The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-08-15

nriner no The house and he III, nghl il prudent TO
seem more just and discreet. No man WHO lisa re-
pubic AZ heart will indulge Ia dennncaiion q
whole class of citizens, aid thereby arouse spirit
of bitterness against them The merchants as
body, are high-minded, patriotic, and useiui men
They hold an important station in The business wofiu;
They the agents and factors Of the FARMER ana
mnnufaciurer without whose aid the products OF
their industry nd skill would find no purchasers
and they are in fact the collectors OF the revenue oil
the country. The three great branches Of our ma
tural neutrality-suspicious., commerce and manu-
faciures-are intimately connected WIN eaeh o'hei.
Destroy any one Ut them, and you parayze The
others ~
The next demonstration Of Loco-foco party hosiii-
~ was made in the Legislature Of our Slate Gov.
Marcy, from high considerations OF pair, ilsm and
duty recommended the Suspension law" the OBJ
iect of which was TO prevent the forfeiture OF The
bank charters. The Locofocos, headed by leader
from the North, understood 10 be the friend CONN
dant and mouth-piece OF distinguished gentleman
from the same region, and one who is justly cons-
dered one Of The confidential advisers OF the Pres-
dent, made furious onset upon the unofrnding
banks, and opposed with oil their powers The recon-
mended law. They were defeated In the unpairiolic
attempt In reference TO this matter, have at an
other time said, that the occasion presented TO the
levelling and destructive propensies OF the Loco
focos in the Legislature, an opportunity for the COM
mission Of mischief too tempting To be resisted
They fancied they had The banks upon the hips"
and with savage delight and keen appeites, were
ready feed tat the ancient grudge they bore M
But their resistance was In vain The bill passed
the Senate by an almost unanimous vote, Two only
voting against in the Senate and the House, by all
the votes save some fifteen agrarans They saw In its
defeat the deaihblow TO our business and prosperity
The people were indebted TO The banks more than
seventy millions of dollars. Had the banks been
placed In the hands of a receiver, by order OF the
chancellor Gas they must have been, had the bill
failed and their concerns speedily closed, what
must have been inevitably the result2 A wide
spread scene Of bankruptcy and ruin. A scene from
which the true friend Of the prosperity Of the State
starts back with horror and alright. Lawsuits must
have been commenced indiscr Intimately against the
debtors of the banks and their properly placed UNI
der the hammer Of the Sheriff, would have passed
into The hands Of the banks at their own prices. AT
the sales there could have been competition, for
the obvious reason that there would have been
money in circulation adequate TO produce thai effect.
Al the time Of the suspension, there was in circula
ton some twenty millions OF bank paper Most Of
the specie was in the vaul $ of the banks How then
would il have been possible FOR their debtors, with
this twenty millions, 10 have paid debt Of more
than seventy millionsl And this state of things
would have existed, ifthe counsels of the Globe and
those Of the northern agitator, had prevailed
The evidence Of this hostility is to be found in the
message of the President al the extra session The
representatives OF the people assembled al Washing
ton, ready and anxious to cooperate with the Presi-
dent in any measure which he might recommend 10
restore confidence, and put in motion the business
wheels Of the country. Every one deemed il mat.
-
to lend all constitutional aid in effecng the resump-
tion Il specie payments. They recoleced the ex-
amPles OF Crawford and Dallas former Republican
Secretaries of the Treasury who by the use of the
Government, funds, and by their encouraging coun-
sells, had given most efficient aid TO the banks, then
suspended and struggling TO resume, and hoped that
that example might be thought worthy of imitation.
But what was their unutterable surprise when they
heard, not the voice OF cheering and Of coDScla ion
10 depressed and suffering communiiy but the re-
commentator OF a BANKRUPT Lar as appici bic 10
the banks and bankers. This was more astonishing
from the fact that The President, when Senator,
had denounced such measure both as expedienl
and unconstitutional. Had such law been in one
ration at the lime OF the suspension the INKS would
have been at the m roy OF their LocJ-foco persecu-
tors. The Legislature could not have Come 10 their
rescue. Their affairs must have passed immediate
~ into the hands of Uni ed Sates bankrupt commits
sioners, and been wound up at enormous sacrifices,
and at enormous expense. The ruin would h, We
been confined 10 the State of New York il would have
swept with destructive fury over the whole Union
and The consequences would have been as disastrous
To the latter they would have been 10 the former,
Chad not the Legislature relieved the b inkS,) as
have att mpted 10 describe; and this is the Presi-
dents friendship 10 the banks The man who pro-
fesses friendship 10 your person while in the act Of
punging dagger in your heart will get but little
credit for his sincerity Another proof Of this hos
lity is 10 be found In the opposition of The Loco-o-
co party in Congress, 10 a resolution offered BY
distinguished supporter of the administration from
Ohio, (Mr Hamer) declaring substantially that the
Government felt friendly TO The banks, and would
render them all the constitutional aid in hts power
in their audabe efforts 10 resume specie payments.
They would not even consent TO consider this reSo-
luton, so highly proper and just Its consideration
was defeated by minority Uwo-thirdS being re-
CURED by the rules of the House and finally il was
withdrawn BY the mover--he SuTrendering his own
opinion and judgment at the earnest eDtreaies Of the
Locoiocos Tor the sake OF harmony.
An iher proof: Another member from Ohio, Mr.
Kilgore) Republican elected as friend Of the
tntr lIltt,
the notes of specie paying banks To be received in
pay ent of public dues, though they may have is
sued bills Of less denominalin than FIVE dollars
since the 4,h of July, 1886. This met the fate Of
Mr. Hamer's resolution, and by The same minority.
The Loco-focos, headed by the Chairman of The
Committee Of Ways and Means, the financial organ
OF the Executive In the House, voting against the
consideration of both resolutions
Another proof: The refusal of the Executive to
repeal The specie circular. Whatever Of good it
might have done in arresting the march OF specula-
tion in the public lands nearly all conceded that it
had performed its office and should be rescinded-
Near the close of General Jackson's administration,
both Houses of Congress, by unprecedented MAORI
ties had ESQ far as they could) annuled it but the
General thought proper TO pocket the Act and there
by prevented the almost unanimous wishes Of Con-
gress from taking effect With this evidence Of
popular feeling, thus then recently given by the inn
mediate representatives Of the people, Starring him
in the face, Mr.. Van Buren, assumed The Executive
Chair. 1t was believed by nearly all that he first
act Oh MS administration Woulu De 10 repea lhiS CIT
cular In this they were disappointed. He chung
to with idolarous fondne>s until Congress wrench
ed it from his grasp. Ii was repealed few days
since by vote approaching to unanimity. Thus
for fifteen months has he held on with mSei's
grasp, 10 this instrument of annoyance TO the nks
and one which has been used, in connection with
Wesn q ba Rrsyeni resumption Its effects on The
lne VI uaVei oetwoon tho eastern and western
States, was disastrous. Their bills were sougb,
after by the eastern emigrant and land pu, aa
taken 10 the banks, and the specie drawn upon the
and thus specie taken from points where il was