The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-11
COMMUNICATED.


to be marred by long speeches, for the perusal Of
which, few have sufficient leisure, beg leave to
make few extracts from the speech of General
Thompson, of South Carolina, on the bill proriding
for he issue Of ten millions Of treasury notes The
entire speech ought be treasured up by every man,
to be read and reread at his leisure But, for the
present, will particularly commend to perusal the
following passages:
"The Chairman of the Committee Of Ways and
Means tells u.s. that not anticipated that these
notes would have returned to The Treasury ]
suppose il not But II might have been foreseen,
and would have been, by fnancer Of ordinary sagac
y or even by the present Secretary II he had consult
ed the history Of former OF the kind Of pa
per The report OF Mr.. Dallas would have informed
him, that when tried in 1916, the revenue had been
collected almost exclusively IN Treasury notes, aud
would continue to be SO collected, long they are
issued by the Government Mr. Crawford says the
thing and in the opinions Of those able men, such
must always be the That il any revenue col
lected, ii be in these notes, and that Of
quence they would return TO the Treasury in the pay
ment Of public dues rapidly they paid out
the public creditors like Pcnelopes web, undong in the
nigh, the work Of the day But suppose that the bril-
Hart genius Of Mr.. Woodbury. all aid from the
lights Of experience, the suggestions Of such plod
ding fellows Dallas, Crawford. and Gallatn and
that if he looks at all into the history Of these times
is he would into the history OF the Persian moachy
practical instruction.
Bot, sir. is it really necessary that the Government
should resort to this dangerous powerl Il is not.
There other and every way better modes Of rails
ing money, by which the necessary supplies may be
raised and most benehcent effects produced upon the
PROSTATE energies and interests Of the country Make
aoan in the regular and proper form Of loanreceve
il in specie, the bills Of specie paying banksand in
sixty days you will the prosperity Of the country
revive; its powerful energies. paralyzed by unwise
legislation, viii raise II up again hike giant aroused
from his snmbers You sell your stock thus raised
at premium, whilst you dispose Of the Treasury
notes discount. Both plans create debt--nether
creates permanent and funded debt for whenever you
in funds, you redeem such stock. Yon will
at least half million, and what is OF infinite
greater consequence, you will save the Constitution.
These advantages, great as regard them, sink in
comparison with the benign and addressing influence of
an annuncation by the Government. in manner for
NAL and authoritative that the bills Of spece-payng
banks will be received by it. The disease has always
been more Of credit Than of currency. The banks
never have been in sound condition at present
have they had large basis Of specie now.
Confidence and confidence alone, is wanting to give us
sound bank currency, and 10 carry once more prospe
ry and happiness in broad streams through the land
Without it, the banks permanently resume.
Confidence is their vital air; without it. they no
live, than can a fly IN an exhausted receiver
great basis OF his banking system confidence and
when he about organising the Bank Of Fraace and
selecting lis president he said, have confidence
in Portals. but France has therefore let Portals be
president" well satisfied that the true and only
issue before the country is between the State Banks
and National Bank No people mott hold down by ar
ron deaposln, viii sasmt the terrible agony and
bloody sweat Of coming to metallic currency Nor
will one 50 intelligent as ours adopt the dangerous ex
pedent Of q Government paper and my life on the
issue, il the State banks fail the result will be Go
vernment bank, United States Bank Il is be-
cause think So that am disposed to take from the
Stare Banks all improper weights and hndrances to
aid them by all proper means in resumng specie pay
mens without doing which, they cannot, and ought
not, to be tolerated.
Such, sir, the Of the able and patriotic
men who presided the Treasury the close ofthe
war They addressed all their efforts aud powers to
aiding the banks TO aud furnish sound
cy Mr.. Dallas took the responsibility Of receiv
ing the bills Of non-specie paying banks. without the au-
thorty law, and he sustained in it by the whole
country He says in his report to Congress IN lSl6-
"The consequence Of rejecting bank notes which
were not paid on demand in coin, must have been to
put TO hazard the collection OF the point Of
time and in point of product to deteriorate (ifno to de-
stroy the only adequate medium Of exchange adopted
BY the common consent Of the naon) In case OF ex-
IRENE necessity, and shake the foundations OF private
property.
:. The restoration must be the work OF the State IN
situations But the nterposlion of Government will
still be required to secure successful result
ITO appeal to their fears by refusing to take their
bills in payments TO the Government, would be to visit
the SINS Of the banks upon the great mass Of unoend
ing citizens unless the Government was prepared to
furnish sufficient legal currency to meet the demands
Of the community .#1
Mr. Crawford, in 1917 refused to deposite the public
funds in the u S. Bank where was provided by law
that they should be kept and deposited them in State
institutions expressly and avowedy for the purpose oil
aiding the banks TO resume not only not taking from
them in their moment Of severest trial, but actually
giving il to them Taking, in some instances, with
care, wise, PRACTICAL and paterna, from the strong
banks and giving the feeble and totering to en-
able all to stand and he succeeded and in this render
ed the important Of all his services in long life
of distinguished public usefulness Hear what he
upon the SUBJECT aud IN circumstances identical win
the present .. @-z
In order to induce the banks in the District to re-
sumo specie payments simultaneously with the banks
already enumerated il became necessary for the Trea-
sury Department to give them assurances oil support
during the first months succeeding such resumption
Ia consequence of this assurance, considerable por-
ton Of tho deposites in the Banks OF Washington |
and Georgetown permitted to remain until the LIST
Of July"
II is cheering it is delightful, to turn from The I'm
certain and dangerous theories OF The present day. from
the eternal experiments that are made upon the happi-
ness the very Of subsistence of the people, as
philosopher would test the power OF prussc acid on
to the practical suggestions Of these calm quiet
and able minds. My business IS with the things OF tins
world as | find them, not as would have them,
leave the higher walks Of divine philosophy to others.
have only the very poor ambition OF being practical
man and prefer to follow the steady light OF eSpe-
Renee, taper though il be, to the dazzling but too
Often dangerous and decisive light Of priori theory,
whether it be the ever-bazng torch brilliant genius
or The farthing candles which are lighted at it Ia my
Judgment the greatest good now TO be attained is are
sumption of specie payments and to that end would
have the Government, not only not obsuct by throw
ing its powerful influence over public opinion against
AZ Lo,, L., - "a ,,a,, 10 al ,roner means This