The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-01

have reached new with regard TO these instilu
lions. He who would Judge Of the future by the
past in reference TO them will be wholly mistaken.
! should be deeply grieved TO think So should
lament to believe that We are so adrih upon an UNI
known ocean, with an unknown heaven above us,
that the light Of the polar star can no longer reach
us, and that our only hope for safe navigation
through the pers which bese us, is, either in trust
ing blindly to the pilots who have brought ms where
We are in following the meteor corruscaiions OF
genius, which too oflen dazzle rather than guide.
For myself sir, will continue to look out for, and
endeavor to steer my course by the steady light OF
experience, Tthat light which beams from It's fixed.
unalterabe position in the armament Of the past,
through the misty prejudices and stormy passions OF
the present--showing us the way OF safely and de-
hverance If could shut my eyes against this light
IF could forego the solemn warnings OF expe-
rience, yet ringing in my ears in favor OF the reve-
lations OF genius, should go no where for them
with so much confidence as TO my colleague. But,
sir, on the subject of an inconyertble government
paper the past is too pregnant with monlions to be
disregarded. History has erected warning beacons
on all sides of us Our colonial, our revolutionary
history the old Congress, all the States, concur in
exhorting TO avoid this fatal evil. The constu-
tuition has embodied and perpeuated the terrors Of
our ancestors -" No State shall issue bills of credit"
In this passage sir is embodied the bitter experience
of the revolution. North Carolina, my colleague
pposes, has furnished an exception TO the history
OF her sister States and the world in the success Of
her Proc money, as II was called. The history Of
that affair makes no exception to the general destiny
of government money II fell below par, it embar-
raised and confused the financial action Of the State
for very many years, and was finally burnt, with
three four times its amount in countereits by the
treasurer of the State. My colleagues researches
have mol enabled him cite any other instances than
this of the Proclamation money of North Carolina
and whatever weight this may be entitled to, am
persuaded, Is against his proposition while the old
Congress, and, believe, every one of the revolu-
tionary States, afford wofu examples of the disas-
that il should be otherwise for the primal law, the
fundamental principle, the living soul of currency
is that ii be property, or be readily convertible into
IT, Convertiblily makes currency. Paper is money
because it represents property and losing the repre-
sentative quality it is but paper, and there is no
magic in government to make il otherwise. This
necessary ncapacy of government to convert itself
into mandatory Of money is one of those limita
tons upon despotism that the friends of freedom
cannot too much rejoice in; and surely, Mr. PreSi-
dent, il the question were whether we should if we
could, endow this federative agency with such
monstrous power would we venture upon in As
guardians of the rights of the States, jealous
serters of the limited character of this government
as advocates and lovers of free institutions would
we give this tremendous power TO this government
No, sir. II we must have government paper-if
this absorbing and destructive ACKNOWLEDGMENT Of
government power must be conferred, give 1t to the
States sir, and do not convert this government into
a money mandatory. Sir, will not trust this go
yernment with such power, no matter who admi-
nsters il even If our own wise and pure Washing
ton, Gall will feel how extravagant the superstition
isl even if he at the head Of affairs. Could
then, sir intrust il TO party whose wretched mis-
management and incompetence have brought us to
this mourntul conditions Shall | be called upon
sir to confide greater powers over the currency to
those who, with such powers as they have, have
produced so much disorder-or rather, sir to state
the proposition truly, shall inrust them with much
power because they have ruined with little :
Those who govern u.s. sir have given testimony of
their financial abilities; if we are satisfied with the
past why sir pass these bills +.
For one, Mr. President do not at all share the
confidence in this Government which my colleague
avows. look upon it with an habitual distrust and
jealousy, sharpened instead of bunted by recent
events. My colleague says, rejoice to think that
so reduced in power and MEANS that it longer
rely on its influence and patronage TO secure ma
jority Henceforward il can have no hope of sup
porting itself but on WISDOM moderation, patriotism
and devoted attachment to the Constitution, which
trust, will make it, in its own defence, an ally in
etIecting the reform, which / deem indispensable 10
the salvation of the country and its institutions.
do not participate in those sanguine expectations;
! see nothing in the proposed measures to quiet my
long established terrors of executive power see be-
fore me the same men whom have been all along
warning upon, those men who have subverted the
s,tuon, and usurped all powers, those who issued
the proclamation against South Carolina, who passed
the bloody BILL who seized the depostes, who cxpunged
the RECORDS OF SENATE, VINO nave
control by using the patronage OF the Government and
the plundercd money Of the country in the hands Of
one President to make his see before me
these men avowing indicating and exung in all that
they have heretofore DONE aud procaiming that they
will persist in the same policy All this see, sir and
cannot give them my confidence. Let them resign,
let them acknowledge their incompetence, and testify
in sincere repentance and they may be forgiven for the
past But STILL Mr.. President, will not trust them
for the future, will still be jealous and crcumspect IN
regard to them and to this whole Government II may
be- sir, that the administration is weakened and stunned
for the moment, and is terrified that its misdeeds
about to be avenged by the Indignation of the people
II may be, that like sailors in Storm they will be pous
for moment, but if this were the case, should
have great faith in their repentance do not, how
ever any signs Of repentance their terror dis
tinctly enough but there is nothing in their dcmeanor
that would induce me to select them as ally in ef-
fecting reform"
With these feelings. therefore, and prejudices if you
choose, Mr.. President do not TO the consdcra-
ton of the executive with predsposon in
their favor but the contrary, am animated with
decided Discrimination against any project which pro-
poses to endow this Government with power or
10 entrust my rights and liberties the keeping of the
newly enforced wisdom" " moderation patriotism"
of this administration.
NV colleague states as main objection to any
necton OF the Government with the banks, the I'M
steadiness produced in the currency by the action oil
Government. He says,
1t follows as necessary consequence, that to the
extent of this influence the issues of the banks expand
and contract with the expansion and contraction OF the
fiscal action Of the Government with the increase OF
its Duties taxes, income and expenditure; with the de-
poses in its vaults acting additional capital, and the
amount Of bank notes withdrawn, in consequence. from
circulation; all Of which must directly affect the
Of their business and issues and bank currency
must of course, parake of all those vibrations to which
the fiscal action Of the Government is necessarily ex-
posed, and, when great and sudden must expose the
system to catastrophcs such as we now witness In
fact, suitable instance cannot be selected to IL
lus,ratc the truth of what than the present. as
shall proceed to show
Now, if this be true, when the Government IS ope-
rating upon banks trading specie basis, and eau
rious of their own interest how much true is 1t