The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-30
From the Men York Times.
PRESIDENT VAN BUREN's MESSAGE.

In tracing the history of the present financial reyu
sion President Van Buren, has unquestionably pointed
out the most prominent which produced it, but
Of opinion that he has omitted TO notice ele
which, if originally entering into its formation,
has without doubt tended to accelerate its progress and
aggravatc its evils. 8 s
Our readers will, no doubt, anticipate when
fer to the Radical spirit which has endeavored TO WELD
the public caamtes to its own base uses and, under
the guse Of exclusive Democracy hurled its anathemas
against the institutions Of the country scattering dis
trust and suspicion Of their sovency prelerrng unjust
and unionnded charges against their officers and stock
holders, and minstcrng to the vilest appetes Of the
most restless and dissoute members Of the community
In discussing the scheme for creating Sub Treasury
agencies throughout the Unon the President appears
TO consider that their substitution will not confer any
greater power the Executive than the system Of col
lecting the public revenue by the agency of banks but
to us it seems papabe that in the one case the agent is
the direct minister Of his will the creature of his power
and holding Office at his pleasure while bank officers
amenabe to other of authority and in perform
ing their duties financial agents Of the Government
be influenced in their by tho possible de-
sire to court Executive smiles, to deprecate official
| displeasure. t
The maximum amount Of funds at any time in the
Treasury is supposed by Mr. Van Buren, to be ten mil
hons Of dollars but the events Of the last few years,
and the unparalleled increase Of the wealth and popu
laton OF the country are to our view, sufficient indica
tons that any estimate Of the annual receipts into the
Treasury be little better than conjecture and that,
whle perhaps, in the limit assigned may be
beyond the amount, in others il may be far below it
lis true that if the collection Of gold and silver for
public dues and placing them in the custody Of Sub
Treasures would have the effect of prostratng the in
sutons Of the country, and resolving society into its
original elements-of which fears are entertained by
some-uae amount opublic collected would be
proportionably diminished but concedng, for the sake
Of argument the advantages claimed for the plan by its
advocates and you cannot avoid the conclusion, that
during peculiarly prosperous periods it would absorb
nearly all the precious metals in the country, leaving the
people without basis for their moneyed transactions and
casting The Whole public treasure at the ootstooi Of En-
ccuiirc p0iccr
The selection Of the present period to urge the enact
ment Of bankrupt law, embracing banks and bankers
| only, appears to us unfortunate.
If the banks Of the country had wfully seized on
period Of public distress evade the payment Of their
obligations, it would be no more than justice to select
them peculiar objects Of legislative supervision, and
the strong measure of invading the province Of
state authority by the agents Of the General Govern
ment, might have been justified by the necessity and
proprety Of the measure but If they victims Of an
unforeseen and unavoidable financial revulsionf since
the suspension of PAYMENTS they have the best
of their ability husbanded their resources and expended
their energies in providing ways and means at the
lest period to resume-if iii Short their officers have
acted in good faith then il is mpoltic to any bank
rupt law which would summarly close their business
and distress their debtors by enforcing the collection Of
their claims by judgment and execution
II, in discussing the expedency Of measures which
are agltated at the present time we compelled to
make frequent auson to the moneyed institutions Of
the country, it is because their preservation is nerwo
with the successful prosecution of every business
pursuit, and not from any peculiar feeling Of friend
| ship towards those who for the time being en-
| trusted with their management. The advocates for
dwelling doctrines are, is true, endeavorng
false issue by exhibiting their opponents under
bank influence, and fondy hope, by arrayng the pre-
| mar of he munfy
against moneycd institutions to successfully accom-
plish their schemes of disorganizaon and ruin But
fortunately the eyes Of the people opened and the
attempt to the mechanic, the cartman or the
aborer that he should submit to beggary and loss Of all
employment for years. that he may have the pleasure Of
bringing all the community 10 the level will result
in merted discontinue. Equally futile is the effort to
ns into the planter the belief that still further reducing
the price Of his cotton until to cultivate it is runous is
for his good; the farmer be grati6ed at sys-
which reduces the value Of his wheat and corn crop
fifty per cent without any corresponding good to atone
| for the sacrifice
Fortunately neither patriotism nor duty demands the
prostraon of the business and Of either
Citations individuals, but the contrary every lover
of his country, is mperatvey required by the highest
motives to aid in giving an impetus to the general pros
perty. ~ ".@ ts.s
Already the whitening influence Of this fatal .pes-
lence has parayzed the energies of tho wool grower
the lumber producer the cotton planter the manuac-
turc the azan, the laborer and the merchant and If
1t should press onward in its career gathering addition
al power from the action Of Congress, will take but
lew short months to PROSTATE the hopes Of the grain
grower, the grazier, and the gardener.
That Mr.. Van Buren, has recommended such mea-
sures in his judgment will conducc to the best ine-
rests Of the country firmly believe nor will he object
to their full discussion he can have no other motives
but such as should govern every high-minded patriot
Indeed he promises expressly carry into operation
with his best energies any that Congress in
its wisdom may adopt no matter whether they differ
from, or agree with, his own suggestions
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