The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-22

slider that the system is so interviewer with
their institutions, the habits Of their people,
the modes Of Il ansacting business, and, withal,
the spirit Of the age, that il would be futile to
attempt its population.
Ii such are the difficulties in England under
herform of government, how much greater
are they with US, where the same difficulties
exist and to greater degree, and where the
credit system is guaranteed 10 the States by
the Constitution, and is practised upon by all
the States.
The government Of England is administer
ed upon distinct recognition of the credit
system, and though il sometimes has its revul-
sions, yet, whenever the machinery becomes
deranged, instead Of seeking to destroy it,
every practicable expedient is rcsorted to, in
order to restore its harmonious action.
THE sUB-TREAsURY IN FRANCE--THE
BANK or FRANCE.
The advocates of the Sub-treasury scheme
in this country, refer TO the Kingdom Of
France, for an example in employing Receivers
sustain their recommendation Of both here
II would appear that, by the latest accounts
from that country, the Government is emerg-
ing from the practices Of the feudal age, and
advancing with the times, and availing itself
of the facilities and advantages, which the
march Of intellect has originated and put into
successful operation. While in this country,
MePariy are seeking TO break down all banks,
and 60 backto the old despotic plan, which
still exists in all those countries where barba-
rian despotism rules (Sub-neasuries,) France
is abandoning it, and resorting to the employ
ment Of banks.
BY statement Of the condition of the Bank
of France, made to its Stockholders on the
25th January last, it appears that the Govern
ment had at that date standing at its credit on
deposite ll2 900, 900 francs equal to more
than twenty million dollars. The whole
amount of discounts was upwards Of 756, 0O0,-
900 francs. The amount of specie in its
vaults, at the close of S36, was reduced to
s9,o00,Oo0 francs. The amount in January
1897, was lO3 ,OoO, 900 francs in silver !; and
the amount on the 23d December last was
24s,oo0,oo0 francs in specie The circula-
ton of the Bank of France had been from
l90,000,000 to 2l7 100000 of francs.
During the year 1887, branches had been
established in Rheims, Saint Etienne, Saint
Quentin and Marsailes the object of which,
undoubtedly was, in part, 10 accommodate the
government.
Here we have the evidences in an official
report, that the Bank of France is the depo-
sitary Of the public treasure Of the govern
ment of that kingdom--that the circulation
and specie of that bank have diminished and
increased with the times !; that while the dis
counts are rast and excessive in amount, when
compared with its capital (stated in work
published in Boston in 1887, to be 100000
600 francs,) the government NEEDLES not with
its officers; nor do they stipulate that their
money shall be kept separate from that of the
bank. They leave the bank to discount upon
it or not as those who direct its affairs think
proper The idea of SPECIAL DEPosIrEs
does not enter into the imaginations of those
who conduct the affairs of the government
under the Republican King of the French ma
ton. .- ....
What contrast is presented between the
policy pursued by France, and that attempted
to be fastened on this country through the
efforts Of the party!