The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-17

tors in the republican cause then advocated and sus
tanned We sustained the position aud advocated the
doctrine that our opposition to national bank was not TO
operate to render the public moneys one oa less useful
to, and busy the aid Of tho commerce. enterprise aud
labor Of the country In the language Of Jackson we
confronted adyersares with the assurance, 81 that
the funds Of the government win not be annihated" by
our policy. " They rcl be Immediately issued for The
benefit Of trade" And il the Bank Of the United States
curai its loans, the State banks, strengthened by he
public deposiies, will extend theirs What comes in
through bank will go out by Others and me eqn
hbriam wH be preserved" was sincere, was honest
in maintaining such position then, and ever snce and
am not yet prepared to tread back and abandon i
for experiment which all republicans then repndaied
as less responsible, SAFE convenient and economical
What departure from this liberal and patriotic poll
cy, is the doctrine of the Sub Treasury system by
which the millions taken from the people for the CO.
yernments use, to be taken in gold and silver only
and kept locked up in ideness, aud annihiated until
the Governments creditors are entitled to rescue
from Punishment And this heavy penalty Is to be m
fcted upon the commerce, enterprise and industry Of
the country, because the same calamity which has hap
pened to all the Of the world beside and alike to in
dvidnas and corporations lat least this side Of the
Atlantic, and to many every where,) has happened
temporarily to the deposite banksin suspension Of
specie payments calamity which It was known when
they adopted had twice before happened to this
CLASS Of agents; but calamity, after all which
pretends will probably result in the loss Of single
dollar to the Government. A calamity, IN fact, which
the Governments policy--oW republican party's
policy Of urging and requiring these institutions TO
make the most liberal loans Of the public funds for the
benefit of trade" as written out in both President
JAcKsoN's and Secretary TANEY's own cited docu-
ments, has been most powerfully instrumental in bring
ing about. say 1t not to reproach myself or others,
but to say that while the case IS our own let us re-
form and not destroy system. SIT to be recorded,
that the people Of this nation, or Of this Congressional
district little capable fobearance nregard to the
political caames that press upon hen not to inquire
whose and what policy has induced those calamtes!
Or that they possessed Of so little discrimination
and Judgment have opinion Of their own,
TO how far the local banks, that to be condemned
and cast of by the SubTreasury bill if adopted, have
been but agents the hands Of Government and OF the
people in bringing about the present state OF things and
how far they have acted principals in the affair /!
Will not republicans themselves pause and inquire with
me- in candor, well from sense Of justice to these
institutions whether the very agency WE haze imposed
upon them has not been pushed too far at OUR request,
and whether from this the present diseased crisis
in our avorite system Of local bank agencies does not
owe much Of its severity II SO, ought we not to IN
qurc whether prudence may not restore il seasonaby
to its desired usefulness before resolving to cast 1t of
for ever and fy 10 ills knoto not of II the sys-
tenn itself be all that promised or had promised to US
by JACKSON, VAN buren,, fancy, Benton, WRIGHT,
POLK, PATTON, CAMBRELENG auu Otner kECoGNlsED
LuMtNARIEs OF DEMOCRACY, and has become derangcd
from our own abuse Of from having pushed not,
dcspnedly but imprudently, too far IN It's infancy
.o,nd wisdom ss well due regard to the welfare Of
the people require us blame and correct ourselves in
the use Of the SYSTEM instead Of exchanging for one
that comes up dscredted Of our mouths as LESS
sponsble safe, convenient and economical" Such al
experiment if experiment must be the continued watch
word Of the times, would seem most worthy Of us ALL
who have so strongly pledged ourselves by word and by
deed for four years past for the success OF this effort TO
dispense with National Bank. 1t would have been
well If we al-who claim interest IN the success OF
the present national adminstration-coud have been
influenced by as ardent an adherence in practice
have been BY sincerity in profession, TO the policy and
laid down in the celebrated letter Of Mr. Van
Buren, to Hon. Sherrod Williams, which have once or
twice before had occasion to alludc to- by way Of au-
thorty not to be disputed, for the position in which |
have stood and in ,ohich stand-whethcr it be
republican position now formerly, or not The doc
trnes of that letter peculiarly appropriate to what
contendng for, in my opposition TO the new ex-
pertinent upon the finances OF the nation Let the
reader who desires either to be himself the same sort Of
republican today, that he was few days slnce say
only in August last, 1886, when the letter cited was
written and also the reader who is curious to compare
the difference between the repubcanisn OF August last
and that republicansm which am now accused Of de-
sertrg when protest against the adoption Of the Sub
Treasury scheme mark well the following njunctions OF
III.
"Tae passage Of the deposite bill [now to be sup
planted BY the Treasury bill will also be regarded
nv THE PEOPLE as A PLEDGE FROM ALL PAR
TIES TO GIVE THE EXISTING SYSTEM,
which excludes the idea Of National Bank, FAIR
TRIAL"
Again: aa....
No rational plan for the regulation Of the fiscal
affairs of the country can fail 10 succeed il the mass
of our industrious and enerprlsing population without
regard to local, sectional or political distinctions, are
only generally DESTROYS for its success Once satisfy
them that things are in this respect TO REMAIN
STABLE and It is not in the nature OF things possible
that they can refuse their aid and support to that which
concerns them so nearly and upon p,ch their prosPeri-
~ private as well as public, is so essentially depen-
a a@uE r''''S
Who could have defined the grou.d upon which re-
publcans stood, no longer ago than August last, IN
more significant and graphic language Than did Mr. an
Buren in the above letter. Who was better authorized
to define it for the republican party than himself who
was better authorized declare The pledges Of that par
~ in relation its future course and policy upon hs
subject? Who, more than him, was expected 10 re-
main stable" in the support and defence OF the local
hank apences which constituted such prominent foa-
ture in the policy and system Of his Industrious Prede-
ccssor" whose policy and system OF administering
the affairs of the nation he uneqnvocaily pledged
himself in his inaugural message Has the local bank
system had the fair tidr' Of which he spoke IN Au-
Gust II il be true that the nature Of the agency i'm
posed upon them by the administration and party that
adopted them, lin giving increased facility TO trade ana
commerce by discounts upon the strength Of The public
depostes was stretched to unintentlonal abuse at
the request Of its foster parents and embarrassment has
ensued in consequence thereof, this cannot surely be
said 10 be "a fair trial. Of the system, by the admins
,ration so reasoned, and hence could not abandon
it for I" less responsible" experiment
have shown from under President Jackson's own
hand as well as from under the hand Of Mr. fancy and
Others that to effect increased loans for the benefit OF
trade and industry upon the strength OF the public de-
poses part OF the local bank system adopted oy
the late administration And this feature IN the
policy that commended il to the people as substitute
for National Bank.
No just man, therefore, deny, that to the extent
Of this policy, the administration, and not the bahks
alone should feel itself accountable for the existing en-