The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-14
THE BANKS AND THE GLOBE.

fthe language and policy of the Globe be
considered the representative Of that of the
administration, it being the official organ, then
must it abide the charge, that il has most ac-
lively and perseveringIy prosecuted war
upon the banks. If however dis
claimer be entered by the administration
against the course of the Globe, then this state
olthings is presented; the administration, by
its policy has virtually distrusted the solvency
of the banks, and in consequence Of that dis
rust,it has gradually discredted them through
out the country. The people have reasoned
in this way: fthe government refuse to re-
ceiye the notes Of the banks in payment of
public dues, there must be something to
justify this act, which is doubtless based upon
distrust, and we will act upon the same prin-
ciple; we will demand specie from the banks
for their notes and secure ourselves by hold
ing the specie. Ehis was accordingly done
by simultaneous action of the government
and the people, and from step to step it ad-
vanced until it reached a panic, and the con-
sequence was, tina, the demand upon the banks
for specie for all their circulation and dcpo-
sites they were unable to meet, and as a
matter of necessity they had to suspend. A
large foreign debt bearing upon the country,
the foreign exchanges much against US,
and the domestic demand for specie on the
part OF the government and the people, SO APP
preciated the value of specie, that the bank
note circulation was driven in upon the banks
with unprecedented rapidity, and nothing was
left them but to close their vaults. This may
not have been designed by the administration,
but such was the inevitable effect of its mea-
sures. SO much for the policy of the admins
traton.
But the Globe has gone much farther in
its opposition to the banks. 1t has exhibited
continuous war upon them--a war Of exter-
mination, 1t has made every appeal 10 pop
ular prejudlces it has conjured up chime
ras dire" and cried "doun ruth The banks"
down with the a. rag barrons," down with the
=" dynasty Of banhs," and all the slang
and cant of acobinism and revolution have
figured in its columns with violence and
recklessness that showed no doubt as to
its object, or the unscrupulousncss of its
means. So nalign is its feelings, tina: in its
vndication of the administration against Mr.
Bddle's charge, its language proves its own
inculpation. 1t says, pursuant to Mr. Web
ster's suggestion, they (ihe banks) actually
attempted to shutu the Treasury and stop
the wheels of Government" Could a moro
iniquitous charge be made against them, or
one better calculated TO excite popular preju-
dice 7 And yet this is part of the cxculPa-
tory evidence that no hostile feelings are en-,
tertained against them!
TO specify further proof against the Globe,
would be an act of supererogation, for its i'm
placahlc hostility to all banks is as notorious
as its mendacious character. Such is the
Globe, the official organ of the administration
Specie continues 10 flow into the country in small
amounts, but at short intervals.
The ST. James from London, brought into New
York $4,000 in gold. This will furnish "service
of gold plste" for the Sub.reasuryites TO dine on "