Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1842-12-24

sonal liberty oil the citl1'n stcreoly mann
tainei, and his rights secured under Poln
cal institutions der ing all 'he'r a"'h 'r'ty
from he direct sanr,i oil the Pep
with a soil fsytle almost byond examPl
and a country bles Ell viii every uHefsh'
ofclimate and orolLc ion, "hAt rem HIS Ia
he don. in order 10 advance the harplness
and prosperity ofs.h People9 Under
ordinary circumstances this enquiry cou
,eDd,l, he answered. TIE lest that pro-
badly could b., d ne t pc pie NH i lllng
such n Country, wonll he 10 ioitf y Their
peace and security III the prosecution OF
their various pursu,'s, by guar lifg them
ayaiast iuvai III from without, and 'lo
lenco fron within. Tie resi-, flr The great.
err part. might BE- left 10 their own energy
a,d entcrvr,,e. The chief embarrass-
men,s which al the IN Ju.eHt exhibit l. en-
selves have arisen from 1ver-actIon; ami
the most difficult task which remllns TO be
accomplished, is that oil correcting and
overcoming its effects. Between the
wears 1888 and 1888, dlt!ons were made
to Tank capital and bank Issues, in the
form OF mites designed for Circulation, t.
an extent enurmMsly great. The q ies'i"n
seemed to lie, MT how the lest currency
could BE- provided, but III what manner the
greatest amount of aux per cou d be PIT
in Circulation. Thus vast amount oil
what was called IN ney-since, tr The
tine being, il answered. The purp' SEES Ut mo-
ney-was thrown up'n the country; an
over issue which was at ended, as ne
cessary consequence, BY an extrAvagant
increase OF the prices OF al ariI les OF pro-
perry, the 80. cad ,fa speculative mama
all over the couutr AMI ha> tin'lly ell led
in general inGebtedue,s on the part OF
States and individual the prosiIati OF
public and private credit, deple iall N IN
Tie market value o. real aud peson i es
tate, aud has lift large districts of county
almost entirey with N. any Circulating
me .ilm. In lew of the fact thai, in Is 30,
the Whole bank note circulation within the
United Sta es amounted 10 Nut 81 1873 SO
dol ars, aCco ding II tie Treasury state.
megts, and that in adI.tI, had cen made
Co''afs III s,,'N'- ~, ms $ IN of IS, CO., 900
Inc hrs' OF January, 1851, i2luS lotion on
las, 5, 800 do!l.r>,) aided by the gre at
facilities aft Idcd in obtaining | ans from
European capita lists, who were Sc eel
with The same speculative mania which
prevailed in the United Sta,es-and tie
Large lmPortatlons Of finds from ahroa J,
The result ct stock sales aud loans-no one
can be surprised at the apparent b t I'M
substantial sta Of prosperity which every
where prevailed over the land; an while
little cause ofsu pri III ull be tell at The
present prostr"tipn OF c, cry thing, and the
ruin which has bcfa!lcn so many of our
fellow CITIZENS in the idGcn withdrawal
from cir' ulation Of So large an amount of
Tank issues, since l637-eXceeCing, a. Is
believed, tie amount ad ed to the pipe.
currency for simi'a ar peri an,ecede 10
1887, it ceases 10 he ma ter oil aslonish- |
men' that such extensive sh;pwre,k should
have been made of private fortunes, or
TIN. difficulties should exist in meeting
their engagements on the par, If the debt. |
or States. Apart from which, if there be |
taken into account the immense losses
sustained in the di>honnr OF numerous |
banks, 1t is less a matter Of surprise that
insolvency shcud have visited many of
our fellow citizens, than that so m,ny
9 ou'd have cated the LIighted inh nee
OF the times.
In the solemn conviction of these truths,
and with an ardent desire to NEE, the
pressing necessities of the coIltrv, I fell
1t 10 be my duty to cause to be submitie
to you, at the commencement of your late
session, the plan cf an Exchequer, tie
whole power and duty Of maintaining
which, IN purlt, and vigor, was 10 be ex-
erclsed by the r personalities of the PEG.
pie and Of the Stale, and, therefore, vir-
ually bj the People themselves. 1t was
proposed 70 place it under the control and
1lroction oil Treasury Board, TO consist of q
hree Commissioners, whose duty il should
70 to see that the law Of IFS creation was t
alihfully execuiel, and that the great end '
1t supplying paper medium of exchange, /
It all times convertible into gold and sill i
er, should be attained. The B ard thus p
WIS given as m Ich perm men II
y as could be impaired to it, without en-. s
ange:Ing the proper share of re ,nsi- g
nifty which should attach to all public U
gents. In order to inslre all the adyan. Il
ages Of we'll matured experience, the a
wee T. hold their offices f
'r the respective periods of two, four, and I
K years, thereby securing at al times in b
10 management of the Exchequer, the %
'r'ioes OF two men experience; and TO II
ace them in condition tn exercise d n "a
ct independence of mind and action, it c
as provided that their removal should on pr
take place for actual incara i'y or in. w
ie!lty to the trust, and 10 be followed hv tn
e President with an exposition Of The "a
u Is OF such removal, should it occur d..
WAS proposed to establish sub ordinate in,