The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-26
BANKING sly ST Z m i.
THE TRUE DOCTRINE.

selves with text books, furnished by comDin-
ing the opinions of the great leaders of the
Republican party. They will then wander
forth in their Quixotic career with a better
understanding of the position Of their ene-
mics and forewarned of those Inns, where,
like poor Sancho, they may get tossed in
blanket.
If they Aatter themselves that the seeking
of new and untried paths, the adoption Of
new creeds, or the entire REIMBURSEMENT of
the old ones, will be counenanced by those
to whom they would fain look for direction,
they must have a singular confidence in, that
Jewel of virtues, CONSISTENCY. For our part,
we will not have the uncharitableness to be-
lieve, that these gentlemen whose opinions
we quote, and rely upon with confidence as
the true doctrine, will "turn their backs upon
themselves" and repudiate the principles upon
which they have always professed to act.
TO remedy the abuses of the Ranking Sys-
tenn by destroying all the Banks, would be
very much like hanging sinner for the pur-
pose of reforming him. We trust the people
will be guilty of no such folly. We trust they
will be on their guard, and not permit the pre-
vailing disorders to blind their eyes to the
true policy, nor allow themselves to be led
astray by the sinister DEVICES of demagogues,
or the extravagancies of fanatics.
We readily admit that our Banking System
is defective, and we shall cordially cooperate
in any proper measures for practicable and
wholesome reform. But let us avoid rashness
and violence The embarrassments of the
country would be wofully involved and in
creased, by furnishing the State Institutions
with destruction, because, involved in the
vortex of wide spread commercial and finan-
cial calamity, they were forced to suspend
specie payments. Moderation and forbear-
ance will best subserve the purposes Of re-
form, and turn away the evils, with which the
community would be overwhelmed by any
other course. Let us remember the great
principles for which we have been long con-
tending. Let us remember that Congress, in
relation to the currency, has only power, by
the letter of the Constitution, to " coin money
and regulate the value thereof, and of foreign
coin" The question of National Bank,
therefore, should be considered settled. Let
us rely upon the already declared policy of the
Government, for the best and safest measures
to promote the general welfare" And let
us remember, in the language of President
Jackson, that, instead of being necessarily
made to promote the evils of an unchecked
paper system, the management Of the revenue
Legislatures of several of the States have al
ready commenced" In this respect let us
sec how far we may rely upon the declared
opinions of Republican leaders.
In his message in December, 1885, Presi-
dent Jackson says:
at has been seen that, without the agency of great
moncyed monopoly the can be collected, and
conveniently and safely applied to all the purposes OF
the public expenditure. II is also asceraincd that in
stead of being necessarily made to promote the evils Of
unchecked paper system, the management Of the
venue be made auxiliary to the reform which the
Legislatures Of several of the States have acay
menced in regard TO the suppression OF small bills, and
nhich has only 10 be fostercd by proper regulations
The part of Congress to pracitcdl RETURN TO The
extent required for the security of the currency TO The
constitutional medium. Severed from the Government
as political engines and not susceptible OF dangerous
extension and combination the State Banks will be
tempted, will they have the power which we have
exercised, to divert the public funds from the lc
gltlmate purposes of the Government. The collection
and custody OF the revenue being, on the contrary
source of credit thcm will increase the security
,Ic,th Tho States fpr faith NJ
their trusts, by multiplying the scrutnes to which their
operations and accounts will be subjected. Thus dis
posed, well from interest the obligations OF their
charters, it cannot be doubted that such conditions
Congress may fit to adopt respecting the deposites
IN these institutions with view to the gradual dsusc
Of The small bills, will be cheerfuy complied with and
that shall gain, place OF the Bank OF the u
States practical reform IN the whole paper system OF
the country. IT, by this policy, can ultimately wit
the suppression Of all bank bills beior tccny dol
idrs 1t is apparent that gold and silver will take their
place, and become the principal circulating medium in
the common business of the farmers and mechanics OF
the country. The attainment Of such result will form
an era IN the history OF country which will be dwet
upon with delight by every true friend of Its liberty and
Independence 1t will hghten the great tax which
paper system has long collected from the earnings Of
labor and do to revive and pcpetuae those habits
OF economy and simplicity which congenla to
the character OF Republicans, than all the legislation
which has yet been attempted
Mr.. Van Buren, expressed himself thus, in
relation to this subject, in his letter to Mr..
Williams
The constitution gave to Congress express power
to coin money and regulate the value thereof and OF
foreign and 1t expressly prohibits the exercise of
similar power by the States Whether
they also designed to dlves the states Of their antcce
dent RICH, TO incorporate banks, it would now be more
curious than useful to enquire That matter, far as
lt-rcatcs the question OF power, must be
garded settled IN faror of the continued authority Of
The states Assuming that tins contemplated by
the trainers of the federal constitution, 1t then most
evident that their hopes OF sound currency have
been based upon the expectation that the respective 20
ycrnments would faithfully discharge their peculiar du-