The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-28


circulation, bad suggested some such measure when
they removed the control Of The IT, s. Bank much of
our present distress would have been ayoided-or il
that party, which yet alone holds power (ioterng
and deesying trust) would now move such measure,
the States acting upon the recommendation of Congress
might. aud believe would, before the termination of
your next session. put the banking system in condition
that would silence the aud most ciamorous ad
'ocales for divorce This Government has caused the
mischief-let IL propose the remedy Pass the order
along the lines Of your party. SIr-hey obeyed you for
the expungng and will hardly be less prompt adopt
measure Of Obvious propricty-a measure which win
take away from you, by giving TO the people sound
currency, oil petence Of separating yourself from IL,
which WIZ leave you without paliation Of
your selfish withdrawal from the destiny Of The citizens
"a destiny which your msrule has made wreched and
threatens make intoerable by pcrpenatnq IT, Let il
not DO supposed that il is possible the nature Of things
Tor two exist simultaneously in the same
community, Of different valnes The worse of neces-
slly expels the better Thus the Government by Civ
ing 10 gold and silver the exclusive power OF oayng
public dues makes better currency than any paper
can be- and by necessary consequence, makes them
tlcles OF merchandise and traffic. deprves them of the
character OF circulating medium and thus abstracts
them entirely from general II the note Of specie
paying bank cannot perform all the Offices Of the specie
ITSELF It Is degraded by and to the extent of the differ
ence. When, therefore, the Government the great
money dealer oil the country rejects and demands
specie, at by force Of the itself debases the
currency, and makes the money Of the people worse
than the money Of the Government II is not possible
that you separate Yourself from the common cuen-
cy Of the country and maintain peaceful neutral rela
tons toward it. The separation itself inhcts wound
and every run which the debtors of the Government
make upon the banks ~ enable them pay Government
debts is an act Of hostility,
Then sir, the dstrust and suspicion in regard to the
banks implied by the rejection Of their paper cannot
fail to derange and njure that currency which is compo-
sed oft Why, sir, will you not receive the Of
spece-paying banks as you have always DONE under
the joint resolution Of 1916! No answer has been
gwen to this question but the vague and scnseess
word of divorce Do Won distrist the banks then
propose measures Of making them SAFE that you may
no longer disrust them Is your object to be paid
better money than the debts Of the country dscharg
cd in DO you intend to abolish the banking system
and substitute specie or as that is impossible, ire
deemable Government paper, continental currency!
by which this Government shall have the unlimited con-
troll Of the whole property Of the counY-Are Of
these your purposes Why then demand specie and
reject the notes OF spece-payng banks lyou do not
nteId by your divorce to have better medium Of pay
ment than that which the people use, what is the object
OF your measure and if you establish for yourself this
better medium, you make that Of the people still
you not only abandon them but aggravate their dis
tresses have always held the true policy Of this Co
vernment to be, that in the exercise Of its granted pow
ers il should shape its policy that the incidental eff
ecs Of its should operate the good of the
communitythat the collateral action Of its money pow
cr, for example, should be regulated to sustain
the currency relieve the endorsements Of commerce,
and facilitate the business Of exchange II there
In our community any boated millionaire any Rothschild
or Barring, who, from the extent Of his operations could
influence and control the moned operations Of the
try and who, by that influence had induced distress and
difficulty and embarrassment, and in the midst Of ity
should demand the " constitutional currency" with
what burning Indignation would suffering and insued
community denounce tho wretch and drive him from
borders
hold il to be clear proposition, Mr. President that
this government is bound not make for itself better
currency than that Of the people, and il results from this
that if the currency of the people good enough for
the government it should suggest for making
it so. The u S. Bank effected this object; that you
have DESTROYED and by general consent is not to be
revived. The object can be effected by consti-
tutiona limitation upon the banking power. BY this
means you will have sound currency for the people
and for the government BY this means you may con-
tnue the safe and ongtred policy Of the resolution Of
1916 by this means you at once restrain and strength
en- the State institutions you give them vigor by prun
ing, and you will enable them forever to supercede all
pretext for U. S, Bank.
There are, Mr.. President, some gentlemen who are
opposed any which has for its object the
tora,ion Of a sound paper circulating medium; whose
eyes and ears delight in nothing but the glitter and
ginge Of metal and whose happy Authorizations contn
uay picture to their fancy sort of Saturnion reign,
golden age, pastoral state Of political simplicity and
sunshine and perpetual peace. OF these romantic poll
tcans there but few, and they would do well to
study the authentic chronicle of that ancient king
whose prayer the mischevous dees granted
the power Of converting al he touched gold, and Of
whom the very winds proclaimed to mankind
Midas asini auricuas habct."
Certainly sir the idea Of establishing pure specie
currency for this numerous, commercial and rapidly
growing people, is very chimericsl The purchase Of
the specie requisite for this purpose would
nous sum. One very efficient cause Of our present
difficulties is the large importation Of specie, forced by
the blind and ignorant policy Of the late administration
with apparently other object but that Of boasting that
they had eighty millions in the country, while the
try is not only bat knpt with il, but in great degree in
consequence OF IT, The vast consumption of the prec-
metals in various manufactures, and the diminished
production Of the mines, have enhanced the price Of
the precious metals IN extent that would make them
very expensive medium Of circulation, while they
by means convenient paper. Indeed II may
well be questioned whether the metals could the
purpose Of currency for our cnterprsing community
spread surface, and engaged in such COM
plcated commercial adventures. All this, however,
understand be giyenu up. The food Of specie which
was to run up and down through the country In such
strange courses, indefinitely postponed rather per-
haps, has subsidized into that little Pacolus, which drb-
bling from the exhausted treasury, flows in tiny mean
des round these walls for members to dip their fingers
in, while there not drop for the people,
But, Mr.. President, although It be no longer contcm-
plated to fill the country with Specie it is not the less
insisted upon BY the under discussion to de-
mand it in the payment Of revenue The most obvious
conseq is, that the action Of the Government will
increase the price and keep up the demand for the pre-
cious meals-by which the resumption ef specie
payments by the banks will be rendered impossible Let
me, sir point the separate links Of the chain, by
which you to bind down the prosperity Of the coun-
try.
.Members Of Congress paid in gold
.U# To be concluded.
From the Warenten. (Va) y.frrsonian