The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-28


paper al Washington was daily filed with the most
ilaflering predictions OF an imineasursble increase
ofihe peoples wealth, without exer,ion or labor
Gold was to flow up The Mississippi, and force is
who yielded hearty support TO the administration
Whilst however The party were amusing themselves,
and deceiving the people with this contemplate
humbuR, the greedy Spectators Of the country were
fast gathering up The gold and silver tor the purpose
Of creating basis for future issues Of paper Unit
ing their fortunes with those OF parzan leaders,
iheY together b.siegcd The halls Of legislation 10 every
State, with applications for bank charters; and so
successful were their exertions, that IN very short
space Of time the banking capital OF The country WAS
more than doubled Banks sprung up In every nook
and corner OF the land The amount Of paper issues
was rapidly and most nnwarrantaby augmented
The currency became disorganzed and with Il busi-
ness Of every description fell into arrangement
Prices rose with astonishing celeriy. The springs
specuaiions ensued TknFhole country was dotted
dusiry was every where disbonored, and men be
came intoxicated with the chimera Of ideal wealth.
In fine, all the evils which ordinarily flow from
disoriefed and redundant currency came like thick
! cloud over the country.
Al length the nation was arrested in lis wild ca
reer, and both Government and people were involved
in common catastrophe. The first great expert.
ment Of the experiment was now fully tested, and
abandoned, Justly exposed 10 the contempt and in
dignaon of the people account Of its past policy,
il sought relief In the "untIed expedient" OF aban
ing hostile attitude towards the banks and the mer
chants Both were loudly denounced as the guilty
authors of the mischief which plainly atlrbuia-
BILE 10 the action Of the Government alone-and the
people were vehementy told that their exemption
from future calamilies OF a similar kind, depended
solely upon the entire separation of the business Of
the Government from the concerns Of the people at
| large. Accordingly the abominabie Sub-treasury
plan was next devised This startling and detesta-
! bic scheme awakened the nation 10 a sense OF the
strong necessity Of making an effort to preserve the
fundamental principles of the Government, al which
IL clearly aimed fatal blow. II brought distinctly
10 the ears OF the people, the climbing Of the chains
which the minions OF party were forging for their
| enslayement; and with an emphasis and unanimity
which would have COMPOUNDED any but the base and
| sordid devotees Of power il was every where repu-
| dated and condemned. lis design was so glarng
OF fraud and corruption, and its tendency pregnant
with unmigated evil, that the public voice over
eapDg the slow process OF argument, at cnce loudly
and unequvocally pronour ced il be submitted
TO the grave consideration Of free and intelligent
community. Notwithstanding, however, this over
whelmng expression OF the popular will, an extra
| session OF the National Legislature was convened
and the odous measure pressed upon thai body, by
| all the force of the Executive, united to the most
active and unremed exertions Of the acknowledged
leaders OF the dominant party in both Houses of Con-
| greSS. This attempt was unsuccessful. For once
| the shackles Of party were oosened and The peoples
Representatives yielded reluctant obedience to the
| will OF their constituents. The measure molly
thrust out Of the Capitol During the late session Of
4
J made 10 ensure its adoption. The President sung
BY disappointment al the overwhelming defeat Of his
1 party in the late elections, took This occasion by
means Of his annual message 10 Congress TO spread
upon the archives of the Republic false and wicked
libel upon the character of the citizens Of his native
State. The change which had taken place in public
sentiment, was ascrbedio the influence of the banks;
and the incorruptbe electors Of the Empire State,
were indirectly accused of prostituting their most
valuable privilege American citizens, in order TO
subserve the interests ofthese soulless institutions.
The respect due TO The Office Of Chief Magistrate
of the Union forbids that we should speak Of the
udc of the offence. But higher and better vindi-
cation is reserved TO us in the ballot boxes. Through
these We will expose the ungrateiul ibeller Of our
noble state and reinstae our own regulations, as
| sponsble but free citizens OF the Republic.
The Sub-treasury bill having been again defeated
the vaunting proclamation Is made BY the leader OF
the party in the House of Representatives, that in
spite OF the lamentations here or elsewhere the Sub
treasury bill shall be the law of the land for the next
| four years" And in the same spirit of tyrannical
opposition to the popular will Mr. Slas Wright the
chairman Of the Finance Committee of The Senate
of the United States, and the confidential friend of
the President, has recently introduced proposition
into the body, designed TO effect the very object which
was so strongly and unequvocally condemncdby the
| defeat OF the Sub-treasury bill.
| This proposition was also defeated in the house
| and Congress has just adjourned without passing a
single law for the relief of the country the major
| ty steadily refusing To permit The passage OF any
law Tor The sale keeping oil the puOIlc moneys, winch
did not confde them 10 the custody Of the Executive
1 Yes, felowcitizers the minions OF power thought
/ that the shackes of party were SO securely bound
that they might safely inform you that they wanted
not the authority of law, for perpetuating the grasp
of the Executive upon The public deposiles and that
| Mr.. Van Buren, would hold on TO the illegal power
| over the Treasury which had been usurped in
| spite of the suferngs and complaints OF the people,
and the remonstrances Of their indignant Represen
| tatives
In the full confidence that this arrogant threat will
be suitably answered at the polls, call upon the
people OF the State of New York to observe the
tendency of these acts and pretensions. They all
point TO an augmentation of Executive power, and
10 the overthrow of our well balanced and carefully
adjusted government TO subserve the personal views
OF an irresponsible caba and to place in therpower
the moneys of the people. Need you inquire the
object4 They have themselves furnished you with
the answer Ia the language of Gov. Marcy, ito
the vctors belong the spoils;" and finding the public
offices insufficient TO sustain their mercenary party
they seek TO employ the public revenue for that pur-
pose.
Indeed, SO shamelessly has this object been pursu-
ed that Mr. Wright, Senator OF this State, pro-
posed in his place in the Senate 10 confer upon the
Secretary OF the Treasury, the power to use the
public moneys in the operations of The stock market
This is the masterkey TO the policy OF the admin
israion OF The Federal Government and il also
elucidates the whole course OF The party II ex-
plains why the public expenditures has so rapidly
increased during an administration which come into
power protesting economy and reirenchment. Il
shows why the expenses have augmented SO alarm
ingly in every department. until the whole expendi-
ture has increased from Sl3,000,000 the average
amount during Mr. AdamS's administration, indie
pendent of the amount paid in the discharge OF the
public debt, TO 1877 600 the amount during the
last year, when there occasion for any extra
ordinary expenditure.
Even this last year, with a bankrupt Treasury,