Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-03-03

WILLIAM r. HARLEY, OF Marshall.
For Secretary ofState,
LEWIS G. GALLOWAY, of Holmes
For Auditor Of Public Accounts
JAMES M. DOWNS, of Kinds.
For State Treasurer.
WILLIAM G. CRAWLEY, of Perry.
For Attorney General.
ROBERT HUGHES, OF Kinds.
THE GLOBE AND THE CREDIT OF
THE STATES.
A NEW LEAF IN THE CHAPTER OF STATE RIGHTS.
That paragon of moral purity and State
Rights consistency, the Globe, has taken1new
ground on which to fight the wing party. In
that paper, of the fourth January, the wings
are charged with attacking the credit OF the
States, and wherefore think you reader! be-
cause Mr.. Adams introduced into the House
of Representatives the following resolution:
Resolved, That the further investment of
any public funds of the United States in stocks
OF the several States, ought to be prohibited
by law; and that the committee OF ways and
means be instructed to report bill for that
purpose"
This is what the Globe, in its incessive anx-
iety to throw some obstacle in the way of the
wing party, construes into an attack ON the
credit of the States, and calls 'the shadowing
forth the doctrines and measures of the COM
ing administration" Now we have often
heard it said that children and drunken men
speak the truth. The Globe has in this in-
stance proved the truth of the assertion at
least so far as it concerns drunken men. Be-
ing drunk with locofocoism and party rancour,
he has unwittingly spoken his true sentiments,
and made an open and direct attack upon doc
trines against which he has been for years
wagIng a secret and an underhanded warfare.
1t is acknowledged by all classes of men,
that debter is, in a measure, under the re-
straint and cantrol Of his creditor, and that in
proportion to the amount of his indebtedness
is the extent of this restraint and controle.-
This rule applies as well TO nations as to indi-
viduals; though not to the same extent, be-
cause the same coersive measures cannot be
resorted to. Thus it is generally acknowled-
ged, that the Bank of England has powerful
influence over the councils of that nation nay,
it has been often asserted by the Globe and
those who follow Its lead, and been used by
them as an argument against the entire Bank
ing interest in this country, that England dares
not declare war, make peace, or take any i'm
portant step without first consulting that insti-
tuition.
II has told US, that the United Kingdom of
Great Britain and Ireland is governed, not by
the King and the Parliament, not by the Ex-
ecutive and the greet council of the nation !;
but by monied institulion-by great moni-
ed monopoly, by few Bank aristocrats. Now,
if this be true, why is it in what way has this
great monied monopoly acquired so mighty an
influence over the government to which it
owes its being!
He who win trouble himself to turn over
the files of this very consistent Globe news
paper viii soon learn that it is by reason of the
immence Indebtedness of the Government to
the Bank of England. An large amount Of
the almost iucalculable public debt of Eng.
land, is in the form of Government stock, Of
which very considerable portion is owned by
the Bank, and by those who are dependent
upon, or connected with it. This is a brief
history ofthe connexion between the Govern
ment and the Bank of England; and it is for
taking early steps to prevent, by la,c, similar
| connexion between the General Government
and the State Governments, respectively that
the dominant party in this country is to be de-
cried, and to be charged with having made an
attack upon the credit of those States. Pur-
sue the. policy recommended by this leader Of
modern Democracy, and, where will it end d?
There is, now, scarcely a State in this
Union but would issue State Bonds to large
amount, if they could find ready sale for them
at par value. Let those Bonds, which are no.
thirg more than State Stock, be bought up by
the General Government, and, in few years,
the relative situation of the General and the
State Governments, will Zoe. the same as that
OF the Bank and the Government of England.
The States will become mere stipendaries on
the General Government; they viii exist only
through its indulgence on its gracious and
tender benignity will they live, and move, and
have their being. We cannot comprehend the
reason Of that rule in modern democratic logic,
by which measure, which is republican when
proposed by our political friends, because fed
erGI when advocated by our political enemy.
The practice of this rule, but not its reason,
is fully illustrated by the course of this most
consistent Globe newspaper on two different
propositions, proposed by two different men,
but both Of them involving the same principle.
During the last session of Congress, Mr..
Thomas Hart Benton introduced into the
Senate of the United States, resolution de-
claring that the General Government ought
not to assume the debts Of the States. This
resolution was intended to effect two party
ends. First, to make the impression with
the people, here, that the wings were, as a
party, disposed to advocate such measure,
and, secondly, to injure the Banking interest Of
this country, by iniuriously affecting, abroad,
the credit of those States which had Bonds in
the European market for sale, the proceeds Of
which sales were to be applied to the sustain
! ing of that interest.