The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-09-08


by Il Which comes within its limited pOwers 10
promote al the earliest day possible so desira-
Die an erent."
Now LET us show what the official organ
itself said. In its columns Of the l4th April
is the following: "We are glad to perceive
from the Albany Argus, that the Executive
and Legislature Of New York are prepared to
give efficient aid to the resuming banks. By
the ieitsrof the Secretary Of the Treasury The
public Is also assured that erery legitimate
means that can be erertsd for the same pupos.
IN The regular action of The General Govern
ment, (without an abandonment Of any of the
principles to which il stands pledged,) ,eiA be
afforded. 1T Is NOT ONLY INCLINED, But
RESOLVED TO FAVOR AS FAR AS 1T POSSIBLY
CAN THE LAUDABLE EFFORT OF SUCH BANKS
AS ARE ENDEAyoRIN6 TO RESTORE THE CUR
RENcY TO WHOLESOME STATE"
1t will be recollected, that it was this letter
of the Secretary and this article from the Off
cial organ particularly, both Of which he re-
ferred 10, that led Mr.. HAMER to Withdraw
his resolution, all will recollect We
are now told by the official organ, that erery
Intelligent man has known from The beginning,
that The administrator could lend no aid TO
the banks! If the editor of the official or
gan and the Secretary Of the Treasury knew
this at the time they wrote the foregoing, then
we say, in the language of Gen. jackson, s'the
world never witnessed baser per6dy and
treachery than they both have been guilty of"
towards the banks
But 10 the qualification Of the Globe
Without an abandonment Of any Of the
principles to uhieh it stands pledged" That
is the point-the sub-Treasury. Every in
telligent man knows, that so long as that des-
tructive and odious measure of the Executive
was suspended over them, the banks could
not resume, without, in the event OF its pass
ing through Congress, being liable to suspend
again any moment thereafter that it might
suit the views and feelings of the Govern
ment to single them out, one after the other
as its victims for immolation. This was what
the sub Treasury destructives sought for
Not until this abominable scheme had been
put down by the representatives of the peo-
pie in every shape in which it was five times
brought forward, did the banks, or could they
have resumed. As soon as the banks saw that
the Government were thus rendered powerless,
and without the ability to prosecute or harm
them, they then resumed specie payments,
! :. al, J,r., nd
porters, and of lamentations here or else
phere."
The Administration were not DESTROYS that
the banks should resume, if the sub-Treasury
bill did not pass. If that was defeated, the
Administration hoped the banks would not re-
sumo. The issue they were DESTROYS OF
making before the people, was upon non-re-
sumption of payments by the banks Of their
obligations in specie.
Up to nearly The last moment every thing
was resorted to that could be thought Of to
excite the public mind against the banks.
The Monster was singled out, under the
belief that if it could be Frustrated, the others
would fall an easy prey.
In the Globe of May last, nearly three
columns were occupied with the statement of
the condition of the Bank U. S., the month
previous, and the effort to prove that the bank
could not resume-in other words, that it was
bankrupt. Following all its figures and facts,
the Globe said " The question Of resumption
depends on immediate means and immediate lia-
hhties. We no,o see what these are. We
see these stand sir to one against the bank.
This settles the question Of ability to resume.
1t shows the bank 10 be unable to resume, con-
sequentiy, that Mr.. Biddles letter ,oas false, IN
arerring that ability, and that the natural Sc
quence of this fundamental Jaischood, ,oas a
tissue Of falsehoods against the Government d
| the United States, to ercuse his non-reSump-
tion" The article concluded with the fol-
lowing interrogation. "Will the people longer
tolerate such conduct from foreign institu-
tion!"
Now let us see what has taken place since,
in the course of events The bank has re-
sumed specie payments; and in place of be-
ing demolished by the people, as they were
stimulated on in the above extract to do, it has
in addition, aided to relieve the Government
from anticipated endorsements, by advanc-
ing to its Financial Department between four
and FIVE million dollars, and become its fiscal
agent This is the result Of the CON-
FLICT" Of which the Globe of Monday re-