The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-05

not ten houaand dollars could be found in the city
Chafiesien.H Why, Mr.. Woodbury. may just wei
throw bag ofhis gold into Cooper river and command
by the authority aforesaid NOT to sink as pretend
TO make u circulate m community where his own
legislation will contribute with some other causes 70
make always command premium. long as the
currency that great social concern, shall be abandoned
by government, and the United States and after their
example, the States shall content themselves with hoard
ing taxes, gathered in gold and silver, t they be dis
bursed TO their officers and coniractorsto be--what
What disposal will be made oftheml
Pray, let enter little into detail in this natter
You will lind II nstructive--you will that what
say on this subject, in more general terms, in my
speech on the Sub Treasury Bill, is fully supported by
| inconestble facts Speaking Of exacling payment OF
taxes IN gold and silver, when they premium
OF or 10 per cents, | affirm, shat such measure
would have been mere wanlon act Of oppression upon
the people OF the States, for earthly good purpose
whatever. IL would have been simply authorizing
usnrers and money brokers lay upon the importers
and through them upon the Of foreign goods
that Is to say upon the public, and especially upon the
planters OF the South, tariff Of duties in good de-
gree arbitrary, for their benefit and that Of the
functonares Of the government. Believing, as did
and do that the paper circulation of the country from
the great and sudden contraction consequences OF the
panic, was rather too much reduced than redundant
confess, as said on former OCCASION could not see
that justice, at least that equity and good conscience
made 1t imperative upon US TO to harsh mea-
sure especially the idea Of furnishing by that MEANS
broader metallic basis to circnation, had proved
itself to our senses to be completely falacious We
all that not dollar collected by the govern
ment and disbuTsed to its creditors crcuates for one
moment money, but is carefully boarded as merchan-
die and that this will continue to be the case so long
as, from any cause, exchanges shall be unavorabe TO
the country, is equally evident"
| Now Sir this is literally true--not a syllable of it
shall be unsad for me- can be gan-said by any body
else that has any respect for the demonstrated and ac
knowledged truths Of science. / will illustrate nv
meaning, by putting the il happens every day
will describe the crcleno not the circle for il does
not circulate at abut the and eccentric eipss
in which the gold and silver forced into the country by
the contemplated law would be pepetually revolving
long for any whatever the precious metals
were at premium. The importing merchant in order
TO pay the custom duties would buy what he wanted of
money changer, or broker, paying him, cf course,
with the fair price of the metal, something for interest
| on capital invested and for commission. He would
then pay what he owed the Treasury into the hands Of
the Collector, This officer, subtreasurer would dis
burse it TO government officers and contractors, who
would sell it, pay 1t away to those who would sell
Immediately back to tho very broker selling,
that is, somewhat reduced pTlce thus enabling the
money changer TO lay his tax on at both ends Of the
res. Then, the broker would sell it again another
importing merchant who would pay it to the Collector,
who would pay the officer who would sell to the
| broker again, and al infnnn. Within these
limits, say, and these limits only, would all the gold
=,
be seen rather heard move, heard Of moving.
For all the Of society, for all the mutarous bust
Of mankind, Il might just well be buried at the
bottom Of the sea-no body would have gained by it but
that interesting class whose tables polluted the
Temple of Jerusalem and turned into you know what
and the officers and contractors of government who
long the paper of the country not really de-
prcciaed in respect Of other commodities than gold and
silver wonld pocket just much clear gain, the diff
| ference between coin and paper would amount to-
Meanwhile, who pays the piper for somebody Of course,
must-our achemists do not yet pretend TO make gold
out OF nothing. The Of the goods imported,
Of surety, indemnifes the importing merchant with
interest," advanced price Of every article he needs
tax, tariff is levied upon the body Of the people, by
tho money changer and Tor what reason aud TO what
purpose! Because government does not choose to be
troubled with devsing plans to make the currency that
good enough for the people, good enough for itself
and BECAUSE suppose, it necessary to protect the bu-
sness OF money changers. Whether this latter object,
DO Of the motives only incidental advantage,
Of the plan, know not but beyond all doubt, is
necessary consequence Of it. Coupled with the diff
cues of domestic exchanges this traffic in the pre-
cious metals is making us nation OF "shavers," as
is technically and expressvey called. II absolutely
disgusting to how the brood swarms in the most
frequencd streets Of great cities-Broadway, Ches
nut street. &C.
| Innumerabc. AS when the potent rod
| OF Abrams son. in Egypt's evil day,
Waved round the coast, up call'd pitchy cloud
OF locusts varying on the eastern wind,
That Ger the realm Of impious Pharaoh hung
Like night, and darkcned all the land of Nile:
| SO numberless those bad angels seen
The title Of the bill ought to be changed accordingly
the especially, as it happens to be nonsense and
bad grammar as il stands*-nto Bill to encourage
shavers and shaving
You perceive that it would not require much specie,
as one of the advocates Of the BILL told me, to perform
the limited function above described True, and 1t is
thus that il will ",cidsi the metallic basis forsooth
But you WILL also, perceive that as replied TO the same
ingenious person. makes sort Of difference to the
consumer the country, when 10 or l5 per cent adj
is to be paid upon 70 or 30 millions OF duties,
&C. whether be paid that whole sum, or 70 or
80 times paid on one million Paid 1t must be at
| all events.
think have fully exposed the futily fthe pre-
tension that the Sub Treasury scheme, by requiring
the payment of the public dues in gold and silver
will widen the metallic basis of the currency"
You see trust clearly, that 1t will do no such thing
that its tendency is just the reverse-that il will
throw obstacles in the way OF resumption OF specie
payments-and that even when they shall have been
resumed as hope they soon will be, in spite OF all
obstacles, it will not contribute IN Tue least 70 me
preventing in future (whenever the necessary temp
ations shall arse those excessive issues Of bank pa
per, which never fail TO drive the precious metals
| out of the country, or at least, om OF circulation.
just much coin as will be necessary TO meet the
current demands at the Custom House will be kept
ON hand somewher or by some body But IL will be
an isolated inert mass forming no more part of
the general circulation, and having no more effect
| upon IT, than If il were in the mines again.
The truth is, that my great objection to the system
is that by abandoning the banks TO their own uncon-
trolled and unaided management, il exposes the
| country to one of two consequences both OF them
pregnant with calamity and confusion-,hat through
It's operation negative and positive either bank pa
per would expe the precious metals entirely from the
circulation Gas that term has been already explaned)
and become itself perhaps incurably deprecated, or
that by exciting popular fermen against the banks
| those Institutions would be involved in one common
suddenly and violently destroyed, the relations Of
debtor and CREDITOR the value of property the trans
actions of commerce. the whole business of life be Sc
much disturbed, be thrown into such inextricable