The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-23
FoR THE MADIsosIAH.
A GROUND OF COMPROMISE.
NO. XVIII.

(.
NO. XVII
The plan propose, having in view the present and
,he mure for the collecting and the keeping
&c The national revenue, is this: Let the General
Government persist in its reousitions Of specie
as long as the suspension Of specie payments by
the hanks shall continue: Let the specie thus re-
ceived by the collecting officers be placed by them,
(for safekeeping until II is needed for disburse-
mentl on special deposile with few OF the banks.
When the banks shall have resumed the resumption
promising 10 be stable lei their notes be made re-
ceiyable BY special enactment, in all collections of
The revenue as heretofore but under such new prac
tieaIc restrictions as experience hath shown 10 be
advisable and necessary; and let the revenue thus
collected in the notes of specie paying banks the
number TO b, selected being very smallin each State,
h. placed with them as heretofore, but under all the
additional guards that may be deemed advisable, and
shown to be practicable, on general deposifs.
Considering this plan defensible in all its parts,
respectfully propose il, and as ground on which
those Of us of the consistent old republicans who
differ only about the praetiea6iity of "the special
deposite system" as permanent plan, may meet, and
cordially re-une, and move on with concert and
commanding energy.
II have read with pleasure and profit the temperate
and able communications supplied" by Valerius
Publius He has clearly enforced several objections
that have been taken the special deposite scheme,
which could have been presented in all their force,
and impregnably fortified Gas he has well done it)
only by one intimately acquainted with all the per-
tinent facts But he has wholly omitted to indicate
what disposition should be made OF the collected
venue, for safe-keeping, during the suspension of
specie payments by the banks While agree with
him that ii will be wise and just to return to the late
h,nk hall
have returned to specie payments, think that he,
mature reflection, will agree with me that il will be
safer and better in every sense, while the General
Government is exacting specie, according to the
listing laws that the specie thus received in payment
of dues be placed by the collecting officers special
deposite with few of the suspended banks, pursu-
ant to the directions Of special and imperative en-
actmen on the subject than that il be placed, is
now done, BY the collecting officers special de-
posite with any bank that will SO receive it, or in
savings institutions Gas is the case, understand in
this town. or, be kept by themselves, as the collect
ing officers choose or may be capriciously directed
by the Secretary of the Treasury the Postmaster
General, or other chief of department. There is
system in this state of things-no method in this
madness--no safety in this uncertainty-no beauty
in this Git may be, well ordered) confusion. There
is nothing in il that will challenge the respect of
thinking and sensible men-nohng that is lovely
and of good report. How long, ask again. will it
be before the conservators of the public morals and
the defenders of the public freedom will come forth
in active demonstrations Of intelligence and virtue
1t is quite certain that the banks haring resumed
specie payments, would expressly decline becoming
receivers Of specie on special deposite from the Go
ternment. 1t would be to incur expense and take
trouble, without any prospect OF compensating adj
vantage. No commission which the Government
could properly offer afford to pay, would be equ
valent to the expense and trouble, much less recon-
cile them to the sef-dsparaging act. If the collec-
tons of the TO be confined exclusively to
specie the establishment of Sub Treasures will be-
come necessary unless the collected revenues Of the
nation TO continue TO be kept as they now are, as
say in Virginia, in particular place" But,
arhae the banks are denying specie for their notes why
should they expressly decline the receipt Of specie
special deposite from the Government? BY their
own act of suSpending specie payments, they have
acknowledged that their specie revenue is not large
enough TO meet the demands of their depostors and
the holders of their notes. Having acknow lodged
their inability 10 redeem their notes with specie,
while The community is hourly Witnessing that ina
bity, and constantly subjected to the resulting in
convenience the banks will most clearly be derelict
10 no duultlOnal act OF uSpaTdSement, Dy conserving
to receive specie on depose from the Government,
or from any other quarter. Needing confessedly,
an enlargement of their specie funds, and it not
being presumable or reasonable that discredt will
or shall result 10 them from their receipt Of specie
on special deposi,e while their notes in circulation
are not exchangeable al par for specie, advantage
that will amply rcmunerae them for any expense or
trouble they may incur, may accrue to them from the
receipt of specie special deposite. Having the
collected revenue in specie special deposite, the
bank would pay it out, to order, to the public Gre
dior The creditor, whenever the notes of the bank
would answer his purposes well, which is fire.
quently the case, receiving the money from his own
States bank, in which he may be stockholder, or
by which he may be accommodated would not take
away the specie, when paid to him, but would leave
il with the bank and take away It's notes instead
Thus any prudent bank, by receipts of specie on
special depositc from the Government while collec-
tions of the revenue confined TO specie, during
the suspension Of specie payments By The banks without
resulting discredt or dishonor, may be enabled 10
enlarge its specie fund.- from the gatherings of the
Government
For special reasons, which need not to be assign
ed, forbear to say any more at present.
PuBLrus