The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-24

admit that Is without merits and that the people
TO be tricked into the adoption Of measure which
their sober and unbiased Judgments would reject.
Ii is obvious that If il can be forced through Con-
gress at this time besides all the evils is produce
ing, il will be by bare majority, which wise Go
vemment would not deem satisfactorily majori-
~ which would not sustain a British Ministry
before the people, and which should less sustain
our Administration before the people OF the United
States.
The measures adopted by Congress at the Extra
SJ are IN my opinion, MOI calculated 10 DO mar
pody much credit they are not founded on principle,
and WIZ work badly in efecing the ends proposed.
1t is not easy ifil be all possible TO conceive what
end was proposed by the act suspending the dstrbu-
uon OF the surplus revenue. With the Executive
views in reference TO the public creditors il can fur
nish the Government with means for that purpose
II coniemplaes no ultimate repeal Of the law of dis
uibntion. The States were willing to receive Trea-
sury orders on the Deposte Banks and could proba-
bly, have made them as useful as gold and silver. The
argument that II would have thrown more inconvert-
ible Bank paper into circulation, is falacy There
Is no substantial difference between the operative liza
bility OF Bank 10 is deposors and the holders Of
its notes. They are both payable demand and
habually used for the same purposes of business.
In commercial cities and other places Of extensive
business checks supersede in all trans
actions the use OF bank notes, and take their place.
true estimate of the circulation therefore, embra-
ccs Bank deposiies 1t is true, while the Govern
men makes no use of these deposites, they create no
immediate pressure on the Banks. But neither do
the Of these Banks while they are redeem
ed When these Banks shall redeem their paper on
demand they will both press alike, but with this diff
ference II The deposites continue till that event TO
the credit OF the Government, they will come upon
the Banks in heavy masses, in the shape of large
drafts II, on the other hand, the distribution had
not been suspended, they would in the meantime,
have been difiased in the general circulation and
would have come upon the Banks gradually and have
caused them less embarrassment. They would have,
doubtless, in great many instances, gone into the
hands Of the debtors Of the Banks and have enabled
these debtors to pay and the Banks TO curtal their
business, which would have enabled them the better
to prepare for specie payments. At present they
hang over the Banks like dense cloud threatening
to burst suddenly and Unexpectedly upon them. The
measure has beer justly illustrated BY the fable of the
dog and the Manager, who could not eat the hay him
self and would not let the or eat it. The application
of the fable fails in one particular. The dog could
not eat the hay but the Government could have used
the money had il been for their fastidious-
ness TO the currency in which they insist pay
ing the public creditors. But this has been prevent
ed by the hard money fantasy which has seized the
brain of the Administration. Il would really seem
that il their purses were demanded on the high
way, they would strusgleto make a hard money pay
ment.
If the Government had obeyed its highest duty,
that of considering first the interests Of the Of
the community, it would have paid the public credit
or in the best currency it was enabled to secure to the
people, and the Treasury deposites would have been
acceptable payments 10 the public creditors as like
quite as wise those who govern the country This
tastidousness rendered necessary the only other i'm
portant measure of the sessionhe issue of Treasu-
ry notes to meet the wants ofthe Government
The ruling principle of THE Government has given
deleterious character TO the details of the measure.
These notes are made to bear interest. Their value
would have been abundantly sustained by being re-
cevabe, as they are, in all public dues. Until so
absorbed, they would have circulated as money in
the community, and as SUCH been useful in all trans
actions of society. Bearing interest, they will not
circulate and will probably be boarded BY capitalists
If the Banks shall be tempted either directly or in
directly to furnish specie for their purchase it will
weaken their recuperaiive power which they ought
sudiously to trengthen-whie then the addition Of
interest will destroy their usefulness the country will
have to pay the amount of the interest not for any
public benefit but for the creation of new evils, a
material Of which we do not need fresh supply
You inform me that your communication has been
made at the instance of others well your
SELF" which induces to say that you at liberty
to make any you fit of this letter, that you
think may be Of any public benefit
! am, dear sir, very respectfully, ....
Your obedent servant,
LANGDON CHEVES
To o., Esq. Columbus Mississippi.