The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-30
ron raE MADIsoNIAN.


The President says in his annual message, that
the late adverse State elections were influenced by
the peculiar condition Of l60 millions of bank capt.
tai which was seeking protection by some favorable
State legislation This seemsio admit, thathe peo-
pie, whoare interested in the safety Of the said I60
millions, elected Wings to insure the said safety.
The President intended no such admission but II fol-
lows from his premises; and he employed the said
premises rebut the conclusion that the cleo
lions In disapprobaton Of his Sub Treasury
commentators.
The President Is accused, by some persons, Of at
tributing the recent disastrous elections to sinister
influence Of the banks have adyerted above, TO-
what deem q better construction Of the Presidents
language construction less offensive 10 the integ-
rty of the people, still the President does say and
in connection with the said elections, that since his
late special message he Is more than ever convinc-
ed Of the dangers TO which the free and unbiased
exercise Of polcalop opinion would be exposed by any
further increase of the already ovcrgrown influence
of corporate authorities Since the special message
what has occurred TO produce in the President an
accumulated conviction Of danger from bank infu-
ence on the people Nothing but the recent State
elections This Interpretation seems to impute to
the banks the sinister influence overthe late elections
which the Presidents Wing enemiss charge the
President with intending to insinuate though he did
not think proper to state the charge explicitly.
But what want TO refer to particularly, in the late
annual message, is the issue which the President
makes between the Government and the State banks
to wit, "the General Government performs its duty
to the State banks when it rcfrains from legislating
for their special benefit They have no right to in
sist on a connexon with the Federal Government,
the use If the public money for their own be-
neft." This issue leaves wholly out Of view the
true merits of the fiscal connexion Of Government
with the banks No person pretends that banks pos
sess any right to the public money to its use or
possession. The true issue is this-will deposite
with banks benefit the country by aiding merchants
who have duties to pay-by aiding farmers who wish
to purchase government lands-by preventing an in
furious stagnation of specie in Sub Treasures
preventing an injurious demand for specie from GO
vernment debors-by affording safe repositories Of
the public funds-by preventing an increase of pa
tronage and power in the Executiyeand by benefit
ing the country in any other way. This is an issue
which deserves the attention of every man, and
which, in truth, every man Is discussing and which
makes the Sub Treasury scheme Of sufficient mag
nitude to leopard the political existence of even the
President HIMSELF should the people decide the issue
against his Sub Treasury Recommendation. Thn,
the President should SO mistake the merits of the
Sub Treasury sohomo 10 suppose it question
which exists only between the Government and the
Banks is most extraordinary; and that he should
deem the fact worth announcing TO Congress, that
banks possess rghtful claim to the use of the pub
lie money for their own benefit, is one of The singu-
laries of the present curious position Of our fiscal
affairs.
An 0I N .nrMocp