The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-05
FOR THE MADlsoNIAN.
No. XVII.

In taking the view presented in my last letter of
the Subtreasury BILL in the shape il had then Just
passed the Senate, did not look into its provisions
with suSpecting scrutiny to detect some latent and
sinister purpose. Such legislation i'll consorts and
cannot consist with the genius of free government;
and had not supposed the Senate would stoop SO
low. Some OF the CEN majority, am yet sure, did
not vote for the evscerated BILL with SO unworthy
purpose in view as that the Globe puts forth in the
cunningly devised DISCUSSES Of its explanatory"
article, which, though not explicit is more decent
and courteous than usual. II is alone because re-
gard the article in the Globe, while yet hope am
mistaken in regarding it, as being "by authority"
that take this notice OF it.
The article exults in the prospect of" accomplish
ing one great object-the independent keeping ofthe
public money! pursuant to the provisions OF the Sc
mates bill. 1t really esteems il sensible and pro-
foundly polite, nay more, blessing" achieved,
to trust the banks far to receive their notes,
but not allow them 10 keep them This il admits,
If the expression independent keeping, be fairly
construed. If !" the independent keeping" OF the
collected revenue, be the only "grea object Tin the
Globes opnon) the bill would accomplish, itfollows
that the Government will cease 10 deny the notes OF
the banks as soon the banks cease to deny specie
for their no.es-that though the Senaes bill became
law, the Government will return to the receipt OF
the notes of specie paying banks, (and thus conform
to the true intent and meaning Of the resolution OF
1867 as soon as the banks return to payments OF
specie for their notes and TO their depositors. But
while the Globes article seeks TO hold our the idea
that this one great object, the independent Keep
ing" of the collected revenue, would alone be accom-
plshed by the BILL it holds this language TO wit:
" The new amendment offered by Mr.. Webster re-
quires that the same kind of money shall be received
for all public dues, but it does not prescribe what
that kind Of money shall be- That (the kind OF mo-
ney) is left to the former laws and resolutions of
Congress, construed, as they always have been, by
the Executive the Treasury, the United States Bank
and the Attorney General, that il must be specie
except where Congress has otherwise directed as to
Treasury notes, or United States Bank notes, and
where in the opinion of the Executive or the Trea-
sury Department. some other medium was safe, and
equivalent to specie" And therein consists the con
fession Of the sinister purpose of passing the BILL af-
ter the specie clause had been exscinded. Thus,
one of the great objects Of the projectors of the
Sub-treasury scheme, is to be accomplished by the
express provisions Of the BILL directing the indie
pendent keeping of the public money J" while the
chief and only substantial purpose of the projected
scheme to exclude bank notes, entirely but by de-
grees to be accomplished by indirection f it can
not yet be by explicit legislation and by Executive
agency What shameful trickery-execrable le-
gerdemain And did grave and reverend seign-
ors" in the Senate, vote for that bill with this foul
plot in purpose ; m
It is true, as the Globes article says that public
sentiment is aroused, andis believe sound on that"
the existence of the plot Gas well as on the indepen-
dent treasury" 1t equally true that "the public
arc sick to the heart of paper-paper-mere paper.
They abhor deprecations, and the whole race OF
shinpasters," even though they be called Treasu-
ry notes" And if the General Government will do
its duty no more and less and deny the notes Of
the banks while they deny specie for them and re-
TO receipts of hem where they return to specie
payments for them. and do nothing to discourage
the States and diScredit their banks the States will
ere long expel their brood of shnplasterS by re-
forming their banks, and providing convertible
paper currency and thus enable their General Go
vernment to retire its treasury notes, which cons-
tue not the least deprecated species of the genus of
shinplasters.