Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-05-27

. States themselves, and has signally failed
in all. 1t hIs In general proved not the
handmade OF honest industry and wellreg.
ulated enterprise, but the pampered mental
Of speculation, idieness, and fraud. Ii has
corrupted men, of the highest standing;
almost destroyed the confidence of man.
kind in each other; and darkened our
criminal calendar with names that might
otherwise have conferred honor and bene-
fit on the country. There is strong
ground for believing that snch a system
must have some innate incurable detect,
of which no legislation can divest it, and
against which no human wisdom can
guard, or human integrity sustain itself.
The history Of the past, however, leaves
little room for doubt, that paper money in
some form will, Notwithstanding, continue
to constitute part OF the circulating me-
dium Of the country. But my most sin
cere and ardent wish is, that its issue by
the Federal Government may, in all lu-
ture time, be prevented. The lights Of
experience have in vain been diffused; the
lessons of repeated and widespread ruin
been unayailIng-if there be any who yet
can bring themselves to believe that the
Government OF the United States, which
possesses nothing but what 1t receives
from The people, CAN bestow on them auy
thing other than what it has thus received.
Ii it contracts l1ans, the people must pay
them; and If it issues paper meney, 1t
mas, be redeemed by the people. How
then can relet TO the people be derived
from mourning obligations which they
themselves must redeem?
But in addition to this deception, |
might almost say, fraud on the people,
there is a decisive objection TO the issue
of paper currency by Governments, upon
whatever principle it may be founded
The experience Of all nations, where this
expedient has been adopted, demonstrates
that this IS prerogative which will al
ways be abused. ltgi'es almost unllmit.
ed facilities for raising money, and has
everywhere led 10 exrlvagant expeEdi.
lures, public debt, and heavy burdens, al
ways increasing and never diminished
Where extIuvagant appropriations can be
out an immediate resort to the pockets Of
the peop'e, there will lie found no sutfi-
Glen chc:k 10 houndless prodigalIty, ex.
cep, when the Government finally loses its
ere ii! by pushing It to excess. 1t is then
that it reacts upon the peoples for this
G eat resource being exhausted, the whole
snperslruclure OF credit falls on their
han Is, and they must bear il as best they
can
The history of the old continental mon
ey, issued under exlgencies that could
alone justify such measure, Is one case
in point: The present condition Of many of
the States IS another, and both together
furnish ample Illustration. In addition to
this facility in supplying imme late de-
mands, paper money, being The cheapest
OF all manufactures, can be made at will,
as occasion required. 1t is not the pro-
duct of labor, like the precious metals, but
oil the mere will, and nay be increased to
any extent that human creduIity will tol.
crate. Hence the right OF Government to
coin money out of silver and gold, is the
only prerogati'e referring TO that subject
which can be safely exercised, because
these metals cannot DO increased or d.
minished, like paper issues, by mere act
Of leg alton.
To insure economy in public expendi.
lures, it is indispensable that those by
whom they are authorized, should have
SINE difficulty and even serious response
Utility in obtaining the means OF derayin
them. In no other way can extrava-
gance be prevented, since it Is the nature
Of man to spend that heedlessly which he
acquires without effort, and 10 think little
OF that which costs little trouble 10 gain.
hive dwelt more al length on that pat
Of your inquiry which relates to a National
Bank, than night otherwise have done,
firm belief that you look upon it as one
of the most vital consequences to the pup
tic welfare. In this | entirely coincide
with you. Such being the case it seems
due To you as we'll as TO myself, to say
that iu referring 10 The public declarations
| have heretofore made on this subject,
have been in no degree influenced by any
feelings of dissatisfaction at the repetition
of these inquiries on the present occasion.
80 tar from this, most highly applaud
the enlightened patriotism Of the Demo.
cracy OF Indiana, in seizing an occasion
so appropriate as that of an approach no
Presidential election, to require new secu
rites That the principles tley theDaeiye,
cherish should 10 carried out tneis iuiles
ex'eD', AMI more especially On this aM.l-im
p0rtAnt question
am Mt one OF those who believe TIA
: the Ioug. cherished project of re-estlblish
ing National Bank, is, or ever will DO
1 abandoned BIZ lhlt nartY which alMny