The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-26
1.-THE CONSTITUTIONAL SYSTEM
OF FINANCE"


The "Organ, at present distinguished by
the confidence and favor Of the administra-
tion," publishes labored article, under the
above caption, from the Hartford GU Times,
in defence Of the proposition Of Mr.. Leigh,
late Opposition Senator, from Virginia, TO
divorce the Treasury from all connection
with banks, State or Federal" and incidentally
ridiculing swell regulated credit system"
The gift of an Alchymist is not wanting to
discern the hand that wrought this elaboration.
The gift Of common sense is only necessary
to expose its fallacy, and exhibit its identity
with the views and policy Of the Opposition.
The evidence Of appreciation, given to it by a
conspicuous insertion in the "Organ" men,
toned, entities it to our notice.
The object OF the writer is, to prove that
the system which has been pursued by this
government in the management of its reve-
nue., from the earliest times down to the pre-
sent, is attended with difficulty and danger,
and is unconstitutional! That the "separa-
ton of Bank and State" the substitution Of
Sub-Treasuries, and the receipt of gold and
silver only for revenue, is !" The Constitutional
system Of Finance"
After long train Of reasoning, founded
entirely upon a new and incomprehensible
system Of logic, about the provision Of the
Constitution that "no money shall be drawn
from the Treasury but in pursuance Of the
appropriations made by law" we are told, in
the most extraordinary profundity Of political
wisdom, that "the public money, ,ohen in the
Treasury, ,iH be in the actual possession and
custody Of the United States y That "the
money uciA not be the property Of the Trea-
surer any more than the records or archives of
tile office ,eiH be his private property" IN
paralleled discovery, after fifty years expe-
rcnce under the Constitution! And what
farther light does. it introduce Why, it ap-
pears that the Treasury Of the United States
is the place or places where the public reve-
nues are deposited, in conformity to the Con-
stitution and laws" And what is the object
of this grave expenditure Of reason Why,
to prove, that "when deposited in banks
which WAS not consistent with the Constitu-
ton, it is there found difficult TO discover
,rhcre the Treasury is, because the money, ,ohen
50 deposited, IS not in the custody Of The United
States, or any officer Mereof 1t Of course is
not in the Treasury, for under that system
there pas no Treasury. The deposite banks
could not be the Treasury for two reasons
the first, that a corporation cannot be an
officer Of the federal government; and, Sc
condly, the money is not in. the custody Of
the United States, nor IS it in fact the proper
deposited, it becomes the property ofAe bank,
and the United States haze lost all control orer
it,"
This seems to us the most fragrant violation
ceive, or sound man republsh Who, or
what is the United States" thus officially
in the actual possession and custody of the
public money! This Omitted States" can
cannot be an officer Of the federal govern
mcnt." What bodies are there besides the
body corporate and the body naural7 And
is the "United States" natural body? 1t
must be natural body in order to be appoint
ed an officer. "a corporation cannot be an
officer of the federal government )" and pray
what :" oficer Of the federal government is
the Treasury
And what is the Treasury What is Trea-
sury but depository Of any thing valuable I
Is not Treasury, Treasury still, without,
regard to the locus an quo, the place in which
II IS kept? Is not a purse, purse, whether
in the pocket or in the safe Does it follow,
that because the public money is not "in The
Treasury" that there "is no Treasury" at
Of course is not in The Treasury, for under that
system there mas no TREASURY" Then it is
meant by the writer, and the "organ at pre-
sent," &c. that endorses him. that President
Jackson when he approved of the deposte
Bank system, destroyed the Treasury Then
We have no Treasury now, and have had
none for many years But /" the constitution
expressly recognizes the existence of a
Treasury" therefore President Jackson and
the whole United States Congress violated the
Constitution And having discovered that the
whole course and practice Of this government
has been in violation Of the Constitution, how
does this writer and his endorsers propose tl,a,
we shall be absolved Of the sin I, By revert
ing to the opposition creed Of 1894, and " d.
vorcng the Treasury from all connection with
Banks, State or Federal"
Every departure" the writer says " from
the constitution, however slight and unimpor-
TINT il annarentlv il Will sooner or later he NJ