The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-10-03

"A ho NH
that measure was wise and salusry, deInana.u -
lie opinion at the time, and vindica'ed ~ ,hs easct
ANY failure that has taken place. "a. a.. oS ,he
rather OF INSTRUMENTATION than - !, !. natural
instrumepts used In case Of oisas'o', - :. :. M.
h a., ~. engineer 60 attribute the explosion 70 INC
defects of the machine, rather than 70 ms wan ,h
There was upoucstionably, however great errors " .9
No, hnL .ys,e, which ought to be altogether reformed
b - .fsrs of the Government can be as wei con-
d,ad AZ the affairs Of the people, oy Judicious ar
,.noement of the State Banks, do not AZ all aouo''
and The failure Of the machine constructed Out OF ne
is no more conclusive against 'hem, lhah 'ne oieans
II an engine Is against the OF wood and IRON But,
-, yvbile should adopt matter OF expediency and
convenience the use oil bank agency selected on some
general PRINCIPLE exclude Executive patronage
n preference 10 that Of officers holding their office at
The Presidents will. and (as our own daily experience
shows u.s. down to village postmaster desong 'hem-
selves electoneerng for the dispenser oil their oread
do not regard the question to what sort OF agency
shall be used keep and transfer the public funds as
OF sufficient magnitude TO produce any very intense IN
erest or at all comparable in its consequences to the
propostion that the Government shall exact in oil its
Dues gold and silver to the exclusion oil the notes OF
specie paying banks. , ..
cannot conceive Of any thing more preposterous
and revolving, than that the Government should have
one currency, and the people another Until the present
period of intrepid speculation, such notion has never
been ayowed much less been acted upon, 10 the whole
history Of the world. No Government, barbarous or
civilized has intended to separate Its currency from
that Of its citizens subjects Such project would
have been considered equally pIeposterous and dan
perous even in those times when government was re-
garded something self existent, independent Of the
people, belonging to superior and privileged race, and
having rights and interests opposition TO those OF the
community at large What, then, should be thought OF
il when government is understood to be but an emana-
lion from tho people, and the government but ihen
servants
Il is admitted on all hands, that there cannot be IN
this country exclusive specie circulation. raPci
= .nI tha hA&tF
avowed purpose Of even the most Infatuated Partzans Of
che new theories Of finance. Their declared object Is
TO leave all the vast moneyed transactions OF society
to be conducted by paper, while the Federal Goverh
ment is to protect itself by the use Of peculiar medium
in which the citizens do not participate. Does me
Government withdraw itself from the currency Of inc
country because it is not good enough forit! Is the
government better than the people! Are It's interests
and success more to be consulted than theirs Is the
government to have nercs, and the people anoher
Shall the government prosper while the people suffer
These questions which ought to be answered In
my opinion the government and the people should DO
bound up in the destiny for good or Tor evl or
If we must discriminate, save the country and let the
government perish. For my own part, can perceive
nothing the nature Of things or IN our Constitution
which demands authorizes this separation OF the 60,
vernment from the governed but on the contrary the
whole spirit Of our institutions hostile TO such policy
Uaquestionaby the fiscal arrangements OF the general
government should be made work portion OF the
financial machinery Of the country IL Is but part OF
it. and should always be preserved IN harmonious CO.
operation. Instead Of that it is proposed It should re.
vove upon an axis Of its striking occasionally, and
at certain points, upon the great complex machinery
whchis conducting all affairs, IN such way as 10
lar and discompose it. The result would be eternal
disturbance and confusion inconsistent with the well
being Of the country II is very obvious that the chan.
nels of circulation being filled with banks answering all
the purposes OF society except the single one o. paying
government Dues for which alone specie is competent
this article will be used exclusively for that purpose II
will cease to be money, and become commodity IN
which government taxes exacted Its prce, there
fore, will huctuate according to that demand Heavy
importations will make it dear with light mportations
it win become cheap and this operation, 1t has been
said by the advocates of the experiment puts the banks
in an antagonist relation to large revenue Unques-
tonaby does, by placing them IN opposition to COM
merce. A large commerce will produce run upon
them for specie pay the duties, and thus direct oP
position to commerce is engendered Now, unless
a. IN sy J WA VI w s,gR s sp
system of finance, shall be adopted that will curb its
excuses. think, sir, that have struggled long
for an unfeered commerce to Join restrictive
system and if too large revenue result from our
prosperity let US not destroy the prosperity but reduce
the revenue.
Another, obvious consequence which will result from
the fluctuations of the value of specie, when made
tax paying commodity, will be the disturbing influence
upon the value Of the paper circulation for although
specie does not enter into the circulation with paper
standard vary the relation between it and paper and
thus affect the currency with unceasing mutations.
these checks and difficulties in the way Of commerce,
WILL OF course, lnlure the whole community, and will
bear with more deleerious energy on the commerce
Of the agricultural States. With u.s. it is comparatively
feeble; we have just taken il in hand secure to
ourselves just participation in this important branch
OF national industry and the spirit to undertake 1t,
and the means to accomplish it, have both resulted
from the removal of commercial embarrassments by the
nnE fha Tar hn ,h,r
pressive proportion the weakness Of the commerce
which they operate The fixed capital the established
habitudes, the existing institutions Of New York. can
survive shock, or sustain oppression which would
ruin Norfolk or Charleston
II has been objected that under the constitution the
government has not the power to receive bank bills in
payment OF its dues, or any thing but gold and silver
This notion has not gained much ground for those
who suggest 1t, at the same time contend that tho go
has not only the right to receive paper money
but to create it, Mr., McDufe, in his very emphatic
rejection of this novel hypothesis, that the go
vernment might receive its dues in brckbats and surely
1t would be difficult to conceive that the receiving Of
this article would confer upon 1t the qualities Of money
and pso fac!o endow the government with the power
of regulating the value of brckbats. To believe in
such financial transubtantation would require more
devoted faith than has yet been cxaced by any
political papacy in this country.
1t the policy of exacting specie be just any Of the
arguments used maintain it be true regard the
general government, they equally applicable to the
State governments, and the experiment be most
safely tried upon them Let the divorce, then, Of Bank
and State, begin in the States where the and
phenomena Of the experiment upon the wealth and pro-
perry OF the country can be infinitely watched.
will not trouble you, sir, with any observations
proposition TO create federal government paper a
permanent medium for the government or the people.
Such project will hardly gain favor long the
hnental paper is remembered; and having been tried
by every modern government, in every variety of FORM
with always the same result Of mschievous depre-