The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-29

which the most profound and sagacious OF all the
foreign observers OF our institutions has pronounced
TO be the real arisocracy Of the country) have been
soiled by the pollution. The peace and honor Of
families as we'll as the pride OF the nation have
been dragged down TO the dust by this system Of
overwhelming temptation and corruption, while the
public treasure has been wantonly dissipaied and
wasted by il. Deeply humiliating as these occur
rences TO the national pride yet look upon them
as provdential adhonions intended tosave US from
the thorough adoption OF a system which, verify
believe, would spread more general decentralization
and corruption through the land than any which the
archenemy Of man could devise. II is not surely in
such recent epenf as these thar the President can
find any recommendation ofihe Sub-treasury scheme
which he again proposes TO Congress No, sir be
assured that whatever party may effect here these
same recent events" have forever sealedthe fate
ofths system with avrtuous and enlightened People
Why, then, Is il again recommended and urged
upon us1 Is il as raityiag cry of party is il 10
drive through party triumph, fatal, as firmly be-
lieve such triumph would be In the end, 10 those
who achieve in Are there, then, MI. President,
no circumstances Of national exigency, appealing TO
the dormant, but hope not yet extnguished spirit
OF patriotism, in which We can rise superior 10 this
fatal bondage Of party, and act for our country =
Can we not now that the furnished honor and d.
apdated interests of the nation call upon us TO close
up every avenue of corruption and abuse--can we
not devote this short session, at least TO The pressing
wants ofthe country, out OF the many we have given
up TO the interests and conflicts of pary} Ii We
could do so nothing would be easier in my opinion,
than 10 settle finally and satisfactorily this great
financial question which has hitherto so much d.
vided and agitaled US. The circumstances of The
moment ar: unusually propitious. The scheme Of
NATIONAL bank is now, and Itrusl finally abandoned.
The late happy and successful restoration Of sound
currency by the State Banks without the aid OF such
an institution, has produced general conviction that
il can no longer be maintained on the ground Of me-
cesSy, on which alone its advocates have hereto
fore rested il. The Sub-Treasury scheme should,
in my humble Judgment be considered equally out
Of the question. II has over and over again been
rejected BY the Representatives Of the people, and the
people themselves have ratified the Judgment of
their Representative Recent events" proclaim
its condemnation in still louder voice. What,
then remains No other alternative than the use OF
the Stale Banks. Let this be adopted the general
principle, TO il ought TO be by all par
ties in the present attitude of things and after the
decisive expressions of public opinion which have
taken place; and there would then be but little diff
Guilty in solving the subordinate questions as TO the
of the cardinal republican maxim that that must
be regulated by ldp and not abandoned to Ereenaire
discretion
REPLY TO MR. WRIGHT.
[Aner Mr.. Rives had concluded his speech in
support of his resolutions, Mr.: Wright rose and
made some remarks, to which Mr. Rives immediate
ly made the following replyl
Mr. RlvES said he asked The indulgence Of the
Senate while he noticed the observations just made
BY the Senator from New York, (Mr, Wright)-
That gentleman represents me as changing my lone
in regard to the Bank Of the United States. No, sir,
it is that gentlemans friends who have changed both
their conduct and tone. The Senator says that at
the extra session, spoke OF the alarm expressed by
some gentlemen, in relation to the designs of that
institution, as 6ugbear. Under what circumstances,
sir, did SO speak will recall lhem and the Sc
nate will then determine whether it is who have
changed, whether il is the gentiemans friends.
bad offered proposition, intended to confront the
recommendation made in the Presidents message
III III eh IA fcI
in gold and silver only, declaring that il should be
collected in specie, in the notes of specie paying
banks, under certain limitations, with pfoviso that
the notes Of nc banks should be received which
should not haveresumed specie payments by given
day. The Ss<alor from South Carolina, (Mr. Cal,
houn, opposed my proposition with his usual vigor
and earnes,ness, and mainly on the ground that I'M
der 1t the Bank of The U. States would be enabled 10
recover, and would certainly recover, the govern
ment deposies, which he declared would be both
calamity and deep disgrace 10 the country. What
was my answer sir I That that could never happen
in consequence OF my proposition which had no re-
alion whatever TO the public deposites-hat It re
lated exclusively to the Kinds Of currency in which
the public revenue should be receivable, leaving the
question OF its repositories precisely where it was
under The of June lS36-tha is 10 be selected by
the Execuve--and that no person, presumed, could
pSssG az m s 81 hs e6 6 pf s G s0 Ss
engaged in n war of determination with the Bank
of the United States, and w ho had recently renewed
would could ever think OF restoring the govern
ment deposites to that institution.
II was in this sense, and for these reasons, that
pronounced the alarm raised against my proposition
that il would lead 10 restoration OF the public de-
poSies 10 the Bank Of the United States to be bug
hear? And was it not a bug bear,-under all cir
cunstances SO far as my proposition (Which had no
reference whatever TO the public depoStes was con-
cerned and equally SO in regard TO any danger that
could them be supposed TO exist Of restoration Of
the deposites, Of any portion of them TO the bank,
by the act of the Executive call upon the gen.
tleman from New York himself, who has, AT all
times, had far better opportunities Of knowing the
views and intentions OF the Executive than any
could pretend to- TO say if had not, at that time,
good reason TO pronounce it 6ag.b could
soon have supposed that the would fall from the
armament at my feet, as that the Executive, which
stood committed before the world by every possible
act and expression of inhexible opposition to the
bank could, under any circumstances, nave con-
scented TO change its relations with that institution,
and TO make it again the fiscal agent of the govern
ment Am /, then, TO be reproached by the Senator
from New York for the confidence reposed in the
good faith and sincerity Of his own friends Whose
fault is it that the danger of restoration OF the fiscal
connection between the government and the Bank OF
the United States is longer bug-bear? Is il mine,
or that of the Senator's friendS2 Let facts and the
gentleman's own candor, if may appeal TO it, an
swer that question.
well recollect, MIR. President, that at the time
submitted my proposition for defining by law, what
kinds of currency should be received in payment OF
public dues the unsusained objection urged against
It, BY the Senator from South Carolina (Mr Cal
houn,) was zealously taken up by the official organ
here, and it was again and again insinuated, II not
openly charged, that was playing into the hands
OF the Bank Of the United States, and aiding and
abeting its design of recapturng, Ito the phrase
of the day,) the public deposites. The gentleman
from South Carolina frankly disavowed the impua-
ton Of any such intention to me- while he still con-
tended in argument, Qhough must be permitted
to say without the slightest foundation of reason
far as could see that such the tendency OF my
nrannSilinn Ehe hnMeper which has