The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-21

ment the collected WISDOM the aggregate VIII OF the
whole or at least OF majority, moulds and Directs the
course OF public affairs Ia despotsm, the will OF
single individual governs In practically free govern
ment the nation controls the chief magistrate IN ar
htary government, the chief magistrate controls the
nation. And has not this been situation IN the
period mentioned Has not forced his will
the nation Have not all those disastrous measures
the veto Of the bank, the removal OF the dcposies,
the rejection of the land BILL aud the Treasury order,
which have led to present unfortunate condition,
heen adopted spite Of the wishes OF the country. and
in opposition probably, TO those OF the dominant party
itself
Our misfortune has not been the want Of wisdom but
Of frmness. The party in power would not have GO
yerned the country very i'll, If IL had been allowed us
way Its fatal has been TO lend It's sanction,
and to bestow its subsequent applause and support upon
Executive acts which, their origin, 1t previously de-
precated or condemned We have been shocked and
greyed to see whole legislative bodies and communities
approving and audng the rejection OF the very mea-
sures, which previously they had unanimously recon-
mended To see whole States abandoning their long
cherished policy and hests interests IN snbseviency 10
Executive pleasure And the numberless examples Of
individuals who have surrendered their Independence,
must infct pain IN every patriotic bosom, single
forces itself upon my recollection as an illustration,
which do not advert from any unkind feelings TO the
gentleman to whom refer, between whom and myself
civil and courteous relations have ever existed The
memorial Of the late Bank the United States, praying
for recharer, was placed in his hands, aud he pre-
scented il TO the Senate. He carried the recharter
through the Senate. The veto came and, in two or
three weeks afterward behold the Senator at
the head Of assembly Of the people in the State
House Yard, in Philadelphia, appanding the yelo and
condemning the bank-condemning his own act! Mo-
lie beyond the reach of the human eye and it does
not belong 10 me TO say what they were which prompted
this secastgaton, ard this praise OF the destruction OF
his own work but il impossible 10 overlook the fact
that this Senator in due time, received from the
author OF the veto the gift Of splendid foreign mssIon
The moral deducble from the past is, that our free
institutions are superior 10 all others, and can be pre-
served in their purity and excellence, only upon The
stern condition that shall forever hold the obligations
Of patriotism paramount to all the ties OF party or 10 in
dividua dictation; and that shall never openly ap
prove what we secretly condemn.
In this rapid, and, hope, not atguing review OF the
causes which think have brought upon us existing
embsrrassnents repeat that it has been for purpose
Of reproachng terminating those who have had the
conduct Of our public affairs but to discover the means
by which the present crisis has been produced, with
view to ascertain, If possible, what (WHICH is by far
much more importantly should be done by Congress to
avert its injurious effects. And this brings me TO con-
slider the remedy proposed by the Administration.
The great evil under which the country abors is the
suspension OF the banks to Pay SPECIE the total derange-
men IN all domestic exchanges, and the paralysis which
has the whole business of the country. In
regard to the currency 1t is that given amount Of
bank will not now command as mu,h as the same
amount OF specie wou have done prior the suspen
sion but it is the future the danger Of nconvert
BILE paper money being indefinitely permanently fixed
upon the people, that fills them with apprehensons Our
great object should be to reestabish sound currency,
and thereby restore the exchanges and revive the bust
ness Of the country.
The first impression which the measures brought for
ward by the administration make is that they consist Of
temporary expedens, looking to the supply of the ne
cessities OF the Treasury SO far as any OF them
possess permanent character, its tendency rather to
aggravate than alleviate the sufferings OF the people.
None OF them propose 10 rectify the disorders in the
actual currency of the country but the people, the
States, and their banks left to shift for themselves
they may The administration, after having
interviewed between the and their banks and taken
them into the federal service without the consent OF the
states after having pulled and praised themaer hav-
Ing brought them, contributed to bring them, into
their present situation, now suddenly turns It's back
upon them, leaving them to their fate Ii is not content
with that must absolutely discredt their issues And
the very people who told by the administration that
these banks would supply them with better currency.
are now left to struggle as they with the very cur
rency which the government recommended TO them but
which 1t refuses itself to receive
The protested object Of the administration IS to esta
bsh what 1t terms the currency OF the constitution,
which proposes to accomplish by restricting the iede
raj government IN all receipts and payments, to the
exclusive of specie, and by refusing all bank paper
whether convertible 1t disclaims all purposes Of
GRIPPING putting down the banks of the states; but
shall better determine the design the effect OF the
measures recommended by considering them together,
system.
|. The first is the sub-treasurcs, which'are to be
made the repositories of all the specie collected and
paid out for the service Of the general government dis
credling and refusing all the notes of the States, al
though payable and paid in specie.
2 bankrupt law for the United States, evelled at all
the State banks and authorizing the seizure of the eff
tects OF any OF them that stop payment, and the adml-
nistratlon OF their effects under the federal authority
exclusively.
3. A particular law for the District of Columbia, by
which all the corporations and people OF the District,
under severe pains and penalties prohibited from
circulating sixty days after the passage Of the law, any
paper whatever not convertible into specie on demand,
and are made liable to prosecution by indictment
And lastly, the bill suspend the payment Of the
fourth nsalment TO the States, by the provisions OF
which the deposite banks indebted to the Government
placed the discretion Of the Secretary of the
Treasury.
1t is impossible to consider this system without per-
ceving that it is aimed at and if carried out, must ter
inmate in the total subversion OF the State Banks, and
tqa they will be placed the mercy OF the Federal Co
vernment 1t is in vain to protest that there is de-
sign against them The effect Of these measures
not be misunderstood.
And why this new experiment, untrled expcdient!
The people Of this country are tired Of experiments
Ought not the administration itself with them
Ought not to take warning from the events Of recent
elections Above ALL should the Senate, constltut
ed as be the last body lend itself TO farther
experiments upon the business and happiness Of this
great people According to the latest expression Of
public opinion the several States the Senate is
longer true exponent of the will of the States, Of
the people II it were, there would be thrty-wo or
thntyfour wings to eighteen twenty friends Of tho
administration.
Is it desirable to Danish convertible paper medium,
and TO substitute the precious metals the sole
rency be used in all the Of the varied bust
ness of this entire country think not The quantity
of precious metals in the world looking our fair dis
trbntvc share Of them, is wholly insufficient
verble paper is great saving and aborsavng in
srument, independent Of its superior advantages in
transfers and remittances friend longer ago than
yesterday, informed me Of single bank whose pay