The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-06

purchase and furnish domestic exchange for
the convenience Of trade, NJ reasonable rates,
and not doubt is entertained, that in a short
period all the wants of the country in BANK Ac-
coMMoDATIoN and EXCHANGE will DO supplied
as promptly and cheaply as they have hereto
fore been by the Bank OF the United States"
II is manifest, that the great desideratum with
Gen. Jackson was completely TO remove any
necessity for the ACCOMPLISHMENTS Of Nation
al Bank, and that he looked to the maturing Of
the State Bank system as the surest means of
elfccting that object The efficiency and
success Of the State Bank system depended
much upon the credit which their notes should
acquire, the extent of their circulation, and
the cheapness with which they could conduct
the exchanges Of the conniry, and as nothing
was SO well calculated TO give this credit, ex-
tend this circulation and secure this cheapness
of domestic exchanges as the receipt Of the
notes Of these banks in discharge Of the public
revenue, it is fair TO conclude, that such was
a part of the system which Gen. Jackson had
in view. With these views, and the as.~s,
that at no time during his administration, did
the late President recommend the discon-
tinuance OF the receipt of the notes Of specie
paying banks in payment of the public reye-
nue., still maintain that the Globe has mista-
ken the policy Of Gen. Jackson while in o6ice
or it proves that Gen. Jackson meant one hing
and SAID another, which cannot believe. As
to the legalizing Of the notes of the Bank of
the United States as tender, do not know
what the Globe means. / have no knowledge
Of any act making them legal tender, except
Of the public revenue.
The Globe, not being able to find in all the
official documents of Gen. Jackson any single
sentiment favoring its gilded scheme, OF sepa-
rating the fiscal concerns OF the Government
from all connection with the banking institu-
tons of the country, resorts to other evidences
not official in their character, for the purpose
of proving that Gen. Jackson conceived this
design Of compelling the receipts Of the pub
lie revenue in gold and silver only, shortly
after the adjournment Of the session of Con-
gress, succeeding the prohibition of the depo-
site Of the public money in the Bank of the
United States. According to the Globe, the
first public expression of this design which
Gen. jackson gave, was at public dinner
given him in Nashville, Tennessee, in the
following sentiment 6 The true constitutional
currency, gold and siiper-It can cover and
protect the labor of the country, without the
aid of National Bank ; an institution that
can never be otherwise than hostile to the
Liberties of the people, because its tendency
is to associate wealth with an undue power
over the public interest. did the editor of
the Globe suppose for moment, when he
urged this sentiment as proof of Gen. Jack
sons views in favor Of the scheme, which he
now so warmly urges upon the country, that
the mind of any OF its readers could be so de-
ludcd as not to detect its utter fallacy! Is it
not entirely manifest, that Gen Jackson only
meant to assert that the country was not and
need not be dependent on Bank Of the Uni
ted States? and that all the purposes of the
laboring class ofthe community, could be an
swered by gold and silver coin? Does he
intimate, that the currency of the country
should he exclusively metallic, or that the
Government should be confined to gold and,
silver coin in the receipt Of its revenue? AS
proof Of this, will refer to an extract from
an editnial article of the Globe of September
1884, a short time after the publication of this
sentiment 1t says, "4lir. Leigh knoms thai
the President himself IS opposed to the project
which he ascribes to has supporters, Ia Sub
treasury scheme,) and that his friends IN
Washington, WHETHER OF THE CABINET 0r
NOT, heartily concur ,oith him in the course Of
policy 1T Is EXPECTED To PURSUE They look
TO the total determination Of The Bank Of the
United States, not TO be restored, either under
the central of Directory Of its own, or the
President Of the United States. They look to
GOLD and SILVER as a GENERAL currency--tO
restrictions By the States, upon the circulation
Of small notes--to the deposite Of the public
moneys IN The State Banks, under regulations
established by Congressional to those banks to
carry on IN future, the domestic Exchanges Of
the country, for the accommodation Of the Co
vERNMENr and PEOPLE"
Again, on the 18th of November following,
in an editorial article, the Globe says
" Like Mr. Leigh himself he (thc President believ
ed the Treasury Department susceptible of enlarge
ment though not on the same plan, as to afford all
the necessary fiscal aid to the Government, and at the
time render essential service to the commerce OF
the country But he never made recommendation
even Of taihe only threw out tctr Suggestions, for
the consideration Of the Congress and the peopleand
do not doubt, has long since lost all DESIRE if any
he had, to any such scheme adopted 1t was only
thought of substitute for the present bank, and he
is now satisfied that no substitute is necessary sIpc
dent"
The next evidence adduced by the Globe,
is an extract from the speech Of Mr.. Gordon,
delivered on offering the amendment now
the subject of discussion. The editor of the
Globe says, "That his Ube Presidcnt's) de-
sign was understood at the time, as we have
recently represented it, ismanifcst from re-
mark made by Mr.. Gordon in the House of
Representatives, in support of his PROPOSE
ton, and which no friend Of the President
controveried. as appears from the report :"
1T was said to be the opinion of the Pre-
sident, [said Mr.. Gordon, that it was ex-