Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-10-21


much abused State Banks which it has
now become the policy of the party ia
power to decrv, | shall quote an extract
from Gen. Jackson's message on the SUBJ
ject of the removal of the deposites. After
INDUCING in much abuse, against the u.
S. Bank, the Gen. goes on to say in sup.
port Of the removal the deposites, "The
funds Of the Government will not be ami
hilated by being transferred, they will i'm
mediately be issued for the benefit of trade
and if the Bank of the u. S. curtals its
loans,th State Banks strengthened by the
public deposites will extend theirs, what
comes in through one bank will 90 out
through others, and the equilibrium will
be preserved. This was followed by a
circular from the secretary ofthe treasury
to the selected banks, directing them to
discount freely upon the public deposites.
These Banks in obedience to the direc-
tons Of the chief officer of the Federal
Government, and in accordance with their
own interests threw into circulation large
amounts of their paper to fill up the vac
uum, caused by the destruction of the u.
;. Bank. The opposition party, with
aforesight that appears now almost like
the inspiration of prophecy, saw the
cloud that was gathering in the political
sky, at the very verge of the horizon and
made the halls of legislation ring with
their eloquent denuaciations of these
measures, and their prophetic warnings
against the tempest that was lowering.
But like the prophecies of Cassandre, their
appeals were unheeded, their warnings
disregarded, the loco foco party carried
out their measures; the treasury of the
nation was scattered from one extremity
OF the Union to the other, and in the Ian
guage of the Globe was turned "into cap
ital for stockholders.
Swsrms of State Banks sprung up in
the golden streams that poured so pro-
tusely from executive patron age. The
administration party, infatuated with the
apparent success of their sche me, laudeC
to the very heavens this state Bank sys
tenn, and IN the course of two or three
years, more banks were created by dem
ocratic legislation than had been incorpo
rated for thirty years. before, their mum
Der rose from 800 to upwards of 500, ant
the banking capital ofthe country increas
ed from $50 to nearly 400 millions Q
, dollars. No State experienced in a create
} degree than Miss, the effects OF this bank
, ing mania; its banking capital rose from
: one 20 nearly seventy millions. The facil
ity afforded by these institutions of OF
) tanning money fostered a spirit of specu
ation which pervaded the whole country
t This unsubstantial and bloated conditio
5 the body polite was hailed by the admin
e lstratlon party, as genuine prosperity an
] as the happy result Of their wise and salt
e tary measures. But this baseless fabri
$ of visionary politicians, crumbled beneat
It the first touch pressure, left the the cou
n try overwhelmed with misery and rags.
= Owing to this excessive expansion on ii
d part of the banks. and the unwise Ell
y forcement of the Treasury Order by II
:, Government, a general suspension of sp
n Gle payments took place throughout II
d country. In the midst of the deluge
" ruin and distress that ensue6, Congre
n was convened, and all looked to the pre-
g ident with GREATNESS anxiety, for son
,r measure of relief to alleviate the sufferin,
n with which the country was convulsed
IS IFS centre, by the reckless folly and hea
S, strong measures of his party. But /
al cold and selfish message, whilst it embo
a. led the language of despot, exhibit,
n, the character Of the man; "Let the go
IN ernment," said he, stake care of itse
the people of themselves This, Mr.. Cha
man, is the language used to a repub
can people, whose government is the
servant, and provided for their benef
y by that man who seeks to be reinstat
u into that office which he has found
VI powerful for mischief bat SO impotent
o. good,