The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-16
ADDRESS.

anc deeply Impressed with the mportancr " 6cuIWg
union and concert Of action among the AIends of
national and state administrations. deeItM proper "a
this as they have done former occssid2 t6addres
their republican fellow citizens AltNoXglyISeyerat
months will intervene before the electors flbby ~ lied
upon to discharge their duty at the polls tNhp6 AZ
hand when they will begin to assemble IN them f4Bpgry
meetings for the purpose Of selecting delegates to-
~ and district conventions. II cannot therefore, az
this time be too early to inculcate spirit Of harmony
and that rigid adherence to sound principles and estab
lished usagcs, which have hitherto distinguished aud
sustained the democratic party
The party araycd against is none tho less danger
Gus because il is not always found in the open field OF
manly warfare. 1t has less to hope from direct at
Tack than il has from those covert efforts by which the
seeds Of dscord are soIn among brethrcns These
efforts should be sedulously guarded against Harmo-
ny and efficiency most electnally be promoted, by
moderation and forbeerance among those who may diff
fer upon questions of minor importance-by general
attendance Of the republican electors in the primary
neetings-by the choice Of delegates who have no in
crests to serve separate from the general welfareby
the selection of candidates for Office who neither want
discretion nnness for the faithful discharge Of pub
lie duties-and by steady adherence to regular
limitations BY following this course of policy, we can
not fail TO such signal triumph at tho fall cleo
tons, will have the most sautary influence upon pub
lie affairs .E.s- ~.
The subject which now principally engrosses the pub
lie attention, is the pecuniary embarrassment OF the
country. Although this evil has fallen most heavily up
commercial cities, it cannot be denied chat its
influence has extended over the whole body polite ;
and there probably few individuals who do not in
some way feel that check has been experienced in
that unexampled tide OF prosperity which lately pre-
vailed throughout the state Still the mischief, great
it really is, has been unduly magnifed by our pot
cal opponents. Instead Of attempting a remedy they
are work to aggrayae the evil and extend its infu
ence, in the hope that public distress and individual
suffering may be turned to political account While
the true OF the prevalent embarrassment are care
fully kept out Of sight pains arc spared to asten the
mischief upon the government and our opponents al
ready faeE themselves that they will be able to over
throw the national and state administrations Their
candidates for the presidency are already in the field
and the activity which every where pervades their par
coored ranks indicates that they have once more been
warmed into life and hope and confidence, by the disas
tiers which have fallen upon the country After having
professod to abandon that ground, again told that
national bank is indispensable to welfare and I'M
der that banner the wings Of this day again collect
ing their scattered forces. 49, s.,. =
Although we cannot permit ourselves to doubt that
the people will firmly adhere to their principles, and
steadily uphold the government of their choice, deem
it not improper or unreasonable to take brief survey
Of the principal which have led to present pc
cunary embarrassments The review, while 1t cannot
fail to vindcate the administration against the camors
OF the opposition, will not be wholly Improbable by
way Of suggesting the appropriate remedy. ~%
With the exception Of the brief period OF panic and
distress brought on by the United States Bank and its
partizans 1884 the country has for several years en-
oyed an unexampled degree OF prosperity All the
great interests Of the state and nation IN the most
successful progress and the industry and enterprise OF
the people were every where crowned with the most
abundant rewards. But such state of things, howe
yer desirable in itself, inevitably be followed by
season Of Revision. When all the great interests of
the country rapidly advancing, the merchant will
IMPORT and the people will purchase too many goods
So has been in times past, and SO it is Our III
erna condition has not only been in the highest degree
fiattenng, but unusual impulse to trade has been
given by foreign manufacturers, merchants and capital
lists, For the last few years an almost unlimited credit
for goods has been offered, and English bankers have
afforded such facilities to merchants for raising money
Us were emineny calculated to impart most power
full stmulant commercial enterprise The result has
been that we have overtraded, and commercial bal
ance Of sixty millions of dollars is due from us to Eng
land and other foreign countries This heavy debt rests
in the first instance importers and other mer-
chants but it must be paid in the end by those who
consume the goods. They are the ultimate debtors -
Large as this balance is, another year of prosperity
would have been sufficient to wipe it off, had not
commercial revolution in Great Britain and a sudden
change Of policy the part Of the Bank of England
interrupted the previous OF trade between the
two countries Our merchants, expecting to pay at
their convenience were suddenly overtaken by demand
for immediate payment and that too, at time when
all our exports were greatly reduced IN value IN the Tor
eir Market and especially cotton, the staple article OF
expectation, had suffered depression OF about one
half in its former price We have in this single view
Of the subject ample cause for the distress that has
fallen upon the county without charging 1t to the ac-
count Of NAL administration of the government.
But there have been other causes In operation
There has been cxtravagant spirit OF speculation
and inordnatc appetite for gain Not less than forty
or fifty millions OF dollars have been Withdrawn from
the purposes Of commerce and other modes in which It
was employed and invested in western lands, cities
on paper, and other unproductive property. If this
hau hpen left i'm its channels,
should at this day have heard very little about the dis
tress of the country This money! although not lost to
the owners has well nigh ceased to perform It's usual
office, it has been in course OF TRANSMISSION from
the seal board to the far west and thence passing
through the land Offices, it has slowly found its way
through the dcposte banks back again to the sea-board
Here remained dormant and useless, or was so used
As to produce mischief rather than benefit The hanks
either were in condition to loan 1t because the
amount of their discounts restricted by law, or
they loaned fiat all, for the shortest periods in order
that they might at any time be prepared to meet the
calls Of government. ..H..
The legislation of the general government has not al
ways been the most propltlous to our welfare The &C
emulation Of forty millions OF surplus revenue IN the
treasury was in itself great public evil. This large
sum no, only collected from the people for no pro-
per object but lit has been practically withdrawn rom
The channels Of business For the last year has been
in the of transmission to and distribution among
the several states under the operation Of the late law Of
congress. We agree in the policy Of restoring this
money the people from whom it was improyidcntly
collected The law which passed for that purpose
not only had tho votes Of great majority OF the demo
cratic members of congress, but it was approved by
President Jackson and also by the present executive Of
the United States in his letter to Shcrrod Williams Ii
was undoubtedly proper to provide for distribution, in
stead of retaining this surplus money in the dcposlte
banks and the beneficial effects of the measure, will u
tnatcly be felt in every part Of the country Still it
be denied that the preparatory steps for the dis
tlp1 tbp
and aggravated the evils under which now'abor
Beyond these general which have operated
throughout the whole Union it should not be forgotten
that the city Of New York. the great commercial mart
of the United States suffered the loss Of about twenty
millions Of dollars in single night by the great fire Of
THE rala,ntv ,Nas much loss severely al