
take notes in exchange, or he would ex.
change it at bank for its paper, if it was
acorth no more than the paper. How
: then are the people to be benefited by the
system, which is to drain our country Of
specie, which will require them to hoard
up the little specie they may have ready
for the Sheriff when he comes around, OF
to have their property sacrificed for hall
its value, ifthey should be unable to obtain
.. it. The system, instead of giving us a
specie currency, viii drain the country
of it, and Danish it completely from circu.
latlon.
: If the system is to be confined to the
General Government, it can be of nc
conceivable benefit to the people. TIC
say nothing of the great losses that wi!
be. sustained by defalcations, by placing
the public money in the hands of i1divid
uals, it will increase the pressure in the
/, money market-multiply the suspensions
! OF specie payments-prolong their contin
uance, and instead of giving the people {
) specie circulation, will riyet upon then
completely, deprecated currency.
Felow-citiZens, am no bank partisan
> never borrowed a dollar or accepted
: favor from one of any kind. Holding