Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1842-02-08
! From the louisville Journal .

FIsCALITY.-SiEce we noticed the
shadowing forth Of this project in the
Presidents message, we have not had
the heart to allnde to the subject. A
full investigation of it convinced us
lhatit would receive no countenance
in or out of Congress, unless it might
be from the "corporal's guard;" and
so we thought it best TO let it pass in ST
lence into the great limbo into which
all such nonslrosities nowadays has
ten from their birth. But il seems we.
are expected TO redeem our promise 10
give it. fnlIer examination. The
scheme is one OF those. wise attempts
ofpoliticians void of all tact to recon
Gle extremes, not by making a middle
measure between the extremes, but by
linking the extremes together. Such
measures of necessity can satisfy none.
The hates of politicians are far more.
intense. and unyielding than their loves;
and measure which combines what
ever was Objectionable in the Sub
Treasury with far. more than was OBJ
iectionable in national bank must
necessarily encounter the disapproba-
ton of all but the hired appIauders, A
more stupid attempt 10 unite oil and
water was never before made by any
Admins tration; and. ii has met with
the usual success. In the. Senate not
a single man has dared to give il his
unqualified approval.
How could il be otherwise? 1t is ;
| Sub Treasury whereon is. engraftec
| the worst feature ola Government bank
As Sub-Treasury it must necessaril!
encount.r the opposition ofevery hon
est Wing. Besides the ordinary rev
enues OF Government, it.entrusts, /,
The keeping Of men appointed by tn
President aud Secretary Of the Treas
ury, the proceeds of SIS, 100000 Q
certificates Of deposi,e and Of fifleel
millions of Treasury notes. For th
safety oil such vast sum there IS n,
other security than the honesty Of sucl
men as Price and Swarlwout; aud in
, stead of being entrusted 10 COMPARE
lively lew, as under the Sub-TreaSufy
must encounter tire palms of som
Two hundred officers. All these off
GERS are, by the power OF removal, IN
der the control of the President; and
of course, the purse and sword ar
united as firmly In the same hand q
: they could be BY any contriyance:
But, ia its character Of a Govern
? nent bank, this scheme was ingen
s ously devised to please neither party
IL II would have suited. the Loco-Foce
: very well fit had been proposed B
5 Van Baren; for nothing could be. MOI
! potent ii maintaining in the ascender
j e. the despotic powerofa party. Bu
! As matters stand, they can see nothln
s Init but features more detestable tha
Il 1hcv ever discovered ina national BAN
. AS for the Wings, one of whose Of
TO the Snb-T reasury. was tn
il seemed d Government bank in On
j. enise, il could hardly be expected
se conclliate them by turning 70 them q
oflbank side fthis ] anus-laced aborllo
- asa bank, its character is so ooJe
I'd tionable, that the most ultra friend
banks and credit cannot approve
Of Its foundation must be onooi pure ere
ii liz. ne Treasury is empty; there
IA nosEing Whatever on which to bul
81 but credit. There is no specie m =
Treasury, and Done IS coming IN;
RI All payments 10 the Governments =
made in Treasury notes, which .
ii now below par. The only chance
81 creating a specie fund IS by the s.
S Of the ST, 900, 900 Eve per recent. stoc
a (the power to sell which seems int
4. dedto guard against remote continge
,re cies,) or.by exchanging certificates
of deposite for specie. But, for eve
dollar which may fad its way into