Lexington union. (Lexington, Miss.) 1838-18??, 1842-02-04

SlCc w SIdue VIC IOdu Ill inns W0V III
six years for the fund accrued and ac-
cruing.
] made speech yesterday, on the
subject of the new EXchequer Bill.
Whilst contcnded that the President
was influenced by pure and patriotic
motives in suggesting this plan, and
that it is much less dangerous and eX-
tends Executive POWER less than either
.ofthe Bank bills vetoed by Mr. TYLER
lathe special session, yet 10 portion Of |
the plan can receive my vo c, except |
that which proposes to permit certiri-
Gates Of deposlte of actual specie with |
The various Receivers of public money
for revenue purposes, redermobIe i'll
specie, when deposited, and receiva.
bic IN payment Of all public dues; AID
for this | would vote in preference to
the Sta.e Bank system, or a Bank of
the United States. Indeed | suggest
ed such system as preferable to any
bank of circulation, State or National.
at an early period of the special SEES
sion. and explained it il speech made
some time afterwards, and published
lin the daily Globe Of the "a Of Sep
TENDER last. The same system in sub
stance, was subsequently recommends
ed in u communication from q member
of Congress, published i'll the Madiso-
.nian Of the lGth Of September last,
which system, was highly euIogised
by very many. Anti Bank democratic
/ presses, as an exchange currency for
) remttauces, founded entirely upon
specie, dollar for dollar. As to aug
menting the currency by additional
t issues Of papermoncy of any kind, or
in any form, it never can receive my
vote. As to bank circulation. based as
t lit lis called Oh specie, it is all a delusion
, 1t does not even rurIort to be based
. upon specie for more than one third of
the amount, and very rarely indeed. IS
, there one half that proportion, and the
| entire remainder is a debt, based upon
e a debt, due by bank debtors-aud uni
e tormly eXpolIing a specie currency.
! As 10 making circulation cut of debts
of banks or governments, state or ma
tioaal, it can end in nothing bat lnsol-
yency. II We wish to regulate OK
}. changes, we must terminate the career
of suspended banks, aud drive out of
: circulation all their Deprecated paper
ard prevent these children Of satan (the
: banks) from inficling upon u.s. similar
disasters in future, by the enactment
t by Congress, Of a supplemental bank
| .r0pt law including banks in its com
J. 'pulsory provisions. No state can pass
0 such law for its operation Wonld be
4 confined to her limits, and would leave
/; her subjectto the peril Of being flooded
+ by the DEPRECATED currency and in
G juled by the derauged exchanges OF
: her sister states; but Congress posses
SIS this power by an express grant to
If pass such a law, operating uniformly
= throughout the Union. This / regard
l. as one OF the greatest questions Of the
o age, and the T al battle field upon
l. which the vi tory is to be gained by
h the banks or thepeople. Several banks
fearing that Gf the present bankrupt
Of Iawis permitted TO 90 into operation,
v they will be included ina supplement-
S al bill, have already petitioned for
1t repeal ofthe present law, BY some o
to their advocates, a strange doctrine il
Of urged, that it is unconstitutional as t(
a debts incurred and immoral, that the
p bankrupt should be released, even up
i on surrender of all his property, bu
these same persons would ContenC
| that it was perfectly right, that a stock
20 holder, a partner in an msolVent ban5
ID should be discharged without paying
N one dollar, or surreudering any pro
e. perty, although he might rival King,
III in wealth ard splendor.
OF But the banks say this discharge 0
he their stockholders is by virtue ola pow
70 er in their charter, and is not the dis
IS; charge in the other case, by virtue Of
rs power vested in a much higher anc
ii; older charer-the Constitution Oft the
rs United States. Col. Ben on has NOV
IN cd not to repeal but to postpone the
IT'S operation of the bankrupt bill until the
SIS LIST oil JuIy next, with the view to a
OF mend it by many provisions, and a
e mong Others one including banks, bur
rt these amendments could be embraced
I'd so far as they may be found expedient
Of in a supplemental bill, without post
I'd ponirg the hopes Of thousands who
i'll have looked to the LIST oil February mex