The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-27

transmission Of coin, or else paper credits must
In some shape be used But" say they "under
our system If transfer drafts be used, they will
be drawn on a Treasury agent who has the
specie fund in his strong box TO pay II with"
And So the answer is, il will be draft drawn ON
specie paying bank having 50 much Of the revenue
on deposite with IT, But" say they, The bank
drawn on may stop paying specie" And so may
the agent become a defauler In either event The
sum suspended or lost being large enough 10 require
it, the government must resort TO taxation, OF 70
loan or to issue Of treasury notes. to supply the
deficiency. In the case of the banks being the
fiscal agents the Government can exact specie in Its
collections during the suspension. To this the
people will submit and be euiescent- but they viii
never submit 10 the exaction Of coin while they are
able to offer the notes Of specie paying banks, To
regain this ability, the people rely on their State
legislation in chief Their general government
for season may stand aloof, and refuse to lend
helping hand, and even throw obstacles in the way
The influence Of enlightened public opinion may
fail to bring the peoples federal agents 10 aid in
enabling them to regain that abli,y--it may be So
Though their eensorial porer welded by the public
and free press may fail, the people will yet have
resources left in their RIGHT or INSTRUCTION, and
certain control in their RIGHT or ELECTION
Neither of these systems of fiscal agency, the
State bank deposite system, nor the Sub-treasury
scheme, is or can be made perfect. Each OF them,
or any the wit of man contrive is and will be
liable TO occasional disturbances. Which OF them
is the more economical safe and convenient, shall
not further tax my poor ingenuity to tell To al
tempt TO add to the beauty and strength ofihe power
full arguments and manifold facts urged by RIvEs,
the splendid enthusiasm of KALAMAZOO, the impress
sve rectals and cogent conclusions of GARLAND, and
the brilliant wit and elegant solidity Of LEGARE,
would be to attempt TO gid refined gold. That the
General Government shall efiectualiy help State
legislation in It's wel-directed efforts 10 secure uni
formy TO the value of the paper part OF the curren
cy Of the country is only necessary that, by pre-
scrbing the conditions on which the State banks
may be the place of deposite the national revenue,
1t exert its legitimate authority to limit the issues OF
paper money by suppressing all notes OF less
amount than ten dollars. That State legislation
shall enable the General Government TO give effect
ually that indispensable aid, it is only necessary
that il reduce the number of State banks to very
small if not the smallest number in each State; so
that the action OF the General Government intended
and tendingto limit the issues of paper money,
though confined 10 deposite banks, may yet reach
and operate on all the banks Of the conntry* This
necessary uniformity of value to the paper part of
the currency result alone from general confidence,
the great principle of vitality to commerce Con-
rrpENcE can alone be secured BY, and invariably
will, whenever ii should, be attendant on tami-
larity with the important features of paper money
This familiarity must be made atiainabe, and with
out the necessity of constant and daily study TO at
| tain it. ..@ ...,,.' ....'". ..
.:. PUBLus.
See Mr.. BAYARD's Speech, in the Senate October
., 1887.
! See my No. VIII