The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-19

nearly the same Time i nave tnefe not pten
u series Of concurrent events, and combina-
ton of cmcum tances, in our own country par
ticularly; all Of which operated together, TO
produce these disasters, that we never expe-
rienced before, and in oil hnman probability
shall never witness again Then, we ask,
where are we to look for the wisdom or sound
policy, that should counsel us to abandon a
system, that under ordinary, and even erira-
ordinary circumstances has worked well, 10
| fly 10 others that noe knop NOT Off Equally
wise and polite would it be, in our opinion, to
abandon the use Of steamboats, altogether, be-
cause, occasionally, one is blown up, or gets
snaggcd, and is sunk, and go to stageing and
bargeing il again.
What would be thought Of merchant, who
for series Of years, had regularly made all his
remittances in bills Of exchange drawn on the
produce Of the country, without experiencing
much. ifany loss; but who, owing to the revul-
sions Of 1887 throughout Europe, sustained
considerable losses, should, in consequence,
resolve for ever thereafter, to avoid all bills of
exchange and make all his future remttances
in specie only
We have received work just publishedin
Philadelphia on the credit system Of France,
Great Britain and the United States, from
which we extract the following. 1t says
We hare hop before us statement Of TIE operations
Of one Of The largest purchasers Of bills on England
fbafs fbs
purchased was nearly 81 millions sterling, and thai The
loss thereon, IN The first eercn years. ras less than
60oOi but that in 1887 IN consequence 9Th great fall
IN all American products, which caused numerous bills
10 DC returned there toas loss Of 49, 000, making
fhe whole ss,0oOl beng 42-l0O Of per upon
me ohols amount Of bills"
Now, suppose this house were to resolve
that for the next twelve years they will remit
nothing but specie, to the extent Of 81 mil
lions sterling, or hundred millions Of dollars;
because Of the disasters attending the single
year 1887; would they not be laughed at and
ridiculed! Yet it is an analogous case
to that Of the Special Deposites and Sub
Treasury schemes, which proposes to aban-
don the general deposite system, THAT hadpre-
viously worked well and fully answered every
expectation;) and to separate the moneys of
the people from all banks, because of the re-
WILSON'S which attended the year 1897 in the
monetary affairs Of the commercial world
We 60 against both the Sub-Treasury and
Special Depositc plans. We go for the
Federal Government employing State banks
as general repositories Of the public money; and
as agents to collecta and disburse the same. We
60 for restoring and preserving sound and uni
form currency, and for an equalization Of the
domestic exchanges. The public revenue is
the great lever that can be made instrumental
in accomplishing these objects. A National
Bank and branches, or limited number Of
State banks, are the only agents through which
these services can be performed Let Con-
gress adopt Mr.. Rivess bill, and our life on il,
the banks will soon resnn,e specie payments,
sound currency be restored, and domestic
exchanges become equalized; Prorided,
competent person be placed at the head Of the
Treasury Department, TO superintend and
carry it out. In the financial ability Of the
present incumbent, we have no confidence.
We believe, that if system were devised
and perfected by superhuman agency, and
placed under his management to be carried
into operation, it would be baked and defeat
ed
1t was the power which the public moneys
gave the Bank of the United States, that enabled
tito keepthe other banks in check, andpreserve
a sound currency. When State banks were
employed, !" the sceptre passed from Judah"
The same thing can be accomplished through
the agency of twenty Stale banks. ".
Born THE SuB-TREAsuRY AND THE
SPECIAL DEpos1TE PLANS, LOOK ONLY TO
PROVIDE FOR THE GOVERNMENT, and leaue
The people and the general currency Of the
country unprouided for, and "to take care
OF themselves ~ The experienced and
sagacious editor Of the Enquirer cannot
fail to see, that the people will not long,
submit to such state of things. They
pH haze sound currency prouided for
them They will not long tolerate state of
things which goes to supply their agents,
elected and appointed by themselves, with
white bread, and they be left to subsist
on brown crumbs only The true issue IS, a
State bank deposite system, or, a National Bank.
In the Enquirer's article we find this re-
markable paragraph. 1t says: {" We prefer
State banks as public repositories, most dee'd-
edly 10 the system Of Sub Treasmers, Receip-
ers General, public safes and uaults-but ,ce