The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-26
three years ago agans, The Treasury

Il
constitute our principal objection TO the Sub-Treasury
syslem--not the only We object TO the hmt, IN
which il is proposed to introduce the system We do
not believe il 10 be expeden or perhaps practicable,
until the Banks shall have resumed specie payments
But more Of such questions hereafter
On the qroa question OF the tendency Of this SYSTEM
TO enlarge the power and patronage Of the Executive
we entertain the opinions which expressed IN
the following Extract We still 90 for the State Banks
repositories OF the public revenue in preference to
the Treasury system, We have adopted this conclusion
after giving much reflection TO the subject as our
very limited faculties and even more limited information
were able to bestow upon it, We confess, that we were
at time somewhat disposed to adopt the Treasury
system-Some OF our most intimate friends go Tor IT,
The Administration, to which we arc attached Will
probably bring it hack 10 the view OF Congress. But
when We viewed this question in all its lights when
reviewed the reasons which had swsyed Judgment
| in 34-when we considered the consequences which it
might produce upon the operations OF our Government
in increasing the Executive power already too great
when also considered the time, and the cmbarrass
| Benis under which this system is TO be introduced
the difficulties Of carrying 1t into execution, while
large proportion OF specie was locked UP IN the
vaults Of the Banks--and the great importance OF re-
evng the country from its present pressure before any
great and untried expedient" adopted, could
longer hesitate about the Alternative which ought to
| be pursued. We 90 for Treasury System--for any
aternativein preference to an unconstitutional man.
moth Bank Of the United States. but we 60 for the
/ Ddnks-thOse
| poses Of the Government-those which are honest IN
their wishes and jealous their efforts specie
payments in preference TO the Treasury System. In
word we hold by the following opinions we expressed
in October, 1884 We do not think the Experiment Of
the State Banks has been fairly and fully tred-They
have suspended specie payments under unparalleled cir
cumstances not likely to occur agan-(wlth forty
millions Of surplus TO disturb the entire bank
machinery with nordnate spirit Of speculation and
overwhelming in public lands foreign goods, in every
IL. e. 81.
very lights which have been struck out by recent expe
rience, will enable to reform tho scheme, TO guard
against the abuses of the Banking System by adequate
restrictions to control the issue OF small notes and to
make wiser arrangements for the public deposites in
these institutions With these impressions, we lay
before readers the following
VIEWS IN 1894
awe have just read the Correspondence between the
twenty.six citizens Of Richmond, and Mr. Leigh, con-
corning 1.-THE true meaning OF passage IN one OF his
speeches the Senate and his future course towards
the Bank Of the United States"
The letter OF the twcn,y.sS citizens contains one
passage which has excited conversation in this
City, and has called forth two three explanatory
Cards in the public papers 1t appears to be intended
as Int at htis press-and under other feelings than
those which now entertain. it might prompt to
retaliation, upon the OF It's expression, the time
OF It's publication, and the structures it conveys We
should have expected different sentiment from Of
the gentlemen who have signed the paper &c. They
ought by this time to know that we have no Office and
no favor TO ask at the hands Of the administration which
could induce to sacrifice long proiessed maxns
o Constitutional Government, the service and at
the shrine of power They might also have known,
strongly we have been opposed to the Bank oil the
United States, cashlng with all our professcd max
inns OF Constitutional Government-and how grateful
have felt, for tho patriotic and moral courage Of the
veteran who put his upon the renewal of its char
ter We dlsaPproyed, 1t is true, Of the removal of the
Deposites-but the which have since transpired
the strange Revolutions which parties have under
gone, the coalitions which have been effected between
the discolant and ambitious Leaders, the Canal
which has been formed the Senate, the gross dsobe
dlence Of instructions which has been shanefuy dis
played by five or SIX Senator's in the very face OF all
| our maxims OF Constitutional Government the panic
Speeches which have been poured forth, the panic Me
MORALS which have been generated the hot bed Of
parties; the astonishing efforts which have been made
to restore the Deposes and to re-charer the Bank
every thing satisfied MS that the Administration to
be hunted down, aud this monstrous institution
rise upon It's runs. Were to remain silent under
this alarming condition of things We're to coalesce
with It's protested enemies IN pulling down the Admins
| tration! What influence TO be substituted in its
| place! Who capable that firm old man TO cope
with the power OF the Bank At the time, which
OF these twenty six citizens is more anxlons than we
to throw additional guards against the Executive power
over the pubic press Who has more anxlousy called
for the mterposlton Of Congress- not to restore the
Depositeswhich seems to almost equivalent TO the
renewal OF the Charter-but 10 regulate the gold
rency still regulate the deposies of the pubic
moneys in the State Banks, which alike consttu-
tonal and responsible to the State duihorifies-and
especially to restrict the Executive control the
| Public Depositcs in these State Institutions If
have erred indeed, in maintaining these propositions
we Ind hoped might claim at least some indulgence
| for our intentions. II we have believed Mr.. Leigh
be mistaken in taking different vcw of of these
propostlonsif we have believed him not sufficiently
Jealous in extlnguishng the Bank, and forever
and therefore, not the after own heart-lf
| have thrown open columns freely to Correspond
ents, both for him and against him, might have
hoped to escape the imputaton OF being the leader
among his dcfamers-and of sacrificing all princi-
pies at the iootstool Of power But let these things
| pass
'"As to the letter OF Mr. Leigh. it may satisfy his
twentysix friends, but it certainly does satisfy
The letter which they have called FORTH should call forth
IN ITS turn, another letter to explain the true meaning
OF that passage, which speaks Of dvorcing all
ton with Banks. State Federal Do you
(they might say, that the public money is he left in
the hands Of the Custom House officers responsible to
the President and removable by him q If So is Mr. l..
prepared to incur the irresistible objections urged by the
Globe-and to increase lin so alarming degree the
patronage, power and influence of the Erccnt,re the
great key, which he says is to open the ruling and
indeed the only Of all my conduct since have
had share in the National Councils What does not
putting down the bank also form part OF his motives
since Chez had share the National Councils His
twcny-sI friends mi ght also ask him: If you should
be brought to the alternative of selecting the State
Banks or the National Bank, the repositories of the
| public moneys, which will YOU preier' This great
question has not been noticed by his friends by him
self And vet this is the great Alternative which ,cM
he presented to the Senators of the United States And
what will Mr., Leigh do in this alternative! VIII he
take the State Banks which constitutional, which
established by the States, responsible to the States
regulated by the States, as the dcpots OF the public
treasure under such restrictions upon the Executive
control as may seem wise and necessary be made by
Congress Or, will he take the BANK of the United