The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-11-03

"a a. criuple ne energies Of the country,
and paralyzs ~ industry BY DESTROYING .ne rnenn
,.Irnfbe bridge that connects labor and enterprise
y;sh ~eanh. This is The great nine that is TO effect
W. NJ min OF The people Credit Is the poor mans
friend That II is that equalises the wealth OF the
country, and II you destroy .nls you weaken more more
process that could be devised You strengthen the
Office holders the same time by providing for them
a currency superior TO that OF others
Can the democracy Of this country favor scheme OF
This character Are they prepared forge tho chains
which are make them slaves : The people will do
well to remember that their interests and the office
holders are identical Their income is fixed Ivy law.
Il does not depend upon vicissudcs Of weather eli
mae--as labor is reduced-as produce 10 depressed
as the currency is deranged or conracted-are they
benefited Is it to be wondered therefore, that this
exclusive class found with scarcely an exception
clamorous for the measure under consideration! IL is
deliberate opinion that to pass the Sub treasury bill
would 10 effect be the to pass law to increase
the Presidents salary TO FIFTY THOUSAND DOL
| LARS besides the other immunes il would confer
upon him But there other objections to this
sure OF innovation it is designed to relieve Govern
lnent from portion Of lis appropriate functons-he
duty OF furnishing safe and uniform currency through
out the States The doctrine that the Government
must take Of ITSELF and the People take Of
themselves, certainly find response in the heart
OF any one protesting repubiicansm The very object
of Government would be defeated if this the
That object is to confer common benefit upon those
who govern and those who governed Ii certainly
never entered the heads Of any oil fathers TO whom
we are indebted for present happy form Of govern
men that they were nsutng It for the exclusive be-
neft OF those who 10 be entrusted with its admin
straton The truth lies in the exact Of the
maxim laid down by this administration. IL is the duty
OF Government and those who at its head to
duct it's affairs with especial reference the good OF the
people, and should be the last who would that
any part OF the obligation should DO released and yet
that is what sought to be effected by the ruinous
scheme in question.
There are other points of this controversy which
should not escape notice. Aside from the intrinsic de-
merits Of the ITSELF connected with the pros
perity Of tie entire Union the very arguments used in
particular section in its favor, should make the North
very slow in adopting IT,
Mr. Calhoun who claims the honor Of paternity to
this project does not much advocate il for the pecu
liar benefits it confer, but for the reason he al
leges, of running the prosperity Of the North He does
not expect by to build up the South to level Of pros
pery corresponding with the North, but he does
peci for plausible reasons, to pull down the North TO
the grade Of his section. How this bill to effect
this object! by the easy process OF an abrogaion OF
the entire credit system, that stimulates to Northern
industry and Northern enterprise. Destroy this and
Northern Free Laborers will indeed be little better than
the poor degraded slaves of the South.
Upon this point much might be- said, but have al
ready extended this communicati far beyond the limits
had prescribed myself aud will therefore bring to
close, with the simple declaration Of the opinion, that
viewed in any ght-as comforting extraordinary power
on the executives measure OF finance-of pracl-
cal convenience, and of safety-in its local influence
the Snh-treasury scheme, Independent Treasury bill
by whatsoever name may be styled, fraugh with
imminent peril to the prosperity, the happiness and the
liberties Of the country and should be resisted by all the
means in the power Of freemen TO bring into action.
f., have the honor to be, ..:
" Very respectfully, ..
=... ".... ,.,. Your obedent servant,
....# .... CHS. +. MTG HE'LL.
To E. Smith, Esq, ......".
Delegate, &c. ..."..