The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-16

disapproyes particular act OF State or National legisa
ton, through fear OF offending its political friends OF
oyerurning their favorte theory II so, we are no
longer boosted free people, but live under dominion
more despotc than the kingdoms Of the old world
We deny the insinuation that are Withdrawing our
support from the administration in It's general leading
measures This paper has uniformly opposed Nation
al Bank, and maintained the principles and usages OF
the Democratic party Nor have we any partialy TO
State Banks any farther than they are rendered subser
Went to the prosperity Of the country Could these IN
stitnlions be dispensed with without derment TO the
people, would hold up both hands to abolish them at
once. But we object to that policy which encourages
this blind hostility to banks, making them subjects OF
political warfare when from the habits Of the people, and
their long standing these institutions are entwined with
every branch OF business in the community not only fur
nshng the circulating medium but actualy constltut-
ing large portion OF the permanent property OF lndyi-
duas Suppose all the banks in this State should at
be compelled to surrender their charters The
bills OF other States would constitute the whole crcu-
latipg medium Of Maine, and we should be as much
flooded with large as we now are with small bills from
Massachusetts Again, suppose all the banks OF New
England should be abolished next winter, property OF
every description well the price OF labor would DC
reduced TO specie standard which would probably De
to one-ionrh one-6fth Of its present value Those
who should happen TO be in debt and we have many
such, would be crushed to ruin in the event II would
require $4,000 pay $4,000, and the farmer. who had
made his, frs three payments for his land, would be
obliged surrender his whole farm TO cancel the last
nsalmeni. Instead Of general diffusion OF property,
which we now witness oil around US IN permanent
state OF things the whole property IN the country would
be accumnsted the hands Of creditors and capitalists
or else revolution and Of the laws would be
the immediate consequence Should the latter be the
event. who would undertake to set bounds TO the fury
Of an excited community II is very pretty thing to
talk about exclusive metallic currency, hrlng the
imagination with gold and silver CON- and goadng on
the less informed to keep up their assaults upon banks
when moments reflection must convince any man Of
the utter mpossbity Of striking out OF circulation at
all paper money without the most disastrous con-
sequences We are
tenn We are for diminishing rather than increasing
the number Of banks and paper issues Every proper
exerton consistent with the business OF the country,
should be used to bring into circulation greater guam
tity Of gold aud silver.
3D. Ii is not practicable nor desirable to dispense
tirey with banks. When properly regulated, they are
Of incalculahle importance in the transaction OF bust
ness. ..
3d. The present is an unproptous time to innovate
to any great extent upon the currency Of The country
The waters are too much troubled reap any beneficial
fruits from experiments Of this kind, hastily put in prac-
tce They tend to protract the dstresses Of the
mercal world and retard the restoration Of business,
whereas it should be the object Of Government to miti
gate the pressure Of the times instead OF forcing un-
tried experiments burdensome and irritating to the peo-
ple and doubtful to say the least OF them, IN their
issue H,. #t.%
4th The improvement in the currency sought for
must be the work of time 1t can be brought about
only in prosperous Of the country and even then
only by cautious and progressive steps
5th The scheme Of suddenly abolshng paper money
and introducing in stead erciusiue metallic cur
rency as advocated by its projectors is chimerca In
the extreme, and will, in our opinion, soon be ex-
ploded
IT. for free expression Of these views we are to be
accused Of changing political creed, so be- IT, We
know it the practice nowadays for men and papers
to disguise their sentiments and 60 with popular cur
rent which they ought check and curta for the sake
Of political preerment. We only say, that such
are guilty Of criminal neglect of duty We entertain
no other than the friendly feeling towards the ma
tiona administration. We have gone with It In all
it's measures till the attempt to force this scheme upon
the nation To yield ready support to this, which
we know to be error would argue degree OF SER
vile dependence and puslaninity OF which however
other presses might boast we should be ashamed to
own Nor this exposure Of what we deem an error
be considered as hostile the administration time
y discussion Of SO injudcious and franght
with much evil, may induce Its authors TO abandon
before it shall have occasoned the loss Of their
disguise the fact) public attention is aroused from
end of the Union to the other There not the least
fear that Congress approaching session, will favor
il ; but every reason to hope that the administration
themselves will abandon and that the project here
after will be classed in the future history Of country
with Mr. Jeferson's Gun Boats and MIR Adams Pa
mama Mssion--an error, if please, Of very wise
administration.