The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-12
THE RANK CONVENTION.


sury has written a letter to the Convention,
having for its object, the encouragement ofthat
body to fix upon a day for the resumption of
specie payments.
We would caution the Convention to be
wary Of any proposition ofthat character which
emanates from the Sub-Treasuryites at this
time. 1t is not in the nature OF things, where
consistency is preserved, that there can be any
sincerity in any professions that are made by
that party, Of friendly disposition to aid
and sustain the banks in resuming, so long as
the ub-Treasury bill is adhered 10 in any
shape.
If the Administration is truly DESTROYS that
the banks should resume specie paymentsan and
continue them thereafter, and extend their bu-
siness, so as to lead to a gradual return Of
prosperity throughout the country, let it forth
with frankly and unequivocally abandon the
Sub-Treasury project, and let its friends unite
upon Mr. Rives's proposition, and make 1t the
law Of the land; then the banks will have faith,
and will voluntarily resume. Ifthey do not,
public opinion will force them to do it.
The Banks will have no faith in any thing
short of definite action by Congress. And
why should they? Has not the whole course
of the Administration been directed to their
disarrangement From the shades Of the
Hermitage, anathemas and denunciations have
been Illuminated against them. They have
been charged with prrfdy and treachery ; and
guilty of base conduct, which rendered them
undeservng of any favor from the govern
ment or the people.
The head Of the Treasury Department has
turned his back upon himself. In his various
reports of recent date, he has assumed the
antagonist position from that he occupied in
1884. Then, he was the defender of the
banks. Now, he has become their assailant.
The very acts which he then defended as in
nocent, he now magnihes most unjustly as
well as unreasonably, and condemns.
The bill reported in the Senate at the extra
session Of Congress, authorizing the Secreta-
ry to demand settlements from the "late de-
poste banks" Gift did not emanate from him,
must have been sanctioned and approved of
by him j furnished ample evidence Of the dis
position existing against the banks. Thep pro-
visions it contained, authorizing the Secretary
to demand payment of all balances due by the
banks, to be made in tuo, four, and sin months
from the passage of the act, and in specie, or
to commence suits against them upon the in
stant,: in case of default, was placing such
banks as were still indebted entirely in the
power Of the Secretary, who could, and no
doubt would, have crushed them in case the
bill had passed as it was originally reported.
The House Of Representatives, however, did
not think proper TO grant such power, and
amended the bill by extending the periods Of
payment to such as choose TO avail Of them,
to eight, fourteen and t,oenty months
1t is not the least among the remarkable
events that have occurred since the old repub-
lican principles were abandoned, and unique
schemes have been brought forward, that
the very Secretary of the Treasury, who
is now carrying on war against all the
banks in the country, recommended in Decem-
ber 1886, that rehef for The past may be pro-
per, IN several cases, phieh 1t is anticipated the
partIcs interested uiH present TO The considcra-
ton Of Congress-" This had reference TO the
case of many banks, which had experienced
deep injuries, under the operation of the depo-
site act of 1886, by the construction which
was given to it, and the duties which they
were required TO perform.
Now, so far from granting them relief, the
policy pursued, is to PROSTATE entirely all the
banks in the country.
No longer ago than Tuesday night, the
Globe, while disclaiming in the name of the
administration, that it enterans feelings of
hostility towards the banks, in the very same
article, charges the banks with having sus-
pended last May, with twenty-eight millions
OF the public money in their hands, which they
refused to pay over in specie, thereby attempt
ing TO shut up The Treasury This is the decla-
ration Of the official organ Of the alministra
ton, while disavowng hostility to the banks
How is the statement of the Globe that
two years' credit was given to the doposite
banks upon the recommendation Of the Erccu
Tire, to be reconcled with the facts in rela.
ton to them given above7 There was no
such recommendation at all. We challenge
the Globe to point it out.
THE GENERAL GOVERNMENT VS.. THE
Ar.