The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-20
Again

Business of every kind would b. suspended, and
the lsbJring part OF the community would BE- de-,
prived Of employment"
There can be no doubt OF the suundness Of these po-
sons both regards the effects upon prices produced
by dimnution Of the currency and upon business and
credit, by its entire destruction. wise statesman IN
proposing remedies look to the condition Of things
as they actually exist 10 those conditions he would
wish them to be. Congress has the power and 1t Is
made its duty under the Constitution, to coin money
and regulate its value But in point Of fact, the States
have furnished nearly all the currency Of the country
That State Banks CONSTITUTIONAL is conceded by all
These banks enjoy legal existence, and cannot be
Frustrated, unless by the exerous OF revolutionary
power. A power, fear, which Is preparing ana co-
cenrating its energies TO overthrow not only the bank
ing and credits, but the whole fabric oil the social sys
ten. And what is the loco ioco remedy for the mala-
dies, with which They fancy the State IS grieyously
afflicted A repeal of all restraining nws--In other
words unlimited lcence to every to Issue his paper
in the shape OF bills free from all legal authority II Is
impossible to anticipate the wild disorder and confusion
OF the currency necessarily resulting from such state
Of things. Instead Of eighty banks IN our State, we
should have eight thousand, and the country would be
inundated by food Of paper trash, utterly worthless
This the experience of every State and country where
the banking power is restrained and regulated by
law There is but one instance OF successful Ensae
banking record in the coun.ry--tha OF Glrard ne
came this country in the possession oil immense weah
in bullion the property Of the unfortunate victims oil
the revolution and nassacres Of st. Domingo, which
enabled him to acquire an extensive credit wich
he uniformly maintained. Credit is OF slow growth
one.half Of the period Of ordinary life would be insult
fcen give circulation great extent 10 the bills
of new private banker Let me urge upon my friends
nf all particularly OF the farming Interests not
to be deceived IN this matter. They may rest assured
that every banking system which is not governed by
strict and precise legal enactments, will explode ana
scatter ruin and desoation around it.
II CHARGED that hanks mononolIes This Is not
true The subscription of stock open to all aud the
comparatively poor man. If he has spare money may
become a stakeholder Private banking would be
monopoly, for then but the wealthy arlstocrat couid
be banker and the borrower, instead OF loanng rom
bank at fixed legal interest, would be thrown into the
hands Of the banking nabob, whose conscience would
accommodate itself to the rate per cent to the necessi-
ties of his victims
The attacks Of the Globe upon the merchants
of the country, denouncing them as body, as
being devoid of patriotism, and regardless OF
the honor of the nation; as deslroyers OF credit
by forcing the banks stop by refusing TO meet their
engagements, and BY Withdrawing their dePosites'
(Globe, May 3D. as colleaguers with Bddle TO sur
render the funds of the Government within their
grasp to carry out foreign policy, (Gobe June ~
as purchasers of specie at ~ per cent, Tor paper
never to be redeemed TO pay their foreign debts AS
men whose =" besetting sin has ever been readiness
to sacrifice the great interests and general welfare OF
the country and of the people at large, to their I'M
mediate views of personal profits" The exertions
Of the merchants to pay their debts abroad in specie,
was charged upon them as criminal, without stop
ping inquire into the morality of the doctrine that
il was wrong pay foreign deb:s in specie, when
nothing else would be received in payment. 1t is
worthy of remark, showing the palpable inconss-
tency of the Globe that sooner had the banks sus
pended the effect of which was to retain the specie
in their vaults and prevent its exporation than the
flood gates of its abuse were opened upon the banks
for doing act etfecting the object which the Globe
has near its heart These attacks upon our credit
nhnnt I'M Iu.ifh
unremitted severity until within few weeks before
the session of Congress The reason of their
tion is to be found in the fact, that he cand
date for printer to the house. and he thought it pru-
dent to seem more just and discreet No man who
is republican heart will indulge in denunciation
of whole class OF citizens, and thereby arouse a
spirit of bitterness against them. The merchants as
body, are hi minded patriotic and useful men.
They hold important station in the business world.
They are the agents and factors OF the farmer and
manufacturer; without whose aid the products OF
their industry and skill, would find no purchasers;
and they in fact the collectors OF the revenue of
the country. The three great branches of our ma
tional industry, agriculture commerce, and manu-
features are intimately connected with each other.
Destroy any one of them, and you paralyze the
others. For this anti-republican course, thought
the Globe worthy of rebuke ...
On the 9th of August, the moral sense of the COM
munity was shocked by the appearance in the
lumns of the Globe, OF letter from distinguished
man, marked private" addressed to the Editor.
This outrage upon every thing which men in all
ages and countries have considered sacred; this
violation of the rules which have hitherto governed
gentlemen in their private epistolary correspond
ence, received at the time general and most indig
nant reprobation. The lame apology which he
found necessary to attempt TO aay the public indig-
nation proves that he published il without the con-
sent OF the writer; and for what To defend for
sooth the reputation of General Jackson, and rescue
him from the impuation Of Partially to an L. 5.
Bank, attempted TO be fixed upon him by, Judge
tie rptp IN he Hfth ,s
letter, cannot, for moment believe that the high
minded republicans of Chenango will give their
approval of the manner, in which the famous docu-
ment was heralded to the world. can only account
for this gross violation of good faith and private
confidence, from the great anxiety of the editor 10
avail himself of the name of the celebrated writer,
as endorsing the foul abuse and calumny, which he
had so literally lavshed and heaped on the banks
and on the merchants of New York. That that
letter was improperly Obtained from the illustrious
ex-preSident and that il written under most
mistaken impression of facts, have no doubt. The
Albany Argus, in justice to the banks and TO truth
denied the applicability of the assertions in the letter
to the banks of our State.
These are the reasons which compelled me- hay-
ing regard to honesty, TO decency and to the honor
and success of the republican party, to oppose the
election OF the editor of the Globe. consider its
doctrines ultra and dangerous, going far beyond
and in advance of the doctrines OF the message. In
opposing him and supporting Mr.. Allen, was in
fuenced by personal considerations, by no feel
ngs of friendship to the one enmity to the other
never saw MIR. Allen until came to Washington
this session. have known his family his GRANDPA
Their, and father, and brothers, all distinguished for
their attachment to the republican party and its prin-
cipleS. The former was minister of the gospel
and at the battle of Bennington fought under the
stripes and stars with as much heroisn as he wared
war in his ministry with spiritual enemies under
the banner of the cross. His father has been honor
ed with the confidence of the republicans of Bert-
shire county, and with seat in the Assembly and
Senate OF Massachusetts. He was an active member
OF the Baltimore convention, at which Mr. Van
Buren, received his nomination Mr. Thomas Allen
the editor of the Madsonan, has inherited the de!
inocratic principles of his sire. The Madisonian
sustains the democracy 1t is opposed to the d, S
Bank in every shape, and in all its aspects 1t supports
the message in every respect, save one With Rives
Tallmadge, Upton, King, Ruggles, of the Senate