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

rulties incident 10 the present condition ot
things. Whether this government with
due regard 10 the rights of the States, has
anv power to conslrain the banks; either
to resume specie payments, or TO force
them into liquidation, is an inquiry winch
viii not fail to claim your cohsld ration.
In view ofthe great advantages which are
allowed the corporators, not among the
haas, of which is the authority contained
=, most of their charters, to make loans to
.,hraa times the amount of their capital,
thereby often deriving three times as tiuch
interest on the same amount OF money as
anv individual is permitted by law re,
ceive, no sufficient apology can be ufseu
for long continued suspension oil specie
payments. Such suspension is prodnc-
i've of the greatest detriment to the pup
lie, by expelling from circulation the pre-
c,ous metals and seriously hazardlng the
success of any effort that this government
can make to increase commercial facliitieS
and TO advance the public interests.
This is the more 10 be regretted, ana
the indispensable necessity for sound
currency becomes the more manifest,
when we reflect on the vast amount OF IN
ternal commerce Of the country. III this
we have no statistics. nor Just data to form
adequate opinions. But there can be no
doubt but that the amount Of transpor'a-
ton coastwise by sea, aud the transporta-
, ton inland by railroads and canals, and
bv steamboats, and other modes of convey
ance. over the surface of our vast rivers
} and immense lakes, and the value OF pro-
! perty carried and interchanged by these
means, form a neral aggregate,to which
the foreign commerce OF the country
e large as it is. makes but distant ap-
I, proach.
+ In the absence of any controlling pow
: err over this subject, which by forcing a
: general resumption of snecie payments
! would at once have the effect of restoring
it a sound medium of exchange, aud would
e leave the country but little to desire
5 What m asure ofrelef, falling within tht
i limits of our cOnsti tuti0nal competency
;. does it become tins government to ADOPT
o 1t was my painful duty at YOU last session
}. under the weight of most solemn obliga
IONS, 10 differ with Congre on the mea-
1t sures which it proposed for my approval
\ and which it doubtless. regarded as cor
( receive of existing evils. Subsequent re.
&c Election, and events since occurring. hav,
II only served to confirm me in the opinion:
L then entertained and frankly expressed.
| must be permitted to add; tina. M
+ scheme Of governenta! policy, unaided b,
70 individual exertion. can be available 70
y ameIorating the present condition o
30 things. Commercial modes Of exchange
5 and a good currency, are but the necessa
$ ry means of commerce and intercourse
ST not the direct productive sources of wealth
a. Wealth can only be accumulated by tn
es earnings of industry and the savings {
Il frugalny, and nothing can be more il
RI Judged than to look to facilities in borrow
ct ing, or to a redundant circulation, for tn
u power of discharging Pecuniary obllgt
It, tons. The country is full of resource
n and the people full of energy, and tt
OF great and permanent remedy for preser
ITO embarrassments must be sought in iudu:
~. try, economy, the Observance of GOO
"a faith, and the favorable influence Of tim,
lat In pursuance of pledge given to yo
ar in my last message to Congress, whlc
al. pledge urge as an apology for adventu
the ing TO present you the details of any pla
es- the Secretary ofihe Treasury will be re-
IS dy to submit to you, should you requi
red il. plan of finance which, while it throw
are around the public treasure reasonah
M guards FIR its protection; and rests {
of powers acknowledged in practice to e
the ist from the origin Of the governmeT
md will a. the same time, furnish TO The cou
11y try sound paper medium, and afford
reasonable facilities for regulating the {
al changes. When submitted, you will pc
lch ceive in IT plan amendatorv of the ext
lelr ing laws in relation 10 The Treasury c
APP OBSERVATION-DISCLOSURES in all respects
orts the will of Congress directly, and the '
to of the people ndireclly-selfsusta
'ge shouldit be found in practice TO realize
IAN promises in theory, and repealable at
oil pleasure of Congress.
bic; 1t proposes by effectual restraints, a
hat by invoking the true spirit of our inst
tors tons. to separate the purse from the swc
,er or more properly TO speak, denies anv O
ions er control to the President over the age
han who may be selected to carry II into e
able cuton, but what may be indispensa
necessary to secure the fidelity of 81
ten agents; and, by wise regulation, Ike
and plainly apart from each other, private
cas- public funds. 1t contemplates the esi
tltu- ishment of a Board of Control, at
J or seat .of Government, with agencies
one prominent commercial points or where
ties else Congress shall direct for the
; en- keeping and disbursement of the pu
Gritty moneys, and substitution, at the OPP
ex ofthe public creditors, of Treasury nc
'fva. IN lieu of gold and silver. 1t proposes
lite. limit the issues to an amount not TO exc
rtant $4,000, 000-without the express So
rent ton of the legislative power. 1t also
first thorizes the receipt Of individual dep,
chef of gold and silver to a lin ted amount,
Iould the granting certificates of deposit, div
wen. into such sums as may be called for
have the deposiioFs. Itproceeds step fart
er, and au'hofizas the purchase and sal,
Sc to Domestic Bills and drafts, resting on
{ the al.and substantial basis, payable at 81
'lons Or having but a short time to run,
nitro draw on places not less than 100 4
sPec- ap9rt-which authority, except in so
luce as NAV be necessary FIR oovernm,snt