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

mitted, whenever you may require III l"
your consideration.
am not able TO perceive that any fair
and candid objection can be urged against
the plan The principal outlines of which I
have thus pre- .ented. | cannot doubt but
that the notes which il proposes 10 furnish,
at the voluntary option OF the public cred.
itor. issued IN lieu of the revenue and is
certificates of dcposite will be maintained
at an EQUALITY with gold and silver eve.
rywhere. They are redeemable in gold
and silver on demand, at the place Of IS.
sue. They are receivable everywhere
IN payment of Government dues. The
Treasury notes are limited to an anoun,
OF one-fourth less than the estimated an
nnal receipts on the Treasury; and in al
dition they rest upon the faith of the Gov
eminent for their redemption. IfaD tbs.o
assurances are not sufficient to make Thorn
available, then the idea, as it,seems to ina
Diminishing sound paper medium ol
exchanges may be entirely abandoned.
If a fear be INDUCED that the Govern.
ment may be tempted to run into excess in
ITS issues, at any future day it seems to me
that no slch apprehension can reasonably
be entertained, until all confidence in the
Representatives of the State and of the
people, as we'll as the people themselves.
shall be lost. The weighiiest considera.
tons Of policy require that the restraints
now proposed to be thrown around The
measure Shnnld not, for light cau<es, b
removed. J o argue against any propo.
sed plan its liability TO possible abuse, is
to reject every expedtent since every thing
| dependent on human action is liable to
abuse. Fifteen millions of Treasury notes
may be issued as the maximum, but
Discretionary power is TO be given to the
Board of Control under that sum; and
every consideration will unite in leading
them to feel their way with caution. For
the eight first years Of the existence of the
late Bank ofthe United States, It's circula.
ton barely exceeded S4,0O0,00O; and for
FIVE offs most prosperous years, It was
about equal TO Sl6,00O,000; furthermore,
the authority given to receive private de-
posiies to limited amount, and to issue
certificates G such Sims as may be called
for by the depositors, may so far fill up the
channels of circulation as greatly 10 d.
minsh the necessity Of any considerable
issue of Treasury noes.
A restraint upon the amount of private de-
posites has seemed to be indlspensaby neees =
sary, from an apprehension though to be
well founded, that in any emergency Of trade,
confidence might be so far shaken in the banks
! as TO induce withdrawal from them of private
r deposites, with a view TO insure their uuques-
f tionable safety when deposited with the ,Ioy-
eminent, which might provo eminently disas-
to l,e.G III L -. Al.
it Is proposed to authorize the agency to deal
in Bills of Exchanged It is answered, that
/ such dealings are to be carried on al the lowest
2 possible premium-and made TO rest on an I'M
f questionable sound bass-are designed to re-
: imburse merely the Expenses which would
!. otherwise devolve upon the Treasury, and are
in strict subordnatiOn to the decision of ths
Supreme Court. in the case of the Bank of Ar
! gusta against Earle, and other reported cases;
;, and thereby avoids all conflict with State ju-
e risdiction, which hold to be indIspensably re-
il quiste.
J. 1t ieaves the banking privileges ofthe States
4 without nterference-looks 10 the Treasury
an t e Union-and while furnishing every fa-
: City to the first. is careful of the lterests
U the last. But above all it Is created by law.
n Is amendable by Law, and 1t is repea'able by
r law; and welded as | am to no theory. Lot
\. looking solely 10 the advancement Of the puO-
/. lic good, shall be among the very first 70
.. u-ge It's repeal, fit be found Lot 10 subserve
the purposes and objects for which 1t may be
Grated Nor will the plan be submitted in
re any overween;ng confidence in the suficien-
N cy of my own judgement, but with much grea-
4 ter reliance on the wisdom and patriotism o
II. Congress. | carnot abandon this subject
n. W thout urging upon you. in the most emphat
III ic manner, whatever may be your action on the
" suggestions which have felt IT to be nv duty
n to submit, to relieve the Chef Executive Ma
r. gistrate do any and all constitutional means from
ST controlling power over the public trea, ury. II
e. in the plan proposed should you deem it worth
to fyour consideration, that separation is not q
,ill complete you may desire, you viii doubtless
- amend it in that particular. For myself, dis
: claim all desire to have any control over tn
us public moneys,Other than what is indispensable
ne necessary to execute the laws which you ma
pass.
nd Nor can / fail to advert, in this con.
~ nection, to the debts which many ofth
- States of the Union have contrac teC
nts abroad, and under which they continu
xe. to labor. That indebtness amounts I
bly, sum not less than $500 100000
ch and which has been retributed to them
III AhO iAOS1 lolt3 III WI No Vi AhANA1
ma improvement, which are destined
az az prove of vast importance in Ultimatel
At advancing their prosperity and wealth
yer For the debts thus contracted, tn
"a fe States are alone responsible. can d
bic no more than express the belief hi
ion each State feels itself bound by ever
tes' consideration of honor, as well as
10 interest, to meet its engagements VII
ecu punctuality. The failure, howeVer,c
an any one State to do so, should in
sits degree effect the credit of the rest; an
and the foreign capitalists will have no ju
ded cause 10 experience alarm as to all OF
by er State stocks, because any one
her, more ofthe State may neglect to pr
q vide with punctualIty the means OF IT
-.h re- deeming their engagements Eve
SUI such States, should there be any, co
niles sidering the great rapidity with whi'
far their resources are developing then
mr. selves. will not fail 10 have the mean