Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-10-03

else al their pleasure. Such power would De- sls
I 60 dangerous sbuses.
o. hH~ been indusif-usy circulated hy some
wing poiticaus q than The poWsf 60 issue Treasury
note, i- Gur olfle clause, of he Independent Treas
ary Ri Any ose who has red o. can testify 20
lhe contrary. There IS nothing mare untrue The
Treasury notes now 90 eircaatoo were issued by
consent uf a. parties go COugrc,s. ss Temporary
eSpcdlcui or the rc'ri Of the banks and importing
merchants that were owing thc Government large
amounts.
! Il is sad that "lhe public money woud be- safer
u United States Bank than 10 the Treasury Of
he United States d q Ifue that United States
Baak could offer 's capital strong bu1es sni the
integrity % is ulfeer for security. Tie money
Womb be- Kept in the mother Bank and soiuc tweu-
I, we branches. with from two 10 three hundred
clerks and officers who must be trusted in greater
or .rss degree. Among this number there mus, be
always sune risk ol dishonesty. In addition 20 this
from The very nature ola bank, Il would be liable
10 ose hy the revusions Of irnde and the auctua-
tons II paper money. This risk although not easi-
ly calculated, Is immense. TIE Nationa. Bank might
fail, dissipate IL capita stock, aud then the gov
eminent having ~ security whatever, would lose
all It's revenues Nor Is thIs suppnslion at vi I'M
probable. IN 1919 the United States Bank was on
the verge Of bankruptcy and tie present UNIrEp
STATES BLSK OF PENTsrLvAsn, although declared
BY Mn BlpDLE 10 be stronger Than the former bank
has suspended specie payments ttrtce SINCE 1887,
and is n3w considered lnsoyent.
The Constitutional Treasury provides that The Of
beers 0i the Gpyern1 ent, who collect the revenue
shall give bonds, amply secured to larger amount
than will lie placed IN their hands at any one time,
and that fany one ofliem uses, lends or permits
the pubic money to be ustd while in bis charge, he
shall be indicted az fsi0H and fined and imprisoned.
Now can you punish bank AMI make il hontsts-
II II uses your money, lean you mprlson il and fine
il: Can you disgrace II by making Il feiow
VIII not The money be safer ~ the hands of ndi-
ylduals selected Tor problty and honor, under such
guards, than N The hands Of banks which see vi
| dating their faith with impuaity, and committing
acts of fraud and pcrfty that would loreverl dis
grace private citizen Is moi absurd 10 say that
these institutions are more trustworthy than the
honest irecmen Of the country Such an assertion
is an insult 10 the intelligence, honesty and patriot
ISM OF the people, and yet Il is the common argu-
menl OF the wing party!
EFFECTS or THE INDEPENDENT TREAS.
URY AND THE BANK UPON THE GENER.
AL CURRENCY.
The federal government has no constitutional
power to apply any direct corrective to The evil ten
denotes OF the banking system. i belongs TO the
States, and ~ SUBJECT to their exclusive CONTROL
Even the advocates Of q National Bank place this
authority on the ground ofan incident o the coll
lection Of the revenue or an incident 10 some other
power
| BY The Independent Treasury Law, the revenue
ul the country viii be collected after the 30th ol June
| s43 In gold and silver CON. The weight oil the fed
eral revenue instead of contributing to accelerate
the DOWN ard course OF the banks as il has hereto
| lore done, VII then be thrown into the opposite
scale. The cxaclon of gold and silver ia payments
to tho government, besides diminishing the demand
| for bank paper, to the amount required for making
| n9 hu Ia tkat
aging rs issues, will create steady and constantly
recurring demand for specie, which the banks would
have 10 furnish and by which they will be daily re-
minded Of The necessity Of maintaining due proper
ton between their issues and the means OF rcdeemnr
them, aad viii thus be restrained from running INTO
excess II was by frequent demands for specie for
balances due by the nca banks TO the United STATES
Bank, that tha institution operated, 10 limited ex
| tent, as a check upon their issues and regulator
Of the Local currency; and there is to doubt
that similar demands for The purpose Of making pay
ments 10 The government would produce az least as
salutary an effect.
The Independent Treasury by checking the O.
yer acton of the banks will prevent excessive I'M
portaiion1 which has hitherto produced surpuses |
whereas National Bank being the custodian OF
the public money, has direct interest IN sumus- |
ttng excessive lmporations, that Il may receive and
bank upon The revenue and accommodating surplus
wholesome influence over State banks, in pre-
venting their excessive issues, that an lndepen-
dent Treasury will for a national bank often |
over issues itself, and then II loses ils poYer. 1t |
continually expands and contracts It's ISSUES, and
therefore there is no uniformity IN It's action on
the State banks II alternately stimulates them |
TO over action, by its own practice and example,
and then forces them to runous conlacons
which operate oppressvely on themselves aud the
business community. This is illustrated by the
conduct Of the United States Bank in lSl9-20
when, by receiving large Omount OF notes of the
State Banks, II stimulated them 10 over issue, be-
cause their notes held by the United States Bank,
were allowed TO remain unfedeemod, by paying
interest The reports of this institution show thai
they always had a large amount Of notes OF State
banks on hand, usually varying from two TO three
millions OF dollars, besides other debts and bal.
nnces.
In every point Of view, the influence of,he In
dependent Treasury upon the local currency, will
be much more saIulary than that Of National
Bank.
ABOLITION,
FELLow CITIZENS The necessity Of motto
ing the Aboltlousls Of the North, we acknowl-
edge with deep regret. few years ago their
number was so insignificant, that We treated
their mad schemes with msrited con,smpt; but
the systematic plan they havOl since pursued, and
the alarming rapdly with which they gain prose-
ytes TO their cause, render them and their designs,
objects no longer 10 be trihed with. Should We
pass this subject in slence--knowing their de-
signs and having the evidence IN our possession
we would be no, only rectesnl to the trust repos-
I'D IN us, but traitors TO the South
Many of you vii be surprised when we inform
you that the schemes Of the abolitlonsls alm di.
reciy at the overthrow Of the political, social, and
religious institutions oil the county. But thus
we will make appenr from their own derlarAt,ons