The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-05


TO be held by the Receiver until the warrants
of the Treasury Department draw on him
shall be presented, and that he shall tender
them in payment! Surely not. For, this
would be adopting and carrying into practice
the last part Of Mr.. Clay's resolution, as it
was originally offered by him. Of which the
report OF Mr.. Wright thus spoke:
This part Of the resolution has, at least, the merit
Of being new and is not like both tie other portions
repetition Of any previous action Of tho Senate dnnng
its present session So far the observation oi the
committee has extended claim greater novelty, as
they have found any preyo proposition made 10
Congress TO compel the disbursement Of bank NOTES IN
payment OF the public dues On the contrary, they
have found propositions and several laws 10
restrain, limit and prohibit, disbursements IN such
a medium"
Then the intention Of the Government is TO
call on the banks that issued the notes thus
received 10 pay them IN specie. twill be car
rying into practice the plan suggested by the
President in his message at the extra session,
wherein he said q 1t is true that bank notes
actually convertible into specie may be re-
ceived in payment Of the revenue without
being liable to all these objections, and that
such a course may, 10 some ertcnt, promote
individual conrenlence--an object always to be
considered when j, does not conflict with the
principles Of our Government or the general
welfare OF the country. II such notes only
tocre rcceiced, and aiwdys under circumstances
alioUing them EARLY PRESENTATION FOR pay
MENT; AND IF AT SHORT AND FIXED PERIODS
THEY WERE CONVERTED INTO SPECIE, TO DE
KEPT by THE OFFICERS or THE Treasury"
Can any one fail to perceive, that the new
circular has been framed especially to carry
out these views Of the President! Any bank,
which issues notes knowing, that it will be
called on in " short period thereafter to re.
deem the same in specie, will promote its own
convenience by paying out the specie at first,
in place of bank notes. Therefore, we think
we have concusively proven, that the new cir
cular is TO perform precisely the same offices
the old one did, (which was so odious, and so
universally condemned,) only in another form.
Let us tell those who voted to repeal the
specie circular the other day that, although the
Secretary of the Treasury may paint an inch
thick TO hide it, to the above. complexion they
must come, unless they avoid it by again rails
ing their VOICES We ask the people to look
at this part Of the circular, and weigh well its
import. Says the Secretary, "However de-
srable it may be, it is not believed this depart
ment can find sufficient warrant in the pro-,
ceedngs of Congress, or in the public opinion
to justify the sudden and total erciusion AT
THIS TIME of the notes of specie paying
banks from reception for public dues of erery
description. Therefore, it processes to re-
spect the proceedings of Congress and public
opinion al this time, so far, rs to restrict the
receipt of bank notes as much as possible in
the first place, and then to return such as may
be received Immediately upon the banks that
issued them for specie.
How has the confidence, the Senators from
Alabama and Arkansas were willing to repose
in the Executive, been treated! The most
clamorous opponents and strenuous advocates
Of the repeal of the specie circular were
generally the States in which the public lands
are located. We ask the representatives of
those States (Ohio, Louisiana, Indiana, Mis-
sssippi, Illinois, Alabama, Missouri, Arkan-
sas, and Michigan in which there was more
than TwENTY-sEvEN MILLION DOLLARS of
revenue collectedin $780, to pause and reflect
upon the situationin which the recent Treasury
order will place the banks of their respective
States. Banks too, in which five out Of those
seven States are in their sovereign capacity,
deeply interested. This circular arrays the
General Government against those States and
their institutions, and brings it into immcd
ate conflict with them!
Nor is this all. We consider the will of
the two Legislative branches of the Govern
ment, expressed by overwhelming majorities
of both, has been utterly disregardcd and set
at defiance by the Executive and that the
issue is now found, which is to decide, whether
the Executive shall be permitted to separate
itself from the other coordinate branches Of
the Government, place itself above them, and
assume for itself, CENTRE coNToL" Of the
moneys of the people placed in its hands By
them, to defray the expenses attending the adj
ministration Of their Government
An issue so momentous has never before
been made. We hope that Congress will not
separate until it is determined whether the
Government is hereafter to be administered