The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-26


feet greater calamities than already afflict us.
Il is calculated to postpone forever, the re-
sumption of specie payment by the banks,
and therefore involve those institutions in de-
struction. Is it fair for the administration to
pursue such a policy towards those instita-
tionsl BY whose policy is il claimed, that
thirty millions Of specie were introduced into
this country during the last four years! Did
not every dollar Of that form the basis Of is
sues Of from three to five Of paper, 70 one Of
specie Were not the banks that issued them
created for the most part by legislatures OF
states, friendly TO the administration Is 1t
fair then, for the administration suddenly 10
abandon to summary destruction, institutions
created by policy which il is pledged TO-
carry QUIT The Sub-treasury scheme in ef-
feet, aims to abstract the specie from those in
stitutions, aud to debase and discredit the notes
they had issued upon its basis.
Mr.. RIvEs' bill proposes to receive the
notes Of banks which shall resume payment
in specie by given day in discharge Of the
public dues. The notes of those banks which
shall not resume BY that day, shall be exclud-
ed @
~ The objection urged against the bill was.
that it would operate as compact, by which
the government would be compelled to give
preference to those which should be able to
resume by the day stated-that the strongest
banks would be favored, and the weaker
crushed by it. There is no force in the OBJ
lection, because every bank in the country
worth preserving would be able to resume
specie payments, by almost any given day in
1888. In this belief we are supported by
the Corresponding Committee Of the New
York banks. The New York papers state
that several banks in that city are ready to
resume at this moment. The better opinion is
that the resumption Of specie payment will
be effected by a concerted and simultaneous
movement throughout the country. The bill
addresses itself 10 the whole banking inte-
rests Of the country, and we believe that an
early resumption Of specie payment would
be the consequence Of its becoming law.
"The issue attained in the debate" there
fore, is fictitious issue, and was the result
Of DEPRESSION from the main direction of the
discussion, to drag in by the I" head and
shoulders the Pennsylvania Bank Of the
United States, for the purpose of frightening
Senators with a bug-hear. That bank has no
more to do with the issue than any other state
bank; it is not party in the bill; it did not
enter the mind Of its author, and would be no
more likely to profit by the passage Of the
bill, than any other State bank. 1t has no
more power by reason Of its relation 70
England, its extended issues, and various
investments, to control other banks, than the
banks Of Boston and New York possess to con-
troll il. II might be inferred from the answer
Of the Philadelphia banks to the proposition
for convention, that they were either des-
ponding, or less prepared to resume specie
payments than most other banks in the coun-
try. The Opposite Banks Of Georgia, we
believe, have never stopped specie payment,
and there are many banks in various parts OF
the country, that had stopped and have re-
sumed We can view the issue, therefore,
thus attempted to be made between !" Mr..
Biddle and the Government" as entirely ficti-
tious, disconnected from the subject and in
volving an insinuation in regard to "Mr.
Biddle's bank" as il is called, destitute Of any
foundation in truth.
Mr.. CALHOUN condemned the bill, as an
attempt, on the part Of Mr.. Biddle, to recap
ture the Deposites. That honorable Senator,
in 1915, was one of the warmest advocates Of
the United States Bank In 1884 he brought
forward bill to recharter that institution, and
most zealously engaged his energies TO restore
to its vaults the government deposites. All
this time Mr.. RIvEs was o firm and unfinch-
ing opponent Of that Bank, and justified the
removal of the Deposites, because he believed
it to have acted faithlessly. Now, Mr.. Call
HouN seems to occupy different ground, and
from his lofty position charges Mr.. RIvEs
with aiding and abetting Mr.. Biddle in an
effort to recapmre the Deposites And the
Globe quotes its hitherto bitter opponent, to
sustain the unjust insinuation against one of
the friends of the administration
If the Pennsylvania Bank was excluded
from the common benefits Of the bill, we have
no doubt, with the Globe, that the Opposition
would vote against it, but for different rea-
son such a discrimination would be uncalled
for, and ought to defeat the bill. The whole
argument about this Bank is ad captandnn,.
The selection Of bank repositories is left to
the discretion Of the Secretary of the Trea-
sury.