The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-07

Tor the Government Tor the people, lof US all Dut
now by your own act, you depreeiaie Il, and after
making il the worse currency, you leave IL 10 the
people, and take the gold and silver 10 yourselves
The result is that you give 10 the servants Of me
country, kind Of money worth more than the Peo-
Piles currency. You isolate the Government SO that
Il becomes no longer part of The people. You re-
verse the relation which has always existed between
Them. The Government becomes the master, ana
the people become the servants. BY lhis means the
salary OF every officer Is raised several per cent ac-
cording as specie is more valuable than paper; and
this difference TOO. created By your own act! Sir,
il is distinction which will mol be tolerated and
those who undertake 10 make H. VIII md IN the end,
that they have presumed too lar ON the want oil in-
tellgence, and the subseryiency OF the people OF
this country.
Bur, the project does not stop here. II does not
merely give To the people deprecated currency
but BY and by they will be deprived Of any curren
cy which will be adequate to carry on the business
of the great and diversified interests OF this commu
nifty. Under this system, the specie OF the country
will be drawn from circulation, and lfoln he vauits
OF the banks, where II Is the basis Oh circulation
and of confidence and deposited in these Sub Irea-
sury vaults till the country is leh without suii-
cient circulating medium TO transact lis ordinary
business. The farmer the merchant Inc mahuiac-
turer, and the mechanic, will be unable 10 command
the means TO pursue their ordinary ayocations. NO
matter what their properly may be. They may be
rich in houses and lands in goods and merchandise,
in manufactures and machinery in Materials in tools,
and implements Of trade nay, they may possess the
best OF bonds and mortgages and every species oil
stock which has heretofore been deemed equivalent
to money, and still they will be unable TO carry on
their ordinary business for want Of a circulating
medium by which TO transact it, Credit is the poor
mans capital, well the auxiliary Of the rich.
Deprive him of this, and his habits OF industry, his
character for proby, his good name and reputation
avail him nothing. He has no means by which he
can rise above the ordinary occupation of day la
borer With growing family, and the increased
expense OF living, he is doomed 10 ab|ect poverty,
without the slightest hope of ever gaining that
tah
regulated credit system" always holds out TO the en-
terprizing the honest the industrious portion OF the
community
Sir, this Sub Treasury scheme strikes at the very
root OF our prosperity Ii not only separates The
Government of the people from the people them
selves but, in its practical operation upon The credit
and currency OF the country il reduces the price OF
iabor-it dePresses every species q properly. me
1900 will have il sold from under him TO pay the
81 900 which remains due on il. The day laborer
will be compelled 10 receive shings where he for
nerly received dollars Such will be the practical
effect Of this scheme if carried out to its legitimate
consequences. Why then adopt 1t, when 1t must re-
suit in disasters which no imagination can paint
will carry home to the business and boSoms Of the
community !" a spectacle of horror which cannot be
oyerdrawn" Let no one be deuded with the vain
hope of better times under such system The
scenes of trial through which the country has pass
ed, are mere holydays compared with what Will fol-
low its adoption. The great distress has hitherto
been confined to our commercial cities and manu-
featuring towns. Those scenes will be renewed.
That hope which has hitherto sustained them will
become extinct That little confidence which
manned will be taken from them. BY the action Of
the Government the banks will be compelled in self
defence TO call their debtors. They will be I'M
able TO give farther indulgence Business must, of
necessity, be brought to stand, and universal
bankruptcy ensue. The distress which has hereto
fore prevailed in the large towns will extend to the
country. The farmer will find no market for his
wool, his grain and other products or II he does il
.s,h 81 la
Dor OF production. The merchant will be compel
led to suspend business the manufacturer TO close his
establishment, the mechanic TO dismiss his hands,
and the laborer to go without employment Iwam
the country and the farming interest in particular,
against these utopian schemes, which will sap the
very foundations of their prosperity and of their
hopes. BY this scheme the confidence of the Go
vernment is not only withdrawn from our banking
institutions which furnish currency for the people,
but by receiving nothing but gold and silver in the
payment of public dues the very basis of the
cy which remains is Withdrawn also Thus the peo-
pie are left to return comparatively to state Of bar
ter, whilst their servants are enjoying currency
vastly increased in value by the very depreciation
and deprivation of the other. II is scheme to make
the RICH RICHER AND THE POOR POORER.
But, sir, why this warfare against the banking in
stitutions Of the country For disguise ii as you
may ii is no more nor less than upon the
whole banking system. Gentlemen may not be
willing to avow this they may not intend it. feel
well assured that the President does not so intend It,
But, will venture TO say that if a scheme was de-
yised for the express purpose of snbverting the en-
tire banking system of the country, it could not be
more skillfully planned than the one which is now
under consideration. Il meets the cordial approba-
ton of those who have all along been in favor of
abolishing all banks-and for the very reason that
it is SO well calculated 10 accomplish that object.
shall endeavor, at the proper time, and before con-
clude my remarks, TO show how this is 10 effected.
Sir am aware of the preludices which honestly
exist with portion of the community against any
thing like associated wealth" ! am aware how
easily those prejudices may be wrought on by dema
gogues and designing politicians. But, those who
are sent here to egisate for the great interests of
the country, should be extremely careful how they
minister TO such prejudces. Whilst il is admitted
that the banking system has It's evils, its superior
benefits nevertheless recommend it to the candid
consideration of every statesman and patriot II
should be his object to correct the evils and retain
the benefits. Preserve and regulate, but not de-
stroy" should be his motto. II has existed and been
recognized from the earliest foundation Of the go
vernment down to the present time. IL has been
identified with the interests of the government
These institutions, in some shape or other, have
been employed by the government during that whole
period. 1t is through their agency and instrument
taty that these much abused and despised mer-
chants have been enabled to pay into your Golfers
the vast amount of revenue which has sustained you
in peace and in war Yes, these very merchants
who have been represented as men not TO be relied
on in times of per-whose patriotism is in their
ledger, and whose field of glory is their counting
room-men who are the most forward in the pursuit
of gain when all is peace and quiet, but who shrink
from responsibility when danger presses. Sir, |
have for long time looked with horror upon the
ruthless warfare that has been carried on against
the mercantile interest. have seen with alarm the
attempts which have been made to set up other por
tions Of the community against them. have heard
them branded as swindlerS for collecting their no.
nest dues at home, and as traitors for paying their
honest debts abroad Sir the interests of all classes
in this country are reciprocal Neither the farmer,
the manufacturer the mechanic, nor the merchant
get on adyantageousy the one without the other
But ii is to the merchant more especially that the
government must look for the immediate means of
support II is the merchant that stands between the
government and the consumer. 1t is the merchant
that shoulders the responsibility and DAYS into the