The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-30
THE ADDRESS
ALBANY REPUBLICAN GENERAL COMMITTEE
or THE


ALBANY REPUBLICAN GENERAL COMMITTEE.
Reference has been several times made to
this Address, by those who urge the project
of disconnecting the government from all
banking institutions, as leading authority in
favor of the proposition. This was the only
point in which arc found the able document
exccptionablc. We remarked at the time,
that we did not believe the Committee intend
ed to exclude all bank paper from the rove
nue. transactions" and collect the public dues
in gold and silver only, but that they would so
far separate them from the government, as to
promote Mtu best interests, by securing them
rom party influence.
Since those comments were published, our
uppositions have been confirmed by construc-
ions from the best possible authority. We
ire gratilied TO have it in our power to state
hat the views Of the Address, as intended by
IS authors, are very little at variance with
hose Of the Madisonian. A critical cxamina-
ion of the Address, as it stands ly ITSELF with
ut the aid of commentator, convince US
hat our views in regard to it., are correct.
The Address expresses hope that /" Con-
gress will adopt two measures"
Frst-So regulate the public revenue that
10 more money shall be drawn " from the pco-
'lc than the public exigencics require"
Second-Etlcct "a total divorce between
he general government and all banking insti-
.u,ions."
The Address proceeds to declare that this
divorce is desired, mot because" it is doubted
i" that banks may be useful to the government
as fiscal agents." but because, so long as
banks remain the repositories Of the public
funds, they will not cease to cncountcrthe IN
mitiga,ed hostility Of the opposition 1t is
added that the province of banks is 40 aid the
enterprise and skill Of individuals" that "their
connection should be with business, not with
political affairs" and that " institutions which
were designed solely for individual accommo-
daion. should never he en:anglcd or cmbar-
raised BY partisan conflicts" "Thc best in
tcrcsts of the local Institutions, it is said,
"point to an entire separation" and it is urged
that The public funds, ",Chept dorm to the STAN
dard IF The p"blic mnnts," may be preserved
and disburscd, as well as collected by the
public agents. eve want" say the authors
of the Address, "ncithcr National nor State
banks for the purpose Of carrying on the bust
ness Of the general government.
We are willing to atlmi, that this is true as
an abstrac, proposition that is TO say, VIC
can get along without the employment Of
banks as fiscal agents of the government,
Mr.. Gallatin admitted this but with the quail
fication, in which also Mr.. Woodbury. con
ours with us, that indipidnal ogcnis arc how
ever less sale, responsible, convenient, nnd cco-
nomtcM than banks. In this we have also the
concuring opinions Of President Jackson, Mr.
Van Buren,, Mr.. Rvca, Mr.. Wright, Mr.. Tall
madgc, MIR. Polk, the whole Republican dele
CATION in congress from New York in 1891.
indeed a majority Of both Houses Of Congress
and in fact VIC may include majority Of the
American people who sustained the admins
traion during The Panic Session
But the Address more nearly corresponds
with our own views upon this subject |,
will be observed that, the rc,iuci,on Of Mcrcre-
nac-a permanent reduction OF it, to the wants
Of the government, IS spoken Of as a ncc,SSa-
RI condition to divorce from the banks
Whether that object can be attained, must Of
course depend upon The measures Of the 90
ycrnmcnt Should il be, there will be no sur
plus money on hand at any time TO be taken
and kept out Of the business Of he country,
and in such state Of things the scheme Of
dispensing with tho banks as fiscal agents,
might be less objectionable. In such an
event to be sure the banks would be left I'M
affected by partzan conflicts, freed from the
hostility Of the opposition as party, and per-
haps less exposed to the difficulties which
now hcsct them.
But if such arc the views of the Address.
they arc no founded on any diaru,t Of The