The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-06

pedient and highly desirable for our widespread eoun
Try, could doubt but that mo country eonia get
on very comfortably without such currency, had been
proved by the actual experience Of several periods 10
our history That sound and standard currency was
necessary 10 the existence Of commerce. that SUCH
currency could not be established and sustained ~ our
country butby Congressional Legislation and 9hal there
FORE Congress had the power 10 create, as wen as 70
| regulate such a currency. has been commended here
No one viii be disposed TO question the position that
sound aud standard currency very dcsrsbe 70 com
necial country but that commerce can be carried on
10 considerable extent, without money OF any descrp
tion is a fact 20 be questioned These instances
are mentioned, question the expcdlent and useful
tendency Of the arguments. far they go to show
ihata uniform currency is highly important to every
civilized country, and that sound medium OF exchange
Is Of the first utility IN commerce, but 10 question how
far the argument OF necessity, IN either case can be
safely relied upon the basis Of grant OF constltu-
onsl power. and show thai either argument, there
hitle difficulty IN settling the dispute as 70 Where
expcdiecy aud utility end, aud necessity begins For
himself he repudiated a such arguments and all argn
nents of every character founded upon simple neces
sy establishing grants Of power under the Constitp
on Of the United States in favor OF the Congress Of
! the United States.
A single remark upon the question OF chartering
National Bank mere matter of cxpediency, u all
questions Of constitutional power out Of the way
aud he would dismiss this topic The experience Of
his time, the late proceedings OF The late Bank Of
The United States had satisfied his mini that the dan
gers to political and civil Institutions from such an
organized money power vastly overbaance any antic
paled benefits, and that, simple question OF exped
eney, such Institution ought not TO he chartered Ivy
Congress, Neither the hour OF the day, the patience
Of the Senate, nor his strength, would permit hun
to upon further discussion OF this point at pre-
seat aud his only purpose having been TO pronounce
the oplon he had pronounced, he would pass to his
/ conclusion.
| The three alternatives had been presented The
condition Of the public Treasury Of the currency Of the
business Of the country, and general public expectation
demanded action from Congress. The committee oil
which he a member, hsd presented to the Senate
The bill upon the table, as The action which majority OF
its members proposed This bill was TO be opposed
from two sides OF the house The friends Of the State
4 bank depose system, and the friends Of a National
Bank alike and together, to be met aud overcome
or the bib could not pass.
! Ia this condition OF The question, and Of the Senate
he considered il he his indispensable duty 10 present.
what he believed TO be the real and true ISSUE fairly
and ftlly to the Senate and the country, And what
was that
4 In his Judgment it the adoption Of some system
based upon the principles ofihc bill under discussion,
National Bank. He prospect Of success for
any middle ground What were the evidences Of our
senses upon this subject Look the divisions in this
body. The part, friendly TO National Bank had al
ways repudldted the State hank dcposie system as
dangerous in its additions Executive power, inefi-
cicnt to the currency, and unsafe the public
money. Was there any evidence that those members
of that party here had changed their opinions to that
system He knew of none; and were he 10 Judge from
the language Of that portion of the public press which
supposed reflect their opinions from what had
but recently passed here in relation the failure Of
deposte bank in Boston, he should be compelled 10 say
that no change in that quarter had akenpace, But he
would appeal to the gentlemen themselves, and ask II
recent experience TO that financial system for the
National Treasury had changed their feelings towards
| ns Had cndeared it TO them one they were now
DESTROYS TO make their o~nl Are they willing to sur
render their avorte project OF National Bank Tor this
alternative! Will they not tell us, in frankness and
candor that, with or solitary exceptions per-
haps every Of them is for National Bank, as, IN
their judgments, the only ecctual remedy for the imam
cla difficulties of the country.
If such continues be the feeling Of the party which
opposed the late administration, and equally opposes
the present what is the condition, in this respect, of
those who have hitherto supported both! Is there not
numerically speaking very great degree Of unanmty
Of sentiment with them, in favor of the bill at least
FAR practical and bona separation from the banks
/ Is concerned He supposed that 10 be the fact and
he referred this division Of feeling here, upon this
subject, with pleasure lie knew and felt that those
with whom he had long intimately, and pleasantly
sociated personally and politically, TO der with
him upon this measure He regretted the difference
much any Of them could. lie entertained no
unkndncss Of feeling towards them account of this
difference Of opinion upon particular bill lie yielded
TO them all the sincerity of convictions OF public duty
which he claimed FOR himself; aud he assured them,
4
about make, had been, should be, his part in
tended TO wound their feelings, or censure their course
They, like himself, responsible to their constltu
and the country for their acts here and he did not
entertain doubt that that accountability would be dis
charged hy them according to their most firm conyic-
lions Of right. Yet he appeal TO them 10 say if
they did believe the public opinion of the country
very Justly reflected the two Houses OF Congress
upon the three alternative propositions he had discussed
! II they lad any evidence from recent political re-
ho hnlp f hat tho aip
bank system Of deposites TO which they still adhered,
gaining favor IN any quarter II they did not per-
ceve that the two other systems were dividing Tho
great of the public mind OF the Whole country II
they did not feel the recent history and present con-
diton Of the State banks, that public confidence could
not again be restored to that system Of deposiies by
/ legislative enactmeutsl Ii they did not fear that,
assuming the positions they compelled to assume
that banks necessary the successful and proper
administration Of the finances Of the Federal Govern
men that 1t within the power, and Is IN some SORT
and to extent, the duty OF this Government TO
regulate the whole currency of the country that the
regulation OF exchanges, too, il not directly, incl
IDENTITY matter for which the Government should be
held responsible aud that the custody and saekeepng
of the pubic treasure should be committed to atks
and not To tho constituted authorities Of the Govern
ment; did they not fear, he would repeat in assuming
! these positions they merely aiding and strength
enng the friends OF National Bank That they were
| furnishing what might be considered evidence TO
those who could listen to such argument to prove
i that National Bank necessary under system!
lie did put these inquiries from any thing which had
been advanced here, but they suggested from the
OF argument which he constantly used IN the
public press and elsewhere sustain the ground which
\ these friends had assumed, and he say that 1t
seemed him like Welding the whole field 10 the adj
vocates Of National Bank that it was making such an
institution, and some system founded upon the principles
OF the bill under discussion the real alternatives before
the country and bringing the contest II not here, else