The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-07

mr. D.
ceyersGeneral, and not TO the credit of the Cover
ment. This, IL Is said, will be the case here and
many OF the friends Of Sub Treasures support ,bs
plan upon that idea. But, TO my mind il is one Of
the aronges reasons that could be urged In I'M
country against the scheme. The money would ha
rendered less secure than under the former plan ana
the patronage Of the Executive be greatly increased
while his responsibility for an abuse OF na,ronas.,
would be diminished. Have the revenue collec,sG
IN specie-Paid TO the Sub Treasures in spece-de
posted by them TO their own credit in any Bank tbsv
please and the door will be opened by The most ire
sponsible, caprcious and corrupt system Of tanner
ing and eeconeering between the Sub TreasrlrerS
and the Banks that can be invented These officers
OF imperial derivation could reward or punish anv
bank or banks al discretion. For every body viii
admit ihai aier the resumption OF specie-payments
ar under the system the banks survive a resumn
ZION, many, perhaps most creditors, will receive
bank notes rather than specie. The Sub Trea-
surers may, therefore, have some Of the banks
plundered Of specie by the debtors Of Government
| and others gorged with it by deposes, which would
not be drawn out In specie but in notes, While
few partizan debtors could always be found to effect
the one object, from bad motives most creditors
would contribute to the other, with motives of conye
nience TO themselves. Runs, therefore, upon on.
Bank, for its specie to deposile in another would BE-
very likely TO produce an inequality in the value Of
the paper Of each, the one being increased and the
other diminished. This system of rewards and pun
ishments, dispensed by inferior officers in all the
cities OF the Union, where collections and dsburse
mens made, could not fail 10 subsidize most of
the banking institutions to the Executive will. The
influence which might thus be brought TO bear upon
the Banks, would be far greater than under any Tor
mer system. Much Of Il would be effected in secret:
neither Congress nor the people could know with
much accuracy where the money was TO be found
| Or If desired, the Executive could, through these
officers the banks to barass each other to ruin
and make them the instruments oftheir own desruc.
| tion. warn the Democracy against this scheme
If the banks TO have the money let the Secretary
and President be responsible, at least so far as 10
give information where il Isl and let il be held blythe
banks upon some known general rules, which may
be altered or abolished by law If necessary and not
by private and unknown tenure, perhaps alike i'm
moral and unjust Ii we are to have new set of Of
| fcers, and the revenue collected in specie, make
4 them keep il and pay il out al their own offices.
Let no democrat be gulled by such Of the Sub
Treasury politicians take the broad ground of de-
stroying the banks altogether. That is not the ex-
pectaiion of the President or his cabinet now, and
not even of the Globe II is only the doctrine of the
Loco-Focos who in some parts Of the North turn
the balances either for against the Administration
but can do nothing of themselves. Suppose Virgi-
MIA should go out and out with the Loco Focos and
wage war of determination upon her banking in
stitutions what would be her unenviable condition
Before she could accomplish the determination of
single bank she would not have single Stale fight
| ing by her side. Even New York and New Hamp
shire would have deserted her The people of those
States will never surrender their banks their houses
their farms and all that they have band of ruth
less agrarians and libertines who only seek TO de-
your what hard industry, and patient perseverance
have been employed for ages and generations to pro-
duce. No even the restless Northern hordes who
are pouring down upon us with their fanaticisms to
despoil the South of its slaves, will arrest the barba
rous Loco Focos before they destroy single solvent
| bank Indeed, so wonderful has been the rerulsion
in politics since these doctrines have been supposed
to be favored by the Administration, through the
Globe that there are now not more than two or three
States North Of Masons and Dixon's line, which the
Administration party can call their own. And it is
among those States, where the doctrines are known
in very TRUTH and to their full extent Let us look
to our circumjacent neighbors. Maryland, Penn
sylvania, Ohio, Kentucky, Tennessee, and North
Carolina, all banking States, ready 10 food us with
their paper great and small as soon as we withdraw
ours. Four Of them against the Administration, and
the other two, Pennsylvania and North Carolina ba
lanced on the fence What, therefore, Virginia
promise herself by joining her fortunes to those of
the Loco Focosa Nothing absolutely nothing, but
disappointment and mischief! At the bidding of
the State with unparalleled disastarsdvide andpros-
| trate the Democracy-let the scepre depart from
Judah-and at last have worse paper currency
than we enjoy take II therefore for granted,
that the people Of Virginia will not be lugged into
this condition to satiae the ambition of any
perinenter. ...
Mr.. Benton says COLLECTIONS are taken TO the ca
pacity of the country TO furnish the quantity of gold
and silver necessary to pay the revenues of Govern
ment in coin. 1t is supposed there is not hard mo-
ney enough for that purpose. This objection in
duces two inquiries First, How much specie will
be required for that Sso" any What It's is
prospect of increased" Mr. Benton assumes, that
the Government may collect revenue equal TO one
fourth the amount Of cash in the hands of the peo-
pie OF specie he says large import must be ex-
pected and if this bill (Subreasury) passes to in
crease the demand for it al home, and if the sus-
pending banks made to resume payment, not
less than Is 20 millions Of dollars may be expect
ed within the ensuing year. This, then, is our con-
dition upwards of 80 millions now in the country,
and the means in our power to increase il largely
Now, cannot revenue Of 25 millions, which will
never require greater amount than six or seven
millions 10 be taken out OF circulation at any one
time-cannot such revenue be met from these re-
sources2" 1t ought 10 be remembered, that 80 mil
lions is the very largest amount OF specie ever calcu
lated being in this country Since the pressure,
il sfpretty certainly known that more than 20 mil
lions have been sent away and by nomeans so much
imported. The amount supposed to be in the banks,
being 80 millions, and in the hands of the people
about 80, accounts for the GU millions; leaving IN
the country not more than from 62 to % millions
| The amount Of silver wrought into plate in this
country is not always taken into the account Of po
litica calculators, although it has not fallen much
therefore Mr. Benton has estimated the specie
sources too great nor can il be imported with the
ease he magines II must be recollected that in
addition to the over-tradng in merchandise, we
have imported within the year. more than sir mil
lions of dollars worth of bread sutfs Although spe-
Gle is abundant in Europe, still we have not the
means to purchase as much as the necessities, which
he wishes to create, would require. Indeed think
IL lmpToDaple, thdt we shall nave even W hi,i''o n
i for some time to come. Then, as to collecting %
millions of revenue in specie, out OF this sum, whe-
Their the half of il be locked up in the banks or not
is the question raised by the new sheme.
Mr.. Benton gives his cases to prove the right and
the ability of the Government to tax the people to
one-fourth the amount of their cash. and TO collect
The same; which shall now proceed TO notice, and
show that each and all Of them failed, and ended in
the establishment of National Banks respectively
| He remarks: I" The first revenue act of 1889, pre-
scribed gold and silver coins only for the pay
ment Of Federal revenues; the revenue was then
| abou four and half millions of dollars; and the