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

The agency % hsnks q ell The plan WAS idonics w
pnnel,Is and very much detail with mat now 10
Psniase,oa.ly aFssa upon ihs country And ~hs. was
The rs.ulli Il ~ss Ssjesisd by vote Of 81 yeas 70
I6i RAYS Bot sagis sapportsT Of The sdu'uissfa
too 81 General Jsrksas voted isf ~ Upon rerrence
20 The Joonsl of thu toase, 6nd my nsms standing
" the negative lei~een those Of two rstd l.ocoocos
Sinee thai time have been called several tunes TO
record my sa,s N Opposition 10 this oposiion on' NY
old ns,ghbeF. are gone This zane Journal shows the
name Of one mcnbef. mr. ALLss, Of Ohlo.) Thea
voting with ne. ~ho signs address M behalf Of
hat are called the Republican Senator's recently pub
Ished. Ia which tins u recommended aud Is
alleged the peace. harmony, aud prosperity oi Inc
people. snd the Pspttuy oi our glorious ronisdefsey,
in great depend upon a. let tbs Future late
Of this measure be what may. lie supporters must
first for their iorntr opposition to before they
can censuTe any body else. III the Wings drnounee ",
they only repest mha, the supporters Of Mr. Van Bufen
did three or four years ago By referring TO the same
report OF the Secretary Of the Treasury 10 which have
alluded, aud many o,her public documents the speeches
Of the supporters OF the late administration IN and out
Of Congress- the addresses OF the party 10 the public aud
their leading newspapers. could show you, beyond all
doubt question: that they had the best opinion Of the
soyency and usefulness OF the State banks. that they
encouraged by the Secretary Of the Treasury TO
extend their business the doposiics Of the public
money, and particularly TO deal in bills Of exchange
and that the State Legislatures induced. BY the
policy Of the late administration and the OF It's
advocates, 10 grant bank charters which institutions
they condemn and sodrssoring destroy
These things do not state without authority and proof
TO sustain them. would submit 10 you some OF the
evidence, but that this address has much exceeded the
linits hsd prescribed TO il.
Il is well known that have ever been the consistent
advocate Of national bank properly regulated and
guarded, TO act the fiscal agent OF the Government
and to furnish safe and general currency for the nse
Of the whole nation. have never believed, nor do
now believe, State banks those purpo-
do believe they get 90 without pro-
ducing frequent reynsions in the business OF The
try, and consequent distress among the people, unless
there is some great regulator believe national bank
Is as essential for these purposes national Govern
mcnt is for the purpose Of managing the affairs Of this
coniederscy and ] no more believe the State banks
can answer their legitimate purposes, aud be useful
IN that sphere for which they created, that do
that the States Of this Union could have been kept
united under the articles Of confederation which
abrogated by the present constitution that the affairs
ofonr State Governments could be properly administer
ed by the police jurics Of our parishes.
IL Is useless to tell me the country do without
these institutions that should be more prosperous
and happy if they did not exist. That is question
which admits OF argument both sides, and correct
solution would do no good. We have banks, and must
have them for many years to come and the question
il, what is best to be done Their interests and
those Of the country connected you touch
one without affecting the other and when the Federal
Government wages hosilies against either the inte-
rest Of the whole is attacked
My course whilst member Of the State Legislature
is known to all who thought it worthy Of notice. Ita-
most subjected me TO the imputaton Of being a Loco
foco. During the three years was member Of that
body, only voted for one bank charter, whilst some
who are now loud in their denunciations were then
equally camorous for acts Of Incorporation and bank
ing privileges The bank. have been created by law,
and, as long as they comply with the provisions OF their
charters, | will sustain Them but no longer, unless
they show some oyerpowerng necessity for devia-
ton.
In the commencement Of this address informed you
OF the disposition made Of the bill establishing subtrea
surers or receiversgeneral, that introduced and
passed by the Senate in October last Early the last
session another BILL very similar in its character was
introduced into the Senate after much debate, it pass
ed by majority oftwo volcsthrce Senators who were
instructed TO vote against it by The Legislatures other
States voting in favor Of it. When It came into the
House Of Representatives it laid the table, with
out being discussed referred committee. Whilst
the bill to which have just alluded pending in the
Senate, another, somewhat altered in its Details was
introduced IN the House The friends Of the admins
traon. not satisfied with the disposition made Of the
bills that had come from the Senate, determined TO
make another etor, to pass this measure. aud Ia the
month Of June was taken into consideration. After
q debate OF a week. II was rejected by msjory mnch
larger than expected voted against this project
in every shape did because Of the injurious ten
dency Of the upon the business and currency
OF the country
Because Of its hostility towards The banks and the
credit system /; ..
Because it proposed that Government dues, and Co
officers aud contractors, should be paid in
currency different from that which was in common use
among The people thereby establishing currency
for the Government, and another for the people;
Because it was important branch OF the system Of
Treasury hank which, under different name, the
administration is endeavoring establish and
read the bill, in connection with the law to autho-
rize the issuing OF Treasury notes, without seeing all
the machinery Of a bank Swallowed forth, except the
power to make loans interest, and that will be given
in some other shape. If necessary;
Because Of the extraordinary power it gave the Pre-
sident the revenue, and through it, the BUSH
OF the country
because Of the patronage it would bestow the Ex-
ecutive
Because of the inconvenience aud insecurity Of the
system, and, finally
Because it would be serious obstacle to the resump
ton Of specie payments by the banks generally.
All these objections, believe, can be sustained by
fact and arguments and rest my justification them.
could well much longer this subject, but cannot
trespass longer on your patience.
In the discussions that have taken place in Congress
in the last few years have heard much calculated to
give serious concern to every friend Of the Union Of
these States. Men in high stations speak and act if
severance of the confederacy at hand, and
speak Of shaping in reference such event
am almost compelled to answer affirnativey the
questions propounded by General Jackson in his adj
dress on leaving the Presidential Office when he asks,
Has the warning voice Of Washington been forgot
ten or have designs already been formed the
Union ~ In almost every debate that takes place,
question Of general interest, and not unrequently in
those subjects of character almost local. alusions
and menaces, in the shape Of warnings cautions,
thrown out without reserve OF revolution and dsunon
Sectional interests appealed tn, and preudices in
favor Of against particular portions of citizens
tempted to be aroused II was well said by the late
President, in his address to which have alluded,
that,
The lessons contained in the invaluable legacy Of