The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-24

would in effect have 70 pay three times as much as ne
had contracted for The pressure Of our foreign debt
would be three times great Il Is, while ihe SIX
hundred Millions which 10 about the now probably
due the banks from the people, would be multiplied
into eighteen hundred millions.
But there are some more specific objections TO this
project Of Treasures which deserve be noticed
The first Of which its insecurity. The Sub-Ireasurcr
and his bondsmen constitute the only guaranty for the
safety Of the immense Of public money which pass
through his hands Is this to be compared with that
which possessed through the agency OF banks Ibe
collector who is 10 be Sub Treasurer pays the money
TO the bank and the bank to the disbursing officer
Here are three checks You propose TO destroy two oil
them and that most important Of ALL the bank, with ITS
machinery Of president directors, cashier teller, ana
clerks, all Of whom many sentnes AT The very
moment when the Secretary Of the Treasury tells US
how well has b-Treasuy system works, he has COM
municated to Congress circular, signed by himself,
exhibiting his distrust for no directs IN that crcu
lar that the public moneys when they amount TO large
sum- shall be specially deposited with those very banks
which he would repudiate In the State Of Kentucky,
(other gentlemen speak Of their respective Sates,)
although has existed but about foryfve years, three
treasurers selected by the legislature for their esta-
bshed character Of honor and proby proved fahless
And the history Of the delinquency OF ono, the history
Of ALL II commenced in human weakness, yielding to
earnest solicitations for temporary loans, with the most
positive assurances OF punctual return III no m
stance there originally any intention to deiraud the
public. We should not expose poor weak human ma
to such Temptations. How easy Will be, as has
been done. to indemnify the suretcs out Of the public
money, and squander the residue!
2. Then there is the liability TO fayoritsm. In the
receipts, political partisan friend may be accommo-
dated in the payment Of duties. in The Disbursement IN
the purchase Of bills, in drafts upon convenient and la
vorsble Offices, and in thousand ways
g. The fearful increase Of Executive patronage Hun
dreds and thousands OF new offices nre TO be created
for this bill is commencement OF the system ana
oil to be placed under the direct control Of the Pre-
sident
The Senator from South Carolina (Mr CaLHouN)
thinks that the Executive is weak, and that no
danger be apprehendcd from its patronage wish
to God could the subject in the same light that
he does wish could feel free from that alarm at
Executive entertainments by which he and were so
recently animated. When and how, let me ask has
that power, lately fearful and formidable, suddenly
become weak and hamlessl Where is that corps
of one hundred thousand ocohoders and dependents,
whose organized strength, directed by the will Of single
man, was lately held up in such vivid coors and pow
erfu language by report made by the Senator himsef
When were they dsbanded! What has become Of
prescription Its victims may be exhausted, but the
spirit and power which sacrificed them remain unsnb-
duod What Of the dismissng power! What Of the
veto! OF that practice Of withholding bills, contraryto
the Constitution still more reprchenshle than the abuses
Of the veto OF Treasury orders, put IN force and
maintained in defiance of legislative authority And,
degraded the Senate, and placed at the feet Of the
Executive! a
Which Of all these enormous powers and pretentions
has the present Chief Magistrate disayowcdl So far
from discaiming any OF them has he not announc
ed his intention follow in the very footsteps Of his
predecessor! And has he not done il Was against
the person Of Andrew Jackson that the Senator from
South Carolina ably co-operated with us! No, SIR,
no. sir, no. 1t was against his usurpatons, as we be-
leved Them against his arbitrary administration, above
all hat and
Of the power Of the Executive branch Of the Govern
ment, that periodically but vanly commended. The
person Of the Chief Magistrate is changed bnt there
stands the Executive power Perpetuated IN all its vast
magnitude, undlmnlshed, easscrted, and overshadow-
ing all the other departments Of the Government Ev-
cry trophy which the late President from them
decorates the Executive mansion Every power, which
he tore from bleeding Constitution, is in the Ex-
ecutye armory, ready time and occasion may prompt
the existing incumbent, whoever he may be- to be thun
dered against the liberties Of the people
Whatever may have been the motives or the course
Of Others il myself and To truth to say, that in
delrecatng the election OF General Andrew jackson to
the office Of Chief Magistrate not from any pr-
waite considerations but because considered it would be
great calamity to my country; and that in whatever
opposition made to the measures Of his Adminstra-
ton, which than realized my worst apprehcnsions
/ was guided solely by Of public duty. And
now declare my solemn and unshaken conviction that
until the Executive power enlarged, extended and
consolidated by him. is reduced within its true Const
tuonal limits there is permanent security for the
Liberties and happiness Of this people.
a. Lastly, pass the bill, and whatever divorce its
friends may profess be its aim, that perous union of
the purse and the sword Justly dreaded by Bri-
tsh and revolutionary ancestors, becomes absolute and
complete. And who doubt il who knows that
the Secretary of the Treasury al Washington and every
Sub-treasurer, tho President claims the power TO
else uncontrolled sway Ito exact implicit obedience 10
his will!
The Message states that in the process both Of col
lection and disbursement OF the public revenue the Of
fcers who perform act under the Executive com
mands; and il argues that, therefore, the custody also
Of the Treasury might well be con6ded TO the
Executive caro-. I think the safer conclusion is
directly opposite. The possession Of SO much pow
the national treasure is just cause Of regret,
and furnishes strong for diminishing it, if pos
sbe, but for its increase for giving the choc
power the purse TO the Chief Magistrate.
Hitherto have considered this scheme of Sub-rea-
suries it only what its friends represent ia
system solely for the purpose OF collecting keeping and
disbursng the public money, in specie exclusively
without any bank agency whatever But it is manifest
that destined to become, if be not designed 10 be,
vast and ramfed come xon Of Government banks, Of
which the principal will be at Washington, and every
sub-treasurer will be branch. The Secretary is
thorzed to draw the several Sub-,reasurers pay
ment for all the disbursements Of Government No
law restricts him the form Of his drafts
checks. He may throw them into amounts suited 10
the purposes Of circulation, and give them all the APP
pearance and facilities Of bank notes. or all the
branches Of this system, that New York will be the
most important since about half Of the duties is
collected there. Drafts on New York are a, par or
command premium tom every point of the Union
1t is the great money centre OF the country Issued
convenient sums, they will circulate throughout the
whole Union as bank notes, and long confidence
is reposed in them, will be preferred TO the specie which
their holders have right to demand, They will sup
ply general currency, gill many of the channels Of cir
cnlation be substitute for of the Bank of the
United States, and supplant, 10 great extent the
of bank notes. The necessities Of the people will con-
strain them to them. In this way they will