The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-16

touched What vii tile collector al New York do with
the $4,000, 900 which he receives annually Where
will he find place Of safety for il ] How will he
cure against thieves and robhersi How strong the
temptation to employ il himself in speculatonl Verify,
my mind, it is, although plausible in theory, the mos,
difficult scheme in practice, which It has fallen TO my
lot to consider,
A. III virtually smrenders he purse 10 The Elecuiips
All these Treasury agents will hold their places at the
discretion OF the Executive What temptations TO
abuse would the uncontrolled possession OF SO much
money hold out to ambitious aspirunt for unlimited
poweri have distrls OF tho present Executive but
speak OF the tendency aud dangers OF this scheme,
which suppose is intended to he perpetual II is a
power which ] unwilling 10 place in the hands OF
any Executive The powers Of the "purse and sword"
at all times formidable enemies to liberty aud free
government,
S. wM enlarge he patronage # The Federal Go
psrnneni II there be single principle in our admlra.
BILE system of Government which tends more than
other TO destroy aud overthrow the dignity and value
Of our State Governments and TO produce consolidated
government, il is the existence accumulated and
mulatng patronage Of the Federal Government Its
overshadowing influence is already casting the State
institutions into tho shade, and scheme IL pro-
posed which nst IN the end enlarge It's patronage, and
accelerate the progress Of consolidation New officers
and salaries will be necessary, and IN many in.
stances an increase Of the salaries OF the present officers
Already the expenditures Of the Federal Govern
ment oyergrown and exravagant; but scheme is now
proposed. which, If effected, will still farther enlarge
them We should seek rather TO curta than to oxpadd
for far departed from the true principle Of econo
my which should be observed in the expenditures Of the
Government.
g. The diGeulty charge and erpense of iransporta.
hon II this system shall be adopted, it will devolve as
a duty on the Government 10 make its payments IN
specie The difficulty and danger OF ransT ortng specie
from part Of this extensive empire 10 the other,
will be of a serious and imposing characts, and will IN
vove much expense, Why these risk !, when sys-
tenn be adopted which will avoid be In, as well
the expenses cannot perceive any sucl treason for it.
T. The great Inconvenience 10 tchich - ,ciH subject
the pubic debtors II there be currency which is
sound in every other point Of vicw why subject public
debtors to the trouble and necessity Of hunting up specie
| when they about to discharge Government debt
| Why upon many occasions throw them into the hands
of brokers to raise specie, by giving heavy premiums.
when they could pay sound current notes. Immediately
convertible into specie, when in their more extended
transactions with tIeir ellow-cilizens, notes will
swer II is an anomaly in the history Of Government
TO see it demand specie, when different currency Is
provided for the people at large. | am decidedly OF
OPINION that an accommodating spirit on the part oil the
Federal Government to State institutions, will gYeatls
increase the bond of union and strengthen the Of
| the Federal Government
g. ,c result in an increased demand for ma 'ionai
bank, and secure its establishment. hen this scherm
has operated sufficiently long ha, tested its utts
mpracticablty and the State Banl shall have bean
deprecated TO great degree under its influence ar
will inevitably he the case, then the demand for M
tona Bank will be so strong to be irresistible and
then adieu, long adieu, to boosted liberties
need not here remark, that am an uncompromlsing
| enemy TO National Bank in any form shape, IN
violation OF the Constitution and in conflict with those
great principles Of democracy which lie at the founda
| tion OF our institutions.
have merely sketchcd my objections TO this gidcd
scheme. | will hereafter enlarge upon them and pre-
sent others. am aware that our banking system
sound and defective, and needs great reformation but
90 for reform, not destruction. am decided advo
cate for great enlargement Of the specie bass-such
an enlargement will nfnse it into all the business
transactions of the farmers and mechanics leaving bank
notes almost entirely for extended commercial opera
tons | soc way to effect this but by gradual
cuson OF small notes Experience has amply tested
that notes and specie of the denomination will not
circulate together. The notes Danish the metal Hence,
to introduce more extended metallic circulation, the
exclusion OF small notes by law indspensably neccs-
sary | am willing to 90 ultimately but gradually.
to hy or one hundred dollar notes. if found necessary
and expeient. Indeed, decidedly advocate that policy
which will make notes what they profess to be, pro-
misses to pay specie, and that demand am willing
restrict their circulation that there will be dan
ger OF their immediate convertihty into specie, If de-
sired and the country against the distressing e
fccts of their expansions and contractlons
Let II be remembered that are to act, having banks
already and not as we would if the question were
whether would have them We compelled TO
act upon the state of things they exist not
would have them. The times demand the forbearance
OF ALL and the patriotic exertious OF all hnmbly trust
that in the conflicts OF party the best interests Of the
country may not be overlooked.
| CAMILLus.