The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-01-25
BrnKsalnr, Mass, l9th Jan. 1898.

DEAR STA The failure Of the Commonwealth Bank,
which, as you are aware occurred days since Is
hailed by the /" Sub Treasury" men, joyous event.
and the prints advocating the 'dyorce" project not
il would seem, from their remarks upon the OCCASION
able to preserve decent show of sympathy, for
that individual and private suffering, which must
vodably result from the affair On the contrary, in the
true spirit Of their own peculiar philanthropy, their be-
wangs all for the government, for the people
II is manifest, from the language of some, that they
would willingly sec every bank in the country break,
though should reduce to poverty ninetecn-twentieths
of the community ia the hope to derive from the cir
stance, argument in support Of their fayorte and most
ant-republican scheme Of separating the government
and its officers from the people, and enlargng Executive
power and patronage
The Albany Argus Of yesterday, has, in reference to
the failure Of the Commonwealth Bank, the following
under its editorial head -" But enough is known TO
satisfy every reasonable citizen that il desirable that
the government should control its funds" in other
words, that this failure sufficiently demonstrates the ne
cessy Of the SubTeasuy" plan, to the perfect safe
ty Of those funds Such is clearly the idea advanced,
Especially, il look at the remarks under consdera-
ton, connexon with those which have appeared the
previous numbers of the Argus for MANY weeks past in
regard to that plan am unwilling to disturb, in any
degree those amiable and agreeable feelings which the
demise Of the unfortunate Bank has created in the minds
Of the enemies Of the credit systembnt must never
theless, take upon myself to predict, that the nvest
CATION now in progress by Legislature will disclose
facts, any thing but acceptable them favorable to
the project Of trusting the National to the keep
ing Of irresponsible individual agents. It viii not
prise me- if it shall be shown that the estate Of Mr..
Simpson, late president OF that institution gentleman
high in the confidence Of the Administration one Of its
pension agents. and at the time Of his death the chosen
successor of Mr. Henshsw, to the Coectorshp of Bos-
ton, in which capacity he would have been, but for his
death, al the head OF important Sub Treasury"
should that system be adopted, is indebted to the nst
tuition some S200, 900 OF the amount to the GO
vernment Mr.. S. was thorough going political ultra
st, and jealous advocate of the divorce doctrine Mr.
Henshaw another gentlemen Of the severance" faith
in fact, the leader Of it in State, is said TO be
deeply interested in the concerns of the fallen Bank and
is supposed to be heavily indebted to it. The high
standing Of Mr. H. with the administration is matter Of
notorety, and his influence with il is sufficiently exhb
tied in the reported fact, that he demanded and was y
lowed to designate his immediate e---~ssor. ~ ~
thought ~. INDEBTEDNESS OF these two gentlemen
alone to the institution exceeds in amount the sum it
held on deposte for the government If these things be
true opne that better illustration Of the beauties Of
the Sub Treasury" plan need be asked for II such
men Henshaw Simpson, &c. Of admitted worth
and patriotism, and of integrity virtually vouched for
by the administration in their appointment to important
Offices have proved unsafe deposaries untrue to the
trust reposed in them, who will have the hardihood to
contend that security may be expected, hoped
Al. al.
must be made from hungry host of expcctants Of
doubtful at best untred virtue! insist that
of common sense and common candour assert il
and farther that the failure Of the Bank in question: all
the circumstances. persons &C. considered furnishes
fact Of most convincing import against the individual
agent scheme and which those only, who willuly
shut their eyes against light, and harden their minds
against TRUTH can fail view ample and conclusive