The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-01-03
FOR THE MADIsoNIAN.

#s y = aG-H II II
This series Of letters was begun in condcmning and
depreciang the innovation OF establishing subrcasu
ries recommended by the President Of the United States
in his message to the late special session Of the Con-
gress Of the United States. While progressing in the
exposition ofsny views, have carefully examined what
has been urged by Others both in and out Of Con-
gess whether for against the innovation Il seems
TO that none but they, having examined the sub
ect for themselves who arc fond 81 change, can
will continue TO act In support oil the innovation with
the view Of carrying it into effect There may be some,
more fearful OF the change Of Inconsistency, than Of
the disastrous effects Of erroneous policy, who will
still cling to the waning prospect OF securing TO the IN
novation the adaptive favor Of the people sucb ,oH,
Let them sink under the hot dispeasure Of the people
Then have had timely and tenacious warnng-the
warnings Of the people have been deep and loud aud
cumulated If fhey will still insist on tho innovation
they may reasonably expect, ere long. to be moved
down with the scythe Of magnificent and terrible de-
monstraon Of the confirmed dispeasurc Of the people
But forbcar my present purpose being briefly TO re-
view the principal positions have taken and ehdeavor
ed to defend in these letters
l. Il is held to be right as well as in compliance
with the existing laws, that the General Government
in collecting its revenues shall reject all State Bank
paper not convertible into coin, and that it shall persist
in the requirement Of SPECIE during the suspension OF
specie payments by the banks. In coadict with this
position O. II is held that the General Government has
ITSELF without constitutional authority, undertaken to
create an rredcemable currency to the amount of ten
millions, and to invest it with receivabiy in the col
econs OF its revenue and in the discharge Of its obi
cations Of debt This attempt to make new kind Of
currency called Treasury notes, held To be uncons-
tutional, because,
l. There is no express grant Of such power to be
found in the Constitution by which the powers Of the
Government created and defined and because,
g. No exercise Of all incidental power---of power
necessary for carrying the granted powers into execu
TOMS or can be legitimate and proper, until the grant
ed powers to accomplish the given object, have first
been tried and found insufficient In this instance the
issue Of Treasury notes authorized by special
ac,ment for the purpose Of paying the debts Of the
United States, before the powers of "ayng and col
Letting taxes" and Of borrowing money" or either OF
them granted for the purpose OF enabling the Govern
pay its debts in the emergency, had been tried,
much less found insufficient.
g. It's held be clearly proper that the General Go
vernmen pcrssng properly in its acquisitions of spe-
cic ,ehc the banks deny for their notes, should place
the collected subsisting specie special de-
positc with few Of the State banks because,
/. This method OF keeping the revenue collected in
specie, will be cheaper than to keep il in snbtrcasures,
and certainly as safe and because, A
@ It will be safer than to allow the collecting officers
to keepit The temptations Of the trust have already
proved too strong. agree that when the law does
hy fhe term If off mar ed a
ought be permitted to hold it long he shall con-
due, himself properly.
A. I, is held to be just polite, and convenient that,
when the banks shall have resumed the resumption pro-
missing to be stable the General Government shall place
the collected in gold and silver, the notes Of
specie paying banks, general dcposite with few of
the State banks heretofore, but under such additional
new guards have been found BY experience be ad
visabe, and may be shown by reasoning TO be practical
blc And, s. il is held to be absolutely necessary that
the State Legislatures reduce, respectively, the number
Of their banks and adopt the system Of branches and
increase the restrictions upon their management, be-
cause,
L. Experience hath shown the multitude Of State
banks existing" to I've as inadequate to the furnish
ing Of sound paper currency as to the successful con-
Quoting Of the finances and because,
2. To reduce the number Of banks to one in each
State, and adopt tho system Of branches instead Of so
lated banks, mhout prescribing additional and mpor-
tant restrictions npoa their management OR withom
greatly increasing The responsibility ofstockholders and
of directors would be to establish tremysr little "noS
STEERS"
| have taken many other positions in these letters
which regard Of Importance that will be soregarded
bv Others, If referred TO and examined.
a....' PUBLIUs.
Fon THE MADrsoHIAN.
Mr.. EDtToR - #.a......