The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-03

himself in proposing it, invites, and the sub
iect is well worthy Of, the fullest delibera-
ton. -,
Let il be discussed then, as it will he, and
as all great public measures ought TO he, by
The people themselves in their primary assem-
blies, and through the press, before II Is enact
ed into law.
No Inconvenience can possibly arise from
this postponement, first because the time must
necessarily be short, as Congress will be again
in session, within six weeks from the adjourn
ment, And, secondly, because he ~hote sys.
TEN proposed is noW, under the late orders oil
the Treasury, in as FIJI and complete operation,
as if specially ordained By the Ian under eons'-
deration. The Secretary has already adopted
IT, i'm the exigency of the occasion, under inc
discretion given to him, by the law organizing
the Treasury Department. There is no ocea-
sion, then, for this great haste, and there Is
every reason why we should forbear.
We are told, however. by an honorable
member from South Carolina, (Mr Pickens,)
that by our opposition TO the present bill, We
are strengthening the interest OF that party
which seeksthe re-establshment ola National
Bank. This suggestion, sir, has come from
a very remarkable quarter. ! do not allude
now TO the member from Carolina, but TO a
distinguished statesman from the same state,
in the other wing Of the Capitol. The Sub
treasures, it is said, must be ordained at
once, as the only safeguard against the resto-
ration Of great National banking institution
and this raliocination seems TO be thrown
out as sort OF bug-bear, to brighten us into
instant submission.
Sir, in my humble sphere at home, or IN
the halls Of our State Legislature, my opinions
on the subject of a Federal Bank, need nonew
confession. have ever been an uncompro-
missing foe to any such institution, believe
the existence of sucha bank is inconsistent
with the purity, and dangerous To the safety OF
popular government. have ever opposedit in
every form, on grounds Of expediency-and,
what is above all, to fix and confirm that OPP
position, | entertain no doubt whatever, that It
has no sanction, either in the spirit, or the let
ter of the constitution. Strongly committed,
then, To such opinions, and having uniformly
acted up to them in every time oftrial in the
removal of tn, depositcs, through the panic era,
and the Executive veto, am not 10 be fright
ened from what have taken as the path Of
duty, by the ne " born fears, even of SO dlslin-
guished a proselyte.
distrust the quarter. sir, whence the de-
nunciaiion comes. | have no confidence IN
that counsel which springs from the zeal OF re-
cen, opinions that are hastily ia
ken up. are as speedily laid aside, and are
worthy Of no reliance whatever.
No, sir, in my humble judgment the danger
Of recurrence to National Bank, is to be
looked for in the very opposite quarter In
the immature conception and hurried execu-
ton Of this Sub-treasury scheme. do not mean
to predict it,hecause would not be understood
as disparaging the Judgment Of those, who
confide more readily than do. But suppose
they should fail-suppose it should be found
impracticable to carry out the new scheme
that the currency should grow worse-that
bank paper should continue irredeemable-
and the people become wearied out. with your
rigid cxaction of coin from Them while nothing
but paper is paid to them. ask you, and put
il to the serious consideration of the country,
what remedy would then be found You
could not fall back upon the State Banks.
They had been just divorced, and common de-
cency would forbid the new espousal. Where
done once before in the arms of National
Bank and no where else.
am not at all answered in the objections
thus advanced, whenl am told that my appre-
tensions of this failure are without foundation.
You relied as confidently when the public mo-
ney was transferred To the State Banks, that
they would not fail Every official report and
every state paper was replete with their COM
mendaton We were told that they were
equal to every emergency, in the fiscal opera
tions of the government, and furnished its best
and safest reliance And yet, within two
short wears, the whole system is denounced
as an entire failure What better assurance
can you give us now, than you offered then s?
Why may not your new scheme fail be-
ieve that il must inevitably must, if attempted
now And when il does fail can imagine
no possible resource left, but that which our
new convert so earnestly deprecatcs pray
YOU to excuse me then, if do not see with
his eyes.
Sir, in attempting these Sub-treasuries now,
the Government, if | may so express it, is re-
treating to the citadel at once, in the great bat
tie with National Bank see nothing but
danger in the neutrality-suspicious. differ amongst
your best and ablest advisers whether you can
now make the position good and if you do
not, there is no escape, no choice, but In un-
conditional surrender
One word more, sir, to the honorable MEM
Der from South Carolina, and to those to
whom this portion Of his address is directed.
understand him as making an appeal to the
democrats Of the north, to rally around this
Snb-,reasury scheme, as their surest and
safest protection against the oppression of
northern capitalists. He tells them that they
are looked upon as the natural allies OF the
south, because their labor holds the same
position TO capital in their country, that our
slaves hold to their owners at the south.
How these northern democrats may relish
u I IL 1 Lar