The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-14
FSos, tAs Richmond EnqHir0.
THE CURRENCY.

LETTER ffh fhoa w AshiNOTON--Otpt. u
"It Of presumption, that should continue the
discussion OF this subject, Congress is hand,
when the nation will have the benefit OF the views upon
II, 0f-the great aud illustrious who have long
distinguished country But at your request shall
proceed TO make further remarks upon u. The
crisis Is which calls upon every man 10 do every
thing In his power TO save his country from destruction
The who would not cling to her now, in the midst
OF her difficulties, and forget himself and all party
sideralions, would abandon his mother IN the hour Of
danger Let the dirty hack OF party who has no
science, who is willing 10 surrender all Of right
and wrong, who is willing to do any thing that he is
told will promote the interest OF his parfy-ook the
before him with cold Indifference, and watch for
moments when he can take advantage Of his political
adyersaries. have no fears myself Of the devoted
patriotism Of this counrysiil the wonder and admia
ton OF the civilized world. whatever may be said by
even good men, in moments Of dependency. Yes look
at her! Compare her with any other power on the face
Of the globe, and there being capable Of loving and
approaching liberty, who does not feel his heart swell
with PRIDE knowing that he is the Of great and
glorious Republic, acknowledged to be throughout the
world 'the land Of the free, and the home Of the
bavef Now, when we see such country struggling
with dAiculiies--when her almost the verge
OF civil conyulsion. still TO think about the
rest Of party, and abandon her TO her Jafes
"No! Let Us recall the spirit Of the Revolution,
when The epery thing, and nothing
This is the only spirit that can save us-and with
public be induced march up to the altar
the world for the rectrude OF their intentions, that
they will this occasion lay aside all selfish views, aud
be governed alone by patriotic considerations, solemn
y believe, that the fate Of this country sealed, and its
days numbered. | will therefore proceed 10 the
further discussion Of this subject with the perfect
freedom, and will honestly give you my views, have
heretofore done for whatever they worth, but GER
tanly under vain presumptuous belief that have
any thing 10 communicate upon the subject, which
has not already struck the minds Of much ADLER men.
hare ia A and witt NM
that the separation Of the government from banks, sepa-
rates the community from banks!!! II they do not
believe that it has this tendency, why advocate the
separation Of The government from banks II all the
evils Of the banking system to be left upon the com
munity, after the government is separated from IT. 1t is
beyond my comprehension to perceive for what purpose
the separation is made IL is clear, therefore, think,
that this the idea that the dvorcng the government
from all banks (his is the popular phraseology tends
in way to relieve the communicable people
from their evils
Now, ask any man of common intelligence to re-
feet upon the subject, and tell me how it possibly
hare this eject The government is composed Of Off
in the Executive, Legislative, and Judicial Depart
mens, who at certain periods creditors Of the govern
ment aud there certain other individuals who
debtors to the government-mportng merchants prin-
cpally and purchasers Of the public lands. What pro-
portion do they bear the whole number OF debtors
and creditors in the United States who have nothing to
do with the government / cannot pretend TO state,
with any sort Of accuracy the proportion but the mere
statement of the question will present to every mind the
vast disproporton say as one man IN Richmond would
be TO the whole population. Now, ask, what effect
would lave upon the currency in Richmond, If one
man to separate himself entirely from banks, and
collect and pay alone in specie would it compel every
other man in Richmond to do the same! II one man
in fifty hundred receives and pays his debts in
specie, how his compel the others to do the
same who indebted to the banks perhaps and have
nothing but bank notes to pay !
Then it is clear that the separation OF the govern
men from banks does not separate the community from
banks II clearly leaves the community as much M
volved with them as ever II does more--it extends
the paper system by raising, have shown in former
letters, premium upon specie, and banishing Il from
circulation Suppose you had agent transacting bu
siness for you and how other gets into con-
fusion either by your misconduct hisand he should
make to you the following proposition We arc in
great difficulties, and do not well how to
get Of them-therefore, let me out Of the scrape
aud you struggle you wish however. still
to be continued agent and to rcecre my salary IN
speeie!!!! This will injure your credit TO be sure
but this cannot be helped What would you think OF
the conduct Of such agent who would make you
such proposition .. .s..t
The government is nothing than the agent Of
the communicated if it cannot benefit the community
in way, by separating itself from banks, and deal
ing altogether in SPECIE can use in the separa
ton.
:. But how much stronger is the when the sepa-
ration aggrayates greatly the evils upon the community
and makes confusion worse cOnfoundeu!
. But there is another view Of this subject which
wish TO present to you, which consider very import
ant
Can the government, consistently with the spirit
and provisions Of the Federal Constitution, separate it.
self from the community the subject OF the currency
Does not the constitution require the government
to give to this community sound and uniform currcR-
ey' Can it, consistently with its high and solemn du-
ties abandon the community to It's atc in the midst oil
disordered currency, and say to it, in effect, You
- 49, h,nt L
will take care of myself by collecting all my debts in
specie and paying in speceyou can do as you please
For what purpose is the expense Of the government
maintained by the community but to watch over and
take Of its interest The government certainly
has constitutional right to take any such step, unless
can show it is for the interest Of the community
Now there are but t,co modes in which the Federal
Government (as far as can see) reach the State
Banks do any thing by way of regulating the
cy, in making it sound and uniform; LIST. Through the
power of Bank Of the United States. IDLY Through
the power Of the revenue of the United States. The
FIRST the friends Of this system opposed to- and the
second they propose to abandon by separating the rese
entirely from the general currency OF the country
What conceivable power then, can the Federal Co.
vernment exercise the currency except IN one or
the other of these modest
81 know Of none. This great balance wheel the
Federal revenue, in regulating the currency, Is to be
abandoned by this system altogether and be separated
entirely from it, For is clear that If the revenue is
collected IN specie it will be no longer currency. 1t
will command premium and OF course be boarded for
speculation and traffic The government by tbs sys
ten, instead Of regulating the currency and rendering
sound and uniform, becomes engine to it Of disorder
and depreciation. If the Federal Government thus
abandons the currency, what becomes OF IT under the
management OF 26 distinct governments! !! The YES
sci Of State in which all embarked, will then be
completely at sea without guide compassdrven in
every direction by the winds of uncontrolled and
comfortable paper system, and where it will land
where we shall perish, Divine Wisdom alone FORE
tell"