The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-28


would incentive on the part Of the banks to
an early resumption Of specie payments. No one how
ever imagnes that the receipt into the Treasury OF ire
deemabe bank paper could be sanctioned for moment
A Il laa From che Albany Args
THE MESSAGE @
II Is one of the brightest attributes OF free people
that they are permitted TO examine, aud as and
Judgment shall decide approve condemn the opinions
Of their rulers, and the acts Of government Nay they
not only permitted, but is their duty TO do
for while the hand ii safeguard upon their
liberties and check upon the Entertainments Of power
on the other 10 incucate that spirR Of indie
pendence, thought and in action, essential 10 the
perpetuat'on Of free institutions, and which forms
the distinguishing characteristic between free aud
ensaved people. Viewing in this light the duties and
privileges Of American citizen, 1t will not, trust,
be deemed presumptuous inme, dsrespecful towards
the highest functonary IN the land, TO examine the
opinions he has put forth in his late message Con-
gcss and the reasons BY which those opinions are
forced Iyield In respect for the talents
admration of the wisdom and integrity Of Martin Van
Buren,. And while cheerialy accord To his message
all that its warmest friends desire, whether on the
Of the spirit in which il is conceived and its man.
ner or s manifest desire to protect and preserve the
best interests Of the people, am constrained to say
that positions assumed and opinions put
forth, which, however eloquently cogently they may
be argued and enforced, fail OF carrying conviction TO
the mind. allude to that portion OF the message in
which he endeayors 70 show the practcabty Of collect
ing and discussing the revenue in gold and silver
clusively This proposition has hitherto been consider
ed wholly Utopian, and if put forward at the present
time by inferior in political sagacity to Martin Van
Buren,, would meet but little attention, however well
might deserve public consideration That it is wholly
mpracticabe at this time, is sincerely believed -;
and that it's tendency, if carried into execution would
ho tnp aG thac
is deemed susceptible Of demonstration
The arguments he adduces in favor Of this PROPOSE
ton these 1t would produce wider circulation
Of gold and silver would increase the safety Of bank
paper and improve the general currency, aud that it is
not the interest Of the banks that the government should
receive their paper that if it refused they would
be conducted with more caution and upon safer prnci
Piles, and the government would create demand for
specie, it would to great extent prevent il from be-
ing exported and by keeping in circulation, maintain
a broader and safer basis for the paper currency
It will not be maintained that the government should
receive the paper Of banks in payment Of the revenue,
which do not redeem their notes IN specie demand
and in good credit but it Is commended that by
usng accept aught but gold and silver payment Of
government dues, you make an unjust discrimination
and thereby cast stigma upon those banks issuing
such paper and in effect pronounce them unworthy OF
confidence. You thus create two currences, one Of
enhanced value be devoted exclusively for the of
the government the other Of deprecated value, depre
ciated by this of discrimination, for the exclusive
use Of the people That every measure, the tendency
OF which to create such distinction should be care
fully avoided Of rulnous consequences 10 every IN
terest Of the country need not be demonstrated that
such VIM 10 le eIie.. Of ,ls measure eon scarce
" be doubted Create demand for gold and sill
yer and nothing else will be received, The hmid
and the avaricous will hoard it, the first from fears ex-
cited by the acts Of government by the latter that ne
may obtain the premium which its enhanced value will
H. 4 b,,. toad IF
wider circulation to the coin OF the country it will have
contrary effect. The government will receive nothing
but gold and silver; this retained in its vaults until
its wants require tso far this abstraction of
much from the circulating medium OF the county
There is force in the argument, that the govern
ment will receive nothing but gold and silver, no
thing will be paid by but gold and silver, and thus
it will be kept in circulation. The payments Of the
government paid to its agents at stated periods;
these agents supposed to be actuated by the
motives and principles which govern other men If gold
and silver is in demand, 1t undoubtedly will be, will
they not retain 1t In their possession until the debtors
Of government constrained to purchase it Of them at
their own price 1t will benefit the government
agents alone and this at the expense Of the public at
large
That this measure will increase the safety Of bank pa
per and improve the general currency cannot be admit
ted for it must be evident every that person
will willingly receive bank note prescribed by the
when he can demand and receive the specie. II he
debtor Of government he will demand specie, that he
may be enabled to meet its demands upon him; if not
debtor of government he will demand it that he may
obtain the premium which those who its debtors will
be compelled TO pay In either case II Is withdrawn from
circulation II then nothing will be received but gold
and silver and the banks be compelled to redeem their
issued, they will be compelled at once
to crcumscrbe their issues by the amount Of specie they
may have in their vaults, have recourse 10 another
suspension of specie payments. II the FIRST the great
design of banks-suppyng the deficiency Of specie, will
be defeated and if the latter the government the peo-
pie and the banks will be placed in the same prcdlca-
ment they present Hence will follow, instead
Of improving the general currency, this project will have
contrary tendency, it will enhance one description, and
depreciate or entirely destroy the other.
But it is said that it is the interest Of the banks
that the government should receive their paper. And
why not Because If refused banks would be con-
Quoted with more caution and upon sounder principles.
II refusal Of bank notes by the government will cause
the banks issuing them to be conducted with more eau
ton and upon sounder principles, it must follow that re-
fusals by individuals must have the like effect Or IN
other words the more crcumscrbed the credit of the
banks the better for their interest This at with
principle which has hitherto been considered at the
foundation OF all banks---that unlimited confidence
necessary to their existence. Adop. this and
you declare the world that they unworthy Of con-
dence this it is said will compel the banks to con-
duct their business with more caution and upon safer
principles Why 1t is true that when man has
lost the confidence Of another he is seduous his
beavers to redeem his lost reputation and that he may
be again taken into favor But this principle Of human
action cannot in this instance influence the conduct Of