The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-07

.
P. s. Iperceve as am closing this letter. that the
editor Of the Southern Patriot. thinks it inconsistent with
my speech. He is certainly Mistaken ard would find, if
he did the favor read them again. that have
done no more here thar develope more fully what said
there The supposed inconsistency arises from his
founding what object to the BILL standing by itself with
what apprehend 10 be its tendency part sysicm-
to the bill a economical measure, with the bill
expression Of political doctrines and purposes and
the beginning of great financial revolution. 1t was
against the spirit and declarations-the quo dnimo-of
its advocates that felt bound to protest still more de-
cidedly than against the thing itself Served up
tuei BY plain cook, although not very paa,able
rishng, might not be very ofensve-but it is quite
another affair when done la infernaie, garnish
ed with bold theories, with rawlings about inequality Of
fortune, and with vehement appeals to popular pas
sion.
As to what said of its requiring, comparatively, little
specie to pay government dues, urged dreumen-
tun ad hoinem to of the advocates Of the BILL who
quite forgot that he bound to show that it widened
the metallic basis" In truth, all the business of the
country were transacted in great capital like Lon
don very little coin would be needed although have
said, that would not diminish the tax imposed on the
people by money changers, This proved by the
operations of the late Bank of the United States which
had like effect But of the circumstances which
makes apprchend disorders Of the currency and in
business, at the present me from the system, is the
want OF concert among many independent state IN
stitutions and the facilities il affords to spectators to
operate separately against them well the fact that
great deal Of money is collected by the government in
parts Of the country Charleston for cxampe where
pays away very little We the effect OF the former
circumstance in the history of the suspension of specie
payments here Our banks, which IN very sound
state, were drained, have always understood, by
northern money changers, specializing in gold and sill
ycr, upon the distresses of New York. If what Mr..
CARpozo says Of the intensity Of the demand for coin,
to be created by the BILL should turn out in practice to
be true scenes of this sort, think will be perpetuay
renewed and need tell him that banking instii-
tuition except Of the most colossal capital, could resist
such attacks.
In short, admitting his rcasonings they amount, it
seems 10 me, simply to ths--there much bank
capital in tho country-therefore you do harm
by diminishing It, The answer is lst Your taking out
OF trade solid capital such the government deposites
and those oil merchants to corresponding amount will
not prevent, have the least tendency to diminish
trading fictitious capital and in spurious paper ID.
You do not to consider that by SIMPLY diminishing
capital you diminish the amount Of business and pro-
duc,ye power which 1t generates and which would abb
sorb the currency created by it, without any other effect
whatever.
Il is most true, after ALL that these questions,
which experience alone can decide in satisfactory