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took, then (as they should now,) decided ground
against the army of Bank agencies, as being more
dangerous to the rights of the States and the liber-
ties of the People than even u States Bank for
they plainly that it would extend the power of
the Federal Government into every ramifcation of
society, it gradually brought the stockholders of
the various Government Banks into an allegiance
to the Federal Treasury. The good old republican
maxim that THE PEOPLE SHOULD FEEL THE GOVERN
MENT AS LITTLE AS POSSIBLE would be as much Gf
not more) violated by league of State Banks than
by any single institution, however colossal might
be its proportions; aud accordingly all the great
leaders of the State Rights school, Calhoun, Nc
Duffe, Iredell, Mangum, and Rowan, of Kentucky,
were found (even in a coalition with I'arif-mer
and Federalists,) denouncing it as grand scheme
to corrupt and degrade the States.


But it is idle to discourse about league of State
Banks Its recent signal failure has made it one of
the grand farces Of the day-a thing to be only spo
ken of with and contempt, as the willing and
worthless instrument of our late National bank
ruptcy. Even here in our own State, in our own
capital, that institution whose vaults the Federal
Government had strengthened by deposite Of its
funds was the very first to give up the ship of Ma
tional and State credit; and then, if in mockery
Of the general calamity, to declare that would not
receive from the people in payment of their obliga-
tons the notes of the other two Banks, which were
disposed struggle least before they surrendered
that faith which they had solemnly pledged to the
people and the State. Hany man is curious to stu
dy the beauties of the State Bank system of man
aging the currency of the country, he need not go
out of Raleigh for a SPECIMEN, which, not content
with violation ofits faith to the Federal Treasury,
turned around with the muck-10Orm fury of a soul


less corporation to visit its wrath upon the very
people whose substance it had sucked, and whose
honor and whose interest 1t had betrayed.


Leaving now National Bank, and league of


State Banks as beyond hope of support from the
State-Rights party, come to the main question
of an INDEPENDENT TREAsURY-a divorce of the
Government from the Banks. The first open effort
to establish an Independent Treasury was made by
General Gordon of Virginia, in 1884 when the issue
was between a National Bank and the league of


State Banks. He had been from the first thor
ough Nulfer, and am gratifed to say is still So.
Mr.. Calhoun very soon afterwards broached the
proposition in a speech the floor of the Senate,


which he predicted the prostration of the credit of
the country, and then he said lDould come the ne
cessity for the Strong Boz. So that it would seem
to have been in its origin entirely Modification
nursling and it is notorious that in 1884 had the
support Of no other party but those State-Rights
men who were then forming under the Whig Ban
ner. In 1885 Mr.. Benton made some incidental al
lusion to the approaching period when the Govern
ment should commence the work of collecting its
dues in gold and silver.


The proposition however was destined soon to
become of absorbing interest," for on the univer
sal suspension of specie payments and the conse-
quent failure of the Pet-Bank system, the issue
was changed from what it had heen in 1884, and
now some recurred to United States Bank, and
the President revived the idea of total and entire
separation of the Government from the embraces
of the Bank. 1t was this new position of parties,
this crisis of affairs which brought Mr. Calhoun
and the President together, co-operators in the
same cause. Had the Pet Bank system lasted, Mr..
Calhoun and the President must have continued
widely separated but that being entirely destroyed
they met as a matter of course upon the only
other scheme by which the national revenue could
be kept and disbursed. Had Mr.. Calhoun gone
back to a National Bank, his opponents would have
upbraided, by quoting against him his suggestions
in favor of an Independent Treasury in 1884, and
Mr. Van Buren, of course could not have done so.
1t will therefore be perceived that they both occu
POSA"AOH
minded and distinguished men they could possibly
have taken.


1t will be then perceived, that the charges made
BY Mr.. Clay and his friends against Mr.. Calhoun,
and those made against Mr. Van Buren by Mr..
Rives, Mr.. King (of Ga.) and the conservatives
generally, of shameful abandonment of their for
ner principles-are in fact-altogether unfounded,
and that while Mr.. Calhoun preferred Treasury,in
dependent of all Banks in 1884 to league of State
Van Buren was disposed to try the
league and now that that has failed he has returned
o the Independent Treasury.


The Constitutionality of an Independent Treasu-
y has, l believe, never been seriously questioned.
The constitution specifies GOLD SILVER as the
,ny legal TENDER and says nothing about the notes
If Banks Indeed it does not in the vaguest man
Ter allude to that famous CREDIT SYSTEM, which ac
;ording to Mr.. Clay and his friends was the great
object Of the Federal convention. 1t not only does
lot say word about Banks either National or
it expressly declares in favor of a me-
aIic currency, and the States are formally tied down
o it as the the only legal currency. The Indepen-
lent Treasury therefore, has at least the rare vir-