The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05
sUB-TREAsURY VS.. BANKS.

sUB-TREAsURY VS.. BANKS.
1t is no longer to be disguised, that the
tendency of measures, advocated by party
in Congress and out Of it, contemplates the
total overthrow and humiliation of all the mo-
neyed institutions Of the country. These
persons are aware, that the public mind is not
prepared to make the issue openly and avow-
eddy; and, as a matter Of policy, their object
is concealed. But nevertheless, they are SO
shaping their measures, as to indoctrinate
the people for the final attack, in order to
march UNDECIDED to the contamination Of their
scheme
They may say, as they do say, that they
have no hostility to the moneyed institutions
Of the country. and that they are willing they
shall get on the best way they can but not
with the aid or countenance of the Govern
ment. Yet, they virtually denounce them !;
and all their measures aim to discredit and
dishonor them. They say to them in behalf
Of the Government, "We can hold no COM
merce with you; stand off; we are holier
than you"
We say to the PEOPLE, that if this is to
be carried successfully into operation at the
bidding, and under the power, of the Govern
meni, it will paralize the whole country; dry
up thousands of streams that have heretofore
fertilized it; blight every germ Of enterprise
impoverish commerce; stop the spirit Of in
ternal improvement; interdct foreign capital
and embargo emigration. And all the great
resources CT this much favored country, which
we have recently seen so energetically and
successfully brought into operation, will be
palsied under the ruinous reign Of that poll
CIV which meditates the downfall of the mo-
neyed institutions Of the country,-not at the
instigation Of the people, hut at the arbitrary
mandate Of the federal will.
We ask the states, if the banking system
has not long been considered part, and
vital part, Of their policy! Is it not inter
woven with every interest and considered
more or less important to all Several of the
states are stockholders in their local banks !;
and they became so from a conviction that the
policy was sound, and the benefits were great.
A large portion Of the citizens Of the states
are directly interested in these institutions as
stockholders and all the citizens are indi-
rectly interested in them, as recognized and
settled policy Of the states.
Have not the states, under the operation of
this policy, for half a century, been happy
and prosperous Have not all the younger
states, looking to the experience Of their old
er sisters, and to the improvements Of the
age, adopted this policy as wise and benef-
cial Have the states in their sovereign cha
racter evinced any where, or in any thing,
dissatisfaction with the policy, and willing
ness to part with it? On the contrary, are
they not constantly extending it, and relying
upon it, as auxiliary to their prosperity
We appeal to the states, and ask if they
are willing to see this right and policy inside
ously invaded by the strong arm Of the fede-
raj Government 1t is true that the Govern
ment has no power to reach this right direct
ly, but it is by indirection that it is contem-
plated and if Government can succeed in
dishonoring and discrediting the state institu-
tons, it takes from them the scope of their
usefulness and the elements upon which alone
they can live and be valuable.
If there be federal power equal TO the &C
complishment of this scheme, land there is
great reason to fear that there ISL then the
rights of the states will fall one after another
until they are lost in the great vortex Of con.
solidation.
We would respectfully ask Senators and
Representatives in Congress, if their allegi-
ance to their states, in their assuming the
functions of federal representatives, is to be
surrendered, or even weakened! Or, whether
there is any obligation they owe the federal
power, that should induce them to yield up
the rights and interests of their states to the
policy Of that power! If there be not-and