Southern Argus

There are some assertions in common use just now, with the administration party, which tried by acts unhappily too notorious, are at once shown to be groundless.

Proceeding on the basis, originally laid down by the Globe, that "there is no pressure which any honest man should regret," and that none break but those who are trading on borrowed capital; all the evils we are suffering under, are ascribed to excessive speculation, overtrading, and luxurious extravagance. Inadequate as these causes obviously are, to account for the wide spread ruin around us, they are yet put forth, and daily reiterated by the administration organs, as though they were undeniable and all sufficient.

But what are the notorious facts? Undoubtedly that while some among the houses that are swept away, have unduly extended their business-many very many others have failed with their pocket books full-not of unliquidated demands, but of receipts for monies actually paid to their credit, in distant banks, which yet--owing to the total derangement of the exchanges consequent upon the experiments for improving the currency-they are unable to realize here at any rate.

We ourselves know more than one house in this predicament, and where the parties, if they could get their own, could pay from 150 to 200 cts on every dollar they owe: men who have cautiously abstained from speculation--whose habits and expenses are simple and frugal; who pursued a regular, and-if left free from Government interruptions or improvements-a sure though moderate, business. and who, if told three months ago, that if matters did not mend soon they would fail, would have smiled at the impossibility. Such men, with monies more than equal to their engagements, paid to their credit in the banks of Virginia of N. Carolina, of Kentucky, of Ohio have nevertheless been forced to yield to the pressure, and to see the profits, the credit, and the honest pride of independence, earned by a life of laborious industry, and unspotted integrity wrenched from them, without any fault of theirs, for the gratification of Executive "Experiments," unlawfully undertaken, and more unlawfully persisted in.

But it will be said by the partisans of power, that the Government could not regulate the exchanges, nor prevent the multiplication of State Banks nor make a dollar in Tennessee available for the same amount in New York