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

willing, in order to accomplish Il. ,rsmple upor
their interests instead Of reviving ehsFishing
raising them up from the prosirsiia u which the,
lie. The great evil under which ths y anify sufier
under which properly, conmerca, lsnlrfpFise, In
dustry, possession, and even hols. m,ter l.nguish
droop, and we might almost say, PefisA and die, u
the unsoundness OF the currency Em 10 this grea
evil the advocates Of the goyernm 81 scheme ar
totally insensibe. One Of the Jana ics u the earl,
periods Of the French Revolution az cred sentmen
like the following -" 7 he sacrifice Of million o.
human lives Is nothing In the establishment of |
MISUNDERSTANDING the establishment Of the Goddess
OF Reason in the place Of the only true God and
Saviour. Our wise men with zeal little short, ant
an obuseness Of feeling little lacking Of those Of The
revolutionary zealot, cry aloud for divorce OF the
Government from the Banks, without deigning u
consider that IL is in substance alike divorce OF thu
Government of the Union from those Of the States
and of the interests Of the pcople,that Its tendency
Is to PROSTATE those institutions which are establish
ed by the States, which amount in value TO hundreds
OF millions of dollars, which belong to the people
the States, and which must furnish the currency O
the people, that its tendency Is to continue the un
soundness Of that currency perhaps destroy It, ant
leave us in its place miserable pittance Of gold ant
silver for the uses Of the Government strong box
while i will furnish happy opportunity to complete
paper system, which is said TO be necessary TO give
completeness to the scheme. These, one would
think awful evils which ought not to be hazard
I'd. But its advocates, in the spirit of the revolu
stionary zeaot 10 whom we have referred disregard
consequences and think that all ought to be hazardet
or sacrificed to establish their principle accomplish
their diroyce; we might almost say, to put asundeI
those whom God had united, for we can hardly
doubt that we owe those homogeneous relations
which tie the States and the Union so happily To-
gether, and which the zeal ofthese gentlemen would
sever to the special blessing OF God.
We will now inquire, with some precision, what
this scheme proposes on what grounds it Is sustain
ed and whether its tendency is not TO produce the
evils which we have deprecated2
The substance of the scheme independent of the
paper system, which II Is proposed hereafter to ap
pend is that the public revenue shall be paid in gold
and silver only, and that for this purpose the bank
circulation shall be discredited although at tke mo-
ment that paper shall be faithfully redeemed in these
metals, and be equally good; and that the public
treasure shall be rendered safe by being deposited in
vaults, under the care public funclionaries. The
President appears 10 estimate the average amount Of
the public deposites at ten millions Of dollars
The grounds on which the measure is sustained
are that the public receipts and expenditures should
be collected and paid in gold and silver, and thai
such Is the money prescribed by the constitution thai
the public treasure will be safe in vaults of the
government than in depoSite banks; that it will di
will be check on excessive banking, because, il is
said IL the deposites be made in banks, these insu
tons would bank upon them, and thus increase theil
business beyond proper limits
some Of our public men makes it necessary, whether
the government of the confederacy instituted tc
sustain formal literal performance of contracts
between the executive government and few ind
viduals (who are fattening on the public purse) with
whom the government has contracted for its supplies
and the employee of that government, for the good
of the whole people of the Unions The scheme Of
the government however, is entirely devoted TO the
first object and If we right in our view sacrifices
the latter to it. But If it the duty Of the govern
In tnfa c,ft tore
so far as to insure them payment in gold and silver
is there any reason why they should discredt cur
rency which those very creditors would prefer te
specie payments-namely, a currency which they
could, at pleasure, convert into specie Such viii
be the currency Of the country, when the banks re-
sumo specie payments. As TO constitutional cur
rency, 1t is palpable nonsense, If 1t mean nothing
else but gold silver shall be paid received unde
the constitution. Wiser men than those who nov
administer the government or represent the people
have always held aAdifierent doctrine. The consti
tuition only forbids the States to make any thing bu
gold and silver tender in law which is to say, that
nothing else shall be compulsory payment and the
federal government which is affecting this peculiar
delicacy the point of constitutonally, is entirely
unbounded by the constitution. We admit, however
that ii is morally and in honor bound to go far as
the States are constitutionay bound to 60 but the
constitution has nothing to do with the question.
But we return to our general position--if the go
vernment was instituted for the people, and not fol
government contractors, and government employees
then on what principle sacrifice the former to the
latter? If for both, which should preponderate
The people Of the United States now probably
amount TO sixteen millions and in four or five years
before the Treasury scheme will be fairly in opera
tion will amount to twenty millions. According tc
the statistics of population twenty millions will pro-
baby give four millions of productive operatives
and these at the low average Tin this country OF
one hundred dollars will give four hundred millions
of dollars of annual productive value. The value OF
the property of the States, if pu, down at one hun
bred and fifty millions each, which must be below
the reality, with the estimate of annual production
added, will give sum little less than five billions
of dollars to b, affected in value by the state of the
currency. If the continuance OF an unsound cur
rency affect these objects to the extent of ten pei
cent, it will amount to five hundred millions of dol
lars. Now let the preservation, and advancement
and prosperity of these objects be compared with the
objects Of the government scheme. The government
wishes to put ten millions of dollars in safe custody
II can get il satisfactorily insured for fifty thousand
dollars per annum, and will then pay high pre-
MUM | doubt whether il has lost, by banks, since
the institution of the government, the last mentioned
sum- in the principal commercial Cities and to these
the whole question refers.
If any one be dissatisfied with my estimates, lei
him reduce them as he shall think ft and there will
still be Left mighty interests, to be set against paltry
objects.
But it is said, the deposite banks have failed in
furnishing a safe depository of the public money
How have they failed? They have failed in COM
mon with all other banks, with no exception what
ever. The whole country has failed in the same
sense They have fallen, like strong man under
too heavy burden, but under which he can rise
again if not held down. In like manner they will
rise, if not pressed down am no defender of the
banks. They have all done wrong; they have all
been guilty. They have all oyer-tradcd But the
country has enjoyed great benefits even from that
over-tradng It has filled the sails of commerce, il
has sped the plough, nerved the arm of industry
covered the country with great and lasting improve.
ments; canals, railroads, and other magnificent and
profitable structures II will leave some individual
victims, but the country has nevertheless, been great
ly the gamer by the over-trading. Time will pass
away, and when not even remembrance OF our
present suferings shall remain, these benefits will
But the deposite banks have not paid their bond. -
They have nevertheless done wonders, and under
less harsh (sha not say better informed) masters