The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05

and possibly unborn, wher Government should nave no
lands TO SELL and these objects Of parent must
either be laadIess, or lend their earnings to swell the
profits Of monopolizing spectators. Few or none
thought Of Withdrawing capital from other pursuits
which they relied for scppes TO meet current expenses
for support, DC. and very few comparatively purchas
ed for immediate All nearly all had recourse
70 banks for the means OF purchase part thereof
The speculator had doubt making sales At profit
10 meet his debt The farmer but anticipated the sale
Of his CROP and the mechanic the sale Of his goods and
wares The known responsibility Of principals and en-
dorsers left the banks grounds for excuse on the
of safety or security Thus crcumstanced, and
thus besieged banks loaned till they dared not loan
more. The mere stop in loans which had been so long
extending without any calling in, occasioned shock,
such felt By newly tethered animal when suddenly,
for the first time, brought in unexpected contact with
the circumference Of the circle, TO which his operations
confined
But before this shock during the Of prosper-
ty, a war originating, no doubt in principle, waged
against the hank of the United States, while Il derived
its being from the National Government degenerated
into sorve and sinister upon the credit and char
acter Of ste institution. bearing the same name As
Offset 10 dis, equally inauspcious 70 the well
fare and interests Of the country, waged and pros
ecuted by the opposition, with virulence against state
banks generally but more specially directed against the
credit those selected fiscal agents Of the Govern
ment In either the greatest prudence and hnan-
cal skill manifested by the conductors OF banks hav-
useful 10 themselves and their creditors, afforded no
protection against the basest attacks wherein the be-
segas seemed to BE- competing with great zeal for the
honG Of hitting upon some new charge whose original
ity and worth should be tested by its ncapaclty being
traced to any foundation in fact or Just inference The
besgers often evnced the generashp of turning
the strongest defences Of the besieged in upon them
selves Had bank credits at places where such Gre
dts were worth more than gold and silver in her
vaults the absence Of the metals for which these credits
wee more than substitute, was uumpeted and blus-
terh forth with great "pomp and circumstance" to
those whose vocations and opportunities precuded the
possibility of profound examination, evidence Of de-
PROBATION in value of their notes True, the people
wee slow in crediting-though they assisted in circu
labg these slanderous charges against the credit OF
BANKS, while they daily saw those most vehement in
ther charges and complaints receiving, with avdity
money the notes OF the banks thus charged and CON-
pinned Of But at this juncture the Treasury Or
dr." an exercise of disputed authority, measure Of
Questionable policy, and attempted to be justified by
Law Of doubtful expedency, came in to the aid Of the
besiegers on both sides. With the motives or policy
wnch prompted the passage Of the law referred to as
mixing the g Treasury Order" necessary with the
m,tves which induced the order for the Treasury Or
dr." have concern speak OF them merely as
esstences affecting the subject under consideration
which owe nothing to me, and over which have no
cmtro The effects Of this order upon the money cir
citation oil the country were two-fod 1t reduced the
qiantity and narrowed the specie basis Of that which
left aaa.
The war upon banks had fostered in the bosoms Of
many, latent miserl, feeling, which regards money
tie chief good, to be boarded and kept such, and
which induces distinction between money for crcula
ion and money for boarding The " Treasury Order"
ended further to arouse this feeling action. Perhaps
reference to the rash and i-tned attempts to sup
press the circulation of bank notes between the denom
nations Of and hve and, in some instances, ten
twenty, fifty and hundred dollars, as giving
n - ~ I. .LU.l1 L...u
taken precedence Of the "Treasury Order without
however, standing on etiquette" all combined to
subject the vaults of banks to the double dranght Of
those who wanted for purchasing lands, and those
grown anxious to hoard Under the influence Of these
circumstances the deposte with the states, Of the sur
plus revenue, in itself good measure, has been pro-
ductive Of much evil and contributed largely to the
present endorsements Of the country. Add to these
circumstances the abrupt and unexpected check to our
credit, and credit facilities abroad accompanied by a
runous depreciation price OF our chief staple for
portati and it may be considered, least, problema-
tcal whether the subsequent regulations Of the Treasu
ry and other departments Of Government, requiring
specie payments for customs and other Government
dues, we're necessary to compel stoppage suspen
sion ofspecie payments by the banks.
At ay rate the banks were by all these circumstances
reducec to this alternative they must throw their
weight in the side of distress and add UNNECESSARILY
the exiaing embarrassment the inevitable ruin Of
HUNDREDS of their debtors, and to the great hazard of ul
innate less to themselves, by attempting to force i'm
medatecolecton of their debts to enable them to meet
the unuaia and often unnecessary demand for specie
or they suspend the payment Of specie for their
own noes to enable themselves to give further time to
their debtors make turns and payments at less sacr
fee. By choosing the latter the cormoant feeders
ruin and distress have been IN manner deprived OF
rich reast though demagogues and bralnless polti-
clans hive been supplied with some terms and
epithets with which give establishment and greater
,,1cha da for
tanmelt and edi6caton Of gaping mutudes, too often
wllngto manifest their weight INSCRIPTIONS of conse-
quenco.
Thepeople were scarcely allowed to feel the relief
afforded to community generally, by the suspension OF
specie payments by banks and the consequent relaxation
in Their collections, before the campaign against them
was renewed with additional weapons and reGoubled VI
gor ant vrulence. They were banded about by party
organs from party to party for paternity like tie unhap-
by offspring Of some unfortunate and unwedded female
in crowd, where all counenance and relief are with
held rom fear OF mourning suspicion Of cooperation
in its PRODUCTION. OF the thousands of petitioners for
banks their respective neghborhoods, whose requests
gave the first impulse toward their creation, Of the
hundreds whose voices assisted to give them being,
none were to be found At the sudden and unexpected
Appearance of large and strange wild beast, per-
son alone and unarmed often mpels him to flight for
safety and fills the mind with apprehenslons greatly dis
propooned to the actual strength and feructy Of the
animal in this preciplous upon banks, the ina
gmaons Of many honest people have invested them
hquaes Of which closer examination would prove
them quite destitute and harmless They have been
regarded as having the power virtue Of their corpo-
r,te privileges, to flood the country with their ncon
veble and rredeemable paper against the consent and
APPRECIATION of community and without thereby subject
ing themselves any legal liability for their redemp-
ton. To hear many of the arguments with which our
newspapers abound and with which the very air is i'm
egnated in the neighborhood Of approaching cleo
uon, person is almost in danger Of being compelled,
against his judgment and knowledge, to adopt the sup
position, that difficult close ones house, with
ut the aid Of government, against bank notes, as to
close i, against the ants and flies that so annoy our
housewives in summer.
But close scrutiny into "ascertained facts" will
convince any person that uncounted rolls Of bank notes
forced by virtue of corporate privileges, on
sny Individual unsolicited and that the act OF ncopo-