The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-16

the administrations Of Washington, Adams. Jefferson,
Madison and Monroe When the old hank went down,
ID isll IN those palmy days OF genuine republcanisn
OF the old schoo which certain politicians are IN the
habit Of eerng with exuaton, and contrasiing with
what they deem the political degeneracy OF the present
day-duriog the presidency Of tho mild and ylrtoous
Madson--he then Secretary Of the Treasury, Mr., Gal
latin made arrangements with the Stale Banks TO keep
the public money, they had not the perspcacity 10 per-
ceye that they were committing fragrant encroach-
ment the powers OF the Legislature that they were
sezing the public treasure and might be suspected OF
design to establish league Of banks for political pur
poses. sndangerng the liberties Of the people These
ARE all discoveries Of modern times. 10 1917, on the
9Th OF January Mr. Galaiin, in obedience 10 resola
ton Of this House, made report TO the House, show
ing all the details Of the process by which he had CON
summated this gnevous invasion OF the laws, aud this
enormous outrage upon the principles OF civil liberty
viz that Secretary Of the Treasury should presume TO
direct IN which banks the treasure should be placed
for safe keeping, until Il was wanted and strange TO
saw the Congress Of 1872 like all other Congresses be-
fore and SINCE until tha LIST day Of October 1929
dull in comprchending the laws they are or so
indifferent to the discharge Of their public duty, receiv-
ed and printed this report without any exhibition OF ap
prehension for the safety OF the public money, the SUI
premacy Of the laws, the liberties OF the people
The employment Of the State Banks has heretofore
is not now and hope neyerwil be- used as an insru-
ment OF political power II 1t desired so TO use
them, ] do not think the attempt would be successful
TO any material extent.
The power Of Congress, however, select the place
ofdepose by law, and 10 prescribe the terms Of en-
ployment OF the repositories. Is not questioned by any
body and may safely rely their wisdom, and the
integenc and virtue Of the people, to provide rem
edy for any political evil which may be Bat, al
though do not feel much anxiety others profess
this subject willing, and even DESTROYS, for the
purpose Of satisfying ALL that some bill should be adopt
ed regulating the deposites Of the public money in
the State Banks with such provisions may be thought
best calculated promote the safety Of the public
ncy convenient disbursement and to guard against
any abuse Of the executive department 10 It's supen
tendence
propose to Offer at a suitable time, an amendment
to the BILL in that part Of it which provides that, in
1888, no bank shall be employed depository which
notes under the Of $40 and the mites OF no
bank which issues such notes shall be receivable in pay
ment Of government dues While agree to the pro-
vision banks issuing notes under S. which is to
be Immediately operative object TO the prospective le
gislaton before referred to- This experiment how
far we can by regulations OF this description suppress
the issue Of small notes, and increase the amount Of
specie which shall be kept in actual circulation Tho
object is exceedingly desirable one, and am willing
TO cooperate in effectng it, far we by cgsla
ton It's successful accomplishment, however, re-
qucs the united efforts Of the states and may be frus
trated by variety Of circumstances which we have
control. II cannot possibly be known beforehand
whether the subject will be eiectua and 1t is better to
under S. If it be successful it can hereafter be
ried further by new law. Our successors will be much
better able than to decide how far it be
RED and whether the of things in 1888 will autho
rzc it. This legislation in anticipation is always inudi-
cous, when very strong motives for exist II
precisely out Of species of prospective legislation,
somewhat Of this kind, that much of the difficulty Of the
contest about the ,deposes arose The bank charter
contained provision by which declared that the
deposites Of the public money should be made in the
Bank of the United States, with certain qualifications. Il
conended that this contract by which all flu
ture Congresses bound for twenty years Whether
this truly contract, not, have never given my
self the trouble to discuss for is wholly mmateral TO
tho question Of the legality Of the removal Of the de-
posites But, admitting il to have been Of the nature
Of contract, exceedingly unwise thus to restrain
the legislative authority, II it not unconsttu
tonal think it was In relation to the provision Of
the bill now under consideration directing what de-
nomination Of notes should be receivable in 1885, and
prescribing rule Of this Sort by which the qualification
Of bank to be depository Of the government is
made three years in advance although not unconsttu-
tiona is certainly imperative unless TO control our
successors whom ought not thus 10 restrain II may
happen that Congress- in 1888 would not be willing TO
pass such provision and il might be impractcable
to get majority Of both Houses repeal that which
we now make. For these reasons shall propose to
strike this provision from the bill, when it order
to do so, unless hear satisfactory why it
should not be done
do not mean to discuss the proprety Of the several
amendments offered by the gentleman from Pennsy-
vania they will, no doubt, be examined by the
beers Of the Committee Of Ways and Means, in which