The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-20


10 the policy of thebill Itself
There are two very disnciqneSiions presented to
the commi1ee.-The first is shall the revenues be
collected only in gold and silver; the second how
shall they when collected b. kept, and disbursed
shall SUB Treasures be established by the Govern
ment or shall banks b. empoyed for that purpose
as heretoore-and If the later course be preferred,
then shall the bnks BE- allowed the use OF The pubic
deposi,es or shall special teposites only De made
with them II is very evident that these propositions
have no necessary connecn with each osher ana
thai either Of them may be approved or Rejected py
those who dono reject or approve the other
As 10 the collection Of the revenue IN specie, my
objections are by no means so strong, or should
say, so vehement now hey were at the opening
of the session. when god and silver were selling az
a premium Of or 10 per cent Al that nme u
appeared to me that such a measure would nave
been mere wanton actof oppression uponthe people
of the States, for no earthly good purpose whatever
II would have been simply authoTising Insurers ana
money brokers 10 lay upon the importers, anu
through these upon the consumers OF foreign goods,
that is to say, upon the public and especially upon
the planters of the South, a tariH oil duties III
good degree arbitrary for their own benefit ana that
of the fllnc lonaries Of the Government. Believing
as | did and do, thai the paper circulation OF 'ne
country from the great and sudden contraction III
consequence oil the panic, was rather too much re-
duced than redundant, IconieSs as said on form
er OCCASION could not that justice, al Least 'hal
equity and good conscience made II imperative upon
rs To resort 10 50 stern measures especially as me
idea of furnishing by that means broader mctalhc
basis for our circulation had proved itself 10 our
very senses to be completely lalacious. We all now
see, that moi dollar collected by the Government
and dsbursed by its creditors, crculaes for one mo-
ment money, but is carefully boarded and soid as
merchandise and that that will continue to be the
case 30 ,,ng as from any cause whatever exchanges
shall be unfayorable TO the country IS equally eV-
dent. -....
admit that since the fall of the price of gold and
silver To 8 per cent this objection loses somewhat
# tfS at,rht h,t lDSns pT *
same law Of currency now operates, though IN a
mitigaed degree, 10 make it an Objectionable mea-
sure repeal the act of 1916 and SO to discredit,
pro taato all bank notes in perpetuity Yes, sr 10
organise panic and perpeuatc distrus so Tar as
your example has any weight. And why do SO
What apology have you to make for an act that
certainly requires one What pubic occasion,
what pressing exigency requires II Inc message
puts the subject, ! admit, in very specions and
captivating form-it supposeS the case of war and
the Government to find its whole treasure suddenly
turned into bank credits; and we are asked whether
such a thing could be borncs But admit that III the
case of war the Government would be driven 10
that and any other measure OF equal or even OF great
err severity. What then Does 1t follow that such
a system should be unnecessarily adopted in time OF
peace2 But the truth is that even in time OF war,
II would make less difference TO the Government
than is generally supposed Certainly, some OF It's
operations distant naval expeditions, and the like,
would require gold and silver, and they must be had
at whaeverprice from within ORION abroad eu aiter
all with such credit that of the United States now
is il is impossible imagine that the nation should
be embarrassed even for a single moment by the
failure Of its banks to pay some millions IN gold ana
silver Look at England in the event1ul period
between the suspension OF payment in " and Inc
peace of 1915 1t is now universally confessed that
that measure and that measure alone, boldly emprl-
cal as il was thought, enabled her to sustain
the burlhens oftha terrible conflict and to achieve
triumph worthy of her generous consistency under
misfortune. | do not therefore see how, even the
~, e
Astounding in such resources OF public credit as no
other government ever enjoyed, to resort 10 nea-
sure so nevel, SO harsh, so inconsistent win the
established order Of things in the country, and with
all the habits of the people. Va.
But the great objection with me- is that which APP
pears from a passage quoted by the gentleman from
Virginia (Mr. Garland, to have presented itself to
Mr. Dallas, in 1915 You will do some harm by re-
fusing bank paper; considering how little specie
there has ever been in this country, you may by re-
curing it to be paid you in large amount annually
make it always article of merchandise; you
will thus permanently discredit bank notes, and
render impossible the restoration of their converti-
biltv But that is not all even should this mischief
not ensue YOU least by thus rejecting them, to the
whole extent Of your transactions, abandon the cur
rency to its fate under the administration OF the
States. You make no efforts you exert no influence
to mainta in its purity and uniformity, by distinguish
ing between corporations which redeem their notes.
and those which are VIGOROUSLY insovent. You
proclaim your distrust OF all of them alike-you
write il in your statute book-however disastrous the
condition of the monetary concerns OF the States
NAV be, through want of skill or want of concert,
YOU leave them to themselves, and that when stand
ing in the most intimate and the most commanding
relation towards them all you might, if you gave
yourselves the least trouble about the matter, exer-
else most Salutary control over them, and remedy
these great Inconvenience for the benefit of us all
For sir ii is not enough TO say you have no p0arer
strictly so called under the constitution to regulate
the currency | admit that you have none. What
thenl Have YOU no inRatnce-nfuence of ex
ample-infuence of precept-intuence of anthori-
ty-infuence of patronage-iniuence OF conncc-
ton and custom in business, in the use of these very
deposites. Has not the constitution provided that
all defects in our institutions shall be corrected by
amendments regularly recommended and intro
duced and is it not one of your duties so to recon-
mend and introduce them
Why do you not urge upon the States any reform
YOU may Judge necessary in the matter! appeal to
every one that hears me, what he should think of an
individual, who possessing immense influence in
community, with an income OF many millions
year, should in time of trouble, coolly withdraw
himself from society and hoard his money, like
usurer in a commercial panic, waiting until the
extreme necessities of his neighborS shall throw
them upon his mercyl Is this the morality we are
taught in our private relations Shall nothing be ex-
pected from him to whom so much has been given
Shall he hide his light under bushels Shall he
bury his ten talents in the EARTH and escape con-
domination as an improbable servant And shall that
be right in Government which, in private person,
shocks the moral sense of all mankind in Govern
ment standing towards the people of this country in
relations so very peculiar Sir, what answer would
you have to give TO the States, if in a momen, of
public calamity like that which is just passing away,
feeling their distresses aggravated through your
harsh exactions of what their people had moi TO give,
appealing in vain to you for succor for counsel,
they were TO hold 10 you the language which indig-
nation and establishment would naturally inspire,
under such extraordinary circumstances fthey
were to say to you. " We have done every thing to-
exalt and to magnify you've have clothed you with
authority and awe-we have armed you with mighty
powers, with the axes and fasceS of supreme jurs-
diction-we have surrounded you with all The
glorious equipage and pomp of empire, endowed
iudges-,ha palace .hese gorgeous domes-this CAPT
tolium fnlgens--what for that you should renouncc
az al ih,,I