The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-23
From the New York Times.

What ought to he the course !
This inquiry is the more reasonable that there
are many hands sndes,orng TO seize the relns n
Among other and strange things, - The Wash
ngton Globe has resumed lis vrulent dennncaiion Of
the bankers and business clssses Of The city OF New
York. "-Onoaddga Standard
The Globe has long been said TO be the Executive or
gan al Washington, Whether this true or other
wiae IN time past, shall not here make any inquiry,
neither is il in any degree material We only
say that do not believe the Globe in this matter
presses the views of Mr.. Van Buren,, We shall be
slow very slow, to believe that President Van Buren,
has In any way counenanced the Globe in making the
denunciatons alluded to- that he has lent his
influence TO the doctrines which they iDculcste,
Il must not be overlooked, that when the banks in
the city OF New York suspended specie payments on
the tenth Of May last the Legislature OF this State
in sessions at Albany That the necessity and proprey
of the manifest TO the Governor aud
Legislature well the people large and en-
iirely they convinced OF its oxpedoncy that, in
the short period OF five days, they passed the law
pending the penalty which would have otherwise work
ed the forfeiture Of the charters Of nearly oil the hanks
in the State. This they did, Notwithstanding the rad-
cal efforts that made to Illustrate this conservative
measure; and by doing 1t, they saved not the banks
only, but tho country also, from the most desolating
| RUN. ra ..s.
| That these proceedings OF Governor Marcy and the
State Legislature were every where approved by the
people, Is manifest from the tranquil Joy with which the
villages and towns and are happy IN having the OPP
poruny Of saying, that the conduct Of Governor Marcy
that occasion, reflects the highest honor and credit
| upon his and station His name stands enrolled
at tho head OF the patriots who that solemn and
TO be forgotten crisis, forward the deluge
OF ruin which iadicslisn pouring the land He
came to his falling country.
il is plain, therefore, that in the judgment OF the Exc
cutive and Legislative Departments Of the State Co
vernmen the bankers Of the State Of New York stand
justified before the tribunal Of the people, far
quisite the continuance OF their charters and
business operations, which place them on the same
ground on which other persons stand and is fully ade-
quae for all the purposes Of this rcsponce.
The necessity OF the proceeding proves its recttude
and the cheerful acquescence of all the orderly and
lona part of the people Of this great city and state,
proves that they regard in the same light as the Go
vernon and Legislature did, when they promptly and
dscreey passed the suspendng act under the auhor-
~ OF which the banks continue their operations.
And it is little remarkable, that SO universal was
the opinion that the suspension act unavoidable,
that gentlemen Of all parties in the legislature united
voting for the law. Ought not the Globe understand
that the Stale taking tins STEP had down her giant
foot upon the neck of rad casm and taken her stand in
favor OF the "wel regulated credit system"
To tins it may be added, that the immediate relief
which the country received from the Suspension, which
at once stad the destructive failures which then
desolatng the land, and the calm tranquility which d.
rcct!y succeeded 1t in every department Of business az
ford full demonstration that the measure as
sary for the coupiy for the banks themselves. Il is
no matter what theoretical results, rare and visionary
theorists may draw from these chnerca calculations
50 long the contrary practical business result by its
ply sical demonstration puts all such calculations
shame and leaves the world where ought be, rest
ing upoa realities.
The denunciaon Of the bankers and business classes
OF the city OF New York is, therefore a sweeping de.
nuncation Of the whole State its government and peo-
pie. And 1t is especially, deuunciation Of the Re-
publican Party because they the majority and
foremost In the adoption Of the Legislative measures to
sustain the bankers and the business classes and through
them the whole community also, for they were all in.
volved in the common danger The less we hear Of
that kind Of radical denuncaton therefore, the better
aud repeat again. that we do not believe Presden,
Van Buren, has, any way, countenanced the sent.
ments 80 put forth in the Globe.
HANCOCK.