The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-27
CIRCULAR.
or
w l. l. |, \ NJ l.. M A Y,
or ILLINOIS,
TO HIS CONSTITUENTS.
FELLOW CITIZENS

FELLOW CITIZENS:
! am prevented by the want of time be
tween the close of the extra session OF Con
gress and the regular session in DccembeI
next, from mingling personally with you, anc
hearing from your own lips the expression o.
your unbiased sentiments and opinions il
regard 10 the very novel and important mea
sures to which the President of the United
States in his late message has felt il his duty
TO call the attention of Congress. | regre
this the more, because newspapers and the
proceedings Of partial conventions do no
generally furnish fair index of the feelings
and wishes Of the body of the people. There
are, however, other means, by which the SEN
tlments of constituencies may be more accu-
rately ascertaned, and it is my ardent desire
that those means shall be employed in such
way as to leave me in no doubt, as TO the
course you desire me to pursue, III regard to
the important topics which have engaged the
deliberations of the Congress just closed, and
which are likely to occupy much OF the time
and attention Of the Congress that is to con-
vene in December next.
Since left YOU new order of things has
arisen. The President of the United States
has proposed, for the first time since the or
ganlzation of this Government, 10 change The
mode ofcoilccting safe keeping and dtsbursingthe
public repenne, 1t is proposed to separate the
Government from all banks, State and Nation
al to cast aside their paper and dispense with
their agency to collect the public revenue
IN nothing but gold and silver, and to deposite
tin the hands of individual agents and receiv-
trs for safe keeping and disbursement. This,
1t will be perceived opens new question,
unknown to my constituents at the time of my
election, but of such vast importance as to re-
qure our most serious consideration.
propose to state to you as briefly as pos
siole, my own views of the subject as it is
now presented, in order that YOU NAV under
stand the position of your representative and
take such action thereupon as TO you may
seem fit and proper.
regard the proposition, as one calculated
TO nave as extensive an influence upon the
desines of this country, either for good or
evil as any that can be presented to the pro-
per consideration of the American people
1t has been recommended blythe President,
and Secretary of the Treasury, and received
the support Of a large body of their friends in
Congress. My political and personal asso-
clal.ons would incline me to yield to it my
support, could my Judgment be satisfied that
a proper regard for the interests of my CON
stltucnts and the country at large would justify
lis adoption. | have examined the subject
VITA an anxious desire to arrive at a ust APP
probation of its true bearing, and am con-
strained TO dissent altogether from the OPT
mons expressed in its favor by the President
and many Of his friends. He anticipated this
diversity of sentiment, and although he had
discharged his duty in giving to Congress in
performance of his constitutional duties, the
result of his reflections, he referred the whole
matter very wisely to Congress, and stated,
that whatever plan might be ultimately esta-
blishcd, his own part should be so discharg-
ed as TO give it a fair trial and the best pros
pcct of success. The "subcct deserves a
full and free discussion and cannot fail to be
benefited by a dispassionatc comparison of
opinions
You are aware, my fellow citizens, that
hitherto our Government has employed banks
as the repositories of the public revenue, and
that the wisest statesmen and sages OF our
republic have borne testimony in favor of
their utility and superiority as fiscal agents
in that relation. The deposite system has
been in practice from the formation of the
Government TO the present hour countcnanced
BY every President, and regarded by every
Secretary of the Treasury as the most safe,
convenient, and economical plan that could
be devised Mr.. Jefferson, in 1871, in his
official opinion to General Washington, as
member of his cabinet, resisted the incorpo-
ration Of the first Bank of the u. States, on
the ground that the State banks would afford
the necessary facilities as fiscal agents of the
Government, and even lntlmatcd his opinion
that bank hills were more convenient than
Treasury orders.
Mr.. Madison, in his speech of the same
year. against the incorporation OF the T.. ).
Bank, said that cts uses to the Government
could he supplied by the other banks, over
which the Government would have equal
command, nay greater as II may grant or re-
fuse to these the privilege, made a free and
irrcyocabc gift to the proposed bank, of using
their notes in the federal revenue
Mr. Gallatin, by all admitted to be one of
the most able tinancicrs in the country, when
Secretary of the Treasury, officially stated hi,
belief that the bank system "gBordS one IF Tie
best securities stdcInqucncics." lie stated,
on another occasion, that the public moneys
are safer by being weekly deposited in banks,
instead of accumulutmg IN the limits Of co1-
lrrtorS, Is sclEcrtdcm. And their transmission,
whenever this may be wanted for the purpose
ofmaking payments in other places than those
of collection cannot, with any convenience,
be effected, on large scale, in an extensive
country, except through the medium Of banks,
or OF persons acting as bankers"
State Banks may be used, and must, in
case of non-rcncwal Of the charter, of the
Bank OF the u. S. be used by the Treasury"
might quote numerous authorities to show
that the democracy of the days of Jefferson
and Madison, opposed with their whole force