The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-26
THE DIVORCE OF BANK AND STATE. AND
THE EMPLOYMENT OF PERSONAL
AGENTS.

+
aIN THE REGULATIONS WHICH CoxeRrss MAY PRE-
scRInE Respecting THE CUSTODY oP THE PUBLIC mo-
NEY 1T 10 DESIRABLE THAT As LITTLE DISCRETION As
NAY BE DEEMED CONSISTENT WITH THEIR KEEP
ING, SHOULD De GIVEN TO EXECUTIVE AGENTS. No
one can be more deeply impressed than / with the
soundness Of the doctrine, which resrsins and limits
by specific provisions Ereeuss discretion as far it
can BE- done consistently with the preser alton Of is
constitutional character In respect fohe control
the pa5iie money, this doctrine peculiarly applicable
---Gen Jackson's Message, Dec. 1895.
q individual agents iriH probably be found LESS RE-
spoNsInLE SAFE, coSvgSiENr, AND EcosomtcAL ltkan
banks MIR, Woolburys Report Dec. 1884.
TITS PROPOSITION (the Diyorce") is plsoRaANIz-
ING AND REVOLUTIONARY, suBvERsivE or THE FuSDA-
nENrAL PRINCIPLES or OUR GovERNnEST. AND on IRIS
ExTIRE PRACTICE, PROM 1850 DOWN TO THIS DAY."
a. Is as pdipahe as The sun, that the effect Of the
scheme ,coua be 10 bring fhe public treasure MUCH
NEARER The actual custody and control Of the Pre-
sidenf' than Is no,o and EXPOSE 1T PLuNDERED
ny HUNDRED HANDS, ,rhere cannot nop reach a."
Globe, Nov. 20, 1884
Hap SUCH A SUGGESTION COME FROM GEN. JACK
SON, ,oonM hare been rung through ihs Old Dominion
with the reiterated alsehoods about the proclamation
and the protest. conclusive proof Of all the aspra
tons which have been charged to the Hero Of Orleans
aSRE, (they would say,) HERE NE WISHES TO PUT THE
PUBLIC MoNEY DiREcTLy INTO THE PALMS or HIS
FRIENDS AND PAKrizANs, INSTEAD or KEEfiNo IT ON
pErosITE IN RANKS, WHENCE rr CANNOT De DRAWS FOR
OTHER THAN PUBLIC PURPOSES, WITHOUT cERrAiN DE
TEcToNn In such case, should feel that the peo-
Pile had Just for ALARM, and ought 10 gius fher
most wateh t attention 10 such an effort 10 ENLARGE
EXECUTIVE POWER, AND PUT IN IT'S HANDS MEANS
or coRauprloN And are these the principles upon
which Mr. Leigh expects 10 return to the Senate from
The land of jefferson q .s.tss
Mr. Leigh knows that the PREsIDENT HIMSELF is
opPosEp PROJECT rhch he ascribes TO- has sup
porters, and that his friends IN Washimgton, tcheiher Of
The Cabinet or nor, heartily concur Uuh htm On the
course Of policy Is erpsdieat to pursue. Globe
The country will sustain the Executive arm Of the
in the experiment now making TO substitute
the State Installations for the Bank OF the United
Staies."--Mr Wright, Jan. 1884.
.sThc State Banks are found fully adequate to the
performance OF all services which required by the
Bank OF the United States, quite promptly and with
the sapae cheapness Gen. Jacksons Message OF 1884
BY the use Of the STATE Banks, which do not dc
rive their charters from the general government and are
not controlled by its authority Is ascefaiRed that me
moneys If he United States be collected and DIS
burscd ioiho loss inconvenience and that all the
wants of the community, in relation to exchange and
currency, are supplied well they ever have been
before. Message Of Dec. 1885. Afn
1T should be constantly recollected that the owners
and managers Of banks, when properly regulated BY
legislative provisions in their charters are like other IN
dyduals interested to transact business securely
desirous Of making aud not losing money and that
these circumstances, with the preference in case Of
failure belonging to deposors and holders Of their bills
over the stockholders united with the security. not
priority given the government, render them IN point
Of safety, generally MUCH SUPERIOR TO INDIVIDUAL
AGENTS or TnE UsirED STArEs."-Mr. Woodbury's
Report, 1884
It is gratifying to reflect, that the credit given by
the government whether to bank paper bank agents.
has been accompanied by smaller losses in the expert
ence under the system Of hanks in this country at
their tcorst period and under their sereres eaiamcs,
than any other kind Of credit the government has
trans
In the same report is stated, that the loss by ONE
merchant had been greater in amount than all that had
been lost by the banks.
1t proven in Mr. Crawfords Report, that the losses
to the government by the employment Of corporations
as fiscal agents have been but 45lO0ths Of one per
cent in collecting three hundred and fifty millions Of
general revenue.
BANKS CANNOT BE DISPENSED WITH EXCEPT AT
THE SACRIFICE ALL JUSTICE IN REGARD TO THE con-
TRACTS MADE UNDER MIXED CURRENCY, NOR WITHOUT
a VIOLATION The FAITH PLEDGED IN THE LEGIsLA-
TIoN WHERE HONESTLY OBTAINED BY WHICH THEY
WERE ESTABLISHED. The SUBJECT MUST BE LEFT TO
GRADUAL REFORM, TO WHICH THE PEOPLE or THE RE
srEcrIvE STATES ARE FULLY ADEQUATE Globe.
"The depostes OF the public money will enable you
to afford increased facilities commerce and extend
your Accommodations to individuals AND As THE DU-
TIES WHICH ARE PAYABLE TO THE GOVERNMENT ARISE
FROM THE BUSINESS AND ENTERPRIsE OF THE MER-
CHANTS ENGAGED IN FoREIGN TRADE, IT Is BUT REA-
soNABLE THAT THEY SHOULD DE PREFERRED In the adj
donal accommodation, which the public deposites will
enable your institution 10 give wherever It can without
injustice to the claims Of other classes Of the commu-
nifty.
mr. Taney's letter 10 he Girard Bank, Sept. 20,
The poor ghost Of the defunct Bank Of the
United States, again disturbs the visions Of
the Globe, and,
"Waks unrevenged amongst us"
Nurses sometimes subdue the murmurings
of children, by alarming their imaginations
with bugaboos when senator presumcs to
assume the attitude Of an independent legis-
lator, the fancies of his colleagues and COM
patriots are directed to the tombstone of the
Bank Of the United States. We had been
taught that Congress was a coordinate, indie
pendent, branch Of the government; but it
seems an independent opinion cannot be ex-
pressed therein, without producing a bank
resurrection, and threat of ostracism. I'm
less one abuses the memory Of the Bank in
every paragraph, he is harboring the enemy !;
and if he contravenes the perba magistri, he
is an hereto.
Mr. RivEs, believing that nothing had been
presented to the consideration of the Senate,
calculated to meet those expectations which
must have been excited in the minds of the
people by the convocation Of Congress, offered
bill having at least tendency of that sort,
and which he -ery reasonably hoped might
have been favorably received, from the fact,
that it passed both Houses Of Congress at the
last session, by vote sufficient TO make it a
law, even if the President had withheld from
it his constitutional sanction. 1t is believed