The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-14
FoR THE MApIsoNIAN.
NATIONAL CURRENCY q STATE BANKS.
THE MARYLAND PLAN. $751;.
.a< '.. No VII vum.
FoR TIE MADIsoSIAN.

."<#. ."~& No. VII
Having essayed and trust successfully, TO demon
srate the constutionaliiy, practicabiliy and expe
diency Of the system, presented in the documents,
No g. of both branches Of CongresS the late extra
session, the discussion of its equity adequacy, con-
geniality and fitness the genius and spirit Of
institutions-as well its other bearings and re-
lations with regard the welfare and prosperity of
the country remain to be entertained.
That il is purely equitable and democratic IN its
principles cannot be denied without impugning our
scheme of government as il proposes to diffuse va
luable boon in the liberal distribution Of NATIONAL
CuRREscY and the benefits incident to the collection,
custody, and disbursement Of The PUBLIC MONEYS, to THE
WHOLE PEOPLE, and not to enrich
FEW, or PRIVILEGED ORDER OF CORPORA
TORS-constituting in effect, AN OLIGARCHY
WHO LUxURATE UPON THE THE WORKING
cLAssEs-as II born 10 The fruits Of the soil,
WITHOUT CONTRIBUTING PRODUCTION in due de-
gree BY the Federal compact, THE PUBLIC
LANDS, and ALL THE REVENUES FROM
IMPoSTS AND TONNAGE. are eeded 10 THE
GENERAL GOVERNMENT cxclusirely-and the
States, Con which are devolved the serious burdens
of local legislation judicial and executive officers
county, corporations and Police disbursements, const
tuting aggregation Of expenditure greatly exceed
ing the proper expenses of the former) are conse-
quenty reduced to the necessity Of resorng direct
taxation, to incidental sources for means to meet
the necessary charges oftheir administrations in all
their variety Of ramifcations This is truly an I'm
equal apporionment Of fiscal poteers and ustifes the
employment of any equitable eEpedicnt to restore
equitable equilibrium upon principles consistent icih
' tie genius and SPIRIT Of a free republic.
| The receipt of income to the national treasury
| from the mere circulating medium does not appear
TO have entered into the consideration Of the trainers
of the constitutionthe benefits, therefore, derivabe
from that resource may Justly be regarded as Teser-
ration to THE WHOLE PEOPLE, to be enjoyed in
THEIR RESPECTIVE STATES and TERRITORIES.
The currency, indeed, being merely " a measure of
ralue" could not justly be made subject of Federal
revenue-with equal justice might the States be
kared for scales and eeights, quarts and gallons
or other measures of length or capacity"
| From documentary information, and estimates en-
titled to full credit may be fairly inferred that the
amount of contributions EXPORTED FROM THE PEOPLE
for the use Of public righ:; and, insdiously dram
from the land and labor has ercecded Tie arails of the
duticsoH imports for a long series Of years.
In close inspection of this interesting concern
ment ii would obviously appear that If such
course of contribution is to be tolerated the resulting
rerenucs ought 10 caHre TO THE COMMON BENErIT-and
the especially as The resources Of the States with
the aid of THE NATIONAL CURRENCY. and
the capital impaired by THE PUBLIC DEPO-
SITES, SO justly belonging to THE STATES and PEG
| PIE, would well sustain the proposed plan--and
the full enjoyment fthe boon and benefits in concm-
plation being susceptible Of producing avails of vast
extent would not only enable the States to perfect
their lines of intercommunication already in pro-
gress or in prospect well to promote improve
mens in literature and other desirable amelorations,
bat tend intellectually to increase productions in eve
nv ntereSt-and, by augmenting exportabe commo-
dities to supply and nourish exterior commerce and
enhance the comforts Of the people.
PHILO-FISCUS.