The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-03

tween them whatsoever sudden and yiola,,
separation, such as is contemplated by thi,
bill, have already said, would, in nv Judo.
ment, be impracticable, in the present condi.
ton of the country. believe the transition
from the state Of things which such :" dj.
vorce" would create,) would be to a National
Bank, as inevitably as from anarchy and con-
fusion, people always seek relief in despot
ism.
The process Of separation must be gradual
after it is commenced. And lis commence
ment must await the entire recovery of trade.
accompanied as such recovery will be, by
sound and healihlul currency that is TO saw,
currency, SO far as il is of paper, convertible
into specie at will.
The government may, think, under such
circumstances, and at such time, confne its
receipts to gold and silver; and withhold its
revenue while resting between collection and
disbursement, from all use, whether of banks
or others.
am aware that strong objections hold 10
keeping 50 much money idle, as would remain
permanently on hand, under any system ha,
may be adopted But my decided impression
is, nevertheless, that the patronage and polti-
cal influences, with which its use by these
corporations must be attended, together with
the great incentive which it offers to over
dealing. are objections far stronger. And
from such inaciion Of the public money, |
should look for another great practical good
Ii would invite, in the most urgent manner as
fixed policy, scale Of revenue reduced to
the lowest standard Of the most economical
administration,
And again by confning its receipts to gold
and silver, the collection If the revenue would
exercise salutary control over the issue of
the State banks. 1t would do so, by present.
ing at their doors, to the extent OF that de-
mand, always an memorable creditor curb
sadly wanted by the banks in their late ca
reer. The receipt by government OF gold and
silver only, after the paper medium becomes
freely and Immediately convertible into coin,
presents nothing inconsistent with the posi-
ton, that government must deal in the same
| currency in which the people deal; because
coin, and paper Immediately convertible, are
substantially the same. ....
| But | can see no advantage, and on the
contrary, a fruitful source of mischief, in max
ing government officers the keepers Of the
cash. Place about them what guards you
may, in the shape Of commissioners, inspect
ors, or whatever else, peculation will he end
less. There is no security in 1t, and 1t will
involve heavy and unnecessary expense The
chief and over-ruling objection, however, is
the endless source of patronage to which 1t
would give rise Make the machinery as
simple as you may, and open to view, wher-
ever money is, temptation will creep IN, and
corruption in every form following at its heels.
But the money can be safely kept, under the
most ample security, and freed from every OBJ
lection of patronage or political influence, by
a simple system Of special deposites in the
State banks-remaining always in spec e,
the separate property Of the government, and
paid out in kind, upon drafts from the Trca-
sury.
have thus, sir, stated my objections cam
didly and fairly TO this bill. They 60 more
to its peculiar machinery, and to the time at
which it is brought forward, than to It's gene
raj scope, as measure Of State policy in the
subject which it is Intended to affect. There
is no sufficient reason, as | have already de-
clared, satisfactory 10 my mind at least why
it should be passed now, at the close OF a
short and hurried session. And take leave
of it, therefore, in the confident hope, that this
great subject of the relations between Bank
and State will, at future day, be presented
in such form as will unite those counsels
which are now so unhapplly divided.
DrxuNclArloN-W regret extremely the course
which some of our democratic brethren have seen
fit to adopt towards those members of Congress and
other saunch adheren's 10 republican principles,
who do not fully approve of all the positions taken in
| the Presidents Message. II is wrong idea that
every measur, emanating from leading political
| men, necessarily involves Fundamental principle
| Men may honestly differ in their views OF policy
and expediency and We, b. good democrats after all
| Why should we denounce our own friends? II we
| think we are strong enough without them now, we
| may need their assistance hereafter; and wholesale
abuses Of individuals claiming to be governed in
their actions and motives by principle, is only cal,
culaed to ALLEVIATE them from the support OF a parry
which has all their best wishes and feelings
Democracy does not require us all to think pre-
cisely alike on the great measures of government
and those who think they show their zeal for the
party BY denouncing all who cannot agree with
them in all respects, commit very gross error
Neither Mr.. Tailmadge, Mr. Rives, Mr.. King, Mr.
| Garland or Mr. Clark have gone over to the wings
because the former dsapproves of The Sub.reasury
project and the latter supports IT. and yet from the
lone of some Of our republican prints we should be
led TO infer that this was the case If this course
to b, persisted in, shall soon deservedly find our
| selves in minority. Freedom of thought and free
dom of action are by no means incompatible win
republican principles. We must preserve uninlured
the old landmarks Of democracy-bu on questions
of temporary policy and expediency, il is bel
ter for to allow and encourage the broades latl-
| tude of opinion--SAerburnc( N. W Patriot.
IMPORTANT DEcisroN-In the case Of Dulany and
Others rs Deforest, Maurice and others, Judge Tai
| madge has decided that transaction BY which
| sells foreign bill of exchange to B. taking BIS mote
| for the BILL which exceeds the amount OF the oil
Sold the price of exchange and the legal rate OF in
teres is per usurious; in other words that n
point of law 1t was so clearly and beyond all donb
usurious that il was no. question on which Jury
had any discretionary right in giving their verdict
| The editors of the New York Journal OF Commerce
remark that the decision will be carried no doub'
before higher tribunal, and ultimately go 10 INC
hut In he