The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-18

| abhor the whole system Of legislation which
requires the innocent to suffer for the guilty.
Make the appointing power responsible lot
the selection Of honest men, and MAKE the
men selected responsible for their o'en con-
duct. II had no other objection 10 the sub
Treasury scheme than this one-thaf u re-
ouires securities for lis successful ereeafton--
would vote against il. II requires the inno-
cent to suffer for the guilty, or II Is admitted
il could not be relied upon. But, there are
many other objections, which have been urged
over and over again against it, which are even
of more formidable character. l consider
this Government no longer republic in sub
stance, whatever we may choose to call Il by
name, il that scheme passes. The fearful
and enormous addition it brings to the Execu-
tive power, will sweep every thing before il.
And strange, passing strange, we hear It
prayely asserted, that it adds nothing to the
power of the President What is not the
whole machinery to be put in motion, and d.
rected by the Secretary Of the Treasury 7
The mere instrument, according to the pre-
vailing doctrine-the mere instrument in the
hands Of the President, to enable him to carry
into effect the Executive power granted to
him by the Constitution. The whole revenue
Of the u. s. is to be used as an instrument to
check and control the banking system. This
power is to be welded by the Secretary of
the Treasury, the Presidents instrument.
And yet this scheme does not give to the Pre-
sident any additional power ~! If one part
ofthe Union overtrades, the Secretary must
check it by drawing the specie out Of the
Banks. Ifanother part wants facilities, the
Secretary may afford them by INDUCING the
Banks, &c. This whole moneyed power,
the regulation of prices and Of property, is to
be managed by the Secretary, and yet it gives
TO the President no additional power \! The
whole patronage Of the Federal Government
is at this time concentrated in the hands of
the President. The action of the Senate
upon the nominations Of the President, con-
slider the mere nominal thing, which amounts
to nothing at all This patronage must ne
cessarily increase every year, with the in
crease of the nation.
We commenced our political existence
with some two or three millions of inhabi-
tants, and even at that early period, the pro-
phetic mind Of Patrick Henry foresaw the
consequences of the powers that had been
conferred upon the Executive of the U, s.
His warning voice was UNDECIDED, and this
nation will weep tears OF blood yet, for disre-
garding the counsels of that gifted and i'm
mortal statesman. Let any man look back
at the progress of this nation for the last 40
years, and then look forward to its future pro-
gress in population and wealth, in commerce,
agriculture, and all the mechanic arts-all adj
ding to the extent and magnitude Of the ma
ton, and of course adding to the extent and
magnitude of the Executive power. And if
he has any Republican blood in his veins,
that does not wax warm, he cannot be gen.
uine descendant of a Revolutionary sire.
The banks are to be preferred for the safe
keeping of the public money for variety
OF reasons.
lst. The banks haze no legs and cannot run
off , Ifany of the officers Of the Bank should
run off, there still remain the stockholders
who are liable to the Government for its de-
posites, to the amount of the whole capital of
the bank: which of itself is infinitely greater
than all the bonds that can be obtained.
I'd. But, if-shoss-OovornnIons will require
bond and securities, the banks have always
been willing to give them to any amount re-
CURED, as they did under the deposite law of
1896, and to pay two per cent. interest be-
sides. The truth is, there is no possible way
by which the public money can be lost, if de-
posted in Bank, unless by the failure of the
Bank. And even in that event, in ninety
nine cases out of hundred, it can be secur-
ed, owing to the preference the Government
has over individuals.
With ordinary care in the selection of
Banks, there is no danger arising from this
source. Solvent Banks can always be Sc
lected, if common prudence is exercised.
But there is any risk arising from this source,
it is one which the Government has to en-
counter, in common with every individual in
the community, who has bank note in his
pocket, or deposite in Bank. Why should
the Government be in any better situation than
the People who made the Government The
People, who have surplus money on hand,
all take it the Bank for safe keeping, without
scarcely an exception. Why should not the
public money Of the People be secured in the
same way