The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-16

posed by the Richmond Enquirer IL is obvious there
must be general concer-no bank, or set Of banks
could safely alone, convention is the proper
expedent But let il be for the mere aud exclusive
purpose Of considering the resumption of specie pay
ments. The deliberations Of such convention should
appertan solely to this object and other general and
disconnected TOPICS OF course, would be irrelevant and
extrinsic. But whatever measures may be adopted to
favor such desirable and indispensable result,
Of the opinion, that should all heartily unite in favor
Of that reform Of the system, which was for several years
past the avonie policy OF the late administration and
particularly recommended in General Jackson's Mes
sage Of 1885, advocated by Mr. Van Buren, in his letter
TO Sherrod Williams, and more emphatcay developedn
the Currency Bill Of last session In his message Of 1885,
Gen Jackson says: II is ascerained that instead OF
being necessarily made to promote the evils Of
checked paper system, the management Of the revenue
be made AUXILIARY 10 The reorniwhich the Legisla-
Of several Of the States lave already commenced
regard to the suppression OF small bills; and which
only TO be osteted by proper regulations the part
Congress- 10 secure practical return, to tho extent
equired for the security Of the currency to the cons
utonal medium. II by this policy we can ultimately
witness the suppression Of all smalbis below twenty
ollas, it is apparent that gold and silver will take their
hace, and become the principal circulating medium in
he common business Of the farmers and mechanics OF
he country. The attainment OF such result will form
era IN the history Of country which will be dwe
pon with delight by every friend Of its liberty and
j Independence" Some organs protesting to represent
he administration, have apparently fossken this ground
nd call upon to explode and repudiae the doctrine
' which promising SO much. Butwhy not adhere to
be proposed reform! This the "anried e1pedient"
correct abuses wherever they exist. and reform
where reformation necessary but let notions going
eyond that be INDUCED. We may be told that this
ocy in regard TO the currency has not been abandoncd
exclusive metallic currency may be repudiated and
hostility to the state banks denied but we must not
lind eyes to the fact, that other measures, plaus-
lie in theory, may be designed to effect what but few
will now openly advocate. Fhe supporters Of such
will relard the desired REFORM would pro-
aby mite with partizans ola National Bank in defer
ing the resumption Of specie payments, that by
1scredng and preudicng the state banks, there may
be the color Of necessity to the plans they may
urge We are not alarnists but the friends OF state
banks should no longer await the maturity Of
that may result in compelling two-,hirds Of those ns
iutons wind up their concerns, and the residue to
foego all hopes Of future dividends Let them prepare
Of specie and have doubt that that body
will be disposed render their legislation auxiliary to the
aid Of those institutions, far as, in accordance with
proper regard for the general welfare it may be deemed
constitutional and expedicnt While we have doubt
that the Secretary of the Treasury entertans friendly
feeling towards those Institutions yet it mus. be per-
:eivcd that duties. imposed upon him by law which
me- cannot obyiate, In his Circular Of July 3, Mr.
Woodbury. says in reference to the resumption OF specie
payments, that $50 far this Department has power
encourage such efforts it has done and checully will
10 il, while the existing laws remain unrepeaed, by
giving decided preference for holding all kinds Of
public deposites to such banks pay specie"
Who at fault in causing the stoppage Of specie pay
mens, do not inquire Casting aside elimination, the
grand effort of the banks should be to resume. We
are confident that the Executive and the Legislature
will take their steps in wisdom and direct their best
efforts to promote the prosperity of the country, with
sincere and patriotic desire to extend equal rights ard
privileges to ALL impar,ially and justly and to render
existing institutions, freed from abuses and mpur
ties, secure and permanent.
Our views in relation to National Bank are hes, OK
pressed in the speech Of Mr. Madison, against the first
Bank of the United States which will publish in our
next paper, The of Madison seems to have dis
tubed the minds Of some of contemporaries, who
have expressed an apprehension that meant to re-
vert tothe Madsonlan for savo for disorders
Let such read that speech and learn what it is be
Madsonian in respect to National Bank, of whatever
form, whether Treasury an Incorporated Bank
Another proposition "tota divorce between the
| general government and all banking institutions and
the substitution Of SubTreasury Offices, or Treasury
Agencies However specious the terms Of this PROPOSE
ton distrustul Of it, If it is meant by it, that
| the general government is to receive paper of any
banks whatever Gas Mr.. Gouge, in his pamphlet, re-
commends,) but is to collect the whole revenue in gold
and silver alone then are decidedly against it, as
oppressive to the people, and perncious rendering the
government wholly dependen, of the general condition
of the currency Of the country Iii is meant that the
general government is not, after the banks shall have
resumed specie payments TO avail itself of such incident
al facilities they might furnish in the collection, safe
keeping and disbursement Of the public moneys, them
| too we have doubts both OF the wisdom aud the
tendencies of the proposition.
To separate the fiscal operations OF the government
rom those Of the people, it seems to u.s. would in effect
be making distinction rather dscredtablc to the state
Institutions and trying an unnecessary aud hazardous
experiment 1t must necessarily concentrate unusual
'ower in the hands of the Executive and invest it with
complete control over the public moneys. The require
nent Of gold and silver exclusively in payment Of pub
Ic dues, through treasury agencies, would put of in.
definitely and perhaps render impossible the resumption
: # specie payments. II notes to he received
ven if the banks should resume il would be an ilnnu-
alton Of bad faith in regard to paper, although converti-
! lie, and an injury to the system of an rretrevabc
haractcr 1t would also be putting the public creditors
o unnecessary Inconvenience and difficulty. Where
nd how is the specie to he obtained or nc sixty or
evenly millions of specie in the country it is divided
| etween the banks and individual holders, who arc
! oarling II for sale Those who have to pay the 90