Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1842-02-08

a paper circulation TOUR times as great
One dollar in certificates of debos-
lie for one deposited, and three dol
lars in Treasury notes! II possesses
allthe functions of bank-it is a bank
of de6osite,. of issue, and of. discount;
butt is purely a Government bank,
and, as such, far more Objectionable 10
every genuine and right-thinking Wing
than the naked Sub Treasury scheme.
Its funds belong tosthe Government;
its fayors would be dispensed by the
Government. Neiiherihe public mon
.ey, nor the holders of the notes, nor
the public liberty would have any 9th
er protection than the moderation on
a dominant action, and the honesty
and good management Of a host of Off
cial slaves and spectators. holding
their places at the will Of the Presidents
lis inevitable effect would be 10 cor
rupt the public morals, 10 -debaoo tho
public credit, andto enslave the peo-
pie. With such an engine Of power,
even such a man as Tyler might hope
to retain the Presidency for life.
The checks against lis abuse are as
ridiculous as the hope that it would
furnish platform whereon men of all
notions could stand together. Once
establishit, and there would be no
guard against abuse and corruption
but the will of the party in power. 1t
may be altered at every session Of
Congress. The first alteration would
be to give il power 10 purchase long
bills as well as short, and pronEisory
notes as well as bills ofexchange; for
if it can give reliefto the people by
buying thirty-day bills, can il not give
it still greater relief, By buying four
month bills and notesf Then, il found
necessary 10 sustain the popularity oil
the Administration, all restriction
would be taken from lis power 10 is
sue Government paper. All iis ten
denotes would be towards unrestrained
corruption and ;bu e. Ii would be
perverted into merea instrument oil
relief 10 the people, and of power aud
corruption to the Government Instead
Of taxation; and then Government ex-
trayagance and proAigacy would run
riot until the public credit would be
destroyed, and The machine run down.
Great nfefir is claim ,d.for this bank
project, on the ground that Congress
will have the power 10 repeal il. Let
The epic be not deceived on this
point. Once fairly under way.3il can
never be repealed until il rons lis
course. Let-it get its S15,000,0 600
in circulation, with its discounting pow-
ers enlarged. and il would be as easy TO
repeal the charter of The State Bank Of
Alabama. A national bank is sure 10
have The sympanies Of the people
against it, but this Government bank
would ally itself with The interests and
wants ofthe people. With no stock
no der but Government, it would be
conducted, out with view 10 The IN
terests Of stockholders, or the amount
of dividends, but with view to the
promotion of the popularity and pow
er Of the existing Administration.
| Once lei, it become fully connected
with the business ofthe country-lel
| its issues Gil the channels OF circulation
Its favors be felt in. the purchase o
notes and bills, how would ii be posi-
!. Die 10 get rid Of il. except by its natu
: raj dissolution? Those who now op
pose Utmost would find their interest
!, compelling them to supportit, as tbos
now who hate the banks the worst ART
compelled TO tolerate them.
But suppose if possible that virtu
enough might be found in Congress I,
repeal it, would ii not find an inpene
trable shield il the veto power of III
! PRESIDENT Its powers might be in
creased to any extent; but the monieu
an attempt should be made 10 chez
Il or repeal ii, the veto would be brough
! into action:
No one can deny that this Govern
raent bank mag produce all the erils.e
; which ve hive spoken. There Is n
guaranty Whatever against il but. III
Virtue and wisdom of the Execute
aud Of the party in Congress in tn
majority. And all.experience prove
that this guaranty amounts absolulel
TO nothing. IL a fallen Adh1inistra.io
8 has had the audacity TO propose sue
7 a measure aswe have shown thiisto b
E if they have made such bold pns
{ for power, if in proposing a Co
/, ernment.bank, they deny fiat it is
6 bank, ifinproposing TO relieve the POI
n pie. by issuing Government paper al
dealing IN bills of exchange, they
: the next breath deny That the propose
It institution will attempt TO furnish
: currency on any facilities to bushes
@ what have we to expect from the wi
le dom and virtue Of future adminislr
?: liohs
off Max rHEM!-The N. Y. Couri
t. and Enquirer calls upon the Pre-
+ throughout the Uuion &c. stereotype i
IS names Of Congress, who have chang