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


accruing revenues there is obe five millions proyid
ed for the merchants bonds II this scheme shall be
adopted they cannot resume. Let y, therefore, DE-
distinctly understood that II is the fauit oil the Go
vernnent and not theirs IL they do not resume by
the time have indicated. They cannot command
nor retain the confidence of the community, as long
as the Government not only wiihholds from them the
Legitimate means which possesses in the restoration
of confidence but wihdraws from them their specie
which is the very foundation OF confidence when
once restored.
But even if the banks should resume, they will be
compelled under this system TO stop again. The
drain OF specie from them 10 meet the exaclions of
the Government would render il impossible for them
10 continue. They must either suspend all business
or they must suspend specie payments Either event
would BE- equally disastrous. In either case il would
be death TO the whole business of the country II
they should suspend specie payments again after
having resumed, the legislature would be appealed
TO 10 grant no farther indulgence, bat forthwith 10
forfeit their charters and put their concerns into the
hands Of receivers. II the preudices OF the com
munily could be sufficiently wrought on, such would
be the consequence Any one who ioresaw the eff
feet Of such course last spring. IL the legislature
had not nerfered, can Judge of the disastrous re-
suits of such proceeding now. And thai such
would be the inevitable result if this measure OF
parating the Government from the banks and the
people be persisted in no one doubt. will not
say that gentlemen who advocate this scheme design
TO accomplish that object, but do say, that If a
scheme was devised for that express purpose, il
IL the Banks do not reSume-and il is certain they
cannot and will Motif this system is carried into eff
feet what will be the consequence Ii is alarming
to contemplated The worst passions of ignorant
men, of men walked up TO blind fury by false views
and false representations will be le oSe, and they
would be called upon to destroy the "little mon
stersp which would he made 10 appear to their mad
dened zeal as the nuiSances of the community, -
The banks throughout the country though sound
and solid institutions will be obliged TO fall under
tba viola nf tha tamn Nyh ich W
rage against them. This will be the inevitable eff
fleets of such measures as are now proposed III II
should happen that the State Legislatures do not
come to their aid exhibiting more wisdom towards
them than Congress seems disposed TO exhibit, the
results have pointed out will inevitably happen
and they win have to wind ptbeir affairs! Again
let me ask what would be the effects OF this unhap-
py Eesult The effects are too alarming-too dis
ressing to make il creditabe that there exists the
man willing to infict SO much suffering upon his
counrymen! The people of the State of New
York, for example, are indebted 10 the banks more
than 60 millions of dollars-there are abundant
means to pay but in the hands of receivers all
would be sold, and the property would be sacrificed
the receiver would buy the whole as no one would
have the means tobny Can II be believed that gen
temen wish 10 see scene such as this My State
(said Mr.. To- is so deeply concerned in the effects
which will flow from this measure of the Govern
ment, that | can already as plain as the Sun at
noon day. that would even be better for the coun-
try that tornado or an earthquake should spread
its deSoation around than that We should nave lnls
scheme inflicted upon usl
WHY bring forward such system as this, when
by the testimony of the President himself and OF the
Secretary of the Treasury, the State Bank system
worked so well 2 Such a crisis as the present may
never again occur; il is an exception 10 general
rule and who will not acknowledge that worse
guide for legislation than exceptions TO general prin
cipleS could not be procuredl Again what is there
in this new system, better than in the State Bank
systeml What improvement has 1t met with, since
Ja, IL, h.lJ in fhsl al
when it was denounced by the party, and when It
would only command 80 votes in the other House
How is it now suddenly discovered to be SO much
better than system which by the declaration OF the
best authority answered all our anticlpationS p
When this very same scheme was brought forward
in 1885 we all of us believed that the public money
would net be safe in the custody OF officers OF the go
vernment what reason is there now 10 change our
minds and to think that it will be safe there But
the President says we can construct vault as nrm,
strong, and as solid as the vault of bank. Yes,
certainly, (sad Mr.. IT, we have no deficiency OF
mechanical means to make such one, but who are
TO be its guardians2 And though the vault may be
secure, can we be certain that the guardians will be
as solid and secure, and well to be trusted as the
vault? What security, sir can we have for indi-
viduals? Whereas, when the money is deposited
in banks all the credit and capital and resources OF
those banks pledged for the safety of the deposes,
and certain guarantee of its safety! Such is
the security afforded by the Banking systems; but
by the Sub Treasury system, we have nothing but
can tell sir, what sort of an individual this may be
What honest man will be eager to throw himself into
situation of such danger such temptation, and such
immense responsibility Who that has proper APP
probation for his family and children would be will
ling 10 assume duties of such a dangerous charac-
teri If the vault were plundered he, let him be
ever so innocent, will be Immediately pronounced
guilty; thcnceiorth he is a ruined man. his family
ruined, his name mark for disgrace, and himself
object for the finger of scorn TO be pointed at! No
who
racer and reputation, would be found ready to ac-
cept such an invidious and dangerous post.
But the President informs us that, on an average
there will not be above $4,000 as the sum to be
placed in the custody of each officer. This is
most fallacous idea. Ii is true If you take all The
officers and then strike an average il might be that
more than that sum would fall tothe share of each
take of but there must be large amounts con-
centrated al few particular points, and il is not in
the nature of things possible 10 spread out the whole
revenue in such equal portions throughout this ex-
tensive Union. Or ifthe average was TO be forclby
maintained by removing the excess above The S3O,OOO
from one officer TO other officers in other places
who can tell the disturbing effects which would
follow from such transfers am surprised, there
fore, that any one for one moment could nger upon
this idea as afiording argument for the safety OF
the public money under this system. We are told
again that we have other pledges for the safety Of
the funds, in the surctieS which each officer
will be required to give 10 the government,
for the funds committed TO his care. Hook upon the
Suretics 10 be given, affording no security what
ever Men will not b. found ready to sacrifice their
property, and abandon it all to the government in
payment for what they have neither eaten nor drank ;
and when they put their property out of the reach of
government, they will only Be praised for their care
and prudence by the people Of their neighborhood.
What security then is afforded on this ground Not
an atom! -
Gentlemen very anxious, apparently, for this
divorce, as they are pleased 10 term it, would re-
mind them, however, that whilst they are talking
of divorce, they are getting up an incestuous
union, between members of the same family-a mar
riagc which is unlawful; and which would say,
comes within the Levitical degrees, and therefore
ought 10 be forbidden
This union, which is now proposed, is most I'M
safe and dangerous one. II reminds me OF an anec-
dole Of captain Of packet with whom was ac-