The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-16
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NO. L.
greatly aggravated If fact produced by the sinister
efforts OF the opposition, brought suspension OF
specie payments by the banks. This, though great
evil, which, in the usual posture OF affairs,
could not have been ayerted The banks in this Stsss
were indebted somewhat less Than forty millions Of dol
Fsrpon their notes in circulation, for deposites OF
honeys and n other ways, while the debts due to the
Aaski from individuals, amounted to about eighty mil
lions SkdolNfs. While none Of these individual debts
were intPecie, and large proportion Of them not
Md at "a (hey fell due, il is manifest that no bank
c6d lo@ sud- run Tor specie run, not only pro-
D.yoked parzan purposes but stimulated by ten per
kSent eniut for expectation. Such a state Of things
hty Without parallel in this country, and it is
tertain, that while specie remains at such
HMHahH, can retain very litilc in circulation. Those
sviD have IL will hoard or sell II at premium, and
whatever thus passes into crcualion will find its way
abroad pay of foreign debts call upon debtors,
under such circumstances, for immediate payment of
the immense sums due, would he in great degree
fruess nearly runous TO all classes Of fellow
citizens, Viewing the question IN this light, the legs
lature with becoming pronptitudc, declared that the
suspension OF specie payments should not work for
fixture of the charters OF the banks This wise and
sautary measure adopted not only necessary
protection TO these institutions but for the inn
portan purpose Of aording efficient relief the whole
been compelled TO suspend all business and the debts
due them from the people have passed into the
hands Of receivers for immediate collection Il would
be ordinary matter at any time, however prosperous
TO press the immediate payment OF sixty or eighty mil
lions OF dollars but IL certain that the anninatlon OF
paper currency, in addition 10 existing embarrassmcnts
while we have less than ten millions OF specie in the
State, would have rendered the effort absolutely hope
less. The debts might be carried TO judgment, but
sacrifice OF the entire property Of the debtors could not
have satisfied tho executions. The ovcrgrow'n rich
might have faened these forced saes for they alone.
could have commanded specie for the speculation but
those who were at all IN debt, and few fortunate
as to be completely exempt could have looked for
nothing short Of lrrctrievabe ruin, The Governor in
the same audable spirit which he evnced on another
memorable OCCASION and with that zeal for the public
welfare which has characterized his whole adminstra-
ton, gave decided and efficient support to the
pension law. The example OF this State has since been
followed by such OF our sister States have acted
the subject with the single exception Of New Jersey,
where similar law was defeated by the opposition
There is every to believe that this measure has
received, and will continue to receive, the cordial APP
probation Of republicans throughout the State.
Although suffer present embarrassmens, the
sources Of wealth not, destroyed. If from the
past we have learned abiding lesson Of prudence,
industry and economy, little has been lost With the
blessings of Providence and shor, time for the dust
Of balances shall again find the country pros
porous and happy. lmportaons have nearly ceased,
and the foreign debt has been adjusted the
drain for specie to send abroad will be at end, and
then the resumption of specie payments win be easy
and proper l., III.
The measures adopted by the government for the
purpose Of inusng larger proportion of specie into
circulating medium have had, and Will continue to
receive warmest appreciation, The law Of this
State for supprcssing small bills has operated benef-
ciay; and although at this time, it occasions some
inconvenience, the difficulty, we trust, will soon be
over The idea OF an exclusive metallic currency has
never had any countenance either from the state or
national administration, and can only be adrocaedby
those who ignorant of the condition and wants Of
the country, or who have some sinister end in view
On this subject fully the views suggested
by the present democratic governor Of Virginia. in his
recent message to the Legislature OF that State He
says Bank paper has long performed all the purposes
Of currency, and by the holders Of it, the poor and the
rich. is counted money The merchants and traders
of have been accustomed TO look to the banks
for facilities and aid and through their fundamentally
it was they have been enabled to make their purchases
of the planter and farmer 1t would surely be unwise
in period of difficulty, and when private credit is in
need Of unusual facilities to put down institutions which
SO incorporated with every public and individual
interest, and from which it would result immediate
consequence, that the difficulties of paving would be
augmented whilst the debt to be paid would be in
creased. There arc those who would have no banks,
either state federal and for enforcing exclu-
siyc metallic circulation. The project, in the actual
condition of the country believe be wholly mprac-
cable and the agitation Of it at this period could have
other effect than still further derangc the business,
and Cypress every interest in the community"
Such we doubt not substantially the views Of the
democratic party throughout the union.
We are not advocates for unlimited and extIavagant
credits and trust that all classes in the community
will learn wisdom from past and present experience.
Still cannot agree with those who decry the whole
credit system. To that system principally our
canals and other public works. 1t has extended our
commerce the whole world--reoped the wilder
ncSs--built cities aud villagcs-founded col
eges and established our schools 1t has given us
national wealth and individual prosperity; and if it has
brought some evils IN its train, they are not for mo-
ment to I've compared with the advantages which we
have abundany realized. None but a dreamer who
would throw us back century, wish to annhIlate
credits. With such the canal would indeed
become :" solitude and the lake :" desert waste Of
waters" Instead Of enlargng the Erie canal we might
better discharge collectors and lock- tenders aban
don the project Of opening other public horoughfarcs,
and content ourselves with once more returning to n
barter Our legislature would have little business
its hands, beyond that Of declaring the State bank
rupt and imposing deiray the ordinary expenses
Of the government. ".a..
Congress will soon assemble on the call of the Presi-
dent, but we fear little good will result from their
coming together The violent and tactlous spirit which
has characterized the course OF the opposition IN that
body for the last few years. indicates readiness
sacrifice all the great interests Of the country to the
acquisition Of political power While by factious
mens aud their incrminabe trades against tho 60
vermncn they sometimes able to defeat the wisest
measures of public policy, they nevertheless, hold the
majority responsible only for all that is done, but for
all that is omitted in the way Of legislation Congress
however, this time, do but little to relieve the
country from embarrassment. The efficient remedy is
with the people themselves Prudence, industry and
economy, will soon set all things right and work
revolution in our condition which legislation can,
accomplish. Still, we hope Congress will adopt two
measures which we deem Of the highest importance.
And first of all, the public revenue should be so
regulated not to draw money from the people
than the public exgencics require In addition to the
financial wasteiuness and absurty Of collecting money