The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-08-22
bred hands instead Of one The following are ex-

The proposition (the Sub-trcasury scheme) DIS
orgaaisiag and revolutionary, sHbsessre Of me nndd-
mental principles Of Goraamsni, and Of as entire
praefiee from 1883 dorH 10 this day,
III Is palpabe the sun, that the effect oil The
scheme would be to bring the public treasure nHth
nearer the actual custody aud control OF the Presi-
dent than i, is and expose 10 DC Pinndered by
hundred hands, where one cannot now reschM-tuiooe
Nov 20. ls34)
Had sueh Suggestion come from CeaeroI jack
son ii icould hare bean ring through the Old Domn-
on with the reiies,ed falsehood about the proclama
ton and the protest conclusive proof Of all The ssp
rations which have been charged to the hero OF New
Orleans! See (they would saw he irishes 10 put hs
pube money directly info the palms Of has friends and
parnzans, instead Of keeping on deposie "a banks
rhenes cannot be drara far other than pubic purposes
ic,thoM certain detection In such case we should
feel that the people had just cause for alarm aud ought
to give their most wachfu attention TO such an effort
10 enlarge Ereenhrs po~er and put IN IT. hands tho
means Of eorrupton -tGlobe, Sept 3oth, 1884
at well known that the Predsn - opposed 10 this
project, andaha, his friends in Washington whether Of
the Cabinet or not heartily concur with him In the
Of policy is expedient 10 pursue Sept
18th, 1894.
.If General Jackson had suggested such system,
what peas Of patriotic indignation would have burst
from eloquent Senators against the nsnrper and rdaf,
who desired to get the millions Of the Treasury into the
very hands Of his parizans and parasites -Globc, Nov
18th. 1884.
1--WE verify believe that the present sysiem Of deposiies
for the public money, regulated ~ law. ss WI be-
good for safety and the leas, liable to abuse by the
Executive, Of any which the rii Of conceive.
Globe, Nov. 20th. 1884.
In April, 1884, pursuant to the recommendation
of the President, the Chairman Of the Committee
Of Ways and Means introduced a bill for the regu-
laion Of the State bank deposi,e system. Itreceived
the appreciation Of every republican in Congress,
and passed the House by vote Of liz 10 90 II did
not pass in the Senate, for want Of time In Decem-
Der 1884, the bill was again before Congress and dis
| r. - ia. n x~.I
by the Congress of 1885 49, June 23d of the latter
year In the Senate six, and in the House Al, only
voted against II. have the authority Of a distin-
guished mhmber Of that Congress for saying that !,
would have passed unanimously, had the bill not
contained the distribution lawand this act, so high
ly important TO the pure and proper administration
Of the finances of the country and so justly restric
tive to executive control and discretion, has been,
quite recently repealed ESQ far as its actions could
COY by the Loco Foco majority in the Senate Of the
United States. And for what to crafty their ma
lignily against the banks. This deposite plan, which
has been in successful operation from our earliest
history, which from April 1884, TO June, 1885, had
been fully canvassed in Congress, by the American
people, and which was sanctioned by law almost by
reclamation, now receives the condemnation OF
Loco Foco Senate and the Loco Foco party, as UNI
worthy Of confidence or respect The principles
which have been consecrated by time, The system
which has been tried and proved for more than half
a century, must be pr slraied before the dwelling
blast of modern agrarianism! That system which
Gen. Jackson declared fully adequate 10 the per-
Torrance Of all duties required Of H. and as Offering
as strong guarantee as can be had in human af-
fairs OF The safeguard Of the public funds" which
Mr.. Wright said was the BEST AND MOST
CONVENIENT, AND PERFECTLY safe, which
Mr.. Benton declared "safe and Jefersonian," is
threatened TO be overhrown for the purpose, in The
first instance, of running the banks and then place
the public funds at the mercy Of the Executive.
The truth Of the assertion made by the persons
above referred TO- in regard to the perfect safety of
the dePosi.e system IS now manifest Il is not pre-
hp on nvnff hnh anl hath
Government since 1888, has lost, will lose, one
penny by them. Up 10 the suspension, they had
done all that human agencies could do, and since
have made every exertion 10 resume.
The following extract, from the report Of the Sc
cretary Of the Treasury, at the extra session. bears
honorable testimony to the exertions made by the
banks both to facilitate the operations Of the Trea
sury and to reduce their circulation and liabilities
Besides the general cautions with respect TO the
Of bank issues, and the dangerous consequences
likely to ensue, which detailed in the last Treasury
report several INSTANCES occcrrcd where the Of
business of some Of the repositories appearing from
their returns to be njudcions special letters OF advice
deemed proper, and were written. rigid sys-
TEN in requiring additional specie also pursued in
all Of unusual deficiency In regard TO the effect
Of these steps the banks, 1t affords the undersigned
pleasure add that from the completion OF their seec
ton after the deposte act passed. to the last returns
before the suspension, great reduction in the crcula
ton well as discounts OF many OF them, had taken
place, and in several much larger proportion Of
specie was kept on hand Indeed considering the
traordnary amount Of public money paid out by them
between last November and May, amounting to 20
millions than their receipts during the period
it fact highly credabe 10 their prudence and ability,
that the specie of ell reduced only from about
fifteen thirteen millions, and their circulation, instead
Of increasing, fell from nearly ortyone TO thlryseven
millions.
AS whole, their specie, compared with their circu-
lation, continued be almost large in May in NJ,
yember It averaged more than to three, or much
more than has been customary with the banks this
country, and double the relative quantity held
BY all the banks in England at the period, and
in proportion onefourth larger than that IN the Bank
OF Englank itself Their immediate means, compared
with their immediate liabilities. somewhat stronger
in November than in May, but were at both periods
nearly to l2 greater than the usual ratio, in the
best times, Of most banks which have large amount
Of dcpostes in possession.
In this condition of things, the suspension Of specie
payments by the deposte banks event gene
rally anticipated
.'The policy since pursued by most Of them has been
favorable ery discharge Of their engagements to
the Treasury, and to resumption Of specie payments
Many have gradually reduced their discounts and circu
ation, well paid much Of the public dcpostes
Since the first Of May their discounts a whole have
been reduced to about $50 1888 776 their circulation
S4,99l,79l, and their public deposites $l5, 60736:
while their specie has diminished less than 80 000OO0
OF the number Of eighty hanks employed At the
pension, ten eleven supposed to have paid
all the public money which then their possession,
to the credit Of the Treasurer In the custody Of more
than half the others, aggregate Of less than $780,
900 remains unsdjusted Several Of the rest still pos
large sums but many Of them have continued
promptly to furnish such payments from time TO time,
for meeting the public necessities, that according 10 the
last weekly statement the whole balance to his credit
remaining unpaid in all Of them only Si24is,0is.
The charge preferred that the Government has
lost money by the banks is OF very recent origin
and is attributable 10 the overhea,ed zeal OF the