The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-14

Treasury scheme cannot entertain stronger and
more deep-rooled objections than the writer
The operations of the Sub Treasury and Sn.cia,
pepoSte schemes when reduced TO practice will h.
'he same Each or either will keep in constant mn
non large sum In specie which will lead to total
derangemento OF the moneytary affairs Of the whole
country Inplace Of regulating the late and present
disorders IN The general currency, they will serve
bul TO add to those arrangements The people will
be influenced TO look back TO the time when the
United States Bank existed and to that when the
depoSite bank system existed, prior 10 the act Of
CongressofJune 1886, by which the latter washrovn
into confusion under both Of which we had a sound
currency, OF equal value throughout the Union
They will BE- taught to believe that was National
Bank then, and that alone, which gave them sound
currency They will be told, that il is only THROUGH
the means Of establishing National Bank, thai
sound currency can be again restored. Under their
accumulated suferings, and so believing, the people
will, en- mas@, and by reclamation, call for the es,a
blishment of National Bank. Under such circum.
stances they will have one.
] most respectfully, yet urgently, admonish the
advocates of those schemes, (the Sub-Treasury and
Special Deposte) TO pause and ponder well il is no
fancy sketch which IN pcturing to their views
affairs of the of the Government from these
Of individuals or corporations" is recommended ana
so strenuously urged2 Is there not something ap-
pertaining 10 the proposition, Of character to con-
6ct with the first principles of republican form of
government What is a republican form of govern,
ment1 Is it any thing else, but an opinion of the
people, and by thai createdl What, thcn is such
Government, ba part Of The people and Msir inaitu
tons? If such are the facts, with what propriety
can the proposition, of the Government separating
itself in conducting The affairs of the people from
them, BE- entertained How would the people re-
concile to themselves a proposition, which had for
its object TO establish different orders that Of Patri-
clans for those holding Office and that of Plebians
for the people themselves Yet il would not be more
odious than proposition which must in its pract-
cal operation lead TO establishing two currencies
the better for the Government and its officers, the
baser for tie people
Can the separation" from corporations be called
for, on account of increased security which il will
give to the public funds Z Can il with propriety be
asked for under the principles on which our form of
Government is established 1t is universally ac
knowledged that class of people are so tnid and
SO sagacious in what relates TO their money con-
cerns as the propretors Of money, Yet we have
the depostes in banks, made by this very class
increase to an enormous amount, during the exist
ence of the circumstances, which have been seized
hold Of as an excuse for urging the separation from
those very banks These deposites have been made
and left in those banks by this class Of individuals;
because, they considered their money safer there,
than il would be in the hands of or under the ma
nagement of any individuals whatever. The Go
vernment prop osons contemplate separation from
those institutions; and also Of conding their funds
to individuals of its own appointing, as offering
greater security.
The public revenues are paid by the people; they
are the moneys of the people when collected, en-
trusted TO their agents, the Government, TO manage
for their benefit II remains TO be seen, whether the
people will give their consent to their agents, EN-
ploying for their public uses, different currency
from that which is supplied them, through their in
s;itu;ions for their pirate uses they do, then do
they tolerate principle, which places their agents
superior to themselves, and yields better currency
for them to supply than the people reserve for them
selves @. -#
Such state of things cannot long exist if once
adopted, under Republican form of Government
1t would be direct innovation on the most vital
principle upon which it is founded and can be
tanned Distinctions and orders under such Govern
ment cannot exist without endangering its safety
and permanency The Government and the people
must be equal they must both participate in any
evils which overtake and affct the country. Other
wise the veryprinciples which constitute Repub
lie are departed from. II is under Monarchies and
Despotisms that odions distinctions are drawn by the
Governors between themselves and the governed
Shall we in this enlightened age, adopt principles
and measures, which must inevitably lead to over
throwing our Republican institutions, and founding
on their ruins Despotism? If not, let the scheme
now proposed be abandoned; for their adoption will
Inevitably lead to such results
1t may be asked, while am engaged in pulling
down, why do not employ myself in building up
That Icontemplate doing in my next; by pointingou
the mode in which the public revenue may be col
lected and safely kept, and made auxiliary to pre-
serving a sound currency throughout the country
one of like value secured to The Government and
the people, preserveing sympathetic intercourse
between the former and the latter and their Repub
lican institutions
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