The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-27

gress even now oyerpowers the ulclaes VI
conscience aud patriotism. This scheme
would render il perpetual, and transform II
into despoism. In the House OF Repre-
sentatiyes the much talked OF Bank influence,
is as nothing compared with that OF the Elk
ecutive Members of Congress, who came
to the Capitol with determination OF doing
something for the relief of the country, and
strongly opposed to the Sub-treasury scheme,
were drawn in by the operation Of party ma
chinery to surrender themselves to Executive
will. was myself more than once entreat-
ed to abandon my private convictions and en-
brace the Subtreasury project merely be-
cause it had been recommended by the Pre-
sident! Such conduct, and the exercise OF
such influence regarded as virtual nulliii-
cation OF Congress and an unlawful interier-
ence in the duties and business OF an indie
pendent legislator. have always been
taught to consider Congress as an inde-
pendent branch of the Government, and not a
mere Executive council for the purpose of
registering Executive edicts. i shall always
view il in this light trust, so long as shall
be honored with seat in that body. The
tendency Of the Sub-treasury scheme, is to
extend the same influence over the country
at large, and TO place the desnies OF this ma
ton entirely within the Executive control
In the exaction Of gold and silver in pay
ment of the public dues, my opinion is, that
| it will effect the establishment of two cur
rencics the better one for the Government,
and the baser one for the people, taking itior
granted that the country will continue the To-
cal banks 1t will make specie however, an
article Of traffic, and thus tend to discredit the
paper of the people, which the Government
refuses, although convertible and render the
resumption Of specie payments impossible
But as two currencies of unequal value can
never circulate together, the Government cur
rency must eventually triumph over the State
currency, and the latter must be abandoned
and the banks surrender their charters, or,
the general confusion and debasement OF the
| State currency will involve the States in such
| vexed legislation that a National Bank will be
demanded with one unanimous voice. If
then, the scheme should be adopted our pros
perity is at stand as long as the system is
tolerated The people would become alien
ated from the Government, and the Govern
ment would in effect be divorced from their
interests, and married 10 its own. In barba-
rous, half civilized, and despotic countries an
exclusively metallic currency may suit the
views and purposes oflhe people having no
confidence in each other, and no providence
for the future. But in this free and enlight-
ened country such currency would be abb
surd, npracticable, inconvenient undesirable
and impossible. There is not gold and sill
yer enough to be found to answer all the pur-
poses of currency, and the quantity is fast
diminishing by the absorption Of those arti-
cles in manufacturing purposes.
p,,J tho Ranks ,nJ ottamntipu IN
resort to a specie currency, you make The
federal Government the great moneyed power,
and compel it, in consequence of The defcien-
cy Of the metals to resort to Treasury notes.
thereby making the Government, after all, to
all intents and purposes bank. With his
hands thus in the pockets of the people re
gulating their currency" the Executive will be
able to perpetuate his power, and appoint his
successor.
1t is stated that the President has less con-
troll over the public money in banks, than in
the hands of his agents. 1t is highly proper
that it should be So and it was for that purpose
that congress was wise enough to place the de-
posi,es in the banks by law for that purpose
lnthe hands Of executive agents, the public mo-
ney, being only secured by individual response
bility, would be less safe than in the charge Of
embezzlcment would be intinite. 1t would be a
false view Of human nature, not to suppose
that the individuals thus in possession of large
amounts of money not liable 10 be called for
suddenly, would yield in too many cases, to
the opportunities of their friends. The sys-
tenn would therefore be Of demoraliZing ten
dency, and involve many innocent persons in
pecuniary difficulties and many evil disposed
81
losses. The experience Of the country con-
clusivcy justifes this view Of the case.
Many melancholy cases have occurred among
state officers, army officers, and postmasters
thus employed. The system is already mea-
surably in operation in the General Post Of
flee, each deputy postmaster being now
keeper of the public money, and it furnishes
us it would seem, satisfactorily, the most con-
demnatory illustrations of the scheme. The
report of the Postmaster General, presented
at the close Of the last winters session Of
congress, shows that out of about 10000
postmastcrs, 1882 are delaulters to the GO
vcrnmcnt. This fact ought to condemn at
once the extension of such 4 scheme without
any further controversy
Another objection to the scheme is, its in
crcasing the expense difficulties and liability
to loss in transportation. Bills OF exchange,
checks, drafts, &c, open to endorsement and
with other guards, are safe and convenient
media of transmission. Nothing can be more
announcement and awkward than carting specie
back and forth from one place of deposite to
another to liquilate balances and for safe keep
ing. We have had exhibitions of this ridicu-
lous farce in our own state under the operation
of the specie circular, when, after all, the go
vernmcnt received nothing but bank credits.
What would be the effect, in brief, OF the
Sub-trcasury, hard money policy upon the