The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-26


pearS more probable, would be iraudenlly pun inio
circulation as Is well known To have been Tue ease
with The treasure Of the institution lnSi mehlonsa
Al any rate, The control which the system would give
10 the executive department oil the Government over
the fiscal condition of the counIry-would be inn
nense said The other day In the House, IN reply 10
Mr. Cambreeng'S observation, lhat inc only tfue
issue was between this system and BANK Of me
United Staes-that he had mol stated ha' issue win
sufficient precision; that the alternative was not be-
tween Bank Of the United States, and something Of
a very different character; but between a CONNER
cialand political Bank oilhe United States between
a hank governed by a company OF merchants exclu-
siyey with view to the interests OF its stockholders
and Ire wants OF commerce, and bank managed by
the Secretary the Treasury forpurposes certainly
not commercial
Now, II is remarkable that one Of the grounds
upon which we are urged TO confde 10 the executive
department OF the government, this most dangerous
control over the whole treasury OF The country and
T. increase, withal, It's already enormous patronage
and influence, Is thai very clause OF the constitution
of which the object was TO limit, as much as posi-
BILE the discretion of that department in this parlicu
lar. and 10 place il completely at the mercy OF the
Legislature for all its supplies. The clause referred
10 is thar m0aep shall be dracn from me treasury
bit in consequence ofapp,opratons made by Lar, and
regular statement and account OF the receipts and
expenditures of public money shall be published
from time 10 time Every body who knows in what
school our fathers educated, thai their political
philosophy is as clearly TO be traced 10 Lock and
France to J. J. Rousseau and the Contrat Social;
will al once recognize In this, one of the leading
whis doctrines oil the revolution of 1888. The
great and fundamen al principle that money voted
by parliament Is appropriated, and can only be APP
Piled to certain specified heads Of expenditure, in
iroduced al an earlier period, though continually
violated in practice, has been invariably adhered 10
since The famous settlement OF the revenue under
William ILL., The lords Of the treasury, BY clause
annually repeated in the appropriation act Of every
session. are forbidden, under severe penalties, TO
order BY their warrant any moneys in the exche-
quer appropriated TO be issued for any other rrt6e
and the officers of excheauer TO obey any such war
rant This, as the historian remarks,' has given
the House OF Commons SO eiectua conlroi over
the executive power, or more truly speaking, mas
rendered il such participation in that power thai no
administration can possibly subsist without us con-
currence. The only deviation from this Stric RUE
of APPROXIMATION is the not unusual one in time oil
war or under circumstances likely TO lead to II, OF
granting considerable sums on a vote OF credit,
which the crown is thus enabled TO supply, at its dis
creii n, during the recess Of p rliameni.
You perceive how strange a perverSton OF ihis
precept OF our fundamental law is implied in this
great discovery of day, that its object IS not
10 limit The power OF the Executive in the expend-
of the public money, and render i completely
accountable to the representatives Of the people, but
to restrain The legislature itself in the custody Of it,
1t was, 1t seems no high theory Of government
worthy Of such minds, no care about keeping sepa-
rate its different departments none OF The sensitive
jealousy so universal at that time, and will add so
well founded, with regard 10 the Executive, II was
simply gross material concern-the jackdaw in
slipct alluded to by Burke--about The preservation
of the money ITSELF from loss or destruction. Pro
rided il were put in fire proof bniding, with bars
and bolts and vaults, and safes-tnm aridor fsrri
trattGqne caten@-though the KEY were aflcr all put
into the hands Of thief or traitor, all were well
There is something ludicrously little, as well IS
50 glaringly absurd in this idea that am al loss
how to treat it, You see that even as to the mere
yodt nI han far from antarsp
riy, all this array Of rude physical Strength comes 10
nothing without coafdencs in the charac,er of some
body-the towers and batilements the moat and
drawbrdge OF the financial Basile would oppose no
sort of obstacle 10 the golden ass" Of Philip Of
Macedon, though it might resist Parmeno al the
head of his phalanx In short this project brings us
back century and half 10 the exploded system of
the )ldsmiths in England. But emitting that topic,
OF which much has been said, observe, If you
please, the inconsistency alluded 10 above. The APP
ponmen Of all these ireasurerS with untold boards
OF gold and silver continually under their control is
vested in the Executive, with absolute power to dis
place them at his will that very Executive which
the clause OF the constitution, vouched 10 authorize
such system, was written with a view 10 restrain
and with no other view under heaven! This is the
logic Of innovation. Ii will strike you, dare say,
still more torcibly when you come to learn that no
one has ever dreamed Of putting upon the analogous
words in the annual English appropriation acts, this
singular construction. give il TO you on the au-
thority Of Sir H. Parnell, that all public moneys in
England are received and paid BY the bank; il is a
mere hcton that they go into the exchequer al ALT
have throughout confined myself to stating my OBJ
Jecnons to the system proposed. have not ventured
TO hrg forward any plan Of my own, and for this plain
reason, that the execution Of would under our prac
tce be coofded TO the hands Of its enemies You know
that IN England and indeed every where in Europe I'M
der the constitutional regime, the moment minister
fluids himself unable to command majority in the popu-
lar branch OF the Legislature for any measure Of card-
nal Importance, he retlres a matter of coarse and
successor is furnished from the number OF those who
nave defeated them, This casts the responsibility Of
any measure where ought to rest upon the heads Of
us parliamentary supporters and gives every chance
OF successful operation. Besides this j, enables the
Legislature, in effect, to participate in the Executive
power by virtually appointing its ministers We order
thngs differently here. Nothing, but The will Of the
President, dsplace minister; and those Who ses-
SION after session reject the plans of department. see
themselves compelled either TO leave the affairs of the
country, IN what they consider state Of disorder or
to assume the responsibility Of devsiBg measures Of
which the execution Is 10 be conded TO those most IN
erested IN defeating them do not complain Of this
acqucsce IN what IS considered the established
practice Of the Government but certainly, il is sufi.
clent excuse for those who have offered remedy that
no remedy they could have offered would have been adj
nnistercd according to the terms and in the true spirit
OF the prescription | still Of opinion that with ade-
qlae skill and perfect good faith in carrying it out the
State Bank Deposte system would be found 10 answer
perfectly well IN practice but know that every thing
would depend on good management II ought to be
recoiectcd that We have, during almos, whole ex-
istence as united people, been accustomed to Ma
tiona Bank. II to he expected that any new sys-
TEN could encounter difficulties first, for these are
matters OF experiment, and failure accounted for by
such state OF things brought by the war and
by the late extraordinary crisis, proves nothing all
against the general feasibility Of a measure
10 conclusion, have only to say that have never
bestowed more deliberate and conscientious reflection
upon any subject than have given to this important
question. ] feel all It's difficulties. know especially
how much depends upon the good conduct Of bank
ing institutions, which the absence of general regn-
linr