The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-24


said,
1--WE fully believe the time is near at hand when
the sound binks in most Of The states will resume
payments in specie without the least inconveniynce
to themselves or 10 the community. II mus be APP
parent ID all sagacious observers that after spe
Gle ceases 10 ne called for 10 send abroad II will
cease 10 bear premium, and be demanded"
Now, Notwithstanding the foreign exchange has
fallen even to II per cent and bcloD par, there
are no movements that look like resumption. In
deed il is well known that the u D. Bank Win Prere1
a resumption if possible. And mark the prediction
the M ,disonian will be among the foremost TO ex-
cuse il not applaud its course, and the course OF
such banks and politicians play into its hands in
tnis and in other respecs.-ADany Argus, l2h inst.
We know not what right the Albany Argus
has 10 make any such prediction-we have
certainly the same privilege to predict that the
editor Of that paper would commit murder or
suicide, and possibly with as much justice
should we make such prophesy.
We are no advocates of a U. S. Bank-no
apologists Of such a bank, or of any bank. We
condemn any effort to prevent.a resumption OF
specie payments, come from what quarter it
may. But we do not think it possible for any
one State institution TO exercise so powerful
preventive to resumption, as the efforts OF
many in power to destroy the banks actually
impose. We do believe that it is in the power
Of this administration to bring about re-
sumption Of specie payments in three months.
But we are firmly convinced that the banks
neuer can resume specie payments if the SUBJ
treasury should go into operation, or WhiIe
there is prospect Of its becoming law, or
IL :. ~, hoStiIa
relation to the banks which necessarily grows
out Of its per,inacious adherence to the plan
Of sub-treasury.
What is the condition Of those banks that
are said to have resumed specie payments
They are utterly useless TO the community and
profitless to themselves. They do no bust
ness and can do none-the specie would dis
! appear from their vaults the moment their bills
saw the light. Suppose all the banks in the
country should resume specie payments IN
this condition of lhngs-there would not be
dollar of money in circulation. Suppose the
sub-treasury 10 pass and the banks to resume
specie payments. The government requiring
in their receipts and disbursements an amount
Of money equal TO the specie circulation OF the
country, the same disastrous results would en-
sue--the banks would be drained-they would
have to wind up their business, and we should
see not dollar of money in circulation.
We still believe, as we did in December,
that the banks would resume specie payments
| the moment the government ceased its hostile
attitude toward them, and indicated policy
as favorable as that proposed by the Bill of
| Mr.. Rives, and it would not be in the power Of
the u. S. Bank TO prevent them lift desired to
| do so.
But two currencies Of unequal value never
can circulate together; and the banks never
can resume SO long as the policy of the go
vernment renders specie an article OF mer-
chandise.
AS the Argus has made prediction, we will
venture another: the sub-treasury doctrines
in any shape are persisted in, the banks will
not resume specie payments during Mr.. Van
Buren's administration