The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-14
COM MI NICATION
roH rHE sApIsoSlAs.


1. The chastity of its composition, and the
mild temper Of its arguments, and the direct
ness Of It's conclusions, and ITS freedom from
pride Of opinion. are prominent traits Of its ex-
cellency. Neither of these traits, however,
is SO conspicuous as to eclipse or obscure The
moral courage with which the patriotic Pre-
sident Of the United States has expressed his
opinions with respect TO the troubled condition
of the finances and currency Of his country.
Q. The following declarations of opinion
will be Of good report throughout the ranks
Of the republicans to wit:
..On the other hand they indeed, form erro-
neous estimate Of the intelligence and temper OF the
American people, who suppose that they have eonti-
nued, slight insufficient grounds their perse-
yerng opposition 10 National Bank; or that they can
be induced by pccunay pressure, by any other com
bnaiion Of circumstances, surrender principles they
have so long and so inaexby maintained"
"Well aware myself Of the duty Of reciprocal con-
cesson among the coordinate branches OF the Govern
men can promise reasonable spnt OF cooperation,
SO far as ii be INDUCED without the surrender OF
constitutional objections, which believe TO be well
founded Any 5, stem that may be adopted should be
subjected the fullest legal provision, so as to leave
nothing the Executive but what necessary TO the
discharge Of the duties imposed on him, and whatever
be discharged to give to it fair trial. and the best
prospect OF success"
3. The following will be admired by the
friends of reform in the State Bank sys-
TEN, who, for the sake Of brevity, shall de-
nominate "the Spartan Band" whenever
hereafter | shall have occasion to refer to
them. The following, say, will commend
the Message TO the Spartan band:
"In expressing these sentiments, desire no, to
dervalue the benefits Of salutary credit any branch
Of enterprise The credit bestowed probity and In
dust The just reward Of merit, and honorable in
centive to further acquisition None oppose 1t who
love their country and understand its welfare But
when il is unduly encouraged-uhen It Is made to IN
fame the public mind with temptations OF sudden and
unsubstanal weath-when 1t turns industry into paths
that lead later disappointment and distress
it becomes liable to censure, and needs correction
Far from helping proby and industry, the ruin which it
leads falls most severely the great aborng classes,
who thrown suddenly out of employment, and, by
the failure Of magnificent schemes, intended to
enrich them, deprived in moment Of their only
resource. Abuses of credit and in specula-
ton will happen in despite of the most sautary laws
government perhaps altogether prevent them;
but surely every government refrain from contribute
ing the stimulus that calls them into life"
Wha. is there in the Message from which
the Spartan band" the Legion of Honor
will dissent!
From the following position; to wit:
Should We then, connect the treasury for a fourth
time with the local banks, it only be under con-
victon that past failures have from accidental
not inherent defects" ... 3
Now, the Spartan band will admit, that the
past failures of the State Bank system, are not
l. H.,
they insist on it, that the defects to which
its failures are imputable, are inherent in
the present organization, and that the system
may be so re-modelled rs to remove those de-
fects. They dissent from the celebrated
political economist SAY, which, when APP
piled to the United States, asserts that "ihe
establishment of several banks" lin each
State) "for the issue OF convertible paper, is
more beneficial than the investment OF any
single body, with the exclusive privilege =
and argues, that the competition forces each
of them to court the public favor, by rival
ship of accommodation and solidity" The
Spartan band contend, on the contrary, that
the establishment of several banks, in each
State, for the issue of convertible paper, drives
each of them, in order to make large divi-
dends, to court the public favor, by an excess
of accommodation, at the expense of their
soidity. They contend, that extravagance of
enterprise, encouraged and kept up by i'm
providence of credits, is an inherent" defect
in the state system of many banks, and that
it may be removed.
3. The Spartan band, with less desperate
soldier than Leonidas for their leader, are not
willing that the rights of the people be forced
again to encounter the powers of the State
Banks, as at present organized and managed.
They are, therefore, unable to perceive the
force of the following observations, urged by
the Message against reviving the connection
of the State Banks with the Government
The force Of those observations, to wit:
1.-THE use by the banks for their own benefit of the
money deposited with them, has received the sanction
of the Government from the commencement of this
connection. The money received from the people, in
stead OF being kept till it is needed for their use, is in
consequence Of this authority, fund which discounts
made for the profit OF those who happen to be own
Of stock in the banks selected as repositories"
The State Banks need not be thus invited
or stimulated to over-action-they need not
be thus led into temptation. The public mo-
ney may be entrusted to their safe keeping,
on special deposite. Let them be paid, says
one of the Spartan band !" for the expense of
their agency, rather than they should abuse"
or have it in their power, without express
prohibition, to abuse :" the opportunity of the
deposites" And methinks the people of the
States had as lief their banks have the benefit
Of the public money from the time of its col
lection to the time of its transfer or disbursc-
ment, as that the subordinate executive Off
GERS Of the general government have it.
B. But, says the Message:
The revenue only be collected by officers ap-
pointed by the President, with the advice and consent
of the Senate The public moneys in the first instance
must therefore, in all cases, pass through hands select
ed by the Executive. Other officers appointed in the