The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-09
COMMUNICATIONS.
SPECIAL DEros-
TIE SCHEME.


rho recommendations and suggestions con-
I'D IN the late Message Of the President
= regard 10 the Sub treasury and special de-
s,,e schemes, induces me not to delay the
Ip;scussou of those subjects, for the purpose
oCsoeinu whether any one will take up the
oa,u,le, Won was authorized by me 10 throw
down. inviting their defence IN discussion.
rh Lt,le favour, while the Sub-treasury
nroiect has found with great majority OF The
American People, since II was iirst ofhcialiy
presented for their consideration and sane
Inn; had led me to indulge in sincere hope,
,bat il would never have been again proposed
hv their chief Executive Magistrate. In this,
however, / have been disappointed.
The President after declaring that "the
National will is the supreme law Of the Re-
ruh,icn adyeus TO the elections which have
lien Mace in MANY oil the states, since the Pc
riod that he first placed before the liePresen-
,a,ves of the Nation for their adoption, the
Sub.treasury plan, and says, II haze fund no
reason 10 change my owa optnion as TO The eI-
ped.eney If adopting he system proposed"
II being my purpose to examine the merits
Of the system proposed originally, and now
renewed more than TO enquire into the
causes which have led TO the wonderful chan
qes in the state Of political parties, since it
was first proposed, as is indicated in the cleo
tions that have since occurred | shall pass
over that subject by stating, that nearly every
Democ attic paper, which have seen, from
every quarter of the Union, excepting the
Globe the Evening Post and few others
like them, ,cho uM not see the truth attrib-
ute the changes almost solely to the influence
"A ,rnl,.aJ in ala rn, 0 tho
public mind for the ,letv Of our institutions,
and the tendency which ilhld to encourage
and sustain doctrines and principles, against
which their conScienti,us feelings rebeled.
The entire elements of the system, propo-
sed at the late extra session, and again renew
ed in the late Message, it is presumed, are to
be found in the bill reported by the Finance
committee of the Senate excluding the
amendment subsequently, made to it in that
BODY, on the melton Of Mr. Calhoun.
The prominent and most important features
in that BILL were those which provided, that the
whole of the public revenue should be collec-
ted, and thereafter discussed, in Gold and
Silver only and that the collecting officers,
such as Collectors of the Customs, and Re-
ceivers of public land sales should be the
keepers, and preserve the custody of such
moneys collected, until required for transfers
or disbursement. Thus subverting the policy
adhered 10 by the Government, from the pc
nod OF us formation down to the present day.
1t may well be imagined, that circumstan-
ces Of new, unheard of, and irremediable
character have occurred, to call for the recon-
mendatlon OF measures making such deep and
direct encroachments upon the policy, unde-
viatingly procured by the Government hereto
fore, in administering the financial affairs Of
the country. But was that the case No, it
was not. That which had occurred before,
hau only occurred again. That which was
Witnessed in 1914 has been experienced in
1887, suspension of specie payments by the
Banks. Not however, at each period from
the same causes. In 1914, the Banks were
reduced to the necessity of suspendng specie
payments, in consequence Of the extended aid
given by them TO sustain the credit of the gov
eminent and supply it with means to carry on
the war In 1887 the Banks were compel
led to suspend for the time being, in conse-
quence OF too great expansion of their busi-
ness first induced, by request made OF the
deposlte banks by the government itself, to
extend their business upon the deposites of
the public money; and permitted TO 60 on,
unchecked by the same authority when it
was but too manifest that great and serious
evils must follow-then, by avast accumula-
ton Of surplus revenue growing out of the
reckless spirit of speculation which the I'M
checked expansions by the hanks superindu-
ced,-and then, BY the distribution which was
made OF that surplus under the act of Con-
gress, and It's aggravated evils, growing out of
the manner in which that act was carried into
execution.
On the former OCCASION when the banks suspended,
there was no outcry raised against them neither by
the government nor the people. The former SO far
sanctioned their act as to continue to receive their
NOES in payment of all public Dues from the neccs-
sity of the case no doub for nothing else could have
justified it. The people acquiesced without murmur-
ing; and both the government and the people pur-
sued course to sustain the banks and support their
credit.
How different the course which has been pursued
by the government, on the late occasion. That Go
vern nent which, by its acts of commission and of
OMISSION had been the principal author of the catas-
uophe Those banks which, for three years and
halt previous, had acted the fiscal agents of the
g)verument-had been lauded by the Executive
Chief Magistrate in his annual Messages three
several times; and as often by the head of the Trea-
sury Department. up to period within six months
OF the calamity which overlook them, for the ability
and fidelity with which they executed the trust re-
posed in them, and the services they were called on
10 perform. No sooner were they, in common with
every other bank in the country without solitary
exception, involved in the disaster and their
operations checked under the same catastrophe, than
they were secretly denounced from high quarter,
as blsc, perfdiouS, and treacherous; deserving no
favor from the government or the people, and the
inunchons OF "prirate" correspondence violated,
that these denunciations might 20 forth 10 the world
TO carry with them the influence of a distinguished
and nnpnllr name Wis w n.,. Ill b..