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

apologists, when we rccollect tnat inc very
evils Of which they complain were produced
by their own short sighed policy The
banks were invited to increase their discounts
upon the basis OF these deposilos, as right
privilege, or compensation for their agency
TO prove this, have only to advert to the
language Of MIR. Secretary TANEr, who was
the instrument OF removing the dePoslles from
the United States Bank, in his letter OF Sep
TENDER %, 1899, addressed TO the Girard
Bank of Philadelphia
The a.posites of Ae public m0aey riH enable you
TO AFFORD INCREASED FACILITIES 10 commerce aud Ex-
TEND YOUR ACCOMMODATIONS TO INDIVIDUALS And as
the duties which payable TO the government arise
from the business and enterprise of the merchants
engaged in foreign trade, It Is but reasonable that
they should be preferred in the additional deeoaimo-
datioH, WHICH THE PUBLIC DEPosITEs WILL ENABLE
YouR INSTITUTION TO GIVE
1t was Gen. Jackson's policy also TO force
specie into the country from abroad, against
the laws Of nature and of trade. The con-
sequence was an increase of paper circula-
ton to the amount Of three hundred millions
Of dollars, upon the basis of thirty millions Of
specie claimed to have been imported through
his influence. What proof is wanting TO
show more conclusively than this, that the
government directly and rapidly fostered the
very evils of which they now complain In
the midst Of the enlarged dealings conse-
quent upon this state of things, the Treasury
Circular, requiring specie in payment Tor pub
lie lands, was issued, in the face OF three sue
cessive and overwhelming expressions OF the
Congress of the United States against it
That circular taking specie out OF It's natural
and useful channels, against the wants and
wishes of the people, in my opinion, directly
produced the caamities under which the
country is laboring aud accelerated and ag-
gravated the universal confusion in the cur
rency of the country. Independence the in
Justice of the measure, in making discrimi-
nation in regard to the public debtors, its ope-
ration was prejudicial as well to the CONNER
.cial interests Of the east as those of the set
tiers Of the west. 1t has directly retarded the
settlement of our lands, both by its embar-
RAISING and burdensome operation upon the
poor emigrant, taxing him ten per cent. more
for the public lands by reason of the appre-
ciition of specie, than the actual government
price, and finally resulting in the establish
ment of large companies who are monopo-
lzing the choicest lands Of our state, and hold
ing them at such prices will compel the
emigrant in most cases to seek a location be-
yond our territory. | consider this measure
a as the germ of the scheme, now proposed, to
concentrate the whole public purse in the
hands Of the Executive. From all the indi-
cations which | have seen, | am now i'm
pressed with the painful conviction that the
whole design of these experiments upon the
currency has been from the beginning to es-
tabish eventually Treasury Bank The
issue of Treasury notes is an entering wedge
for this purpose. The government repudiates
the banking system of the states for the pur-
pose OF taking the business into its own
hands And while it becomes the national
banker, it appropriatcs to its own use the
:" battcr currency" and palms off the baser
upon the people. The government con-
demns the banks for refusing to pay specie on
demand for their notes, while they, unable as
they are, according TO the statement OF the
Chairman of the Committee of Ways and
Means, to pay draft of $50 dollars in specie,
propose to issue ten millions of their own
roper, and as if they were afraid lest they
should do something for the general benefit
they refused to issue the notes of a less de-
nomination than 500, because they did not
wish them to circulate amongst the people
Congress, however, reduced the lowest de-
nomination to $50. In the midst Of all this,
all who are in any wise connected with banks
are denounced as rag barons, aristocrats, pi-
GdlcS dHu TooDeIS, anu tuC )eOpiS are app
pealed to, to put down and destroy the actual
currency of the country. Newspapers claim
ing to be I" distinguished by the confidence of
the administration" whose whole business
seems to be to deprave the public taste, to
Willy and abuse the virtuous, to tramplo down
every thing opposed to the Executive will,
to destroy the credit and PROSTATE the COM
merce Of our country, that delight to glut
&c bair
verned by no political principle or moral
honesty, are kept in confidence to herald the
crusade of the government against the most
cherished interests of the people. A war
upon the local banks upon which the credit
system of the country now reposes, is deter
mined upon, and it is not to cease until they
fall as did the United States Bank before the
Executive mandate. In May last the Globe
characterized the calamity in which the banks
were involved (the stoppoge of specie pay
ments) as "a. barelaced attempt to defraud
the laboring classes y in June, as "a fla
grant breach of faith, monstrous fraud !" in
July, as " system of deliberate plunder"-
Again it proclaimed that the banks could not
be dispensed with, and in October it exuts
at the idea that, the dynasty Of banks, great
and small approaches its end"
The tendency, and | fear the design Of the
scheme now pressed upon Congress, is to
overthrow and destroy the whole credit and
banking system of the country, and to increase
to an alarming extent, the Executive patron
aye | fear it will be used by those in Office
as most successful instrument in perpetu-
ating and CONSOLIDATING their power.
The Bill proposed virtually nulliies the
Office of Treasurer OF the United States. He
was made by the act of 1889, the keeper of
the public money-all the public money was