The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-01

hands Of the Sub.treasurcp Or il are to consider
the scheme whole, without reference to the parts,
then the Is this the treasury draws D upon "
self and puts il into circulation payable on demand
Now IN what does IL differ rom bank bil w op-
vious that this process makes the Subtfeasnfy Dark
OF issue and circulation but is il also bank OF dis.
counts the Government has funds IN New York, and
desires to have them transferred TO Chicago, by what
process is il to be done Why, Il discounts bill Of
exchange on merchant who has funds at Chicago,
and nays him for IT, either in New York. or by tTea-
sury draft on Boston In this consists the whole mys-
terry OF banking The Government exchanges its cre-
did for the credit of individual in ordinary cases
the bank does And, sir, il is curious 10 remark, how
much complete this system Is than the rst eiort
Of the banking system. The origin OF banking was
this, specie deposited and certificates issued OF the
depose, which thrown into circulation and upon
presentation paid The keepers OF the specie soon
ascertaned that these certificates returned IN sums and
at periods which might be calculated with great pre-
cson, and that only small portion oil them were pre-
scented for payment Under these circumstances, the
keepers distracted two thirds OF the money conded to
them and were not detected for eighty years. This
was the beginning Of banking The Sub-treasury sys-
TEN is far more advanced, and tho Sub-treasurers
doubt win be equally skliul with the Dutch direct
ors.
As our monetary system is now and has always been
organized, there have been large monied and CONNER
cal institutions cooperating with private individuals IN
conducting the exchanges OF the country. The regu-
laon and conducting Of exchanges, IS matter OF
infinite consequence in commercial community, and Of
fearful influence confded to direct political control
BY the proposed SYSTEM you establish executive agents
through the country, who having command OF Govern
funds 90 into the exchange market with rrcslst-
BILE power and control this great branch OF commerce.
without risk or responsibility. To this huge banking
apparatus to this unchecked control domestic ex-
changes add the Government the power OF manuiac-
turing paper money At its own peasnreand Will any
man say that this is contederaied Government NO,
sir, 1t is consolidated. money Government; holding
its tyrsnnical court in Walstreetior to Wai-street
are all its tendencies Il has been said that the United
States Bank established in Philadelphia has tenden-
cy to cenralisn-t is said that the banking system OF
States with bank in every village and hamlet, has a
tendency centrasmbut what is all this to that ire
sistble cenralism which will be given to New York.
when, to her present political banking and commercial
power you add the all absorbing influence OF this new
machinery, which operating with the undistTbed iorce
Of sngeness and IDENTIFY brings every thing within her
already too powerful grasp Icannot but consider, MI
President the policy proposed by the Message, as the
very opposite of the true policy OF the Government
We should reform our SYSTEM not caush live should
deal with the circumstances around us, not attempt
new creation. We should not endeavor to effect an
entire disruption Of the ties which bind up our financial
destiny with that of the States and the people, but try
to regulate them for mutual benc6t--ry to make the
banks subserve the Just ends Of this Government while
they permitted perform what the States created
them for II is said that the experiment has failed and
ought not be again attempted. Mr. President, the
great experiment which has failed is that which the
country has made with this admnistrationthat is the
fatal experiment. and that the disastrous faurethat
the experiment which it is folly to expect success
from To check and control, aud contradict and beat
down this administration, would effect more for the
country in producing the remedy for its disasters
than any thing else that te done. The remedy
which the case requires is confidence. Restore
fdence, and you reinstate prosperity conquer the
administration and you restore conhdence.--Al its
principles Of finance have been wrong, violent and
preposterous All men of property distrus and its
projects.-lf the great object Of the vengeance and
acrimony Of the administration--f the reviled and
denounced Mr. Bddle to-day called to the head of
the Treasury, in place of Mr. Woodbury., it would in
ten days add more than hundred millions the value
Of the property Of the country would loosen those
immense deposes locked in the banks, and send
them abroad into the community it would dlsspato like
a cloud the gloom from mems minds 1t would do all
this because the community has confidence in the wis
DOM integrity, and honor Of that prosecuted gentleman
We need not expect the happiness OF such case as
have supposed, but may, if we choose, revive
fdence by other means--by moderation by our
caution of entering on new expedients by avoiding
warfare upon the moneyed institutions Of the country
by showing that feel deep sympathy for the suffer
ings Of the community, and willing to contribute
within sphere their alienation, and to take our
share Of the burthoa Above all sir, let us deal tender
y and cautiously with this delicate matter of
rency and when have manifested such a temper
and such purposes, confidence will be restored.