Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-12-21

had DISASTROUS effect upon the wing Interest
in this county, we can now state that we be-
,ieve his views will not be admitted; at any
rate we would suggest the propriety OF his
changing his name.
PRESIDENTS MEssAGE.-We have
few remarks at present to make in re-
gard TO this document. Though not
free from blemish, it is, in thought and
style, very far superior to the other
documents which have appeared over
the signature ofJohn Tyler. Having
tiled his hand as a writer, and having
had an opportunity 10 see his prodnc-
tons in the light" of public criticism.
he has wisely determined to write no
more.
OF the financial scheme recomen-
ded it is we'll 10 say little until we see
it fully developed in the project Of the
Secretary ofthe Treasury. From what
is said of it in the message, it seems to
be as near as possible the same thing
as was foreshadowed in tho speech Of
Mr.. Clay on the sub-treasury, wherein
he showed that, in practice, itmight be
made to assume the form Of a Govern
ment bank, dealing in exchanges, and
putting forth a vast issue of Treasury
notes and drafts, in the guise of bank
notes. The Locofocos themselves pro-
fessed to be shocked at the picture he
drew oflhe Government bank monster,
which he predicted would come out Of
their harmless iron safes, and they de-
MED that such a thing was contempla-
ted; but now we see the same thing
delivered full grown and full-armed,
and exhibited as a wonderful new f.
nancial invention. 1t is the sub-treas-
ury, with its leg-treasuries and iron
safes, but gifted, in express terms, with
all the essential attributes of a bank viz:
with power to issue Treasury notes to
a vast amount, with power to issue GER
tifcates of deposit Gin such sums as
may be called for by the depositors,
and with power to buy and sell bills of
exchange" All these attributes Mr..
Clay plainly showed might be impair
ted, in practice, to Mr.. Van 3urens's
simple scheme Of strong boxes and
Iight-footed treasurers; and, no doubt
it was the intention ofthe Van buren,
party gradually to endue it with these
attributes. The scheme was then very
unpopular, and they were afraid to avow
their design. We have a harder race
of men nowadays, or they count
strongly upon the ignorance and bad
memory Of the people. Whatever
this so-called "new scheme" has of eff
cacy for good, it has in its character Of
bank; and, in whatever it docs not re-
sembIe bank, it possesses all the evi
features ofthe naked sub-treasury abor.
ton of Mr.. Van Buren,. But in It's bank
character it takes the worst form of bank
based on Government notes. In it;
Sub Treasury character it is moth
ing bnt boxes of gold and Goverum4n
shin-plasters, with their keys in the
pockets ofleg -reasurers As bank
it is exposedto the objection, that there
is no check upon IFS issues of treasury
notes but the will Of The dominant par
ty, and that its Accommodations will b,
dispensed by Government officers
officers appointed by the President.
AS sub Treasury,it multiplies tn,
number Of officers, enlarges the patron
age of the executive, and exposes tn
public money to the depredations Q
an Infinite host Of public robbers.
Let Government once trust itselfto tn
policy of issuing Treasury notes to pas
i as currcncy-let it adopt this expedient {
raising the wind, instead oftaxation, an
there will remain no restraint to pubic eS
travagance and proligacy, and none to tn
issue and depreciation of Government pa
per. ANY limit set to the issue of Tres
sury notes this year might, and probabl
would, be repealed the next; and with eve
nv pressure, real or pretended, a populs
ciamor would arise for more, until the
would become as worthless as the ban
trash with which the country is now cur.
ed. The idea to which 50 much prom
nenceis given in the message, that this fl
cality might be repealed at any time,
r altogetber faIacious. When once fair
! established, with its fifteen or twenty mi
? lions of circulation, it would be las dfficu
3 to get rid of as the pestilent State bar
r system. entailed uDon the country by Il
Administration Of Gen. Jackson.
4 But it'cannot be disguised that the fina
cial condition cf the county IS such as
make II serious question, whether
. would not be better TO rush into the vorts
l Of This monsrous Government bank thf
j 10 remain where we are. We are cur {
; from all chance of a proper national bar
c for the next four years; and all the hoI
: we have left isin this Government ban
j or in a rigorous public opinion brought
r bear upon tie STATE banks, forcing t
t. sound 10 resume and continue specie pa
+ penis and the unsound 10 80 into INN
date liquidation. May we not hope th
il the country may be able TO reject the fiji