The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-05
Mr.. LEGARE--LETTER TO A CoNsTI-
500 TUENT

which, however trite elsewhere found, 10 my very
been presented 10 the public here, As all news
papers, without a single exception, seem 10 have
given in their adhesion 10 the Subtreasury scheme,
their impenetrable silence to most of the argu.
ments urged against il Is not much TO be wondered
al. As to my part in the argument you will perceive
why, speaking al the close Of very proiracted dis
cussion In both houses was compelled to take much
for granted already established by previous speak
ers. The view took of the whole subject, seemed
to be all that was lefl orator who aimed at once
at throwing new light upon the great questions be-
fore the country, and interesting the House. exhaust
ed as was by very long debate and eager TO close
the business of the special session, then its ter
mination Some Of those topics, however, were
treated al greater length in the speech delivered
than in the printed report of IT, and every one al all
familiar with public speaking, knows how much
more can be said by the iriag rord, in few SEN
fences, than can be expressed in pages Of writing
IL was, however felt TO be Of far greater importance
TO the cause defending before the country, viz
the preservation Of its Institutions against theoretical
politicians Of all Sorts that should meet and refute
their general reasonings and we believe their u
innate ends and projects than conne myself in how
ever effective manner. to the bill on the table.
accordingly undertook this par Of the defence, and
did not utter aword that not called for, and h
by those who heard me, To be called for by what had
fallen from some Of the leaders of the innova-
tors
But IL does seem to me somewhat cool in these gen
tlemen to call on establish the negative propo
ston, that their scheme so novel, so bold and Il may
be- SO full OF important consequences ought not TO be
adopted, on pain Of having Judgment go BY default,
we fail to show cause. II does seem to me, say,
but reasonable that he whoproposes to me to do what
since the foundation of the Government, never has
been done, and never has been proposed, thought
OF even as possible alternative, but 10 be reeced,'
should take upon him the burthen Of proving that
the new projects a positively good thing To say
that in trouble, therefore some experiment
must be made that the banks have suspended specie
payments, therefore, we should care nothing more
hur.ly hair hair
is submit, as gross paralogism ever emanated
from school of professed reds0aers-and that as
every body acquainted with those schools well knows,
ssaying every thing The suspension of specie pay
ments from whatever cause or to whatever extent,
is, admit, evil but there is still greater evil
and that is its continuance for length of time and
the aggravaon of all its i'll effects by progressive
depreciation from excessive issues That the Go
vernment should have TO pay its officers and contract
in paper that is exchangeable for the precious
metals, is not we-graned but is it more rightthat
the individual debtor should pay his creditor in that
paper2 And ii the creditor should exact gold and
silver, AFTER the example of the Government what
would you have to say against the propriety of his
conductl
Why do not these gentlemen speak out Dot they
or do they not mean that all debts whatever, shall be
paid in the constitutional currencyT Do they
mean that the debtors of the banks for instance who
owe them, as appears from the recent statements,
about five hundred millions Of dollars, shall pay that
enormous in gold and silver, in order to enable
Do they mean that not only the debtors Of the banks
but those of individuals doubtless to still greater
amount, should do the same thingl If they mean
this, why not say SO in SO many words2 Why deal
in absractionsl Why talk of coercing the Banks to
perform their obligations to the public, without add
ing how the public are 10 perform their obligations
to the Banks2 Or why confne the tender mercies
Of their benevolent Legislation TO one class Of credit
ors only Of all those who will suffer from the frauds
of deprecated currency, whenever our currency
shall be in fact depreciated1 Speak TO this point,
gentlemen; answer categorically. Distinguish, II
you can make distinction, between the jus pubiicmm
and rus pripat1ln in such a matter Draw your line
between debts whose sanctity is inyiolable which
shall be exacted according TO the letter Of the bond
and those which must be left to arrangement and conf
position between the parties, according TO principles
of equity and convenience.
But you shrink back from the very idea Of enforc-
ing the payment of all debts in gold and silver You
know what the consequences would be. You know
there would be revolution-that the whole body OF
debtors would rise up in arms against the atrocious
folly of such legislation. Youcanno but see, super
fcially such theorists are in the habit OF consid-
ering the consequence of what they do or project,
that If all Bank rags" TO be al once thrown into
the fire. if nothing but gold and silver are TO be ac-
ceped as payment of debts it would be aconfiscaion
by wholesale of the property OF all persons now in
debtedthat it would be- as it was quantity express
ed in the debate of the House of Representatives by
gentleman from Virginia, /" to sell out the people
Even YOU therefore, do not yet propose, ia so many
words to prohibit the receiving, between man and
man, of any thing but gold and silver, although by
refusing every thing else yourselves you show what
you think Of the justice of such exaction and do
all you can by your example to make It universal in
practice
Now the question wish the advocates of those
measures to answer is do they intend to stop there
Are no debts sacred but those due by the government
and to the government of the United States Are
the States for instance not in precisely the same ST.
tuaonl Shall they, too, compel the people TO pay
their taxes in gold and silver II not, why not
Inf II he TTnit HAT andt he
exact payment of their dues in specie, how can the
very Legislators that ordained such law, refuse to
do the same justice-if justice 1t be-as they pro-
claim it to be-to the private creditor2 On what
principle either of morality or of sound legislation
can they conhne reform to a single point IN the
great province Of their public duties, when they
neglect all the rest-and take care of men in ofhce
and few contractors, while with regard to the mil
lions who stand toward each other in the important
relation of debtor and CREDITOR they leave their law
and the execution of their law, in what they know to
be state of absolute uncertainty, and Gin the conn-
gency presupposed by the very fact OF the greatest
danger for the peace of society!
But then, say these gentlemen you are putting an
extreme case--we have idea II will come to that
We only mean to drive the banks into the payment
of specie, and we shall even help them to do So by
asking for our own dues to the amount of 20 or 80
millions in it, when il is only article of merchan-
dize and part of the circulation than cotton
or rice.
Now, in the first place, you perceive that this is
answer at all, to the question OF what they arc
bound to do respect 10 pirate debtors and creditors
Whether they aiming at crushing all banks, with
their more severe sect, or only at chastsing and
reforming them, with the more indugent of their
DOCTORS il is still undeniable that for the prescnt-n
the actual state of Mingsyour Legislation will be
| grossly inconsistent and imperfect You will do
Justice only to the funconares and creditors of the
ACKNOWLEDGEMENTS entirely, all the nnumera-
Bile other persons that stand in precisely the same
relation, and need, and have right to expect the
same protection from just and paernal govern
| ment This is not to be controverted. You are
making a distinction without difference, in mat
ter where equality Is equity. Why do 500 lfwhat
you do is right in one case, why not in the others
| DO Won sbow-to YOU so much as pretend TO allege-