The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-07
WHAT WILL BE DoNEs

WHAT WILL BE DoNEi
If the advocates Of the Sub-Treasury plan
were not previously satisfied, they must.now
be convinced that they can never carry their
scheme through Congress in any shape what
ever.
We learn from most authentic source, that
part, if not the whole, ofthe delegation in the
House of Representatives from Connecticut,
look upon the result Of the election in that
State as clear indication Of the sentiment Of
the people against it, and will accordingly vote
against it in any shape. The Senators will
undoubtedly be instructed to that effect as
soon as the Legislature Of the State meets,
which will be early next month.
Not only must the administration and the
friends of the Sub Treasury measure, be now
satisfied that they cannot carry the measure in
either House, but that they people loaihs and
deiest IL.
The measure which stands thus condemn
ed by the people must be abandoned.
The question then occurs, what will be
donel VIII the administration be willing to
let Congress separate, go home and leave
things as they now are! We appreheud not.
1t would be assuming an awful and fearful re-
sponsibility. The Government must do some
thing, or the affairs of the country will grow
daily worse and worse. 1t cannot itself get
along and leave things as they now are.
We call the attention of those whose duty it
is, to provide remedy for the existing evils,
to the following picture of the condition of
things that existed in 1916, drawn by Mr..
Dallas. He said,
"The successive attempts made by this Depart
men (Treasury to relieve the administration of the
finances from endorsements have proved inefec-
tual. There was no magic in a mere Treasury in
structon to the collectors of the revenue, which
could by its own virtue charm gold and silver again
into circulation. The people, individually, did not
possess metallic medium, and could not be expect
ed to procure it throughout the country, as well as in
the cities unaided by The banks. And the banks too
timid, or too interested, declined every overture to
cooperation for renstaling the lawful currency. In
this state of things the Treasury, nay, the Legista
ture, remained passire The power of coercing the
banks was limited to the rejection of their notes in
sion of their agency in the custody and distribution
of the revenue but the exercise OF that power could
not generate coin currency; although it would act
oppressively upon the people, and put TO hazard
every sum of money which was due the government
II would have been useless and impolitic measure
Of severity towards the community to insist that all
contributions TO the expenses OF the government
should be paid in medium, which ills repeated, the
community did not possess and could not procure"
This is an exact description of the state of
things now existing, and which must continue
to exist until something of an effective charac-
ter be done by Congress. The same agencies,
and the same legislative action which were APP
plicable to the removal Of the difficulties then
existing, are equally applicable to the removal
of those that exist now. The cases and cir
cumstances Of the two periods are parallel.
Mr.. Dallas then said, that il was "with the
State Banks that the measures for restoring
the national currency of gold and silver must
originate for until their issues of paper be
reduced, their specie capitals be reinstated,
and their operations be commenced, there will
be neither room, nor employment, nor safety,
for the introduction of the precious metals.
The POLICY AND THE INTEREST OF THE
STATE BANKS MUST, THEREFORE, BE EN-
GAGGED IN THE GREAT FISCAL WORK, by ALL
THE MEANS WHICH THE TREASURY CAN
EMPLOY OR LEGISLATIVE WISDOM SHALL
PROVIDE"
VIII those in power not take counsel from
the experience of Mr.. Dallas viii they per-
severe in their opposite conduct, and permit,
nay oblige the banks to continue on in their
present course! All that is now required to
cause the banks to return to specie payments,
is the amicable disposition Of the Government,
and the aid that Mr.. Dallas declared was call
ed for to secure that object! And above all,
the banks require the confidence of the public
to sustain them in their effort. In this posi-
ton we are sustained by the declaration Of
Mr.. Cambreeng, who, on former occasion,
said "Thc credit of banks does not depend
on the amount of their specie-if it did, every
bank in England, Ireland, Scotland, and the
United States would have long since perma-
nently suspended their payments. BANK
CREDIT DEPENDS UPON PUBLIC
CONFIDENCE-destroy that and The insti-
tuition must suspend lis payment"
How, we ask, is public confidence in the
banks ever to be restored, so long as the Co
vernment, with all the means il can exert, is
employed in warning against the Banks 7 1t
never can be done.
Let the Administration promptly abandon
their Treasury scheme, and hostile posi-
ton and feelings towards the banks, recon-
mend Mr.. Riyes' bill for the adoption of Con-