The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-19

them, beyond their ability TO redeem with
specie, and confidence, confidence, was reiter-
ated as the only panoply that could avert the
catastrophe. The whole administration party
saw the game that political adversaries were
playing, and with praiseworthy unanimity,
they came TO the rescue Of the banks, and
saved them from the overshadowing power Of
great rival.
We would ask those protested friends Of
the administration, who have raised the war
whoop against these same banks now, and
who are taking much more decided and fatal
grounds against them, than was occupied by
the opposition in 1884, what can justify this
change! Is the condition of the Banks less
deserving their support at this time than in
1894! Are they in situation more inde-
pendent of public opinion and less requiring
succorl Is their connection with the general
interests Of the country less strong! Is there
any one thing that justified their defence by
the administration, and the whole administra-
ton party at that day, that does not equally
Justify their aid and vindication now Then,
we were pleading their cause, because we
thought them essential to every interest in the
country We had manifested our conf
dence in them, by making several of them
the repositories Of the public revenue, be-
cause we thought them endangered by the
efforts then making to break them down, by
destroying public confidence in them Now,
from untoward circumstances they have had
to yield to the notifying necessity Of sus-
pending specie payments, and to forego
nearly all those advantages that have hereto
fore given vigor, activity and prosperity to
currency and trade. We look abroad upon the
face of our country-we see that mighty de-
ISOLATION has befallen us, and that universal
stagnation is drying up the many thousand
channels that irrigated commerce, nourished
business, and stimulated the active spirit Of the
land.
In the midst of this calamity, the banks are
assailed with unsparing fury-every passion
is appealed to, to destroy confidence in them,
-artifce and cunning are studied to annihi-
late them-a bull in every sense of the term
has been Illuminated against them, and in the
same breath the banks are called upon to re-
sumo specie payments, and are told that they
are held responsible for the delay, and threat
ened with vengeance if they do not! Mad
ness and folly cannot exceed this. By these
same men, we have been told, that confidence
was indispensable to preserve those institu-
tons, and without it they must fall. How
ments, if they are not to have the public con-
fidence1 And how can they have it, whilst
formidable and Fictitious power is moving
every engine to destroy confidence in them.
1t has been Significantly said that banks stand
upon three legs; one is their capital, and
another is public confidence; separate them
and they fall. Would it not be thought the
height of folly if an agent or factor held in his
dividuals, and from untoward circumstances
was unable to meet his engagements, and had
to suspend payment, for his creditors to COM
bine TO destroy his credit, to impeach his
honesty, blast his reputation and take from
him every thing upon which an embarrassed
debtor could look to for recovery and the
means of liquidating his debts, and still to cry
out, "pay me ~ Such is the relation between
some of the banks and the government, and
such is the policy of those who are denounc-
ing the whole system.
1t is undeniably true, that without public
confidence, the banks can never resume
specie payments and continue them, nor can
they easily, whilst specie bears premium,
SO much above the par value of bank notes 1t
is no, less true, that public confidence can
never be extended to the banks, SO as to give
them the strength they require, if the govern
ment by its action and influence should dis
credit and dishonor them.
I,