The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-08-29

evils. and means OF preventing them IN future
Am ing Others, he submiued loihem, what has octn
called the Sub Treasury Or noepsaai;M a., on.
lion from the enemies OF the administration, VINO
however, do not offer any substitute, unless that OF
National Bank, against which The country has re.
peaedly decided, and 70 when large maJoiHy y
the people are irreconcilably opposed.
An unfortunate circumstance has attended the IN
PRODUCTION Of this plan, division OF sentiment
among the friends of the Administration, ho.h. IN
and out Of Congress, as to The expectancy OF inc
measure. -
The intolerance and prescription exercised against
those who have not been willing at once 10 abandon
the depose system, and adopt that Of the Sup-irea-
sury, has done much to esirange from INC Denoeis
tic ranks many who had been the most sincere friends
of the Administration, who, by abseniing them
selves from the polls al the late elections have IN
sured temporary success TO our opponents.
Upon this important question. as upon all others,
every one should be permitted TO aci TO ms
honest convictions. Party discipline should never
be applied 10 measures OF legislation No principle
Of Democracy is involved In the question. When
President Jackson adopted the deposiie system,
measure which the Legislature OF New Jersey was
the first to approve, the Democracy OF the country
was sound as II Is now. was then, with the whole
Republican party, in favor OF the deposte system,
and much opposed TO the plan OF SuDIreasuty,
which, 1t will be remembered was advocated by
the enemies Of the Administration. My opinion
upon this subject underwent no alteration until the
deposite banks, well as others, suspended specie
payments. BY this suspension, the Government was
deprived Of the use OF It's collected revenue, and
was compelled to dissolve all further connection with
these banks, since which time, my mind has com
petely changed, and am OF opinion that the reye-
nues Of all the country should forever hereafter be
free from all agency interference, or safe-keeping Of
The banks. But have many friends who have not
yet come 10 the same conclusion for whose opinions
and for whose characters entertain the highest re-
spect. In fact the event shows, what much feared
In September ast that the country was not prepared
for this important measure. The oiil mas oeen oe-
feaied and will remain al rest until further expert
ence and time for reflection shall lead TO more Just
understanding OF its merits, when have no doubt
that with certain notifications, II will be carried
but never by denouncng the Republicans opposed TO
il as Conservatives Wings or Federaliss. The
measure itself is founded In WISDOM but there has
been great want OF discretion in carrying II into
effect.
The most successful clamor against the Indepen-
dent Treasury Bill, which has created something
like panic through the country, is, that the money
would be unsafe under the locks, bolts, and bars OF
the officers of the Government; and that The reve-
nues would be under the immediate control OF the
President, thereby making him the master OF the
purse as well as the sword.
In the first place. the banks have to trust to locks
bars and bolts, for the SAFE keeping of their money
precisely such would be used by the officers OF the
Government; and surely we may as safely trust OH
GERS appointed by the President and Senate, acting
under sufficient bonds for the faithful performance
OF duty, and under solemn oath Of Office, as Off
of the banks, for whose faithful performance of
duty we could not have like security. As hesword
is mol in the hands of the President while the war
making power is vested in Congress, so the purse
cannot be said to be in hands while he cannot draw
dollar from II. even for the payment Of his own
salary, without an appropriation by Congress. The
fears excited upon this subject are idle, and un-
worthy of consideration.
A valuable part Of the bill is that which provides
that duties on imports shall be paid in ready money
Nothing can be more just, than that II merchants
will import goods in excess, they should import, or
otherwise procure, specie TO pay the duties them.
The specie payment Of duties will have salutary
effect in preventing our over-trading and over-bank
ing and help to secure the country against excessive
drains of specie.
The merchants inform us that there can be no
such drains, that money flows into the country as
fast as it flows out that if ef to ITSELF the proper
balance will be preserved and that no legislative
Pr9 Tt;i ap9p ,he subject is necessary
ms would DC nearly 'ras. \ all our currency
for money, or il bank notes could be exported with
the same advantage to the exports as specie; but we
know by sad experience, that the banks sfford the
means of drawing from the country SO large por-
tion of its metallic currency to be attended with
the most disastrous consequences, before proper
equilibrium can be restored. .
II has been urged in Congress- that the collecting
the duties in specie was to make one currency for
the officers of the Government and different one
for the people A very small part of the revenues
arising from commerce goes to the payment Of the
officers Of the Governments the great mass OF these
revenues are disbursed among the people, who will
receive precisely the currency received by the Go
yernment unless indeed, the same shall be put into
the hands OF the banks, 10 be kept for exploration,
while the people receive bank notes, with when
they must be conented until the next suspension OF
specie payments.
If to require that the duties to be collected shall
be in specie Is 10 subject the friends OF the bill TO The
odious charge Of providing one currency for The Go
yerument and an inferior one for the people, what
;s IN hacn IF thp of
mise bill by the third section Of which, after the Oh
day of June, 1912, call duties upon imports shall be
collected in ready money!" Why have we heard
no clamor against this section, as providing one cur
rency for the Government and different one for
However great may have been the want of dis
cretion in the management Of the Independent Trea-
sury Bill censure that account can fall on the
President or Administration.
Here follow extracts from Mr.. Van Buren's mes
sage of September and December last
Such is the mild and conciliating language Of the
President in submitting TO Congress the plan which
has created so much excitement. He offers argu-
ments which have not been, and could not be an
swered with the utmost Difference TO the opinions Of
others. He anticipates upon this important subject
great diversity OF sentiment, invites to free and
full discussion OF other measures, and throws him
sell upon the wisdom of Congress, should they not
agree with him, TO devise substitute for the plan
proposed, in which he assures them they shall have
his cooperation to the full extent which his views of
Inc CONSTITUTION anu sense Vi duiy Will permit.
Had like forbearance and concession been OBJ
served by others who have taken part in this ques-
tiur, there would have been no line of separation
upon this point marked out between the members Of
the Democratic party.
In New Jersey no Conservative party has been
formed being in favor of the deposiie system, or
opposed 10 that Of an Independent Treasury, has
not been deemed ground Tor excluding any one
from the Democratic ranks; upon this point no POI
liica issue has been made party discipline APP
plfa cd nd e wi III Pd
who year ago were opposed 10 the Indeper dent
Treasury plan are are now in favor of it-and many