The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-06-18


effect Of Tie whole system. Tie aserage
sales Of ne public lands, for period often
years prior to 1884, had not much exceeded
$@,OOO,O00 per ennum. 10 1884, theyai-
tanned, "a round numbers 70 The amount Of
@8O00,000 d The succeeding year 81
1885, they reached 8l6000s000 And Is
the year 1886 they amounted rs the onofm-
Gus sum Of @25,00O00O. Thus crowdine
into the short space Of three vears. upwards
Of twenty-three years purchase Of ne pub
lie domain.
SO apparent had become The necessity Of
arressing this course Of things that the rs
ecuhye Department assumed the high ques-
uonaDle poworof Discriminating In the funds
10 be used 81 payment of different classes
OF public debtors; discrimination which
was doubtless designed to correct this most
rulnops state Of things BY the exaction Of
specie in an payments for the public lands,
but which could not al once arrest the tide
which had SO strongly set in. Hence the
demands for specie became uneeasing, and
corresponding prostration rapidly ensued un-i
der the necessities created with the Banks
to crtail their circulation.
Irecur to these things with no disposition
TO censure pre-existing administrations Of
the Government, but simplyih exempliica-
ton Of the truth Of the position which /
have assumed. If then, any fiscal agent
which may be created, shall'be placed, with
out due restrictions, either in the hands Of
the administrators Of the Government, or
those Of private individuals,t the temptation
to abuse will prove to be resistless. Objects
Of political ACKNOWLEDGMENT may seduce the
first, and the Fronting of a boundless GU
pidity will assail the last Aided by the
experience Of the past, it will be the plea
sure of Congress so to guard and fortify the
public interests, in the creation of any new
agent, as to place them, so far as human
wisdom can accomplish it, on footing oil
perfect security. Within few years past,
three different schemes have been before
the country. The charter of the Bank .oi
the United States expired. By its own limi-
taiion in 1886. An effort was made to re
new it, which received the sanction Of the
two Houses Of Congress, but the then Pre-
sident of the United States exercised hi.
VETO power, and the measure was defeated
A regard TO truth requires me to say tina
the President was fully sustained in the
course he had taken by the popular voice
His successor in the chair of state unquali
fedly pronounced his opposition to any new
charter Of similar institution, and not onl
the popular election which brought him int
power, but the elections through much Q
his term seemed clearly to indicate con
currence with him in sentiment on the pal
Of the people. After the public monte
were withdrawn from the United State
Bank, they we're placed in deposit with tn
State Banks, and the result of that polio
has been before the country. To say notl
ing as to the question whether that exper
ment was made under propitious or adyers
circumstances, it may safely be asserted th
it did receive the unqualified condemnatic
Of most Of lis early advocates, and it is 81
leved was also condemned by the popul
sentiment The existing Sub Treasury sy
ten does not seem to stand in high fav
with people, but has recently been condem
ed in a manner too plainly indicated to a
init Of doubt.
Thus, In the short period Of eight year
the popular voice may be regarded as ha
ing successfully condemned each Of Il
three schemes of finance to which hal
advened. As to the first, il was introduce
ata time (lSl6l VIXEN the State banks, The
comparatively few in number, had bee
forced to suspend specie payments, by re
son Of the war which had previously pr
vailed with Great Britain. Whether, if Il
United States Bank charter which expir
in 1911 had been renewed in due season,
would have been enabled 70 continue spec
payment during the war and the disastro
period to the commerce Of the country viii
Immediately succeeded, rs, 10 say the lea
probematical, aud whetherthe United Stat
Bank Of 1916 produced a restoration
specie payments, or the same was accO
plished through the fundamentally of oil
means, was matter of some difficulty
that time to determine Certain it is Il
for the first years Of the operation of II
Bank, It's course was as disastrous as for /
the greater part Of its subsequent care
il became eminently successful. AS to
second, the experiment was tried with
redundant Treasury, which continued
increase until Il seemed to be the part
wisdom to distribute the surplus reven
among the States, which, operating at
same time with thespecie circular, and
causes before adyerted 10, caused them
suspend specie payments, and involved
country in the greatest embarrassment.
And, as 70 the third, if carried throu
all The stages oft transmulation, from
per and specie to nothing but the preci,
metals, 70 say nothing Of the insecurity
the public MONIES its injurious effects IL
been anticipated by the country in its
lee-.lt. .rrf foson.fion XVhnt 81 .n1,r