The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05

ncontestby prove, tina, the promise TO pay dollar is
MOI, IN act dollar and that ncdeemaba and de-
preciaed paper currency Tot equal gold and silver
But do these arguments and the existence OF q mint
with branches supply the precious metals from which 10
coin specie in sufficient quantity TO supply the place
now occupied by this paper circulation Does the be
lance of trade promise supply Of this metal from To-
reign countries Or will the most CONVINCING aru,.
proof Of the great incriony Of log cabins To
fine substantial brick stone houses, and the destruc-
ton Of the log cabins in our country supply the present
occupants Of those cabins with each fine comfortable
brick stone house in place OF the log cabin you de-
stroy! Il would probably be well to try the experiment
| at first, If at all on small scale. A
voice from Quincy has proved that the energies OF
her distinguished statesman not wholly absorbed in
Antmasonry and Abolitionism and has furnished q
plaster doubt very acceptable the conscences Of
counterfeiters, by favorable comparison Of their guilt
with that Of directors Of suspended banks Il is
cerey to be regretted by those who have been able
to disest themselves Of lingering feeling of respect
for whose credit have been placed talents Of
high order though much abused and prosttuted that he
should not have been able distinguish between the
moral turpude Of voluntarily contracting debt with
out intending TO pay and the forced inability
debt at It's maturity, without any attempt to deny
evade the liability.
| voice from the Hermitage has spent its killing |
force upon the PROSTATE banks and relieved the friends
of the Hero from any apprehensions they may have
tertaned, that by negecng to continue his iusrous
in conspicuous connection with all the factonsl
and party sres OF the day. he would suffer his fame to
glide into the shadow Of that of his immediate prede-
cessor The Senator from Missouri has also held forth
denunciaons and humiliation TO banks. Nothing short
Oft shining metal may greet his palm His spirits and
prospects suffer depression from the general embar
easements around He sees cause Of alarm so long
as the officers OF Government have fair prospect OF
their pay in gold and silver In the public lands,
saved by the sagaclty Of Gen Jackson and the Treasu
ny order, from the grasp Of the devourng speculaor
his quick sighted genius has discovered an undoubted
source OF ample supplies for all the wants Of Govern
ment The poor and enterprsng occupant settlers for
whom his sympathes flow freely invested, his
vivid imagination with such irresistible attraction for
the precious metals that is formed in pros
pect, to Them and through them to Government, ex-
| change for lands sufficient to feed these supplies
In retrospect Of the action Of the great political
parties, into which our almost entire population is SO
nearly equally divided, the profound and
patriot will view with the greatest pain, that disposition
manifested with such prominence by each give to
any important of Government, party charac-
ter and aspect thereby preventing any friendly union Of
energies promote the general interests OF the country
and laying the foundation for that ndiscrnnate
and obloquy which each bestows, in such profusion,
upon the actions and motives of the other Each is
bolserons in charging upon the other the Of
any interruptions to state Of general prosperity and
in haunting its members with any supposed real fail
OF to realize the expectations oil Its sup
porers No allowance is made for an honest difference
of opinion; and the dangers thrown around magnani
nous REIMBURSEMENT OF opinions, honestly embraced
but found closer examination to be erroneousare
great those attendant an attempt to escape
from army to another exposed to the fire Of both,
during engagement
Among the evils flowing from this state of things,
and bearing directly upon subject, the malicious
taunts and jeers Of the Opposition at the embarass-
Of Government in paying its creditors, since the
suspension of specie payments by the banks which has
beguied many honest supporter Of the Admnistra-
ton from the true democratic position that Government
should be instituted and administered for the benefit OF
the governed, into the recommendation and support
OF measures whose practical effect can be justified only
by the superstition that the chief end of Government
provide with certainty for the payment Of its officers
and agents. in currency unsnscepble Of depreciation
In the estimation Of these would seem that the highest
il not the only duties Of statesman concentrated in
contributing this provision alone, at whatever sacrifice
of other interests With them it seems only necessary
prove the superiority Of gold and silver depre
cated bank paper to establish the duty of Government
10 make its collections in metal only As the supporter
of Mr. Van Buren,, regret this the sincerely that
his late Message justify the fears, that he has
been deuded by false expressions OF public sentiment,
and very strong desire 10 fortiy the future fiscal
operations of Government, against influence from the
fluctuations incident individual and corporate opera
tions into the momentary embrace Of the belief, that
strict instruction Of the Constitution and the only one
to which the popular sanction could be obtained, would
conne the action Of the Government to this object An
inadequate estimate Of the OF the present suspen
sion by the banks has led estimate of the
Z" embarrassments" and "dangers" to which Govern
ment has been "exposed" BY Its fiscal connections. |
And viglant desire to avoid in future the |
dangers" and embarrassment" to which past sys-
TENS have been exposed" has absorbed some Of the
scrutiny which should have been bestowed that |
which is proposed substitute. Amidst the appre
tensions excited by the prospect Of converting the
"moneys" of Government, raised for, and necessary
to- the public service" "into a right Of action
against corporations entrusted with the possession OF
them' he seems to have wholly overlooked the fact,
that neglect refusal Of its officers to pay
when called would convert the amount in their
hands into right Of action. not against cor
poratons, whose notes. spite OF all the efforts OF
Government and individuals deprecate them answer
all the legitimate purposes OF money in the common
business transactions Of the country, but against ndl-
yduals whose for twenty dollars would not pro-
badly sell for FIVE. This oversight would excite no
SURPRISE if view OF the past furnished example Of
violation Of contract or failure demands, with
payments demand except such as were traceable to
corporations.
In closing this tedious desultory, and musing article,
not at first intended for publication, give the following
conclusions some, to which an examination OF the
subject has borne me- whether they sustained by the
premises not, to wit That the present pecunlary
embarrassments Of the country have been greatly aggra
waited by the mpouc party warfare that has been pro-
secuted by antagonist political parties, against the
credit and standing Of banks, tending excite inbound
ed alarms to their ultimate solvency that these
same embarrassments would be- greatly relieved by
storing the community the confidence in banks, of
which they have been unwisely deprived; that the
refusal OF Government to receive payment Of dues to
it. any thing but gold and silver, will neither tend to
restore this confidence, to improve tho credit OF
bank paper that the resumption Of specie payments by
the banks in the face of such action by the Government
would increase existing embarassments by making Il
necessary to enforce speedy collection against their
debtors who comprise large and respectable number
of the community, belonging both political parties
and who in their turn have further claims upon other
members Of the community; that divorce Of $50
vernment from Banks will not protect the money of
the former against the possibility Of being converted
into rights Of action :; that the right Of State
Government officers and agents to have their pay in
metal is as valid as that Of officers &c of the General