The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-26

dom, prudence anu HOneSty, 10 fctuIh umiheui-
ately to that rule Of action which the consti-
tuition has prescribed, in which alone there is
safety. Neitherprecedent, nor time, nor HIGH
AUTHORITY can sanction or ezeass a perssUer-
anee in departure from the plain provisions
Of the Constitution"
And is the policy Of the whole republican
party, thus to be repudiated, forsaken and de-
nounced! The deposite system proposed by
President Jackson, advocated by Mr.. Van Blu
rem, and sustained by the republican party,
denounced by the "organ at present." &c. as q
"departure from the plain provisions Of the
constitution"
We are told too at this late hour, that when
the public money is deposited in banks, that it
"is not in the custody Of the United States,
nor IS 1t in fact tile property Of the United
States. The moment ii is deposited, it becomes
the property Of the Bank, and the United STATES
haze lost all control oper IT," Most unheard
Of nonsense Where then is the public trea-
sure which has been accommodating half a Gen.
tury, and almost invariably deposited in banks :!
Do not the people deposi,e their money in
banks, and does it "become the property Of
the bank" and they lose all control over it :"
Preposterous On the contrary, they de-
posite their treasure in the banks, rs the GO
vernment should, for convenience and safe
keeping, subject at all times to their order, and
no one can properly charge the banks general
ly with perfdious conduct, or show that they
rob their depostors, and appropriate the funds
to themselves. Nohonorable mind can even
now impute to them bad faith, although in
yolycd in the vortex Of the general commercial
calamity, whose force was both unforeseen
and irresistible.
The writer refers to Mr.. Gallatin to sustain
the proposition Of Mr.. Leigh. That gentle
mans financial sagacity, however, does not
only not sustain the proposition, but decl ares
expense and Inconvenience" He admits to
be sure, what none deny, that the public
money may be kept and transferred without
the aid Of banks, but he clearly foresaw, as
all must now foresee, the dangerous tenden-
cies of the proposition, and the multitude of
overwhelming objections to it.
But the writer makes the precious boast, that
the experiment" would create a "c0nstant
demand for specie" and "specie is the natu-
raj antagonist Of paper" And what would be
the effect Of constant demand for specie I"
Two currencies Of unequal value never can
circulate in the same community. boarding
of the precious metals would commence, and
very soon diminish the amount Of specie in
circulation. The premium it would obtain
above the par value Of notes, would be added
to the cost ofimportation, and ultimately levied
in the shape Of a tax upon the people.
The writer introduced here by the organ
at present, &C." presumes to say, that this
financial scheme II is in one sense an expert
mcnt, as it will be discardng the SYSTEM
regulations and contrivances Of financial quack-
cry and imposture, and returning TO the simple
practice of the Constitution. The State Bank
deposite system denounced by organs pro-
Tossing to represent the Republican party, as
"system Of financial quackery and 'mpos-
ture' = And who proposed the system, and
by whom has it been sustained BY Presi-
dent Jackson and the whole Republican party;
and President Jackson, after the plan had
been tried, pronounced the State Banks the
" most safe and practicable repositories Of the
public money" The system has been
sustained by him and the Republican party
throughout as necessary auxiliary to that re-
form Of the Banking system, the attainment
Of which will form an era in the history of
our country, which will be dwelt upon with
delight by every true friend of its liberty and
independence" Yet this plan, paper crcu-
lation, and the State Banks, are all to be de-
nounced and abandoned, and "Erecut,pe
Agents" against whom President Jackson re-
peatedy forewarned us, whom the Secretary
ofthe Treasury pronounces less responsible,
safe, convenient, and economical" than banks,
Government than all the Deposte Banks, are
to be urged and demanded in substitution. We
trust however, the people will not be insensi-
bic Of the impending danger; that they will
not allow the present calamities in which the
Banks are involved to prejudice their minds,
but that they will come to the rescue withthat
patriotism and magnanimity which the exigen-
cy requires, surrenderng personal predilec-
tons, and party feelings TO the greatest good
Of the greatest number"
BEAR AND FORBEAR."
We yield the most respectful consideration
to the wise counsel of the veteran Of the