The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-20

and hallow,d in my afectons) and view them coyeret
with an Industrious wealthy, moral and intelligent yeo
many, whose gladstone faces bespeak the Happiness,
that reigns Within surrounded with all the blessings
which endear to life rich in conentment and compe
tencei and ask, with deep felt and trembling solic
tnde, Is this earthly Eden destined TO be entered and
desecrated by the arch enemy of wealth. Of order,
OF intelligence the Kissing, restless, devourng serpents
OF modern Vandalism Is her industry TO be paralyzed
her energies impaired, her prospects blghted her altar
desecrate, her primary schools abandoned Is she tC
be arrested in her onward to wealth and glory
ana hurled back century into the gloom OF barbarsm
And for what To appease the foul levellng and de-
siructive spirit Of loco focoism,
will she leave that fair and fertile plain,
To latten on that moor !"
God In his mercy avert from her visitation awful
lam WEDDING converse with my constituents Ihaye
one IN my view. Thirty years since, he le his native
New England, rich in nothing but bold and honest
heart save his faithful dog and his cherished axe,
Dashng from his manly cheek, tho tear which separa-
ton from home and kindred claims, with these com.
panons, he pursued his solitary way, and
HIM IN the beautiful valley Of the Susquehanna
rendered classic by the muse Of Campbell and by the
inventive pen of Cooper Before the thick strokes Of
his well piled steel the forests receded with rapid pace
and anon " dne wilderness buds and blossoms like the
rose" Ash HIM now Of his condition. He points you
to his rich and well-tlled acres to his almost splendid
mansion, to his we-stored barns and graneres, his
hocks and his herds, to his bonds and morgages-anj
tells you there the fruits Of my toll Ask him what
he has received from the merchant and manufacturer
IN exchange fer the products Of his labor, and the
swer ls bank paper; and when inquired OF, he will tell
you that from the time the first blow OF his startled
the deer from his lair 10 the present, he has been
in possession Of two hundred dollars of the metallic
currency" But this man has awaysh had money enough
and is worth twenty thousand dollars And this is the
history of NEUTRALITY-SUSPICIOUS. OF the farmers Of our
State, though the amounts Of their property may vary
" FIX uno dis ct omnes" These remarks will apply
with greater force 10 the merchant and manufacturer
Most Of them started in life pennyess but by the aid of
bank credit are IN possession of wealth and happiness
These then Of the benefits of the credit sys-
tenn And are republicans prepared to wage war Of
determination against 1t, or to give any their
support TO any man who seeks to destroy It, IL will be
their business and aims to correct the abuses Of the
system, to curta bank issues to amount required by
the legitimate business Of the country, to increase the
specie basis by compelling the banks to keep in their
vaults quantity OF the precious metals bearing Just
and safe proportion to their issues They will strive
TO build up, beauty and perfect the edlce OF credit,
and not destroy II we have too much bank
capital (Which do not beleve) the charters expire
let them pass easily and silently OIL and wind up their
affairs with as little inconvenience to the people (vho
will always be their debtors) possible, thus avoiding
arrangements in the currency OF the state. This
rency Is subject Of the greatest dellcacy. 1t cannot
resist the rude shock of hasty innovation Ii has been
Justly compared to the sensitive plant which recos
from the slightest touch 1t must be approached with
caution, and its perfection be the work Of gradual
reform The citadel Of our credit system against which
directed with untring aim the whole artillery of the
loco foco press, erected by a masters hand
Though wanting IN some respects IN architectural
beauty and polish, its great outlines and general sy
metry present model far surprising in strength,
safety and durability, any nancialFsructure which po-
htical economists have been able to erect Thus
far it has whstood the whlrlwnd which has with ruth
less fury desolaed the commercial world and the fierce
shocks Of loco oco assault. Although from motives
of prudence, from their inability to collect in their debts,
and from disposition to carry out the policy of the
Government, by keeping the specie in the country and
thus preserve specie basis for the future operations
they have temporarily suspended specie payments, 1t
cannot be pretended that either the Government in
dividuals will lose farhing by them.
II rests with the republicans of New York whe-
ther this fabric of credit shall BE- finished in beauty
and perfected in strength, or be tumbled into ruins
by Gothic violence.
Until recent period there has been but one OPT
niol among the democratic party of our State, as 10
the necessity and importance of well regulated
banling system. Gov. Van Buren, convinced
of is Importance and of the disastrous consequent
ces which would follow It's destruction. In his mes
sageto the legislature, in 1923, he says
To dispense with banks altogether, is an idea
which seems TO have no advocate and TO make our
selves wholly dependent upon those established by
federal authority, deserves nonel"
Experience has shown that banking operations
to b. successful and consequently beneficial TO the
community, must be conducted by private men, upon
thei, own account A State bank, with branches
established upon the same principles, IN other re-
specs as the present institutions and in which the
Stat. should stand as a private stakeholder only,
would probably better Subserve the interest intended
IN h prpmptel by he al ShmPnf al hanks
the present system; and if the question was new,
and all respects an open one, would doubtless have
NAM advocates. But we cannot close our eyes 10
the difficulties and pecuniary embirrassments that
mus result from suddenly stopping the operations
of 50 many and such long established institutions
Ofne thirty millions that are owing 10 them, the
principal part is probably due from merchants, man
ufacmrers, and other large dealers in their vicinity
but Eey in turn have their demands against persons
pursuing similar bushes in the country and those
again must look to their customers thus embracing
all classes of society," in the liability TO contribute to
wards a general settlement. The amount due from
the banks especially all that portion which consists
in bills issued by them, would be found scattered
through the whole community.
From even this superficial view of the subject it
must b. evident to all rejecting minds that the pc
cuniary commissions that must result from compul-
sorry close of these extensive concerS, would be ne
thcr slight in its degree, or transient in its duration
You will, am convinced, concur with me in the
sentiment, that responsibility of serious cha
racter and so fearful in its possible consequences,
should not be incurred on slight grounds, or from
motives of expediency in the least degree question
able. OF the inducements to such step, il is your
right and your duty 10 Judge; and sincerely hope,
as firmly believe, that your constituents will, in
the end have reason to rejoice that trust SO sacred
has been repoSed in hands SO deserving"
In obedience to this recommendation, a repub-
can legislature renewed all the charters of the banks
under the safety fund system recommended by him.
Since that period banks have continued to b. char.
tered By republican legislatures the business wants
of the community required.
In his letter to shcrrod Williams, he says,
"The constitution gave TO Congress express pow
er TO coin money and regulate the value thereof and
of foreign coin, and it expressly prohibits the exer-
else of similar powers by the States.
=. Whether they also design
ed to divest the States of their anteceden right TO
incorporate banks, il would now be more curious