Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-05-12

4
than to resort TO creation of Stock
for the purposes Of loan. Ii would
not be necessary, said the advocates oil
the scheme, TO repeat the experiment
as the deficit in the revenue would not
be regarded as permanent. Butt aras
nevertheless repeated. Twice the
government put forth its ten millions of
Treasury Notes, But in order 10 avoid
any agitation of the public mind, and
to cloak the ultimate design more GER
tainly, the Administration permitted
These issues to be returned upon the
Treasury Department and cancelled.
Thus the people were to be accustom-
ed TO this species of paper currency, by
degrees. In the mean time the war
fare upon commerce and business
was SO holly pressed, that the original
cause still existed for renewed issues of
government paper. The revenue is
still inadequate to sustain the public
expenditure, True the Chairman of
the Finance Committee in the House
of Representatives, when explaining
the necessity for third batch of Treas
ury Notes, alleged that it was wanted
only TO anticipate the receipts of the
last half of the present year, in the first
part thereof; and indeed, that had the
| Deposite Banks paid up a balance Of
about 100000 still due from them,
no new Notes would have been requir-
ed at all. Upon this pretext, that
| 100000 of the public dues could not
be realized, the administration resoly-
ed TO issue FIVE MILLIONS ofTreasury
Notes, and less flee millions should not
supply his wants, Mr.. Woodbury. is
empowered to reissue them as often
as they are paid into the Treasury
Thus is another step, in the organiza-
ton of a government Bank, accom-
plished. That which was resorted to
as measure of temporary relief, now
becomes a permanent system. The
people having been familiaFised TO gov
eminent paper, as substitute for
empty Treasury vaults, are asked to
go a little farther, and try the efficacy
of regular issues of that species of pa
per money. Heretofore when the
Secretary Of the Treasury put out his
money, it was at the risk Of being paid
back in the shape of duties, the very
next day, and if it was SO paid back,
it was cancelled and Withdrawn entire
ly. But by the act recently passed,
Mr.. Woodbury. is authorised TO pay
out as much as he receives, and TO keep
constantly in circulation, the whole
sum of S5, 100000 1t will probably
be re-issued five or six times in the
course of twelve months, and thus we
shall have the new government bank
putting out twenty FIVE or thirty mill
, ions of paper circulation during the en-
suing year.
1t is the fixed purpose of the Adj
: ministration to fasten this system upon
the country. Nothing but its own ex-
ltinction can arrest the object. IL Mr..
Van Buren, is reelected, we can in no
wise escape from the yoke of this vast
: and gigantic scheme. Next year a
subservient Congress will enlarge its
iscope. The Secretary of the Treas
ury will be invested with new powers.
The Sub-Treasury system will be in
h operation, and its gradual construct
!, ion Of the paper money of the Banks
n will make larger issues of Treasury
# Notes desirable and necessary. Even
tually bank paper will be altogether
| excluded from the public Treasury,
1 and all the receipts Of the revenue, of
! every description, will be in coin and
) government paper. The Colossus
) of a great monied power, ema-
? mating from and sustaining the gov
; Notwithstanding all the business
} Operations of the people, and perpet-
! uating certain dynasty in the Ad-
ministration of Public affaits-wiIl
besuide the Republic, and subverting
; the Constitution and the liberties OF
| the country, convert it into an oligar-
! chy.
From this destiny, one event alone
: can save us-THE ELECTION OF GEN
, HARRISON. If Mr.. Van Buren, is
successful, this stspendous govern
ment machine will be perfected-be
will appoint his successor, Benton OIL
Calhoun-the influence of the office
holders, becomes an elementary prin-
ciple of the supreme power-public
opinion will be dictated at the Capitol
the people will humbly ask theil
rulers what measures they will be re-
CURED to support-and, dsspotisn sue
! ceeds!
0It is due to Mr.. Benton TO add
, that he had the consistency and lnde-
J pendence to speak and voteagainstthe
Treasury Note Bill.
! Messrs. Wright and Grundy haG
e not themanliness tovote for or ogaias
! it.
t Magnetic Ieeth.-The Philadel
b phia Ledger says that somebody il
!. New Orleans hos ;nvantad u,a0natsf