The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-19

very HuSh hhO hanging . oihiei so 'N.S r.
pose Of reforming him. We trust the people
will be guilty of no such folly. Wet they
will be on their guard, and not permit the pre-
vailing disorders TO blind their eyes to the
true policy, nor allow themselves 10 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 endorsements 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 a National Bank,
therefore, should be considered settled. Let
us rely upon the already declared policy ofthe
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 reptnue
can be made auxiliary 10 the reform which the
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:
1T has been seen that, without the agency Of great
moncyed monopoly, the revenue can be collected and
conveniently and safely applied to all the purposes OF
the public expenditure II IS also asceriancd that, IN
stead of being necessarily made to promote the evils of
unchecked paper system. the management Of there
venue can be made auxiliary to the reform which the
Legislatures Of several Of the States have already
menced in regard 10 the suppression Of small bills and
ph,eh has only 10 be ostsred By proper regulations
The part 81 Congress TO secure practical RETURN TO the
extent required for the security Of The currency, 10 the
constitutional medium. Severed from the Government
political engines, and not susceptible of dangerous
extension and continuation the State Banks will not be
tempted, will they have the power which we have
exercised, TO divert the public funds from the lc
gtnae purposes Of the Government. The collection
and custody Of the revenue being, the contrary,
source OF credit to them, will increase the security
which the States provide for faithful execution Of
their trusts, by multiplying the scrutines to which their
operations and accounts will be subjected Thus dis
posed, well from interest the obligations Of their
charters, cannot be doubted that such conditions
Congress may fit to adopt respecting the deposites
in these institutions, with view to the gradual dsuse
Of The small bills, will be cheerfully complied with and
that shall GAIN in place of the Bank Of the u
States practical reform in the whole paper system Of
the country. II, by this policy, ultimately wit
the suppression Of all bank bills bcoio trenfy dol
lars, it is apparent that gold and silver will take their
place, and become the principal circulating medium IN
the business Of the farmers and mechanics Of
the country The attainment Of such result will form
era IN the history Of country, which will be dwet
upon with delight by every true friend OF its liberty and
independence 1t will tighten the great which
paper syse has long collected from the earnings OF
labor and do 10 revive and perpetuate those habits
OF economy and simplicity which congeual to
the character OF Republicans, than all the legislation
which has ye, 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 CON- and II expressly prohibits the exercise of
similar power by the States Whether
they also designed to dves the states Of their sntece
dent right TO incorporate banks, it would now be
curious than useful To enquire That matter SO far
1t relates to the mere question OF power, must be
garded settled dror Of the continued authority
he siaes. Assuming that this was contemplated by
the trainers of the federal constitution, IS then most
evident that their hopes OF sound currency must have
been based upon the expectation that the respective go
vernncnts would faithfully discharge their peculiar du
ties, and as faithfully conhne themselves to their
speclvc spheres that the federal government would
exert all It's constitutional powers, not only by creating
and dltfusIng metallic currency, but by protecting
against paper circulation OF the nominal value,
whilst the states supplied such emissions oi paper
might be acfldy demanded By The necessities Of Com
mcrcc, aud not at variance either in denomination or
amount with the existence Of adequate specie
rcacy Had such policy been pursued, there the
best for believing that just proportion benccea
puper anil specie might hare been preserved, and
sound currency uniformly maintdined."
Again:
although have always been opposed to the in
crease Of banks, would nevertheless pursue towards
the existing institutions just and liberal coursepro
tectng them IN the rghtful enjoyment of the principles
which have been granted to lhem and extending to
them the good will of the community, so long they
discharge with fidelity the delicate and important public
trusts with which they have been invested"
The Hon. William c. Rives, in his excel
lent speech upon the subject of the currency,
delivered in the Senate last winter, held the
following doctrine, which seems to have been
heartily responded to throughout the country,
and by many, considered the most reason
able sentiments upon this subjectNever put