The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-10
COMMUNICATIONS.
ron THE MADsosIAs,
NATIONAL CURRENCY a STATE hANAs'
u.pyIAND PLAN.

division Of opinion having arisen among
the friends of the administration In reference
- the remedy recommended in The Message,
g, The monetary disorder which pervades the
country; and the opposition having manifest
ed determination to dispute any measure oil
relief. save only an oligarchicai institution on
the principles Of the late Bank OF the United
States. it becomes the patriotic statesman to
discuss the subject dispassionately, with the
view to sustain the practicability OF construct
inc system which may suffice to remove
existing embarrassments, and avoid the re-
currence Of similar evils.
IMPRESSED with the magnitude Of the mat
ter. humble individual will approach It with
Difference, and attempt to analyze an alterna-
tive proposal submitted by citizen Of Ma
rvland, and printed as Document No o, OF
zach branch Of the National Legislature,
which contempates the creation and dlstrl-
button of an adequate and ample circulating
medium in connection with the custody, trans
mission and disbursement of the revenue in
obedience to the following iumafa.
|. That the system Of this Republic en-
hr,ces not only the constitution and laws OF
The Union. bun the institutions of the compo-
nent States, and that the people are paramount
to ALL !,
Q That the sure keeping of the public
treasures imparts beneficial privilege.
3. That the credit Of its circulation is
national capital Of great value.
A. That the benefits of each and every
other prerogative, whether positive or incl
dental, properly belong to the people, and that
they cannot be ceded to part, without dero-
eating from the rights Of the whole,
'Fhe subnitter also assumes that money Is
the blood of nation--the spring OF Its indus
try-the generator Of its enterprise-and that
" is regulation haoing been exclusively uested
in Congress-" the exercise OF the necessary
power. "to The end that its functions may DC
eouallv executed for the general good," is i'm
peratiyely required in the present crisis
The proposition is certainly founded on
principles substantial in their nature, and en-
tirely consistent with the genius OF the go
yernment, as it proposes to diffnse the bene-
fits OF valuable attribute of sovereignty to the
whole people. and not for the benefit of IA
vored few. or privileged order.
The writer is aware, that apprehenslons
have been entertained and expressed puoliciy
that, the States could not surmount the oppo-
siton Of private banking corporations-and
that an attempt to carry into effect general
system would, consequently, be defeated
but is not the occurrence of such an appre-
hension Of itself enough oinvite the encoun-
ter, in order that it be ascertained whether
the sovereignty exists in the creator, or in the
creature corporators
1t appears by the plan, that the assent OF
any FIVE Of the States will suffice to COM
mence the system-and it scarcely could be
doubtful that large number, (already provid-
ed with adapted inshtutions,) would promptly
accede; and that the action of less favorable
regulations, necessarily pre-eristing, would
conduce to the successive accession OF others,
until the entire union would embrace the equl-
table and efficient measure in contemplation.
The prevailing principles of policy and inte-
rest are sufficient to warrant the conclusion
as the boon presented in the liberal dlstrlbu-
ton Of the !" NATIONAL CURRENCY"
and the benefit Of the collection and dlsburse-
ment Of the public moneys, operating as an
ducements on the one hand, whilst the Justifia-
BILE withholding Of that boon, andthose benefits,
"a well as the embedding drains of abstraction
by drafts to the public creditors or those con-
tinuing under the control OF private corpora
tons, IN preference to redeeming the available
means Of The conforming States, acting adverse
" on the other hand, would simultaneously
accelerate the establishment Of financial
confederation in harmonious accord uith our
political system, and the just rights Of all IN
terests and classes Of our toide spread popu-
lation.
The proposition in brief, is intended to
establish the monetary system, and to regu-
late the currency of the United States accord
ing to the following basis and principles, to
wit:
|. Five commissioners, to be appointed by the
President and Senate, to act, in conjunction win
other commissioners to be appointed by the States,
in board, to sit at the seat OF the General Govern
ment se .a.
2 The board 10 devise and prepare national
currency, in convenient denominations, from twenty
to one thousand dollars to be apportioned among the
States in the ratio OF their electoral votes, not ex-
ceeding one hundred thousand dollars for every
Senator and Representative in Congress
3 Each of the States asserting to the system to
receive its contingent Of the currency upon the pay
ment of one per centum on the amount required,
and contracting to pay in like manner annually
thereafter and providing not less than one-tourh Of
that in the legal coin of the United States as
a basis of its operations.
A. Each of the asserting States to appoint one
commissioner to the board and one in addition for
every ten Of its electoral votes; deducting the num-
Der which NAV have been appointed from such State
by the President and Senate.
s. The principal institution of each of the States
to have the custody and provide for the transmission
and disbursement of the public moneys, and for ex-
changes between the States, under such conditions
and regulations as the Congress may prescribe.
G. The national currency to be made receivable
in all payments to the United States, at each and
every Of the institutions, and at all their branches
will renard Mace of ennis