Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-04-28
4 srRnNG A0CuMENT.

ever read-beinp speech recently deliv-
cred at Abingdon by the Hon. John camp
bell, late Treasurer of the .. States Mr..
Campbell was in office several years. ana
enjoyed peculiar opportunities OF acquiring
a tho rough and practical knowledge OF
our financial affairs. He sums up his OBJ
iections to the sub-Treasury scheme IN
the following very striking and torciole
remarks:
| hope, fellow citizens, have made my
self understood. care nothing about
phraseology, i'll can be Ineligible. Inns
is the substance Of my argument--lhat
this sub Treasury system, which requires
the people to.pay up all their public dues
in specie, can be of no benefit TO the mass
OF the people. That so far as the general
government is concerned, it has been tried
by regulation of the Treasury Depart
ment, after the banks had suspended spe-
Gle payments in 1887 and that time and
experience, the best test of knowledge, has
proved, it can bring no good TO the peo-
| pie. That the great mass OF the people
will be compelled from the nature of our
political system, and from habit, to use
bank paper or government paper, from It's
convenience and great facilities.
That a government paper system would
be attended with infinite more mischief
than the banking system. That if the
banks were all to be put down, the paper
system would rise up Immediately in some
other form. That as the people are COM
PEELED from the necessity of the case to
take paper in their ordinary transactions,
and for every thing they sell, the govern
ment ought rot to require of them pay
ment OF specie in its collection of the pub
lie dues.
That tho revenue flows out of the
Treasury in discharge Of the public debts
as fast as it flows in payment of the public
dues, and instead of flowing into the CIR
culaton from tie SUBJ Treasures, it will
flow directly into the banks, if at par, and
that the paper will be used IN lieu Of it
in consequence of its superior conUen-
fence.
That the paper will be the circulating
medium, wLpscr. il is at par or below par.
Whether tie banks suspend or arc making
specie payments. That if the paper is al
PR or equivalent to specie, it will always
be preferred to it because it is more con.
yenient. lit is below par, that then the
specie collected by the government anG
paid out to its officers, will be sold for {
premium and not 90 into the circulation
as we have seen illustrated at the seat o.
government, when tho banks suspended
specie payments in 1887 That the pep
pie of this country, at al distance from
banks, at time of great pressure in the
money market, will find difficulty in OBJ
taining specie to pay their public dues, anC
that their property must be sacrificed as
necessary consequence of specie if de
manJed for taxes, and that the public mo
ney would be rendered more Unsafe in tn,
hands of indiy duaIs appointed by tn,
President, and removable at his pleasure
than in the hands of good sound bank
that have no legs and can't run off. Tha
nothing Of any consequence has ever bcel
lost by the banks, except during Mr.. Craw
ford's administration of the Treasury De
parment who transferred the public money
into banks, not for safe keeping, but +
prevent them from breaking. That al
though tho banks have suspended speci
payments in late years, in which were de
posted the public money they have no
proved insolyent, and have paid, or will b
able TO pay, every cent they owe the gov
eminent. That the mere circumstanc
ofthe banks suspending specie payment
is no more evidence of their insovenc'
than the refusal of an individual to pay
bebt on The day it was due, was evidenc
ofhs bankruptcy. That the state govern
ments have sustained their banks in thei
suspensions, showing that they though
under the circumstances it was best 70
the community, that they should hav
done SO. That if these banks that hay
suspended are to be regarded as insolven
] and called Bankrupt Banks" how does
} happen that their notes buy every thin.
now they did before they suspended ?
That ali the clamor againstthe paper sys
tenn, IS useless TO say the least of it, an
the statesman who supposes he can bene
ut the people by it, and give them spe
Gle circulation, only affords evidence tina
he intends to deceive them, or that he
unfit from his ignorance to be intruste
with the public confidence. That tn
: subject Of the currency is very dIfficu
n and intricate one, and ought to be l.
e alone when in tolerable good state
n That experiments ought not to be mad
\ upon it without the experimenters ha
I given some evidence they were masters {
e their subject, and that more mischief ha
been done to it by financial quacks" an
pretenders, than all the other classes {
society put together.
Here are 26 governments all sovcreig
and independent of each other, and CON
: pletely sovereign in relation to the subieC
Of Banking. If we were even to suppos
: what never will happen, and what neve
: can happen as long as they exis; as indie
/. pendent Governments, that two thirds
the States Of this Union, would put dow
: their banks, the remaining third would ful
: nlsh paper system for the whole Union
: Pennsylvania and New York can do it,
e And yet we are told by listing uishe
o Senator the United States; the confide,
# tlal friend and orgon of the President, Q
the subject of currency, that the Gener
Government can effect what Bonapar
e performed III the French nation. Thu
ID the General Government has the san
10 power over the currency ofthe % State
that military despot, holding in his oac
hands the reinS of power and 0ivino d;ra,