The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-03
POLITICAL.
THE POLICY or THE ADMINISTRATIONS

THE POLICY OF THE ADMINISTRATIONS
The suspension law, passed by the legisla-
ture OF this state, had been SO severely assail-
ed by the loco focos, and by their aiders and
abettors, and Governor Marcy, and every
other prominent individual who had either
assisted in, or approved the passage of that
law, had been SO grossly abused by the same
enlightened and consistent politicians, that il
was hardly to be expected that the general
administration would have pursued the same
wise course, il, as alleged, it was their inten-
ton TO uphold the wild notions of loco foco-
ism. They have fully indicated themselves
from even the suspicion of such an intention,
though so frequently imputed to them The
honorable Silas Wright, who is looked upon
as doing nothing at variance with the policy
OF the administration, has presented ga SuS-
pension Bur IN the Senate and Mr.. Cambre-
leng has introduced a similar bill in the
House of Representatives. The first and
second sections of the bill are given below.
The third and last section is to suppress the
circulation of small notes in the District of
Columbia, and is not pertinent to the present
subject.
BILL to revoke the charters Of such banks in the
payments within limited time, and to suppress the
circulation Of small notes therein
be II enacted by the Senate and House of Repre-
sentatlves Of the United States Of America in Congress
assembled That all penalties imposed the banks in
the District Of Columbia, by their charters or other
wise for suspension of specie payments, be RENTED
Provided, They resume specie payments for all their
bills under ten dollars within sixty days. and of all others
within six months from the passing of this act And
provided also, That the said banks, within thirty days
from the passing of this act shall to pay the
notes, bills obligations Of any corporation, company,
or individual which shall redeem the same, on de-
mand, in specie: And provided further, That the said
banks shall forthwith cease to receive IN payment,
deposte, or to pay out, any note, BILL or obligation,
issued by any other bank, or by any corporation
pany, or individual Of less denomination than FIVE dol
lars
Sec. 2. And be it further enacted, That if any of
said banks shall fail to comply with the conditions spe
cited in the foregoing section Of this act the charters
thereof shall be revoked and shall be the duty Of the
Secretary of the Treasury appoint three commission
ers for quldatng and settling the accounts and affairs
thereof and such prosecutions shall be instituted by the
District Attorney Of this District for any violation Of
their obligations to the government and the community,
the facts and the law applicable to the may
der proper, beyond what is contained IN the provisions
Of their charters and in this act: Provided, neverthe
less, That the remedies against said banks for their
liabilities and debts given in their charters shall remain
IN full force and effect against the property money, Gre
dts, and effects thereof in the hands of the commits
sloners appointed to lquidate their affairs. "
"a rose by any other name will smell as
sweet" And designate the foregoing bill as
you may-call it as Mr. Wright and Mr..
Cambreleng have done, A bill to revoke the
charters of such banks in the District of CO.
lumbia as shall not resume specie payments
within limited time, 1T is, and ever will
remain, "a suspension law" still Its lead
ing features, and its fundamental principles,
are identcally the same with those passed
by the Legislature of this state. Some Of the
details of the latter differ from this bill, but
the principle involved is the continuation of
the banks in existence after their charters
would have become forfeited by the suspen-
sion of specie payments; and it matters not,
so far as that has been called a violation of
principle, whether the continuation is for one
year, six months, one month, or even one day.
But even if it did, the erpediency involved in
the time designated in each bill is much the
same. The twelve months granted by the
state of New York in May and the six
months proposed to be granted by Congress
in September, when the banks in both cases
suspended at the same period, makes the
time granted to each nearly the same. And
again, il postpones, in both instances, further
action in the matter until the respective legis-
atufes are again in session. Here is another
opportunity for the loco focos, and their aid
ers and abetters, to give vent to their ebulient
feelings Of Indignation, and to denounce the
general administration, as they have hereto
fore done the state authorities. Is stronger
evidence needed of the desire of the general
administration for "a well regulated credit
system," of their desire to foster and cherish!
-" to preserve and regulate, but not Destroy"
and of their determination not to counte-
nance the wild schemes of loco focosm, which
are, first prostration, and then annthttatton?'-
~ Y. Times