The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-23

4 pressed the sentiments oi q large portion Of
the democracy of the country when he said
I" Hard money for our common transactions
bank notes equivalent 70 specie for the COM
| merce Of the country" II the sentiment OF
| Gov. C.. is the sentiment Of the democracy OF
| Virginia, as we believe il to be, then the
Globe does not act upon that principle in de-
string the government TO discredit the notes
Of the State Banks, and having currency
exclusively metallic. And the same Journal
manifests like inconsistency in reference to
treasury bank. II advocates at present the
same system which Gen. Gordon brought for
ward in 1885 then it denounced the scheme
as anti Republican, as one which would not
receive the support of single Republican.
| Have the doctrines OF the Republican party
changed since that time and are the people
| to be made to believe that the orthodoxy Of
that day is heterodoxy nowl Far from IT,
the landmarks of our fathers are not to be re-
moved for wild, visionary, and untried schemes
| to be substituted in their place.
| If it is the desire of the general govern
ment to act in future upon the principle which
we are led to believe it will from the tenor oil
the leading articles in the official paper for
several months past, then may il well be said
that our public SERVANTS have become PATRI-
CLANS indeed, and their masters THE PEO-
| PIE, are PLEBEANs. Such is not the ten
dency of the doctrines of democracy, and
sooner or later will these visionary theorists
find il out. If the government Of the United
States require gold and silver for all its dues,
and pays its officers in no other, it will bene-
fit most certainly those who hold Offices un-
der the government, because they alone will
be receiving better currency than the peo-
pie require for themselves, and this privileged
class will have the means of specializing up
on their income, while the people are made
poor because the government discredits their
| money.
But to be consistent, let all those who feel
DESTROYS of having an exclusive metallic cur
rency set an example by receiving salary
equivalent to their services in coin. Their
salaries are now based upon the value of their
services in the mixed currency. If there
were no banks, then those who receive five
thousand dollars salary, should have only one
thousand dollars and the same proportion for
all others. Will our public officers agree to
this : No. They are the keenest and most
sensitive of men when you touch their inter-
tailment of their salaries they would rather
let the government go tn ruin. than to contin-
ne in its employ And yet there would be
nothing unfair in this reduction, because, the
people would fare no better, and perhaps not
as well. What then is justice for the people,
should be justice to their public servants
We believe sincerely, if instead of warning
upon our State Banking Institutions, the en-
ergy of the government was directed in aid
ing them to resume specie payments that that
desirable object could be effected on the
other hand, if those banks have reason to be-
lieye that the u. S. Government will persist
in its hostility towards them, they can never
resume specie payments, because they cannot
Withstand the opposition Of so powerful an
opponent.
The true policy of the General Govern
ment is to, act in concert with the States, and
conine itself within its own limits. 1t is the
creature of the States who have given to it
certain specified powers, when it transcends
those powers and wars upon its creator, it is
liable to sever the link by which they are
bound together. Anarchy and confusion will
then reign, and our once happy country be
made the scene of contention, strife, and civil
war. The people have always had a jealous
eve upon the encroachments which the Fed
eral Government have from time to time made
upon powers not conferred, and their jealousy
will not abate while the Government exists.
AS the power To charter National Bank
was never granted TO the Federal Government
by the States, it should not now be contended
by those who believe in that doctrine that the
same government has the power to create a
Treasury Bank. If the power is wanting in
the first instance, it is in the latter
The people ask a reform iAdhe banking
institutions of the country, not total destruc-
ton of them. Suppress all notes of the small
er denominations, and their places will be
supplied with coin; the larger notes will an
swer for the credit which is required for the
commerce Of the country. and the improve
mcnts which are necessary at home. We
shall then have hard money currency and
government for all useful and beneficial pur-
poses, or as near TO one as we can ever get,
even this must be the work Of time. Sud
den changes are never beneficial-wc must
preserve and not DESTROY.