The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05
From hs Charleston Mue~y.
NO. TX.
THE sUs-TREAsUnY SCHEME.


H,
President Is, as far as il goes, hard money sys-
tenn, would cramp all the great functions Of mo-
dern commerce, industry andenierprize. The
vine and the fig tree are the beautiful but hum
BILE emblcms which poetry has given to the other
ages of prosperity and happiness II was pros
Perily and happiness Of shepherds or thinly scat
tered hordes who partly clothed themselves in skins,
and fed much the spontaneous fruits OF the earth
The disaff is the image which represents their i'm
dustry, The figure confines il to domestic scenes
and the feeber sex. All was little--all was prya.
tlon-happiness was little more than the absence Oh
want and misery In the most accomplished nations
of antiquity, (among the Greeks and the Romans)
the mass of mankind were degraded and miserable.
II was reserved for modern commerce vastly TO aug
ment the happiness, enlarge the sphere and elevate
the condition Of the great body of mankind II has
put the coulter into the forests of the whole eont
nent, where, but for it, the beasts Of prey would
have been the lords. II has quadruPled the burthen
q the harvest feld--peopled the wide ocean-fed
those who were ready TO perish, and covered the
poor not only with comfortable, but luxnriant raj
ment. Even the slave, 1--WE hope the fact, for L is
neither figure or fiction will not nauseate the Abo-
ltionist whose stomach dgesls better the miseries
Of the race) is sometimes clothed in purple and
fine linen" Go where you win in the tracks Of ex
tended commerce, and you will find the condition OF
man favorably conlrasted with other ages and other
countries But extended commerce iSnever found
amidst the slerlity and paucity Of hard money
Credit the happiest and most powerful creation Of
modern times is the inspiring and sustaining genius
of commerce. In magnitude and In benehcence, II
TO life and cherish and force TO maturity the crops Of
the earth. Like them, TOO, we admit, II may swell
into tempest which shall spread desolation far and
wide, but II would be little less wise for that
reason, to DESTROY the benefeent power, than
It would be Gould our puny arrogance indulge
the thought) TO petition the Almighty 10 shut me
Heavens and mprison the winds, because one OF
those awful hurricanes which We sometimes Wit
ness should pour its temporary violence over our
happy cline and soil 1t seems TO be law oil ma
tnre that greatest blessings, should al the same
time, be the instruments of our greatest aifctlons.
The effects of the Presidential scheme on the APP
preaching season of active business would probably
be most injurious This season Of business is pre-
eminently important and Il not oppressed ana en-
barrassed by unwise legislation, Will no doubt De
eminenty proptious II ought to pay all the DEBT
we owe to foreign countries. vast crop Of raw
produce is to be sold Our importatlons, 100, ought
to be revived. Commerce must not De allowed 70
slumber too profoundly. It must be reused from us
present lethargy. The currency, however, Is an
important to these operations.-Though it may not
speedily be made sound the confidence, that 1t IS IN
successful progress to that happy consummaton,
will be reviving to the public mind Any measure Is
al such time whose object is to experiment on ~
would be depressing and should not be hazarded
The leading object of the Executive Government
appears to be, To make safe deposit OF ten millions
of dollars, which we have seen TO be in very little
danger. But if our views be correct, this scheme
would be likely to reduce the value OF one single ar
tice of our produce (coton in this single season OF
business, to that amount
propounded by the message, has been thus analyzed
It's objects are found to be comparatively unmport-
ant the arguments in support OF its speclous iaia-
cies and its portents alarming.
But the eternal inquiry is, what IS % De done
Congress has been called together 1t is said to pro-
vide remedy for the public distress, and every one
expects something to be done, without having the
prudence or the patience 70 inquire Mh h any
thing can be done which shall be wise or benehcial
The most skful physicians often give no medicine,
though the disease be dangerous, because they know
that il NAV increase the disease, and cannot cure H.
But Quacks never fail TO administer their nostrums
though thew believe they may kill the patient. II
Congress desire to resemble the first II Will do very
little and certainly not adopt the Treasury scheme.
We think the Government ought 10 commune 70
act as it has done since the stopPage OF the BANKS
with very little variation. That it ought not to re-
ceve any thing but gold and silver in the collection
of the revenue until the banks shall faithfully re-
deem their paper. That it should declare Its rea-
diness to employ before the stoppage, the agen-
CIV of the banks as soon they shall resume their
payments bona fde, and exhibit probable evidence
of their ability to continue to do So The Govern
men should disburse lis specie as fas as II sha re-
ceive it, that it may aid in restoring the circulation
to soundness If the banks shall, at the same time,
be reducing their loans, however moderate their
reductions may be, the crop OF the year VIII De
in the market to pay our ioIeign aep WIN "a con
count Of the revenue there will be little danger OF
its being exported. When its specie shall, from
time to time be exhausted, the Government should
banks as Shall be in good repute. But these drafts
ought not to be received in payments to the Gov
eminent. We anticipate the objection that the
Government ought not to exact better money than
il pays TO its creditors, but the objection IS not
sound The duties were imposed with reference 10
sound currency, and have neither risen nor fallen
with reference TO the conditions OF the currency OF
this country. Those who have sold their goods,
augmented their prices ii is to be presumed accord
ing to the conditions of the currency when they sold
them Those who shall in future import, will do
the same They will therefore only discharge their
legal and equitable obligations when they pay IN
specie; and at the same time the operation VIII De
eminenily beneficial in preparing the country win
the MEANS and familiarizing the community little
with the habit of specie payments. OI no conslde-
ration whatever should the vital revenue OF the
country be received in rredeemable paper. There
ought to be some sure foundation on which to place
the lever by which the currency is to be restored
There ought to be some dry land raised above the
food, on which the ark may rest. These drafts OF
the government not being receivable in payments to
the government, will be received in the practical
currency of the time, will mngle in the current
transactions of society, will furnish means 70 the
debtors Of the banks of reducing their debts, ana
will no doubt, in many instances, be paid into the
banks which they are drawn by their deb'ors
into whose hands they will fall. thus the govern
ment will be paid the creditor OF the government
will be paid and the banks will be paid BY their
debtors and be enabled so far to reduce their loans
and their issues The only Director to the measure,
if any, must be the creditor of the government, and
we will now whether such objection be Wen
founded We must also inquire, whether 1t will
affect iniuriously the credit Of the Government II
may perhaps be said is unconstitutional but this
cannot be alledged with truth. Our proposition IS,
thai the payment shall be offered for the voluntary
acceptance OF the creditor II he refuse, which we
will show he cannot equtably do, he will retain his
claim till the Government shall be able TO pay him
in gold and silver. The public creditor must have
his pound of flesh" il ne demand il, but :Shyloek
must not spill the hearts blood Of the community in
taking it. The real questions then are, not whether
1t be CONSTITUTIONAL for the payment will be yolun,
tary received or not at ALL but the effect y VIII
have on the credit of the Government and the coun
try and the equitable claims Of the creditor Inc In,
credit Of this Government is not TO be viewed ike
IL, Gna CTeOlt, anu