The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-03

II n
/ bank paper have powerful moral influence IN en-
citing the jeaousies andsuspieions ol me whoie aon
I muniiy Z Ii the Government, by i's aels snail &c.
clare bank paper TO be worthless OF unsafe, VIII ho,
the people also take the alarm VIII moi sehefai
dislrus be created of all banking insiuons, ana VIII
not every person holding their paper become inPa-
tien to convert il into specie In inns pervaaing
want of confidence, their vaults wouid y
| every dollar they possessed II Is demonsIaDie
therefore that under the policy Of collecting The
dues OF the government in hard money alone, we
never can accomplish that great obectin which the
whole country has so vital an inieiesl-lhe resump-
tion of specie payments by the banks
| How does the proposition OF the honorable Sena-
| tor from Missouri, (Mr Benton, bear upon ihis
| question les practical effect, II understand II
| correctly, will be TO enforce penalty upon The
banks for resuming specie payments In The
amendment offered by him there Is a blank leit for
| the day AFTER which the revenues are proposed TO
be collected in gold and silver only and under
stood the gentleman TO say il is his intention to
| fill that blank with the day on which the banks
would probably resume specie payments believe,
i sir said MIR r., Cunning to Mr.. Benion,) ! am not
mistaken. (Mr. Benton--right, righ,) Then, Mr.
! President, here is a poeitive penalty denounced
against the banks, when they shall return TO specie
payments. As the law now stands The notes Of spe-
cie-payina banks are receivable in payment of the
should continue TO b. the law, while the banks do
not paw specie for their notes but when they do pay
specie, the honorable gentleman says to them, we
will revoke this privilege, thenceiorward reject
to specie, and declare thai from and after the
day of your resumption, nothing but gold and
silver shall be receivedin discharge OF the pub
lie dues. Is not this, in effect direct penalty,
visited upon the banks for returning 10 specie pay
menrs Under such policy this great object Of
public interest and anxiety never can be accomplish
ed and recur with confidence TO my original POI
sition that the only means by which 1t can BE- effect
ed is just SAFE and paterna policy on the part OF
the Government announcing to the banks that, on
such conditions as may be necessary TO guard
against the recurrence of the catastrophe We are
now suffering from we will receive your notes, coa-
pcrtie into specie in payment of the public dues
they have been received, by the practice OF The
Treasury Department or by express enactment of
law, from the origin of the Government down to
the present time. as1
have thus far, Mr.. President spoken of this mat
ter in reference the particular circumstances of The
crisis andwhat appears TO me to be the pressing and
paramount object to which the attention of every pa
rioic legislator ought To be directed al the present
| momen,-an early resumption of specie payments by
the banks, But looking at itin broader and more
general point Of view, ask, sir upon what princi-
pie of Republican government is II that the govern
ment can be justified in drawing line between IL
self and the peope-in saying there shall be one
rency for the Government and It's officers and an
other for the great body of the community-that the
better currency shall be for the governors and the
baser currency for the governed. Such have
shown must be the effect of demanding the public
dues in gold and silver exclusively, while the great
mass of the circulation shall consist of bank paper
|
orabe colleague and myself learned from the Bill
of Rights of our own State, as soon as we were ca
pable of reading-that a common interest between
the governors and the governed is a fundamental
principle of free institutions, that the best means of
Restraining the former from oppression is to make
them feel and participate the burthens of the latter"
Let the Government share the same fate with the
citizen and you give il the strongest OF all motives
to watch over the general interests. On the other
hand, place it in position different from that of the
great body of the community especially in so vital
a matter as that of its revenue and pecuniary sup
port and you make il, at once, callons and indifer
ent to the sufferings of the people, and even give
it an interest TO perIe uate those sufferings. You
destroy all sympathy the part of the Government
with the people, and you alternate the confidence
and affections of the people from the government.
What sir, is at this moment the ungracous atti-
tude in which the Government is placed towards the
people Its officers and contractors paid in gold
and silver, in Treasury drafts made receivable in
discharge of public Dues and therefore nearly equi-
valcnt 10 gold and silver, while the community at
large left to conduct their business, aathey may,
in an irredeemable paper currency. Does not this
operate as virtual increase of the salaries of public
officers, in the midst Of general distress affecting all
the rest of the community The gold and silver
which they receive, is at premium of ten twelve
per cent, and the Treasury drafts at seven or eight
per cent. above the actual and common currency Of
the country. This premium is, repeat, an addition
of 50 much to the amount of their salaries for In
practical sense, there has, yet, been deprecia
ton in the value OF current bank notes. They pass
Tor as much IN the ordinary business OF ilIe--lnne
payment ofdebss--n the purchase of necessariesand
conveniences--of whatever is worn, drank or eden
. as they ever did. The premium, then, which the
public officers and contractors obtain their sold
and silver and Treasury drafts, is much dear
gain to them. And at whose expense is ii acquired
Is it not at that of the great body of the people the
ultimate taxpayers and supporters Of Government
| Does any one suppose that the importing merchant
who has TO give ten twelve per cent for the gold and
silver and seven eight per cent for the Treasury
drafts with which he pays his duties to the Govern
men, does not add an equal amount, with The usual
profit upon it. to the price of his goods 1t is, then,
.the consumer, at last, or in other words the great
body ofthe people, who subjected to increasedtax-
alton for the benefit of the ofceholder and the ton
tractor. ..
Sir, this is state Of things which do not wis, to
see perpetuated 1t is contrary to the genius md
fundamental principles Of our Republican System.
OF all schemes of policy can conceive, that which
proposes permanent distinction between the 10
vernment and the people in their pecuniary interests
one currency, and that the beter one for the Go
vernment, and another and inferior currency, for
the people-Such system of discrimination is, 10
my mind, of all others, the most injurious and revolt
ing in principle, the mos heartless in character and
the most despotic in its tendencies 1t is like quar-
tcring the Government, as foreign enemy on the
heart OF the country. You entrench it behind
trowning fortifcation-surround it with battlenents,
and lay the country. far and near under conribu-
ton for the support of this garrison Of oiceholders
DcSoaiion and oppression are without while the
tenants of the citadel are reveing in luxury and pro-
fusion within. am not willing for one to see the
Government of my country placed in this ant-socia,
if not belligerant attitude towards the people am
not willing that this favored land, to which the ma
tons of the earth are looking for successful exam
pie of the practical enjoyment of free institutions
should exhibit such spectacle Of inequality and OPP
preston in the eyes of the world
Much reliance, Mr. President, has been placed on
the popular catchword of dirorciag the Government
from all connection with banks Nothing is more
deusive and treacherous than calch-words How
often has the revered name of Derty been invoked
in every quarter of the globe and every age of the
world, TO disguise and sanctiiy the most heartless
dcspotisms. Let us beware in attempting to divorce