The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-30


one which in the opinion Of this convention should be
preserved and sustained, least TIL better be
substituted in its place.
RESOLVED, That portion Of the republicans of this
county or state we trust entertain any feeling in
with the distinctive views of that faction originating in
the city Of New York, known the Loco Focos and
OF which we have small number in this county that
we regard their doctrines aud principles utterly ab-
honent to all principles OF republcanlsm, Of morality
and Of the good order Of society," and with the
safety Of civil and religious institutions and that
any attempt by any party to their favor support
for any purpose whatever, satisfied would and
| should produce defeat and disgrace
The times in which VIC live revolutionary in their
character and tendencies spirit Of ruthless innoya-
ton, regardless Of the lessons Of experience reckless
OF consequences 10 all that is useful venerable
cred, seems to be pervadng the land Not indeed to
great extent among the intelligent and respectable for
we yet believe that there is Providence ruling the
destiny OF this mighty nation, that will not permit It's
Sun 10 go down IN darkness Demsgpgues have arisen,
who from their education and intelligence able
uence the more ignorant, TO the support and counte
| nance Of the most ruinous pr.n-ipes
The idea Of iransactng the three hundred and sixty
five millions Of business Of this country SPECIE pre-
posterous The idea too OF reducing the currency Of the
country from 1865 millions to 80 millions 1.-THE full amount
OF our SPECIE notwithstanding the endeavors for the last
lew years TO increase IT, IS too runous and destructive
to be for moment lndulged The suggestion of strlk-
ing out OF existence three dos Of all circulating
medium, and thereby deprecaling property to the
extent OF three ourths, and at the leaving
upon US the full amount Of debts, is not for mo
men to be tolerated. II could not be, that the clrcu
ation should be destroyed, and property not be de-
stroyed with It, Ii indeed no debts are to be paid or
had been incurred under different and previous
Of things. great harm would not cnsue. But i'm
mense debts have been contracted and by legislation
alter so far the extent oil the currency under which they
had been contracted, would be gross injustice The
individual making purchase year since of ST. 000
paying down three-fourhs Of the money, and being
sponsble for the residue would lose the three-fourhs
he had PAID the interest the remaining fourth and
have property worth simply the amount OF that one
fourth. in Other words, property purchased a year
since at lis iair value would now be worth lust one
fourth oil that amount while all debts must paid al
the contracted This PLAIN and inevitable result,
is so unjust and runous IN It's tendency that can by
| no means approve OF 1t. Neither are inclined to
welcome the prcscr pon Of the other branch of OPP
poncnts, to w.t. the establishment of National Bank
Already have we lived too long under institution
the first moment Of whose existence and every hour of
whose subsequent existence, a violation Of our con-
stituton, whose mighty arms extending from the
to the rcmotest parts OF onr country whered in their
embrace the business, the interest and virtue of the
land An institution whose influence nothing less
powerful than nations energy could cSunieract, and
whose operations above and beyond the control Of
and entirely irresponsible to the people Of the States
From such institution have but just relieved our
selves, and the memory of lis injuries still too fresh
in minds TO allow thought OF its recreation For
years the whole power OF the democracy of this nation
was engaged IN a relentless contest with the IT, States
Bank, and having at length conquered it, though
selves almost overwhelmed in its dying struggles, we
should be madmen now to consent to It's re-charter-
We give II our hearty condemnation under whatever
guIse or form 1t may present itself.
The same attempts that were made IN 1884 10
throw the banking Of this state, commencing in
the United States Senate and goipg TO and returning
from the farther points Of the country have been
ncwed III 1897 The Banks have been charged with
crimes the most heinous, and offences the ncon-
sis,ent They arc charged with being insovent and
compelled to suspend payment and at the same time
charged with suspendng wiu!y and corrupy, for the
purpose Of selling their specie and buyng up their own
notes at discount. What may be the state OF things
elsewhere not able well to declare, but that
any man should charge the Banks in this state with
suspendng from choice, or buying their own hotcs
selling their specie for profits is idea too preposter
to he seriously controvcrted.
We deem the banking system OF this state as now
existing and in operation, better than any other with
which acquainted the actual payment U all the
capital Of the institution, the Supervision Of the Com
mssioners and Of the public all their concerns the
limitation Of their discounts and issues and the com
plctc security the bill holders for the ultimate pay
mcnt of their demands 10y the Bank Fund presents a
mass Of securities the public, 10 be found in other
system. Since the operation Of the system there have
been failures among the banks, while before they
were frequent and rulnous. As furnishing safe,
vcncnt and valuable medium Of circulation, approve
of 1t, and not willing that II should be sacrificed to
tho splri, Of destruction. raging among por
ton of fellow citizens spur, prompted and urged
on, believe, for the promotion OF ndh dual m
crcs and private gam, than from any desire to advance
the good Of tho country Could this system be pre-
served III all essential features Of security, and its
character OF monopoly taken away, 1t would in OPT
noi be still desirable. II the business OF banking
can legally be carried Ivy individuals under such
s,rans shall eulircy the creditors Of such
bankers then clearly the business should be open to all
who desire engage it 1t contrary to the genius
of country that restrictions should be imposed,
which are necessary for the public good that any
business should be taken away from the community at
large which they may with propriety carry on. Could
general banking law therefore be devised, which would
be free from constitutional objections, and under which
strong securities and guards for the public should be re
CURED 1t would meet our appreciation.
Having thus, fellow citizens briefly touched upon
Of the prominent topics before US, the questions
involved arc submitted TO Your decision With you
II rests whether the unity, harmony and organization OF
the Republican party shall be preserved, or whether
those shall lie sustained who seek lis overthrow, and
their own selfish purposes Of aggrandzcment With
YOU it remains to dec ic whether the Of this great
country shall be favor Of order and the institutions 0!
the country whether you desire revolution and an
archy. For 1t is part, to determine whether
National Banking institution shall again place It's foot
upon nccks ana again It's head IN contest with
the government and the people Of this land, whether
shall remain with institutions created by ourselves,
under our control. and whose charters ainena
bic rspcalah|c by at pleasure. Confident that
yot;r decision VIII be such yourselves and all good
men viii, upon calm reflection approve, 1t is submitted
TO your determination.
The republican doctrine is to preserve with good faith
the institutions that have grown up under the State
laws, aud that intimately connected with the busi-
Of citizens IN all Their VARIOUS rinilcations
and 10 tins doctrine we shall strciuously adhere . Pre-