The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-06

ING uauei saiualon oi the gold coins, by which
they had been banished in conformity to the
Hamiltonian policy" shall not question
the fact, that Gen. Jackson used his best
exertions 10 procure the rectifcation of the
standard OF the valuation Of gold coins but
the Globe is utterly mistaken in fixing the
commencement OF his exertions from and after
the Nashville toast; for, unless my memory
very much deceiyes me, the toast was drunk
August, 1884, when the act Of Congress rec
tlfying the standard had been passed, and APP
proved by Gen. Jackson on the 2Slh Of June
preceding, SO that this act preceded the Pc
Rod when Gen. Jackson commenced the
exertions ascribed to him by the Globe. II
was before this time also, if mistake not,
between November, 1888, and July, 1884,
that the great importation Of specie took place.
These exertions were directed to n proper
and important object, whether the notes OF
banks or specie only was to be received in
payment Of the public dues, and ayails nothing
in this discussion. ~
The Globe next refers TO the passage of
the Deposite Bill Of the Senate, in the session
OF 1895, in support Of its assertion. 1t seems
when that bill was in progress, that on the
Goth FSbrusIy, 1885, Mr.. Webster, in offer
ing assteB<linent to that bill requiring the
deposite banks to pay the treasury warrants
and drafts in gold and silver, made the fol
lowing remarks !" Within a wcek past at
tempts haze been made TO pay off warrants of
the Treasury not IN specie, but IN drafts pay
able on their face in current bills. Now, this
(said Mr.. W) he ,oished to prevent he wished
all drafts to be payable in cash, and that the
holders should not be turned off and paid in
current bills" The amendment offered by
Mr. Webster was accepted by Mr.. Benton,
who said, she ,oonid NOT only concur in the
amendment, but he poud go farther, and con-
cur in an enquiry, why there had been any re-
idration from uhdt he thought last year rould
haze been The system adopted" This bill, says
the editor of the Globe, was carried to the
House Of Representatives so late in the ses-
sion, that it was lost for the want of time to
act upon it. do not know what evidence
the editor of the Globe can derive in support
of his assertion from this bill, and its passage
through the Senate 1t nowhere prohibited
the receipt of notes Of specie-paying banks in
payment Of the public dues nor did it prevent
the holders of treasury warrants from receiv-
ing notes, or drafts, or checks, if they prefer
red it, in payment of these warrants The
amendment Of Mr.. Webster was only intended
to prohibit the banks from dischargng trea-
sury drafts in any way, which would compel
the holders against their wishes to receive
them in current bills. If they accepted in
payment of treasury drafts, bank drafts paya-
BILE in current bills, then they would be COM
PEELED to receive any current bill which might
be offered by the payers Of such drafts. 1t is
true, that this bill, after it passed the Senate,
reached the House Of Representatives too late
TO be acted upon but this does not prove that
it would have passed that body; for, if / re-
member right, the House had previously
passed and sent to the Senate deposite bill,
which was never noticed by that body Ii
my information be correct, the Senate's bill
was so filed with Objectionable features, that
the friends OF the Administration in the House
had determined that it should not be taken
up as if it had passed, it would at once have
destroyed the deposite system; not single
respectable bank could have held the depo-
sites under it. So fearful were some of the
friends of the Administration, that the Oppo-
sition might steal march on them, and get it
up and passed on the last night of the session,
that many were prevailed upon to stay until
the next day, solely that majority might be
at hand to defeat any such attempt, in case it
had been made
The Globe also refers to the Treasury Cir
cular, as proof of the design ascribed to Gen,
Jackson. The Treasury Circular could not
have been intended to effect any such purpose,
because it is confined in its operation to the
public lands, and not TO the whole revenue. 1t
avowed its object to be, to suppress ertens,oe
Speculations and ercessiue Bank issues grou-
ing out of ii. If Gen. Jackson had designed
this order as the entering wedge to this sys-
tenn, he would certainly have recommended it
in his annual message at the next session of
Congress, as the permanent policy of the Co
vernmcnt. This he did not do, but expressed
his entire appreciation of the State Bank sys-
tenn as the permanent policy of the Govern
ment from which the inference is irresistible,
that he designed the treasury order as tenn
porary remedy, for a temporary disease, which
was to cease with the removal Of the disease
itself.
As conclusive proof, that both the late Pre-
sident and the Editor of the Globe were
strongly opposed to the sub-treasury scheme,
so warmly now advocated by the Globe, and
upon which, in its estimation, depends the
adherence to the Republican faith, here quote
an extract from a commentary Of the Globe of
Nov. goth, 1884, upon Mr.. Leigh's opinion
before referred to- 1t says" And does Mr..
Leigh conceive, that the power Of the Execu-
tive over the public money would be diminish
ed, if in lieu of one treasurer as at present
appointed by the President with the concur
renee Of the Senate, who cannot himself touch
dollar of the public money while in his le-
gal custody, principal treasurer and as
many assistant treasurers as might be found
convenient were substituted, appointed by
the President. alone, or the head of the trea-
sury department, who should hold all the mil
lions Of the treasury in their actual posses