The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-02
From Ms N. Y. Times.

Among the numerous evidences Of public opinion
expressed in the Democratic Journals throughout the
Union Of the danger which must ever assall our free
institutions when The moneyed interests Of the country
placed directly under the control Of the officers Of
the general government The following extract from
communication recently published in the RICHMOND En-
QunER, deserves conspicuous station, from its iorci-
BILE deneations OF the effects that would flow from the
adoption Of scheme TO transform the Treasury Depart
into mighty moneyed engine, welding at certain
periods the whole metallic circulation OF the country aud
again sending forth through all the channels Of bust
ness thus settling the value Of property and comforting
on the arra.ts OF the people, the power to become
their nasters.--That many pure and high minded Re-
publcans have unre6ec,ingy expressed their approba-
lion Of this system will not be denied, but that they will
continue their approval when convinced Of Its dangerous
tendency is confidently disbecved.
Let the Democratic press discuss this matter freely
and independently, and all will be well.
From the Richmond Enquirer.
"But, Mr.. Editor, we know the banks cannot be put
down for some thirty years, without civil revolution
and can hardly be expected that Mr. Gouge is the
for that Take him upon his own plan, and we
are to have deprecated currency for The People, or
rather appreciated currency for The officers and cred
TORS Of The United States long as the State Banks
and Mr. Gouge's scheme work together. The appreca-
ted currency Treasury medium, would be raised IN
value by the trammes thrown around the payment OF
public dues, without adding one cent 10 ITS intrinsic
raiuc. The arbitrary will Of Government would alone
create this additional and hctitous value ana IN Tree
Government it could not be considered as having any
abiding sanction farther than the interests OF the lew
could be made TO predominant over those OF the many
The price which the debtors of Government would be
compelled to pay for Treasury medium, would be
charged like the duties other debts upon the people
with whom the debtors Of Government dea-Ihus the
people Of the United States after being taxed several
millions Of dollars to build perhaps, many sub treasu-
ries have forts and arsenas, and to officer and
guard them pepetuay great EXPENSE would be taxed
again in the purchase Of goods to enable the merchant to
buy Treasury medium to pay the duties &c After ar
irving at this point, it would hardly require the sharp
of Gouge, the ambition Of Bonaparte, placed IN
the Presidential chair relieve the people of some Of
their burdens and grant them commercial facilities new
er before thought Of BY simple order from the Treasury
Department, directing the sub-treasuries to receive
specie on deposite and issue Treasury medium, we
should have the Treasury OF the United States converted
into bank Of dcposte it would already be bank oil
circulation and whether it would require an act Of
Congress enable the Treasury and subtrcasnrers to
loan money, and do the banking business OF each
State and Of the United States would depend upon the
fact, whether in that day there would exist spark
Of democracy whether the least vesge OF State rights
would have survived the devastating hand Of federal usur
paton-Convert the posmasters into bank messengers
and the business OF the nation might be done like that OF
single city
conjure the Democracy Of Virginia to be more VI
glant than to watch the rights OF the State
and the principles OF our Government with the most
anxious solcitude. Let not the scheme Of Mr. Gouge
betray u.s. &c.