The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-28


menti II has made experiment upon the banks and
the people, and has ruined both, and propose TO
leave the banks and the people 10 take OF them
selves and we will take care Of ourselses!! Boldly
and calmly this revolving proposition Is announced BY
the President repeated here and this ayowed
by the gentleman from Pennsylvania, Mr.. Buchanan.
whose whole defamation has been TRADE against
those very institutions whom he and his friends
duced and debauched The remedy he proposes, is to
cast them back polluted and dishonored, to the States
and the people, for whom he considers them good
enough, not being good enough any longer for the
chase embraces Of this most pure Administration Oh
no, not pure enough for this selfdonying, vruons,
humble and righteous Administration, which eschewng
oil aduerous connection with power, patronage
spois, or banks, will be honestly married TO hard
ney, and from its humble residence in Subtreasury,
prove its virtue adiring and ncredulous people,
by crying fe fe on the State banks
Why, Mr.. President, the honorable Senator, Mr..
buchanan, who has just taken his seat OF the
ioudest biologists OF the State banks from the day Of
the removal Of the depostes up to this extra session
He with the rest Of them, lauded the experiment TO the
skes, deed the great experimental and r3pt into pro-
Phetic fire, predicted at the beginning the gor-
Gus results-ihe best currency the world ever saw
the most fixed prosperity grateful people and TIL
unphanl Government; and then il was proclaimed with
exultaton that prophecy had become history that all
the flaming predictions Of patriotic enthusiasm had been
more than realized and that democracy, cksonsm
and the pet banks had established political millennium
Such were the declarations Of the Senator and those
who act with him. up TO the fourth Of March last And
now sur in the short space Of six months, these very
gentlemen turn short round, and with gravity which
would he ludcrous, If experience had taught
feel that their gravity is terrible, tell that this govern
ment has nothing do with currency-tha ours is the
worst in the word--that tho experiment has utterly
faed-that the State banks utterly unworthy be
trusted and unfit TO be used financial agcnts-that
the people undergo another experiment, and
r. ~. IL
last, the experimenters will turn coldy upon them
again smile at their folly, and advise leger
demain, TO for the time, and to enable them
to keep their places For some years past, sir, and
my friends have been denounced the United States
Bank advocates, and anti-Sate Rghtsmen because we
would not attribute oil honor and glory to the State
banks and now again denounced as U. s.. Bank
advocates and ant-Stae Rights men, because we will
attribute all sin and infamy the State banks and
when the wretched system now proposed shall have
served its hour Of delusion, and brought to
ed Government Bank, then we shall be denounced 10
the terms from tho quarter, for not acqu
escing this Ultimate inevitable and designed destiny
Of oil these measures.
From this general imputation against the Admins
tra,on party Of indecent tegversaon justice andcan
dor demand that should make exception Of the
Senator from Missouri, who, with unwavering pertina
city, has adhered to his hard money project defending
with paternal soictude against all assaans his
political offspring, whatever may have been the momen
tary pet Of the Administration until he has achieved
his present triumph. Well may the honorable gentle
congratulate himself upon his measure having
vved for years the persecution Of both sides of the
House, until now, adopted the bantlng Of the Go
vernment, it no longer requires his guidance or
ture.
The honorable Senator from Pennsylvania, Mr.. Bu-
chanan not only treats the late experiment alb
surd measure, predestned to inevitable failure, but
with the proverbia zeal Of recent conversion denounces
key lately given from the Hermitage, by exaggerat
ing all the evils produced by the banks and atrbuting
to them others, which believe to be entirely magma
ry, That great evils have resulted from the
ton Of the banking system, is entirely obvious but
that all the difficulties and distress which the country
labors under have sprung from this cause gross
and dangerous fallacy The honorable Senator knows
better than can tell him. that country is exempt
from yclssudcs OF prosperity and adversely, and that
all commerce GIBBS and flows. Even in those hard mo-
ney countries which the gentleman is well acquaint
ed with, ia Russia, Austria and Prussia and still more
that beau ideal OF hard money country, Agers,
where there lately found in the Government strong
box unsunned silver, that told by the busheleven
in those envable and env:ed States there have been
Of PRESSURE Of commercial Distress of deranged
currency Indeed, Mr.. President it is Of the nature Of
all human institutions to fflctuate to advance and to
recede to expand TO contract; to be subject to
overactlon apathy and country especially,
where every department of human industry is urged
by the unbried will Of the citizen, this alternate propul
sion and recoil must be proportionaly violent. While
concede, therefore, that there has been action
Of the banks, still friend to those institutions
and assert with confidence that in the midst Of the
evils which they have in part contributed to, their in
fuence has been sautary and protective With with
out the banks this commercial storm would have burst
upon US might not have done so much harm with
out with them-as the loss Of crop on barren land
is not great that fertile but when the storm
M hay stood letlyeen and
its rayages Under the protection Of the Incorporated
credit Of the community, the individuals of the conu-
ny remain safe until time is allowed them to recover
their means and meet their responsibilities. In obe-
dence the wishes Of the people, and for their benefit,
tie banks suspended specie payments-and this they
we're able to do without loss Of credit the public having
no doubt Of their solvcncy. the banks have double
fund for the discharge Of their responsibteslst the
specie in their vaults, which is sufficient to meet ord
nary demands the usual routine Of business, and IDLY
the infinitely larger fund made up Of the property Of all
the drawers and endorsers OF notes to whom they have
loaned A demand upon the banks beyond the capital
in their vaults, is therefore demand upon the ndvi-
duas Of the community and if it be sudden or vo-
lent that they meet it, inevitable and general
ruin is the consequence. Whatever cause may have
depore recent suengs, they bear proportion,
they give indication Of what they would have been,
the banks had gone to pay specie, wrngng it for
that purpose by forced sales Of property from the peo-
pie, making hundred bankruptcies where there has
been one, and sacrificing the whole property Of the
country without paying its debts The banks the States,
the General Government and the people, would have
been involved in one common ruin From this we have
been protected by the s,oppage Of the banks And Mr.
President this suspension has operated this occasion
it did in England and this country formery--to the
general reef 10 the restoration of confidence, and TO
the instantaneous enhancement Of the credit Of the banks
themselves Sir, thank them for their prompt and
wise action, and would regard with Indignation were 1t
not for the contempt feel for it, the executive recon-
mendaton Of bankrupt law, TO be applied exclusively
to them The banks have not merted punishment, but
sin was to DO whecdlcd and seduced into contaRinat
ing contact with corrupt administration. which Urged
them TO ovcraction by entreay, cxhortaton, bribery
and bullying and rewards them (not unnaturally or