Lexington union., 1841-01-16
Tnr InpEpENpENr TREASURY BmL.

SOlleCtOf.
The INDEpENDENr TREASURY BILL,
Mr.. Clay whom Gen. Harrison has
virtually named as his successor in office,
lost no time, after the assembling of Cons
gress, in bringing before that body a reso.
luton repeating Tho above bill. We
devoutiy hopo that this project OF MIR,
Clay 10 renew the dangerous uuion Of
bank and State, and thereby place into
the hands Of Irresponsible bankers, as
part Of their banking capital, the money Of
tho people, which they have paid into the
National Treasury for tho specific purpose
Of defraying the necessary expenses of
their government, may be signaIly defoat-
ed by the assembled wisdom OF the nation.
We regard such an union rs hostile TO
The genius Of our free institutions, deeteri-
Gus in the highest degree, to our best in-
terests, and as tending ultimately to the
destruction OF our liberties 1t clothes the
banker with exclusive privileges to which
he is in no wise entitled; it renders the
National Treasury, SO far dependent on
banks, that il may be reduced to bank
ruptcy by their improvIdcnt policy it
causes great expansions and contraction
in the circulating medium, by atfordng the
banks the means TO extend their circulation
when the Treasury is full, and compelling
them TO coutras. it, when great or unusual
disbursements nre TO be made, md as
necessary conSequence,lt arrays the whole
banking influence, which is ever great, in
favor Of high Tariff, and other means Of
creating a surplus reveuue, which, under
such a system wouI4 generally enhance the
profits Of banking.
The experience of the past has taught
IS to regard this union as pregnant with
he most dangerous consequences. Its
painful influence over the industry and
Of the country, has been palpn-
,ly experienced, and although the people
nay for time be misled as to the cause
Of the evils they have borne, yet we conf |
ienily trust, that The public eye will uIti.
nately discover the true cause, and that
he proper corrective will be applied. -
Under the influence of this iIstored union,
The banking institutions of the country
have extended their circulation with this
growing revenue, thereby increasing pri.
;es, and giving birh 10 mania of specu-
alton in foreign goods, ond will, unpro-
iuct've lands, that filled the Treasury with
Millions OF surplus, upon which they
increased the liabilities to hundreds of
Millions. When called on for this, the
peoples money, they have closed their
ioors and compelled nation with an
'verfiowlng Treasury 10 resort 10 loans to
ielray lis ordinary expenses, aud have
contra cted their circultion to the |
amount OF millions, thus causing incalcu.
able losses IN the community ,and bringing
bankruptcy and ruin TO the door of thou
lands. This is the system of things which
the finest man for the Presidency in the
Onlon," is now taxing his truly great
abilities to re-estahlish. Who will second
lis efforts! We hope his CO workers will
De but few.
We.leafn from some Of the Wing Jour.
ials, that the Hon John Henderson, the
Wing Senator from this State, has declared
lis determination to oppose Mr.. Clay's
epealing resolution. This intelligence is
ilndlng the ire of some of our Whig
riends.
Destruction of Property and Lfe.-There
vas destructive fire in New Orleans on
he 9th ut. by which large amount OF
property was destroyed, and thirteen lives
ost. Six individuals perished 10 The
lanes, and seven were crushed beneath
he crumbllng ruins.
The one Term Principle. c.--In the Sen.