The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-14

+ H~SsA'N
papers.
This meeting then adjourned.
HENRY WHITE, Chairman.
GEORGE CARR, Secretary.
A LETTER FROM MIR. SMITH,
MEMBER or CONGRESS FROM MAINE, IN vNDlcAToN
OF ms VOTE AGAINST THE sUD-TREAsuRY BILL.
LETTER II.
To he Editor Of The Eastern Argus.
sIR-In my former letter show, by book, page
and date, that the whole scheme OF diyorcing the
Government from all bank agency and of resortng
to an exclusive metallic currency in collecting and
dlsbursng the revenue of the Government, was in
1885 condemned and repudiated by both the Execu-
i've and Legislative department Of the Government,
(ncluding therein the united vote OF the delegation
OF this State both because oft inherent insufficient
cy, and insecurity, and because of its comparative
NFERoRrrY in all the essentials ofresponsbitfy, safe
~ convenience and economy, to the local bank agen
ces
Z now propose to show upon whose recommends
ton, for what reasons and by whom, besides myself
local bank agencies and convertible bank paper with
specie payments were adopted for the collection and
disbursement of the public revenue. From these
data, shall deduce and exhibit oyou my additional
reasons for continuing to repudiate the scheme of
Sub Treasury agencies Of the denomination and with
the restrictions provided in the bill against which
voted in Congress. shall conclude with sugges-
ton Of the only practical divorce of Government
from Banks, that has occurred to my mind, and the
which / was prepared TO offer the House. had
an opportunity been afforded me for IL at the late
session
The agencies of local Banks were adopted for the
Government throughout the country by President
JAcKsoN with the most implicit confidence in their
disposition, capacity and safety fiscal agents.
More or less in number had been employed previ-
ousy since the organization Of the Government, as
viii be seen by and by They were adopted in lieu
of and to render unnecessary either for the purposes
OF the Government or or THE PEOPLE IN THEIR BusI-
NESS AFFAIRS, a National Bank. Speaking of the
information he had acquired of them, through spe-
cial agent selected and employed for the purpose,
President JACKSON, in paper read to his cabinet on
the 18th of September 1883 held the following Ian
guage:-
"The President thinks that these facts and crcum-
stances afford strong guarantee can be had IN
"HUMAN AFFAIRS, for the safety Of the public funds,
"and the practcability Of system Of collection
",and disbursement through The agency Of the state
Banks"
In December following that is 1883, in his mes
sage Congress- he endorsed the report of the then
Secretary of the Treasury upon the subject of State
banks, in this emphatic language, II concur with
him entirely in the view he has taken of the sub
ject."
In that report the Secretary said,
"The State banks selected are all institutions Of high
character and undoubted strength and under the
management and control Of persons Of unquestioned
"proby and intelligence" =
Enough has already been done to show that, on
the score OF expedicncy Bank Of the U. States is
not necessary either for the fiscal operations Of the
" Government the public convenience, and that EVE
" Ry obec, that the charter to the present bank was
designed to attain, may be as efectuay accomplished
"by the State banks" In the
selection therefore, Of the State hanks the fiscal
agents Of the government disadvantages appear
naa, he of safet a
ence to the general interests Of the country, while much
that is valuable will be gained by the change"
In speech made in the u s, Senate on the Both
of Jan 1884 Mr. WRIGnT Senator from New York,
thus expressed himself. Every body understands
what his relation to the late administration and all its
friends was and what 1t is now to the present adm
nistration-,hat Of an able distinguished and most
worthy leader.
He said
"The Senator from Massachusetts, (Mr Webster
has asked if you will neither recharer the present bank,
nor establish one, what will you dol As an in
divdua, sir, and speaking for myself only, say will
sustain the Executive branch Of the Government by all
the legal means in my power in the effort making
substitute the State banks instead OF the Bank OF the
United States the fiscal agents OF .he Government
believe they fully competent to the object. am
wholly unmoved by the alarms that have been sounded
either TO their insecurity influence, any other
danger to be spprehended from their employment"
On the following Feb 9th, ls34,) the official or
gan Of the administration (he Globe) under its ed-
toral head made the following announcement to the
country -
In making the State Banks the fiscal agents Of the
Treasury the President has taken which marks
his FINAL determination in relation to this subject he
is convinced by the experiment already made that well
managed State banks FULLY ADEQUATE to the per-
Torrance Of all the duties connected with the coLLEc
rIoN the ,sAFE-KEEPING and TRANSFER Of the public
unds-the only duties which 1t is necessary the govern
ment should require of such institutions to facilitate the
operations Of the Treasury"
He also satisfied that they fully competent to
carry on the business Of domestic exchange between diff
feren parts of the United States, that Will
be both convenient and satisfactory all parts OF the
country, and that this and ,riH be conducted by
them upon terms at least favorable the country
and probably So than has heretofore been done by
the Bank of the United States and WE FEEL AuTHo-
RzED TO STATE that all reports to the contrary are
dent is firmly resolved to adhere TO has plan The Stale
banks He distinctly asserted this intention in his ex
pose to his Cabinet and he repeated it with equal clear
ness in his recent conversation with the New York
Committee"
The before named report of the Secretary of the
Treasury was the subject of special report from
the Committee of Ways and Means on the part OF
the House, on the 4th of March, 1884. The Com
mittee'S report was made by Mr.. Polk, now Speaker
of the House. This report stated" The Commit
Tee are satisfied that the State Banks FULLY COM
pErENT to perform ALL the services which the Gene
raj Government ought to require in the collection
and disbursement of revenue" The State banks
are now firmly interviewer with the institutions OF
the country"
This report conc!udedw resolution which was
adopted by the House, Ql7 to 1867 that the State
banks ought TO be continued as repositories OF the
public money On this resolution the delegation OF
this State voted as follows -
AYES-Hall, Jarvis, Kavanaugh Mason, Nc
Intire, Parks, Smith.
NAY-Evans.
On the 5th of March, the before named official
organ of the administration the Globe in an editorial
article thus commented the report OF the commit
tee Of Ways and Means =
"The Committee gave their opinions at large upon
the subject Of the State bank agency the management