The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-20
FOR THE MADIsoNIAN.
NATIONAL CURRENCY and STATE BANKS
THE MARYLAND PLAN.

With reference to the financial remedy proposed,
synopsis Of which appeared in your publication of the
10th inst, the writer will submit his commentaries in
successive numbers, for the purpose Of attracting the
public attention topic Of allabsorbng interest and
that the principles and details Of the specific proposition
NAV be critically examined and tested by the severest
scrutiny upon the several points Of eonstitutonahfy
praeheaby, equity erpcdiecy, adequacy, eongendii-
~ and fitness 10 The genus and spirit Of our institu
lions and indeed, upon all its bearings and relations,
with regard to the general welfare And he will enter
upon the discussion with the greater freedom and alac
ry, under from the highest authority that
fair trial shall be given to any system that may be
adopted without the surrender Of insuperable objections
Upon thorough and deliberate review Of the plan, it
seems be founded on principles strictly equitable and
conservative with powers sufficient for every beneficial
purpose, and without any inducement TO nfict evil 1t
may indeed be well believed, that if carried into effect
it could not ruin or inure the country, because all Its
tendencies are clearly conclusive to amelioration.
II is obnoxious any physical mpossibility, as ex-
perence has proved the practcablity of conducting
monetary institution throughout the union-and If so
found under the action Of vicious principles and limited
means, with what greater confidence might we ancl-
pate the successful operation Of system based upon
the (ah and property Of the whoe nation, and guardn
tied By The States, ruth circulating medium receivable
IN all pubic payments, and Immediately convertible into
1t would not increase the existing depression, nor
produce far spread sagnation of business but rather
would animate the energies of the countrystimulae
enterprise, invigorate industry and dfuse tho elements
of common prosperity and happiness,
1t would not impede the resumption Of specie pay
mens but essentially accelerate the desired event. and
establish confidence in all the relations Of social inter-
course.
1t would no, diminish the supply of money, pro-
duce the disastrous consequences of dearth or scarcity
but By its stable and abundant resources, AN AIDE
QUATE CURRENCY, OF EQUAL VALUE
THROUGHOUT THE UNION ,couid be established
for epery purpose
1t would not cause the depreciation of property but
by its action would cqualze values on commercial
principles which always lead to equilibrium; and acl.
tate transfers and converbly, in just accordance with
the laws Of trade
It would not excite nvdious distinction between
the functiouares OF the Government and the common
people but actually avoid all just complaint by viz
tual removal of the in qualification Of The nea-
sure Of The paiue
1t would not endanger the public funds, the faith
of the States, with the super-addition of "polcy and
interest,"" would inepose the strongest and
guaranty
1t would not compel the solvent banks to wind up
all such pripaie corporations which should possess su
cient means, and be properly conducted, would be
preserved and regulated" and proceed in harmony
,cih The confederation Of public institutions whilst the
unsound portion Of them would cease exist and yex
the country.
1t would not, in practice, be antirepublcan and
dangerous to liberty, but prove peculiarly adapted to
Just and equal presentation--emneny calculated to
cement the Union, and to preserve in pepetuy, the
fair fabric Of our freedom.
The enactments proposed to efectuate these import
ant desderda, Ito be found in Doc 9, Of the current
extra session Of both branches OF the national Congress
esteemed sufficient for their appropriate designations
and such, commended to the attentive peusa Of
every citizen; and more particularly to the profound
consideration Of patriotic statesmen, charged with the
legislation Of great, but afflicted, people.
The subject proposed will be prosecuted according to
the leisure and ability Of the writer aud the notices Of
editors disposed promote the object in view are
specially invited! PHlLO FISCUS
Oct. IL, 1887.
The Pidindedicr, the oracle Of Locofocoism, in the
City OF New York, has been discontinued