The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-28

amounted 10 99,s03, while. fos the year ending the
9Th Of April 1915 the sum paid for the same service
amounted TO f2sl 56s, being increase Of Els 100
During the same period. the public deposiscs Of cash
Al the bank IN consequences OF the increased pecunia
ry transactions OF Government, have been accunulst
ing in similar proportion, In the year 1884, these
depostes could not have amounted TO $4,000, 900 -
Since that time they have been rapidly increasing and
fromthe year 1906 tho average amount may be stated
at between fll,000.000 and fl2, 200, on which
the bank has been receiving interest at tho rate OF
per cent, As compensation for the Of this mo-
ney the bank has been already stated lent to Co
yernment f30000O0 al an interest Of per cent and
afterwards an additional 100000 without Interest,"
Il is further stated, that tho bank il employed as
great engine Of Staereceiyng aud paving the interest
due to the public credon-circulating excheqoer bills
accommodating Government with immediate adyan-
ces on the credit Of distant funds and assisting gene
rally in all the great operations Of finance" The bank
has an allowance Of fs00 per million the whole
amount Of every loan Of which receives the payment
upon every lottery contract is allowed 600, and
lastly it has the use Of all the public money committed
its charge besides several other allowances Of less
importance"
Notwithstanding these facts we hear many Of the
btreasury politicians referring TO England for ex
ample of the Subreasury system Mr. Editor, destroy
the State Banks and put the Sub-reasnry system TO
work, put i in operation without destroying them,
and National Bank will come. which viii be EN-
ployed as an engine Of State Then, Sir. wo shall
have the .moncy king re-estabshed with oil his pow
ers Instead Of hiiing against the State Banks, al
ready inyalds like distinguished knight used to do
against wndmlls, shall find enough to do with the
Z" money king" himself; and Mr.. Editor, you know
A King can make belted Knight,
A Marquis, Duke and a. that"
h Mr. Benton said 1.-THE last data shall produce is
from the history Of France, during the first admins
tration Of Neckar which about covered tho period OF
~, E.. al, pnafN
kar and when the finances of France in o regu-
lar state and This subsequent administration, when
the extrayagances Of the day and the snbserepce OF
the Minister'S Coonne and Brenne, had involved those
finances in ruin from which the talents OF Ncckar
could not extricate them What was the revenue and
the specie circulation Of France at that time say
specie circulation for the Mississippi scheme Of John
Law had cured the nation Of paper money, until the as
sgnats Of the Revolution came upon the stage, snd
lived their brief day. What the revenue and the
specie circulation out of which was paid 10 the pros
porous period Of the French finances 10 which have
alluded, Twenty-Five millions sterling Of revenue
about ITO millions Of dollars-snd ninety millions of
circulaton-about 450 millions Of dollars. This vast
revenue, equal to IA of tho whole circulation, was
regularly paid, and this establishes the only point for
which refer to it. Now, to apply this historical ex-
perence to country, and to the present times
Our may be about IS millions; l-4th Of that
sum will pay it. We have upwards Of 80 millions Of
specie in tho country annually increasing and certain
to increase to the utmost extent OF our wants, II we
create a demand for Il" .aa
II Mr. B. had searched for the causes Of the French
Revolution, and had recouned the excesses the slaugh
ter and destruction Of human life the general rapne
Of armies and waste Of property, he might have cons
dered these deeds not very unnatural for people, who
had inst broken the bonds Of oppression which had
shaved them for ages and gcneratonswho had just be-
headed their king, and determined to destroy the
last vestges Of monarchy and aristocracy; and
resolved, that Of kings, who had acted upon the
principle laid down by Mr. Benton, of leyyiug taxes
equal to one-fourh the amount Of money in the king
dom, and to create demand for it to the utmost
tent Of their wants. and the ability Of the people to
pay, should be exerminaled The herceness and bar
barity Of the Revolution doubt in exact proper
ton the oppression and degradation Of the people
under the kings, or as nearly so as human revenge
could apportion retrbutve justice to race OF Tyrants
That Ncckar should have succeeded in collecting from
the people Of France 10 millions of dollars year, is
surprising, when recollect that the National Po
lice perfect, that the whole kingdom little
else than military camp upon great scale, filled alike
with rccclversgeneral taxgatherers, and men OF arms,
from the central headquarters Of power at Paris TO its
EXTREMIST boundary And yet we are gravely told in
the Senate Of the United States, that 81 this
venue equal to one-fourh Of the whole circulation
regularly paid" and asked to apply this historical
experience to country and the present times.
Here is system Of taxation attempted to be forced up
the people Of the United States which exploded
civilized world, and which, from its gross oppression
formed small portion Of the which led to that
Revolution So that this experiment failed with the
downfall Of the dynasty. that pushed it to the greatest
extremity and it cannot therefore be quoted good
authority even in monarchcal Government, and much
less in a Republic.
Mr. Benton said We arc tainted with these
Treasury notes it to be matter of triumph that
the Government is reduced 10 the necessity OF issuing
them but with what justicel And how soon any
Government that wishes it, emerge from tho wretched
of deprecated paper, and stand the solid
foundations Of gold and slserl How long will j, take
any respectable Government that wills it, to accom-
psh this great change Our own history, at the close
Of the Revolution, answers the question and more
Gently, and more strkingly the history of France
swers it also. | speak Of the French finances from
1900 to 1907 ; from the commencement of the Consul
ate to the peace Of Tisit. This wonderful period is
repete with instruction the subject Of finance and
currency The whole period is full Of instruction; but
can only seize two views-the beginning and the
end-and for the sake Of precision will read what pro-
pose to present. | read from Biguon author Of the
civil and diplomatic history Of France during the Con-
snlae and the first years of the Empire written at the
tcstamentary request OF the Emperor himself
cater stating that the expenditures Of the Republic
were six hundred million of francs-abou one hundred
and ten millions Of dolars-when Bonaparte became
first Consul, the historian proceeds
AT his arrival at power, Of 100 900 francs in
money (about $4,000 dollars) all that the public
chests contained.
In the impossbity Of meeting the current service by
the ordinary receipts the Drecorial Government had
resorted to runous cxpedents and had thrown into cir
cuation bills of various values and which sunk upon
the spo. fifty to eighty per cent part Of the arrear
age had been discharged in bills two-thirds credit
payable to the bearer but which, in fact the Treasury
was not able to pay when due The remaining third had
been inscribed in the Great Book, under the name OF
consolidated third For the payment Of the forced
QUESTIONS to which they had been obliged to have re-
course, there had been issued bills receivable in pay
ment Of the revenues. Finally, the Government, or
der to satisfy the most impcrous wants. gave orders
upon the RcceversGeneral, delivered in advance to
contractors which they negotiated before they began to
furnish the supplies from which they were the pay
ment.' . g-'',-s