The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-01-23

Will not dwell longer on this branch OF the sub
| Ject was lately remarked; with truth BY thai
abe, Paii9lc ana consistent patriarch Of the demo.
crazy Albeit Gallaiin, that NO nation ancient or
modern, Tree or despotic has ever adopted or pro-
posed asyStem, similar 70 that In auestion-lhat is
no government has ever proposed 70 collect and dis
purse It's revenue m currency different frem that
in common and practical use among the people
The collection Of no other could be practicable en-
forced without great sacrifice and inconvenience,
and consequently il has never before been attempted
under the sanction Of regular system. In all The
haId-money governments referred 10, hard money
has been the common and only currency-the peo-
pie receive hard money ia their transactions, and are
therefore prepared 70 pay in that currency, il they
are able TO pay al all. In connection with this po-
sion, the captious inquiry II the government should
DC compelled 10 take sAtnptGsterS,n because the peo
pie take them deserves no attention whatever All
wiz answer No The present condition Of the cur
Iehcy Is temporary and extraordinary, brought on by
extraordinary causes. II is better, therefore, 10 sui
| Ter temporary Inconvenience, than encourage an
eVl ana run the risk OF perpeluating IT, In wisely
suDin'lihS 70 this inconvenience however, we ind
Inc very principle illustrated. We have seventy or
eighty millions Of specie in the country. Two some
say three, millions are only necessary for specie
collection and disbursement of the revenue YET
the Sub treasury scheme has been in full practical
operation Tor nine months, and what have we been
enabled TO collect under II Importations have
nearly stopped, payments of government dues have
nearly stopped, and but for the temporary credit ex-
pedicnts, 10 enable TO reject this paper currency)
| nc government ronld hare a0pped also. And yet ii
any less gifted genius dares 10 take plain common
sense view OF the subject he is put down as the i'm
pertinent author OF rabble Of objections too in
significant 10 be noticed he fantastic ounderings
oil great mind, which, Tor want of worthy antago-
niSis, IS perpctndLty at tear lotM itself"
But we have neither time space, and we may al
most add, inclination, for urging further obec-
tons to the bill. We think, respectfully but firmly
That II ought not to pass-and we scarcely be-
lIeye, that there is any fear of its success
We prefer, Infinitely the schemes sugoestpd NV
the resolutions Of Mr.. Edmonds. They are con
ceived in fine spirit of Cancellation. They do
away with the machinery Of Receivers General
and travelling inspectors with all the safes and Sub
treasury depots with the stern reuuision for specie
only, alter six years, &c. They embrace the great
basis OF a compromise, on which the friends of the
Administration are prepared 10 meet. With few
notifications they will probably receive the support
o: decided majority OF the friends of the Admins
tration in the General Assembly. Suppose the first
resolution amended, somewhat inihs way that the
Stale banks ought TO be used for the fiscal purposes
OF the Federal Government only when the Interests
OF the treasury and country recommend H.
We adopt the second resolution cordially. We
would cut of al once all connexion between the pub
lie deposites and the bank discounts. As we have
said before, we give The Sub-treasury gentlemen a
carte blanche upon that point As means of car
rying this idea OUT we would subscribe TO the idea
(ot the Sd resouon) of convertiblity of balances
al intervals to be stipulated by law, allowing
more discretion TO the Secretary Of the Treasury
than can well be avoided But this converbily
should be gradual and prospecive-on the principle
Of Mr.. Calhoun propositon-say, one-six,h or one
fourth specie the first year, &c. &c Thus easing
of the banks at first, until they get stronger after
their resumption-and when they are able to stand
the draft then might call for all the balances in
specie, to be put under special deposite The depo
site banks too while they refuse for the public dues
such bank notes as they please should be compelled
to credit them as cash, and pay the holder OF the
treasury warrant at his option.
In word, we would fan hope that these resolu-
tions may be easily made acceptable to a large ma
jority oflhe friends of the Administration They
have already made excellent effort. They are
| like oil poured upon the waters. A few touches,
and all will be right The same spirit of coqcilia-
| ton, and all will be we'll A good system will be
devised for finances; and harmony and reunion
restored 10 ranks. We congratulate our friends
upon The proSpect-and cannot but look for the
moral influence it will produce among our friends
at Washington.