Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-10-14
10 the people Of Mississippi.

To the people of Mississippi.
AS the time is close at hand when
YOU will be called upon TO exercise the no.
best privilege known to Freemen, and to
choose betv cen the greet measures which
the two parties engaged in canvasslng tor
the presidency, advocate-namely, THE
SUB TREASURY, WITH A CRIPPLED and
UNSTABLE cURRENcY-OR A WELL
REGULATED SYSTEM OF BANKS.
afordng medium curreacy, Of eqaaioal-
ne. throughout the country; ii is our pres
ent purpose 10 lay before you, the views
of the present Van Buren, party on both
questions: expressed at different times,
through the high functlonares ofthe Gov
ernment, as well as through the columns
of the principal Journals of the party
of which must be considered as speaking
"By Authority" since what was then said
was not objected TO, by any friend of the
Administration.
"First, we will begin with the views OF
GEN. ANDREW JACKSON in relation
to BANKS, and the purpose they an
swered during the last icar. He says IN
a letter to William Duane, late Secretary
of the Treasury, dated Boston, June 26,
1888:
"It is unjust to the State banks"
(says hey "to attribute TO them the en-
barrassments Of the Government and
country, which led to the suspension OF
specie payments, and deprecated
paper currency; all those evils are at
tributable TO other causes.
sin consequence Of combinations
among men Of wealth, opposed to the
war, the requisite loans of money
could not be procured-disasters over
took our arms, for the want ofnecessa
ry supplies Of funds; and others were
threatened. If patriotism ever actua
ted banks, it was felt in the operations
of many Of the local banks at tina
gloomy period. At the hazard o
their existence, they furnished tn
means of raising armies and maintain
: ing them in the field; and it was i
their efforts to sustain the Governmer
that they so far crippled themselves a
5 TO be obligedto suspend the paymer
S of specie. Ifthe Bank Of the Unite
: States had then existed, it must hav
: done as the State banks did, or
S would have effected nothing in sur
! port Of the Government. If It Ia
h not joined the combination against II
e Government, it could not have flu
X nished the funds which the exigenci
of the country required, without So
pending the payment OF specie. |
1t stead Of hostility and persecution, t
4 Government owed the State ban
)" gratitude and support. Their cree
On during the whole war was as good
an its own; and without their aid, t
lis treasury musthave stopped payments
ng1 Coroboratve of what General Jacks
said Of the Banks, during thelate war, q
the valuable purpose they answered,
sr- enabling the Government to prosec
m that war 10 a successful termination, wi
30 the government had "no money" OF
~ own, we CHE the following testimony
~ James Monroe, late President Of the
ION States:
He says
la 81 we'll remember, however,
lrs, when / was called by the President
the the Department of War, on the 8
nee of August, 1914, the certificates OF
,est Treasury were selling at $50 in
ave 500, by which $50 were lost.
rch was evident that if reliance was !
rye ced on the sale ofthe certificates oil
With a still further decline would ems
and that the worst consequences mi
be apprehended. The country
the invaded through the whole inland
of maratime frontiers, and powe
and squadrons were at the mouth Of eV
He bay and river leading TO our primo
the cities. which were threatened will
the tack and ruin. The Metropolis of
n is, Union had been forced, and our !
lool lie buildings destroyed. Such
lists the state Of the country and the Fl
It all when I entered the Department
/, af- War. Under such circumstance
calls appeal was made to the patriotism
Iting interest Of the cities, and the b
within them, by the Departmen
War, with the sanction Of the Z
from dent, for loans ofmoney, necessar,
lind: their own defence, for that Of the
seem atime frontier, and the Union.
The the first loan that was obtained,
mil million Of dollars from the City Of
be at York, which took place in few
after entered the Department
prizes was fixed. As Treasury
i E were selling for $50 in the 500,
vem- was claimed, but not acceded 10
her was left for subsequent adjustmel
over be settled on fair principles. Sc
they millions ofdollars we're obtained