The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-24
NEW TACK OF THE cLosE.

as follows:
awe are rejoiced to learn that many Of the most
influential hanks IN various sections Of the country have
at last become satisfied that however much their tempo
ray profits may be increased by their refusal to redeem
their obligations to the community, their permanent
advantage will be in the end promoted by their resum-
ing the position which the interests Of the public. as
well as the common principles Of good faith require
them to take without delay"
Now, when the banks are about to adopt
measures to resume, in spite of the real
pushes Of the Globe to the contrary, that paper
expresses itself "rejoiced to learn" that the
measure is in fair way Of being consum-
mated We suspect it is asour grapes" to
the editor of the Globe, as well as many
others Of the Sub-Treasury gentlemen. The
Globe says:
ave are persuaded that none in the community are
gratied at any prospect Of resumption Of specie
payments by the banks than the public servants EN-
ploycd in The Executive branch Of the General Govern
menl, from tho President downward"
And subsequently soliloquizes
How shameless, then, is il to insinuatc--as has
been done by Of the organs Of the Bank Of the
United Sates-that the General Government is hostile
to the redemption Of specie payments by the banks"
Who the Globe refers to as the organs of
the Bank Of the United States we know not.
The garment FITS us not. II is a mode which
the Globe has long been accustomed to resort
to, when in dilemma, viz that of substitute
ing slang for argument.
If "the public servants employed in the
Executive branch of the General Govern
ment" have been all along anxious for the
banks to resume specie payments, we are
grati6ed TO learn it even at this late day. This
is the first time such feeling has been indi-
Gated through the Globe; and it furnishes
irrefragible proof that that paper has been
lalse to those whose views it lays claim, as
"the Official" to represent. As to the feelings
which animated the executive officers on the
subject, we are unable to speak generally:
But judging by the course pursued by the
Treasury Department, we should suppose,
that any thing and every thing else was
sought to be accomplished, since the suspen-
sion, than encouragement to an early re-
sumption Of specie payments. The Globe
refers to the circulars and instructions issued
by that Department, as giving evidence, that
every measure which anxiety could DEVISE"
was resorted to for the purpose Of inducing
the banks to resume. We have looked at
those circulars, and arrived at very different
conclusion.
Had the objects sought to be produced been
to embarrass the banks holding Government
funds, and throw them into discredit with
the public, with all Difference, could the
art Of man have devised means more GER
tain to accomplish those objects than those
circulars furnish What will be thought
of that financial skill, for sound judgment, pru-
dent management, and wise policy, that
could devise plan, requiring the Banks hold
ing more than thirty millions of the public
money, to furnish certificates to disgrace and
discredit themselves, and thereby to depreci-
ate the value Of the whole Of the public mo-
neys in their hands! Then, where this was
done, to authorize the receipt Of the paper thus
discredited, TO be received in payment Of pub
lie dues, thereby preventing the banks from
paying the debts owing by them to the Co
vernment, in such currency as the public Gre
ditors were perfectly willing to receive, until
this invention was resortcd to- and also caus-
ing the public revenue which was collected, to
be paid principally in the discredited paper Of
the Treasury Department! Does the circu-
lar from the Treasury Department to public
disbursing officers, directing them to withdraw
the money which they had on deposite with
the deposite banks and place it in other banks,
evince disposition to preserve the credit of
those banks, or to secure the confidence Of
the public in them, both of which were ne
ccssary, to encourage speedy resumption of
specie payments
The bill reported in the Senate, to author
ize the, Secretary of the Treasury to settle
with the late Deposite Banks" which public
report says, was prepared at the Treasury De-
partment, or if it was not, undoubtedly it was
sanctioned by its head which provided for,
and gave the Secretary authority to demand
Of those banks still owing the Government !;
payment in specie, in t,oo, tour, and sir
months and that bill contains the evidence
of one Of those measures which the "unwea-
red care and anxiety" Of the Treasury De-
partment could devise for the purpose of in
ducing the banks to resume 7" 1t would seem
it was not so considered by Congress, by
whom it was finally modified and passed, Civ
ing the Banks, which chose to avail of it,
eight, fourteen, and tpcnty months to pay the
balances in which they were indebted to
the Government In this was evinced true