The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-07


and all the friends of his administration, opposed
| the SubTreasury scheme in 1884 and in 1886,
President Jackson, in his Message, expressed his
opinion as 10 the use of the public money, in which
| all his friends acquiesced. He said
| TO retain IL In the Treasury unemployed in any
way, is mpracticabe. II is, besideS, against ne
genius Of our free Installations 10 lock Hp IN raulis The
treasure Of the nation To take from the people the
right OF bearing arms and put their weapons OF de-
| fence in the hands of Standing army would be
scarcely more dangerous TO their liberties than 10
| permit the Government To accumulate immense
amounts OF treasure beyond the supplies necessary
| TO lis legitimate wants. Such a treasure would
doubtless be employed al some time as II has been
in other countries, when opportunity tempted amb!-
| ton"
! Has any thing occurred since 1886, which has
altered the nature OF free institutions, so thai II
is in accordance with their genius lock up the
treasure of the nation, which was SO contrary 10 II
| then Sir, feel humbed 10 hear such principles
avowed feel mortified to see some OF my political
friends taking position directly the reverse OF me
one have all along occupied in relation TO this
| whole subject Ii we were not committed ON the
record we might more easily change our ground
or II il was a mere matter of expediency we might
tack about without such an accumulation OF obliquy
and reproach as must now rest upon us. We nave
heretofore treated these questions as matters OF prin-
| cipe. We put ourselves the record in some
shape other against the very doctrines for which
we are now contending. And from President jack
son down 10 the humbest member of the party we
are committed in the most explicit manner against
| the whole scheme and all its consequences, which
are now called upon 10 support. No party, will
venture say, ever placed itself in so unenviabe
1 light, How can we expect 10 be sustained by the
people when solemnly expressed and established
principles one day are repudiated the next? How
can we expect The people to embrace one set OF prn-
ciples one day. and the reverse Of them the next.
Sir, il cannot be- You must appeal 10 their reason.
| You must satisfy their Judgment and adhere TO your
principles when once established, The great body
of the people are honest They ask nothing, they
i uran battt holes la,uS
administration of them. But, they will not be con-
tent with such fckleness of purpose as requires
them to maintain opposite doctrines at every aliern-
ale election. t. ..."#
Sir, need not describe the effect Of this measure
on the whole country II the banks in New York
are embarrassed in their operations by 1t, every
branch of business must be embarrassed. Those
portions of the country where there is the least cap
tal but which have substituted credit in its place,
will feel il the most sensiby. To western New
York, and TO the western States it will be like mil
dew. What would have been the situation of those
regions but for the free use of credit What will
be their situation when credit shall be Withdrawn
| from them. Let western gentlemen look to it.
Those States are TO come in for the full share OF
suffering in the course of this experiment.
| The money collected for public lands is to be paid
in specie. But very little of 1t is disbursed there
There will, therefore, be constant drain upon the
western States for their specie in the disbursements
of the Government, thereby deranging all the regu-
lar business operations of the country and keeping
the public mind in constant agitation and alarm. IL
the money was disbursed at the places respectively
in the same proportion as it is received the evil
would not be great. 1t would still be deranging
the natural flow of specie by arbitrary regulations,
and taking it from the banks where il is the basis OF
circulation.
The effect of all this upon the general credit of The
country cannot be fully appreciated. Our currency
has generally been of about the same character and
value with that of England. We should endeavor
to keep il of the value. England is the great
money market, and the great money regulator of the
wpr Glnr inStit aSSir nlatp N
than to the other portions of Europe. We are in
timaely connected with England in our commercial
relations and intercourse with her is more ire
quent and more easy than that between many por-
lions of our own country Her currency there
| fore, has an important bearing upon ours The
prices of property depend much upon this 1t would
be the height of folly for us TO adopt any measures
which should curail sink our currency below
| hers. II would bring on a ruinous depression of
prices, and effect the interests of every owner OF
| property throughout the country You might as
well attempt to establish metallic currency in one
of the States of this Union whilst all the. others
| maintained paper circulation, as 10 do any thing
which shall materially change ours from what is
the general currency OF England. know, sir, that
appeals are made TO the prejudices Of the people
against paper-money. But see what it has done for
England 1t has enabled her 10 fight the battles OF
the world-for quarter OF a century she relied on
an rredeemable inconvertible paper currency, and
| successfully resisted the conqueror Of Europe. 1t
has given her moral influence which s lihrough-
out all nations. II has secured To her own people
more practical liberty than is enjoyed in any other
country except our own, In time /. 4ar the bank
ing institutions of England like our own are dcnti
! fled with the interests of the country. Ours are
dependent on the people, and 50 is the Government
In such a time, we are all embarked in the same
BOTTOM and II is idle to say that there Is any dverSi-
ty of interests between the Government the banks,
or the people. In the experience of this country
during the late our banks fought our battles, as
much as the Bank of England fought the battles OF
Europe
Sir cannot but look at the effects of this system
upon the city of New York as oflhe most aaltenden-
cy. Ii must tend to curtail the operations OF the
banks and add 10 the general stagnaton Of business.
Already are more than fifty thousand of her popula-
ton out OF employment, with all the horrors OF an
I approaching winter before them. Unless something
is done 10 revive the business of that city, that num-
Der will be doubled, and no one can foresec the con-
sequences of such a state of things Nothing is
now wanting but the favorable action of the Go
vernmeni, to change the whole face Of things. But
the evils TO that devoted city do not end there they
necessarily extend TO the country. Ii you cripple
the operation of the banks there, and thereby cramp
the business Of the city, the same effects must be
fell by the banks and business of the country. For
you cannot strike blow al New York without its
being felt in greater or less degree in every State
in the Union. New York is the great commercial
emporium-strike the heart, its pulsations are felt
10 The remotcSt extremitieS, and whenever il
TO beat the whole limbs of this great body polite will
become cold and iieleSs
These effects will be felt by the local banks of the
several states the stock of many of which belongs
to the states themseve'. If gentlemen then have
regard for individual stockholders they ought to
look to the interests of their respective states where
the stock of the banks is thus held. This remark
would apply 10 Pennsylvania, North Carolina, Ala
blma, Mississippi, Louisiana, Tennessee, Kentucky,
Indiana, Illinois and Missouri (Mr Benton signi-
fed dissent) The Senator from Missouri, said Mr..
T., shakes his head He may have system of
banking there different from all. the rest of the
world namely, that of issuing only dollar of pa
per for one of specie in the vaults of the bank. If
this b. 50, would not willingly deprive him of the
benefits of his system But whilst will not object
to such Procrustean bed in Missouri will not
consent that il shall be transferred TO New York,