The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-24

CoMMERCE-THE LEGISLATURE-THE
BANKS. ." ".....-..
Commerce is beyond all doubt one of the most i'm
portant interests of louisiana but its union with the pre-
sent banking system inseparable, that we can
scarcely treat OF the without having view the vel
fare OF the other; and follows that whatever
are taken by our Legislature regard to the banks,
they should be regulated that Commerce shall not
suffer by the combination. In employing the
merce we do not make of in that limited sense,
in which the banks appear 10 have understood the ex-
PRESTON and which has induced them circumscribe
to certain class those facilities which should have
been far generally extended by these institutions
by commerce IRE mean The united operations Of every
species Of industry, and whether the producer the
agent the cultvator the vender be comprised in sthe
slgnifcaton, we would have all equally protected.
We also in opinion with the Bee, touching
the 'ssovency of the bahks and the result Of scrutiny
Of their affairs
1.-The careful examination of the actual position of
the banks will fully test the solvency and wealth
of the greater part of them and will individually
store shaken credit but to arrive at this desirable
object II is the duty of those OF members well
ed in financial operations, and capable of thoroughly in
vestgatng tho question, to undertake scrutiny that
must nfaliby occasion the most beneficial results, not
only the commerce Of Louisiana, but to for
eign mercantile affairs"
But in what terms shall we speak of the libcrality
banks to enable them to resume specie payments 1t
is contrasted most nobly and envably with recon-
mendation to bring these State Institutions hastily, in
considerably and remorselessly within the puryiew of
| a bankrupt lac
I" Let the Legislature accord term of six to twelve
months, for the resumption OF specie payments let that
resumption be partial at first, and afterwards entire.
| This, however, is much longer time than should
be willing to allow the banks to specie pay
ments and much longer, we Think than any banks in
the country would ask We believe, those Of the Nor
thern and Middle States will all " resume before next
January Many Of them have already done so.
| We entirely, but most unhappiy, concur with the
Bee as to the effect Of the b-1reasuy scheme, and
its "ony' facility
AS the of our national Congress influence
particularly internal exchange the offices of deposte Of
the subreasury will only facilitate the transportation
| OF Government funds; But we deny altogether the
i" advantage" which is groundessy dcduccd from the
premises but this advantage will be scnsibly felt by
commerce. because the transactions between state
and another, will necessarily become less embaras-
sing"
We cannot perceive how the " transactions" are to
be less embarrassing, by Of the sub-trcasuy
nopoltsing all the specie We should like to have the
Bee solve this enigma
In the concluding part Of this same paragraph (parts
of which have quoedl most cordially sympathise
with the Bee in its dubiosily
ST is asserted that by this measure the actual me-
tallc circulation will be improved, but confess that
we have not yet sufficiently scrntlnzed the operations
of the system to dcduce from it such positive conse
qucnccs.
But we entirely dissent from il, touching the " IN
limited coafdnee" that to be blndly acc orded to the
General Government
1--WE have, however, a confidence so unlimited in
| the General Government and to the scgacy of our
legislators that do not for an instant question the
advantages resulting from its measures"
What has brought upon the venerable Ex- President
much reprooch the remark attributed to him in the
Senate, when great and important measure was
under consideration" We should act, and not dctbc
rate the President recommends the meas ure on his
high responsibility"
God forbid that the representatives of this great
nation should ACT WITHOUT, pErlRERATloN; or that
they should support any measure recommended by
the Executive, under any other responsibility than
that Of their oaths to God, and their allegiance to
! their country.
We shall conclude our notice with one more quo
tation, and the single remark, that it has our most
entire appreciation without "deliberation"
Euiic credit is the of prosperity 10 crcry class
~ Socicty and public credit is of equal benefit TO
the expectation OF produce, and the importation of
| merchandise the country becomes as much inte-
rested the torn in directing the influence of bank
ing institutions to the encouragement Of crcryspeccs
| OF mercantile pursuit.
TO CORRESPONDENTS.