The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-30

1857 23s 5s6,75s 36i, $4,000
The French Government sensibly alive, how much
the promotion of her domestic industry and foreign
| commerce were necessary 10 the extension Of her
wealth and consolidation, determined TO foster this
i commercial medium and give 10 H. all the efficacy
in its power. Accordingly, inthe Havre Journal we
find the following order addressed by the Minister Of
Finance, to the collector Of the customs al Havre.-
4 The Minister says;
"My views are that banks, legally constituted, should
receive all those developments, and enjoy that success,
which shall enable them to afford TO commerce and In
dus the advantages contemplated by their institution
4 The public officers, far depends them, will
concur in promoting this end. The Inspectors Of the
Finances authorized to reckon specie bank
which shall be presented, properly authenticated Twill
instruct those officers who have any doubt as to the
correctness Of receiving bank notes"
1 Thus treating the medium whichour Government
seek TO reject as specie regarding equivalent.
Il is known fact that the production of British in
dustry and the extension Of British commerce, is far
beyond those of France. The specie circulation Of
Great Britain is about $500, 100000 while that Of
France is about $3.50, 600 600 The Bank Capital Of
Great Britain is about $l60000,0O0, while that of
France, is but about S40,000O00 How is itthat the
specie circulation of France has not produced such
magical effects upon her industry and commerce
is represented BY lis advocates, it will produce
i here
But most extraordinary fact is that while the
| French Government which has had full experience
of the advantages OF purely metallic currency, has
lately determined to enlarge The circulation of her
paper medium aud is doing as rapidly as she can,
ours is seeking to exclude it entirely, and adopt the
j pure metallic.
Sir, the French banking system is safe and sound
as much so as il could be- the only objection to IT, Is
that It's circulation IS not Proporoned TO her means
defiance, challenge the designation of any nation
4 on earth. where the circulating medium is purely
metallic, or where there is convertible paper me-
dunn which, in reference to the liberty Of the people,
fnff trnF
ment general intelligence, and extent Of commerce,
j foreign and domestic comparable TO Great Britain,
France, and the United States. In most others there
are independent governments and treasures, sus-
tanned by oppressive taxation upon labor but poor,
mental and degraded people, who hold life liberty
and property the pleasure of their lordy tyrants.
Why has not this pure and equal system, according
to the gentleman from South Carolina shed some Of
| its benignant influences, and magnificent blessings
upon the people where il prevails answer because
| il has few TO shed. ask the American people where
ns ON earth NTH which they would ex
with sucn a corrupnng, unequal servile system,
their credit system is represented to bel None, sir.
/ None whatever.
| The honorable gentleman from South Corolina,
! (Mr. Pickens, in the opening of his remarks said,
\ that there were near thousand banks making war
uponthe Government. How are they making war?
| When have they made war upon The Government?
| In what does this war consist When and in what
form has the attack been made These institutions
now lie PROSTATE and bleed at every porethey are
utterly powerless and defenceless, and only beg
ging the forbearance Of the Government, and their
4 very groans are converted into war whoops They
| have sent neither memorial or petition here-they
havenot interfered with the politics of the country
they have done nothing more than adoptth prudent
and precautionary measures, which were necessary TO
their own defence, and which due regard to their
own condition and that of the country required-hs
is all. The war which they have waged has been
very much Of the character Of that which the lamb
waged against The wolfmaen il drank in the brook be-
lone and mnddied the stream ADORE, for which it was
devoured. have not heard of single act Of hos
tiy the part of the banks, unless il be desire 10
escape the ruinous effects which the adoption of the
Sub Treasury scheme would exert upon their ope-
rations by keeping up, as would, perpetual drain
of their specie, and compelling them 10 heavy cur
| tament of their circulation and discounts among
the people II this be war; isa necessary and pro-
per war, one well justified by the condition of The
| country, and the necessities Of commerce. II an
attempt in seli-defence, TO avert impending danger
and ruin be arar, then these banks have waged war
upon the Government, Otherwise not. Sir, If the
honorable gentleman had said that the policy Of the
Government had waged war; and most destructive
one, too upon the banks, his assertion would have
been much more accurate.
Piles of the bill under consideration The first pro-
position is to restrict the receipts of The public rercnnc
10 gold and stuey onty The currency of the country,
from the foundation of the Government 10 the pre-
sent time, has been commonly called mixed cur
rency, composed Of gold and silver and bank paper
convertible into gold and silver. By this combina-
ion the specie standard of value has been preserved
while the active currency has been greatly enlarged.
To this mixed currency, the habits Of the people
have been adapted; and by il has the value Of their
property, produce and labor been regulated The
Government, accommodating itself to this state of
things, and adapting its action to the necessities Of
the country and the convenience of the people, has
been in the habitua receipt of bank paper in dis
charge of its dues, from its first organization II is
now proposed 10 separate the Government entirely
from this paper medium to reverse its former prac-
tice, and discontinue the receipts of bank paper,
| however sound, and however punctuay converti-
Bile. II was never designed by the trainers of the
constitution, in delegating its powers to this Govern
ment over the commerce Of the country, that il
should be exercised with reference any consdera-
ton but the interest and safety Of The people, and
every departure from this principle, is contrary to
the designs Of the people in organizing the Govern
ment. This provision of the bill is entirely selfish
in its object; 1t proposes to designate period in
which Government dues shall be discharged, with
out the slightest regulation of that which is TO enter
into the transactions of trade and commerce large
Three fourths of the active circulating medium Of
the country is, atthis time bank paper growing out
of the establishment Of banking institutions by every
State in the Union. From indispensable necessity,
the great body the people compelled to receive
this medium in payment Of their industry, produce
and property ask, then, why and wherefore should
this Government the pecuniary transactions of
which are not the hundredth part as large those
of the people, demand medium of payment
which the people cannot demandl If a convertible
paper is safe and sound medium for the people, It
equally so for the Government; ard see no good
| reason why the Government should seek TO separate
itself from medium sufficiently safe and sound for
the people. Will any gentleman contend that there
is greater, even great necessity for gold and
silver medium on the part OF the Government as
there is on the part of the people Sir, the peoples