The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-12
From The same


we remarked yesterday that in regard to the Sub
Treasury System the views Of the President di-
recty opposition to those which had believed
be entertained by the great Of the party, and
have hourly additional evidence to confirm in
opinion. Public sentiment Is not IN favor OF the pro-
posed Sub-Treasury system We disapprove --for
practical and merely theoretical reasons, though the
the latter are numerous and cogent. We wish to let
well alone. II changes in the practice Of our govern
mont necessary, 1--WE would postpone them to more
proptlous times Our local banks sufficient agents
until the Of catastrophe which would equal
ly have overtaken whether they not
government agents. The calamity from
they could not CONTROL and whose operation they could
not avert The Message exhibits those causes in let
tiers OF light, and the suspension OF specie payments
would equally have occurred whether the government
kept its moneys, the local banks had it. the
late National Bank. The main was the course
taken by the latter to compel its re-charter-hc con-
traction FIRST and then the sudden vast expansion CO
ercing the local banks TO follow in its That
produced the convulsion. Will collecting govern
ment dues in specie give relief to the country,
mend these evils Will not the measure produce the
same effects as another removal OF the Deposes with
out the same Justification and with more disastrous
consequences! Talk over your theories, ye who can
lose nothing, but remember that there some who
have stake in the land There are many who have
conservative interests. These may admire eloquence
and hypothesis, but their judgment must be convinced
before they adopt heartily new and untried schemes.
Separation Of Bank and State, is pretty phrase but
is it better than let well alonep II said that
the establishment OF the Post Office Department, four
thousand and five hundred Posmasters have been de-
faulters Those funclionares usually chosen from
the most respectable class in their vicinity but this is
appalling amount Of defalcation. Shall add to
their list to the probability Of defacaon the ten thou
sand other receivers Of public money! The President
will exercise any power conGded to him, honestly, and
with single eye to the public welfare, but shall IN
crease his Responsibilities hazards and temptations by
this tremendous addition to his power! He has the
sword almost without restricton--sha we thrust on
him the national purse also These questions rather
of prospective than Of present moment, but they
still momcntous We have no money now, and cannot
have unless we borrow, repeal that wing distribution
law but we may have day, and then the question
will be important. If it be settled 1t must be In
reference to that day. The President speaks persua-
svely IN avor oil specie government currency and no
agencies Our own present views are IN favor Of iettnS
well alone OF being con,ented with circulating me-
dunn equivalent to specie Of uniform currency for
government and citizens and OF waiting patiently until
natural should operate-as they soon wil-the
resumption Of specie payments the suspension OF which
Is chargeable directly TO them alone Our views may
be changed, but until they must dissent rom
the Sub Treasury System. We feel very that
Congress will dissent from t-and more that the
people will Better times are coming, though Congress
cannot accelerate their approach, while they still
may and will mitigate existing evils, and when those
times arrive, shall be ready endure and perhaps
welcome innovation. Meanwhile we are prond OF our
President and with whole zeal and power will sup
port him In all measures winch judgment and con-
science will permtgving him full credit Tor sincerity,
uprghtness and patriotism IN relation to any on which
we may be compelled to differ