The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-27

the
transactions, for good and substantial reasons.
The system had always been recommended
and supported by every administration and by
every distinguished Republican, and no change
was ever suggested, until the divorce scheme
originated III the brain OF an opposition mem
Der Of Congress during the panic session of
H. But to show you still further that the
doctrine was condemned and discountenanced
by the administration of Gen Jackson, and
that our present chief magistrate IN this re-
spcct has devlated from the " footsteps of his
llluStrlous predecessor" will quote a pas
sage from the Presidents Message of Dec,
1898, the session Immediately succeeding the
discussion above alluded 10, Ii was, no doubt,
IN direct reference to the Sub-reasury scheme
that Gen. Jackson addressed Congress in the
following language:
In tte rcgnit'jom wtich Congrcss may prescribe
respecting tie cHSOdg 0j TIE pa1tc 1a0Rev IT Is pEs
RABtE THtT AS LITTLE DISCRETION As MAY BE DEEMED
CONSISTENT WITH THEIR SAFE kEEPING, SHOULD
TO EFFECTIVE AGENTS. No can be more deeply
impressed with the >onndneHs OF the doctrine which
reNlran> and lm,S, by specific provisions crecutiue
dtScreft0R aS far aS it can b. done consistently with
the preservation Of its constitutional character. In
respect - M controt orerthe Pitc n0R"y ts doctrine
IS PccEitariy appi,cath.
Il Y the use of the Sk4'e Rents which do not de-
rive their charters from the General Government
and are not controlled b. IFS authority is ascer-
htaed TINT tte m0R5cs Of III" LaiLca States be COL
Ictcd ald di5hrSea rtt0H loss iaE0HreHienee and
that all the wants of the community, in relation to
exchange and cIrrencv, are supplied well they
ever have been before"
Mr.. Van Buren, has been throughout his
whole life friendly to the banking system, if
we may Judge by his writings, or by the dis
tinction III his own State, of being the father
of the Safety Fund. He was understood to
coincide in the opinions of Cen Jackson
above quoted, and indeed promulgated similar
doctrines Of his own, on the eve of his cleo
ton to the Presidency, as pledge of the
course he should pursue if the people favor
ed him with their confidence. In his cele-
brated letter TO Shcrrod Williams, he said
Il sincerely believe that the public funds can be
safely and nrcAieny transmitted from portion
Of the Union 10 another; that domestic exchanges
can BE- as safely and conveniently effected, and the
currency AT least sound under the existing
OF STATE Banks, as those Objects could be accom-
plished by National Bank
These authorities, sustained also, by the
decisions Of the Supreme Court Of the United
States as to the ConSttutlonallty of those in
stllutons, would seem to furnish sufficient in
dlcalions without the aid Of other lights, that
the State Bank agency III the fiscal concerns
Of the Government has always been the poll
cv of the Republican party, and one of the
soundcst and best established doctrines in the
category OF It's faith. | agreed with General
jackson that the State Banks furnished THE
ONLY practicm substitute for a Bunk Of the
Imtcd Statc$.' supported him in his oppo-
sion to the latter institution, in the hope that
bn (,anarnl ,tnnlI n 10
State Bank Dcpositc system, and seek to rem
der its revenue power auxiliary To the reform
in the system contemplated by the friends of
a good currency and stable and viriuous
government. 1t was always customary and
lawful to receive the currency of the people,
the notes of specie paying banks in payment
of public dues, and the +" supervisory powers
of the Treasury Department in connection
with the Practice were deemed OF essential
service to the general currency of the coun-
try. 1t was thought desirable by Gen Jack
son and most Of his friends to INTRODUCE me-
talc circulation sufficient for minor dealings,
and the measure was proposed TO be iostered
by the prohibition of small bills In all these
views OF policy II was never for moment
conceded that the Government had no control
over the general currency of the country
Mr. Madison held that, the ConStiiut,on has
entrusted Congress, crc}uSiuely, mtM Tie porer
Of creating and regulating currency, of
equal value. credit and use, wherever it may
circulate" Cen lac kson practically assumed
this power, and promised the people of this
country =" better currency" than that which
existed under the regime of the United States
Bank, and to the state Banks, the Govern
mcnt dcpositcs as 4 reward for their co-ope-
ration in putting down that institution, These
hopes have not been realized; these promises
never fulfilled. The whole subje is now
abandoned, and we are coldly told that I" tho
o,crnment, like an individual, has nothing to
do but to take care Of itself The whole
policy is changed the Government has
turned upon lis bencfactors, procIalming that
the . Dynasty of banks, great and small APP
proachcs its end" The first official declara-
ton Of war upon those institutions, which it
now appears have been made but the tools of
the executive to be abandoned after its pur-
pose was accomplished. is the F." Divorce
Bill recommended by the President in his
late message
The proposition now made lorih first time
since the establishment of the constitution is
to separate the government from all banks,
state and federal to collect the public re-
venues exclusively in gold and silver, and to
employ individual agents as the media of
collection, safe keeping and disbursement,
must take the liberty TO say, my fellow
citizens, that in a crisis like the present, when
the country has been visited with one Of the
most caIanltous rcluIsIOnS in its history, aud
when rum and distress pcradlng every raml-
fcaiion of society, loudly demanded as well
the best and dsntcrcstcd cXcrtIons OF every
patriot, as the careful intcrposlon Of a pater-
nal government, was little prepared 10 hear
from a quarter from whence SO much was
confidently expected, a measure urged with