Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-03-10
GENERAL JESSE SPEIGHT AND THE
STATE BONDS.

dI
On the mind of every mar, that none of his
species have been created without being de-
signed for some useful end yet does it some-
times happen, that, in referring to individuals,
he in vain taxes his ingenuity to discover what
IS the particular purpose for which such indI-
vidualswas intended. But that which is diff
cult to the casual observer, is easy to him, who
is in the habit of contemplating, with the eye
of a cam and searching philosophy, man and
his actions. Thus philosophy teaches us that
the political demagogue, who is looked upon by a
large body of mankind as the most permcIOus
and useless member of society, is in fact great
ly conducive to its welfare, by counteracting
the very ends which he has in view.
Throwing himselfon the wave of popular pas
sion, he takes advantage Of its onward course
lashes it into fury, and urges the people on to
deeds whichin their calm moments they would
despise, and which they never fail to regret so
soon as reason has again resumed her sway.
But the violence of the mischief works out its
own remedy. The passion Of the multi
tude soon becomes exhausted reflection
succeeds /, and thenthe wave Of popular indig-
nation rolls back, in its retreat overwhelming
him who was SO lately riding in imagined
tsalty on its bosom sinking him tothe lowest
depths of the sea of oblivion, or if, perchance,
some unlocked for shore shall save him from
his merited fate, he selvives only to meet the
excerauons and the curses of those whom he
has misled, and to be them, in future, war
ming which they shall never forget. Every
avocation in life has its trials, and its unpleas-
ant duties; no one Of them is more obnoxious
to this objection, than that Of an editor. To
man Ofreinement of feeling, it is at all times
unpleasant to come, even in the slightest de-
Fgree, in conflict with his fellow man; but when
this obstacle lies between an editor and the
duty which he owes to the public, he is unwor-
thy Of his trust if he hesitates one moment to
surmount II. One of those unpleasant duties
which are Incidental to the profession of an
editor, is that ofexposing to the public the OBJ
jects and views of the political demagogue /;
thus mourning, for hfe, the hatred of the ex-
posed trespasser on the credulity of man. and,
for time, that Of the faction by which he is
surrounded. Such is the relation in subject
we now find ourselves, with regard to Gen'l.
Speight. Some time since he published a
letter in the "Columbus Democrat" contain
ing doctrines which if they were to OBJ.
tain with majority of mankind, would at once
destroy all confidence between man and man
and, eventually, all civil government. ooking
upon Gen'l. Speight as of entirely too ltt
consequence to do any serious injury tosociety
by any influence which he has over it, we have
heretofore passed him by in pittying silence
The face Of affairs has, how ever, changed since
the publication of that letter. 1t has been CO
pied into the Vicksburg 3 On.inel. and will. WI
suppose, go the round of the loco loco paper,
in Mississippi. Men Of some respectfully o
intellect, are now beginning to advocate tn,
doctrines of this letter, and have thus entitled
Gen'l. Speight to that notice at our hands
which, otherwise, he would never have re
cetyed,
Let us now come to a dispassiona.e consid
Grafton OF the letter. Lett be borne in mind
! that he is writing on the subject of the Plan
ters' and Union Banks, and that of the debt @
the State, contracted on their account. HI
' says; "My opinion is, that the two Bank
: ought forthwith to be placed in state of Ii
quotation and all the assets applied to the pay
ment of those bonds. AS to balance, Shout
any remain, ! am decidedly opposed to taxin,
: the people, In any manner, to pay it. If an
i measure can be devised otherwise, have n
!, objection" As to the prOpriety of putting tn
I Banks In liquidation, and exausting all of thei
b means before we resort to any other, we con
: cur fully with Gen1 Speight; but here he ha
: assumed position which is positive contra
Giction to what follows Immediately after it,
= The only ground upon which the State can lie
e gally place the Banks in liquidation, and appi
: their proceeds 10 the payment of their debts, i
: the one that they are the property of the State
If they belong to individuals, allthat the Stat
# can do, IS to try them by writ of quo warrante
s and. IN the event that they have violated thei
! charters, to declare them forfeited; or, to p
e the fun length of the doctrine entertained b
: the General, deprive them of those charters b
proclamation of the Governor. Surely Gem
: Speight does not mean to contend. that tn
' Legislature Of Mississippi can take from hin
i his land and negroes and apply them to tb
; payment Of his debts; or does he intend t
y draw distinction between different Kinds @
property, and say, that if man ownes BAN
Stock it belongs to the state and may at an
time be taken from him; but if he owne
! land, It is bis own and cannot be touched.
n the Banks are the property of the State, the
81 are they the agents ofthe State and the debt
which they contract are contracted by TIL
) State Though them and the State is boun,
J accordingly. Either are the Banks the pro
: perry of individuals, and the State has no powe
over Their assets or they are the property
: 1.-The State, and it IS bound for them to the ful
!. extent of their liabilities. -
r sGen'L Speight has first said, that be viii no
: consent to taxtlle people; in the next breath
he says, that they must be taxed. He says
) that if the State is bound he is for taxing Tho
: people we show him that the State is, accor
ding 10 his own doctrine Of putting the Bank,
in liquidation bound, therefore is he compelled
! to consent to taxing the people. Mark the ex