The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-16
COMMUNICATIONS.
SPECIAL Deposits
SCHEMES.
NO. Nv.
To he Publisher Of he Madisonian.

4 cSHEMES.
| 10 INC Publisher Of The MadisoniaH
10 my preceding numbers, have endesyored to Dor,
OUT clearly 10 the understanding Of all who read them
inc practical operation Of the Sub Treasury and Sne
Deposhe Schemes think individual will have N.
hardhood to undertake TO establish, by practical io,-
alons' that IN case the former should lie adopted and
put IN Practice will not lead all the disastrous con.
sequences 10 the country and lis institutions and nro-
dnce all the disorders in the general currency which
have described. Ia relation the Special Denosi,s
4 Scheme, have taken position to show thai in il
operations adopted upon any one Of the princple,
which have seen suggested, it will prove equally rin.
ons and destructive with the Sub Treasury Scheme
That position stand ready 10 maintain against sny At,
tempt that may be made through srguments,iye proof
refute It. invite, IN particular, the able and sagsciou,
editor Of tho Richmond Enquirer, who claims to be
the father of the scheme, any one else 10 calm dis
cusson OF its practical operation, and to refu,e The
grounds which have taken and the arguments have
put forth claim 10 have established my position on
foundation, and to have supported by facts which are
rrefutable
repeat again, the Special Deposte Scheme is wholly
mpracticsbe unless the collection Of the public dues
is confined exclusively gold and silver; or the note,
Of such banks as can Immediately, upon the recent
thereafter, be converted into gold and silver TIN.
would effect ameloraton whatever, OF the operation
Of the Sub Treasury scheme, in favor of this scheme
Should the scheme ever be adopted, venture TO pre-
dict that would remain dead letter on the statute
book. No bank in any Of the large cities OF the
United States, where the bulk Of the revenue collect
ed, would accept Of Government agency which would
lead to making il the instrument OF spreading desola
ton and disaster through the community and ruin upon
its fellow institutions The fear Of their own safety
under such odious circumstances, would deter them, if
other considerations Of patriotism aud sympathy should
not, from accepting such agency.
| have said, that the adoption of either scheme
will inevitably lead to the establishment, of Nation
al Bank That, repeat, will as certainly follow,
that must all, the great final day, render an
account Of our worldly dongs ask the veteran
and truly patriotic editor Of the Richmond Enquirer
and other advocates of the Special Deposite scheme
as substitute for the Sub-rcasury scheme, to pause
and reflect seriously, before they proceed further in
their recommendations and urging the adoption of
that scheme. BY persisng further they will but as
sumo the responsibility which will eventuate in ar.
raigning them before the American people before
three years shall have elapsed the real authors Of
National Bank. am no alarnist. My warnings
are but those of solitary individually but beseech
them not to let them pass UNDECIDED unless they,are
prepared for the consequences which have predict
ed. Their realization will be inevitable.
| have said, and repeat, that am sturdy oppo-
nent to the establishment Of National Bank. be-
leve the establishment Of such an institution, from
the vast power which it can at all times WELD and
from the influence and patronage it will ever be able
10 command, should be avoided; controlling, as it
might, by the exercise of those powers and infu-
ences united if not endangering the safety of the
government of our republic. ~.
| Notwithstanding these objections, which animate
me in my opposition to the establishment Of Ma
tiona Bank frankly avow, that, if we must choose
between the Sub treasury scheme, the Special De-
posite scheme, or the establishing National Bank,
am the open advocate for the latter for adopt
either Of the two former and 10 the latter complexion
mast noe come at last BY yielding TO it al once, the
country avoids all the dstresses and disasters which,
for the time being, the adoption of either of the
former propositions will irfct upon it.. II is not for
me to advise those who are like myself, opposed
alike to the Subreasury and Special Deposite
scheme but should hardly suppose they could long
hesitate in case they shall be obliged to choose be-
tween one of the two and National Bank, to choose
the one which they think will produce the least
mischief to the interests of the country and the pco-
pie. .... a.#a& '.
But why is it that these schemes so s,renuousy
adhered to, and with such pertinacy urged upon the
country, after the manifestations have had Of public
opinion against them Is to establish permanently
system which has been in existence for months
past that has given the ofcers Of government and
members of Congress metallic currency, and to the
poor daily laborer paper currency, vugary denominat-
ed shin pasters The former selling tina, which they
received brokers, at premium, while an individual
Of the latter class is refused the delivery to him Of
letter at the Post Office, which he knows TO be from
dear relative, until he goes and dsposes OF por-
ton Of the earnings Of his day of toll to broker at
discount for specie, with which he pay the postage
and gain possession Of his letter. should suppose the
effect which this odious distinction has already pro-
duced is made too manifest to make it either desirable
or polite to adhere it any considerable time logger
Is the object sought to be accomplished by these
measures to institute general war against all the bank
ing institutions Of the country for the purpose OF break
ing them down. II the test nony OF the new ally OF
those who the ad vocatcs Of these measures, and
whose accession their ranks is hailed by them with
10y and gratitude" is to be relied upon, that is their
object. That individual (ir Calhoun,) in letter
lately published, asserts, that the government was
{" forced 10 make ,car against the banks.
In this warfare he seems to have taken part, and
united with the Sub Treasury scbcmers In 1884,
when Mr. c. advocated the re-chartcr Of the Bank oil
the United States, and suggested the Sub-Trcasury
scheme he admitted the mpractcabili,y OF carrying 1t
into execution, unless oil the banks were "anbanked
Therefore it is that he is associated and acting with
those who seem to have that object now steadily IN
view. But how does such course, at this Time cor
respond with the language Of Mr.. Calhoun in 1876
when standing forth the foster father Of the late Bank
OF the United States On that occasion Mr.. c. said