The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-19

tabsence of sound judgment and financial skill, In
the manner of issuing Treasury Notes under the aci
of Congress Of Oc.ob;r last, has nearly equaled the
lack of the same qualifications, In the execution Of
he Depose act of June, 1886, though attended with
less disastrous consequences.
VALERus PuRLps.
ron the MADisoNIAN.
NO. XVI
Under the laws in force where the state banks sus-
pended specie payments In May, 1887, no resource
was lel to the Treasury Department but that of
quring specie in all collections of the revenue.
Whether 1t had authority or not TO extend indul-
gence TO its debtors by bonds IL is not material
10 inquire II Is clear that the officers of the United
States Government clothed with erecatire functions,
had no right TO suspend the resolutions Of 1876 for
that would have been 10 exercise one oflhe most i'm
portant functions of legislation The orders that
emanated from that department, pursuant TO that
event. directing the collectors Of the 10 exact
specie payments we're, in substance .mere advertise
ments to the subordinate officers of the existence Of
contingent prorision of the laws the state Of cir
cumstances on which II was intended to operate,
having come to pass on sudden. The acquiescence
Of the people In the enforcement of the contingent
provison--in the acquisitions Of specie by the post
masters and the collectors of the customs--was
mere compliance by the people with the laws which
they themselves had enacted Eight months have
witnessed the state Of circumstances on which the
contingent provision of the laws was intended to
operate. While there have been few exhibitions
of spirit of resistance to the laws they have been
abundantly and beautifully rebuked by the acques-
ence OF the people at large. While there have been
some difficulties on the part of the debtors to the
Government in meeting the acquisitions Of specie,
and some deviations, the part of its subordinate
officers, from rigorous enforcement, the principle
has not been surrendered. To raise the question
now, whether the General Government shall persist
not in its acquisitions Of specie in collecting its
revenues, until the banks resume specie payments
would be to open anew a question settled "long
time ago" To raise the question now, whether the
General Government should receive, or not, the
notes of the State banks, when they shall have re-
sumed payments of specie for them, would be to
open anew another question settled long time ago"
We see no use in disturbing these long settled ques
tons. We perceive how much mischief might re-
suit from change from the long settled policy either
of refusing the rredeemable paper of the banks or
of receiving the notes of specie paying banks con-
veribe into coin by the holder without loss delay
to him. We think it best to let the laws remain as
they are denying inconvertible bank paper and ad-
hitting convertible bank paper in all collections of
the national revenues. On these points enough has
been urged in favor of let aone"--enough at least
until something aep shall be urged in favor Of a
change
1t strikes me that the main question: properly
open and to be settled properly, is, where or by
whom, shall the specie in which alone the revenue
ought to be collected during the denial by the banks
of specie for their notes. be kept from the period of
collection to that of disbursement
In the first place, remark that II becomes the
Congress to give explicit and imperative enact
ments on this unsettled question. The collected
specie in which the revenue now subsists, as I'M
derstand is placed by the collecting officers with the
late deposite banks on specie deposes or, in saw
ngs institutions, or is kept by themselves kept
elsewhere they elect are directed by the chiefs
of the Departments, I'll am wrong in this, have
diligently inquired in vain for correct information.
If am right crave to know why sleeps the ofpro-
claimed desire to reduce the hitherto too large pa
tronage Of the federal Executives How long is the
torrent TO sweep over the land? How long before
the guardians of the public liberty will awake and
come forth and act2
But where, or by whom shall the collected spe-
Gle be kept2 1t seems to me that the opponents Of
termine. 1t seems to me that they cannot fail 10
agree with one voice, that they shall be kept by
few Of the trustworthy State banks on special depo
site 1t is so clear my mind that such is the only
proper disposition Of the collected revenue that
be made during the suspension of specie payments
by the banks, that would as soon consider
it becoming in me to demonstrate to the ma
thematician that two and two and seven make
eleven, as undertake gravely to prove and simplify
its propriey to the statesman. BY such disposition
of the collected revenue the country would be saved
the innovations, certainly, and probably, the whole
amount of the expense Of establishing subtreasures;
for the banks probably would make no charge for
thus keeping the revenue collected in SPECIE until
they resume payments of specie for their own notes
BY it, the collectors would be delivered from the
temptations ofthe trust 1rhich maybe hare already
prored too strong for some of them. And by it. the
banks, if not strengthened, would certainly not be
weakened.
The only remaining question, unsettled by the ex-
listing laws, and awaiting the determinalive action
of the Congress- is the prescribing Of the conditions
on which feu ofthe State banks may become keer-
ers of the revenue general Opposite, and be rein
stated in the ancient privilege of having their notes
received in all collections of the revenue after they
shall have resumedspece payments. All other sub
ects connected with the paper part of the currency
of the country, belong the reserved sphere OF the
State Rights.
PUBLIUs
CORRESPONDENCE