The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-09


government, followed by the mpenous necessities and
demands OF the people.
| Under such circumstances and facts, have the
Banks experienced thai equitable and benign treat
ment from those in power which they had Just
right to expect, and which true policy and the inter-
ests of the Government and the People obviously
pointed out II loo apparent that contrary course
has been steadily pursued. The by authority
presses with but very few exceptions fiom the off
eai organ down TO the peansiSea paper, have teem-
ed with the most vituperatiye productions 70 lead TO
exciting the minds Of the unreGecting against them
and leading 10 their conforming them
the measure formerly recommends and SO per-
tinaciously pushed through one branch of Congress
and not less attempted to be carried through the
other branch at the late extra session and again
recommended 10 Congress in the Message of an en-
tire separation OF the Government in all lis fiscal az
fairs from all the ankng institutions of the coun-
try, Is Immediately calculated to add to the other
evils which have been inflicted on the Banks, by
those and under the counienance of those from whom
they had great right to look up for protection
and different treatment.
What other efectwill the proposed measure have
the Banks but to lead to dstrus Of them gener-
ally 7 The People seeing that the Government dis
trusts them, by refusing 10 deposte its money with
them as well to receive their notes in payment of
its Dues though convertible into specie will disirust
them also; and very naturally so too, for Govern
ment long wisely conducted inspires the people with
confidence, and induces them 10 look up to it, for an
example to guide them in such things, connective
with their daily operations as they have no other
means by which to form an opinion and acquire
confidence.
come now TO the enquiry, what is the Govern
men or the country TO gain by the innovation upon
the policy pursued from 1888 to this time, which the
measure recommended proposes Napoleon, the
Father of the most perfect civil code, now exiant
and greater far in civil than in military fame, obser-
we'd this adage Nsper permit circumstance to infu-
policy but make circumstances bend 10 policy
An entire different course from that which govern
ed Napoleon is now proposed, A circumstance,
circumstance, is seized hold Of excuse for
Introducing an entire change in the policy which has
obtained throughout the administration of the gov
eminent from its formation and is to influence and
control il for the future. Can there be wisdom or
good policy in introducing under such circumstan-
ces and much more that OF adopting such measure,
unless called for by an equal proportion ofthose
whom it affects in its operations, is required
thorise change in any part Of our Constitution
Wise Legislation and the fostering and protecting
care OF the general Government, are analogous
Both cone mplae to dispense the greatest possible
good among the greatest possible numbers.
come to inquire, wherein the majority Of the
people be benefited If small portion be-
by the proposed measure Of collecting and discussing
the public entirely in gold and silver and en-
ploying the Federal officers the Government keep
the the interim, between the periods OF colec
ton and disbursement.
If it cannot be clearly shown, that the advantages
will greatly outweigh the disadvantages growing out Of
the adoption Of such measure then Of doubt
ful expedency, and ough, not to be adopted If the
latter outweigh the former then its usefulness cannot be
doubted, and opposition its adoption ought not to be
interposed.
The objects to be gained by tho proposed future
tire disconnexion between the Government and the
banks the President in his late message states to be
these:
at proposes to place the General Government, in
regard the essential points Of the collection, safe
keeping and transfer of the public money in situation
which shall relieve it from all dependence the will Of
irresponsible individuals corporations to withdraw
those moneys from the OF private trade and confde
them to agents constuonally selected and controlled
by law abstain from improper interference with the
industry Of the people, aud withhold inducements
nprovdent dealings on the part Of individuals TO give
stability to the conce rms of the Treasury to preserve
the measures Of the Government from the unavoidable
reproaches that flow from such connection, and the
banks themselves from the injurious effects of sup
posed participation in the political conflicts Of the day,
from which they will otherwise find it difficult to
cape"
These different points sha Il notice in the OF
my observations The one most proper to be noticed
Immediately, is that which proposes "to ,oithdraW the
money, he pnblic) from The pirate trade, and
coade them 10 agents cousttutoaay selected and
roiied By Law" In this proposition is contained the
entire substance Of the bill reported in the Senate by
the Finance Committee at the late sessions The pub
lie is to be collected entirely in specie accord
ing to that bll-to be Withdrawn from the Of pn-
vate trade-o be confded to the safe keeping of Go
vernnent differs; and be debarred from performing
any useful beneficial functions the country Of any
nature whatsoever
Now let examine the practical operations of
this part Of the reasons for urging the measure. In
doing SOIL must 10 the best official data within
my reach TO guide me- The Secretary of the Urea
sury in his report to Congress at its late extra ses
sion selected the operations and state of that depart
ment for the year 1884 guide to illustrate what
its probable future operations would be, under the
subre asury scheme, which he then recommended.
II will b, referring TO his report that the
estimated by him to b. in the Treasury on the LIST
day January, 1884, was $ll 10000. There was
prob by in the hands of disblrsing officers at the
same time Si0oo,0oo unexpended By them, making
an aggregate of $l5, 10000; which, if the sub
treasury system had then been in operation, would
have been piled away in specie in the hands of the
Subreasurers. In the report it is stated, that
" in 1888 tine specie in the country was about forty
two millions Of dollars and in table appended to
that report the whole amount in specie in the vaults