The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-14

ny law, anu SCI uluih % AhO htiOdhaiy BcoT
SCISSORS OF wealth, rank, or privileges Of any
kind The protection Of law is extended 10
all indifferenlly alike, whether in the acquisi-
ton Of property, or its protection afterwards.
cannot see, therefore, the force Of such
illusions, unless this chimera Of a moneyed
power is placed before us in some embodied
form, Ineligible 10 reason, al least if not tan
gible to the sense.
Again, sir, we have from the honorable
member like wild denunciation Of The bank
ing interest, and are told that the true question
upon this bill is whether the Government shall
be made subordinate to the banks, and com
PEELED TO afford them its credit. Is this. then.
the moneyed power which is so obnoxious to
the fervid defamation of the honorable mem
Der
If il be, let us inquire for moment what
these banks are, thus held up 10 the execra-
ton of the country as usurpers Of Federal
rule, or traitors TO Federal power. Sir. are
they not the domestic institutions Of our own
States, brought into being by their laws, fos-
tered by their policy, and sustained by State
authority alonei Are they not the cherished
institutions of the gentlemans own State, of
mine, and Of every delegation upon this floor.
BY what authority. then, are they arraign-
ed herel Will the honorable member contend
for supervisory power on this floor over the
domestic policy Of the States! should be
startled, sir, to hear of such assumption from
any quarter, but more especially from that
whence that gentleman comes.
Are they denounced Under beliefihat their
existence is inconsistent with a new scheme
of control over the whole financial concerns
Of this immense People, to be exercised by
central authority, through the machinery OF
grand Treasury bank If it be so, sir, for
one. ! rejoice that they present SO formidable
an obstacle in the way of Federal ustrpation.
rejoice that they are to be found firmly plant
ed on the soil Of every State, like bulwarks
to protect State right and State supremacy
against the aggressions OF Federal power.
But respectfully tell him, and those who
would act with him here in forcing through
this great Treasury device, that their hopes
have witbered in the bud the measure was
too strong for the age. The People, sir.
have frowned it down. Their intelligence
saw in it the creation of an actual money poger
backed by the whole revenue and patronage
OF the Governments power unknown 10 the
Constitution, and Of the most dangerous and
corruptng tendencies.
Yes, sir, this whole Treasury scheme is
dead In The other branch OF this Legislature
tell to pieces in the hands of its own friends.
Here, humbly predict, come up when it
may, il can have no better fate !; and in the
history of its defeat am cheered and solac-
ed to trace a signal and glorious triumph Of
the People, asserting the, supremacy of their
State authorities
But, sir, in further disparagement of these
State institutions, we are told by the honora-
BILE gentleman that the banks sought this alli-
ance with the Federal Government, and now
clamor at lis continuance.
What authority has he for this? On the
contrary, does he not know that the facts are
directly against him Is it not notorious
that every connexion which has existed be-
tween the Government and the banks, whe-
ther State or National, has been of its opn
seekags ,,u.W hsRsyer. il has granted m ehaEii
made itself stakeholder, and retained a
large share in the administration Of its affairs 2
But the gentleman's allusion was more imme-
diately to the late connexion between the
Government and the State banks and here
the contradiction is even more striking and
remarkable. These institutions, created by
the States for domestic purposes. were NOV
ing quietly on in the domestic sphere allotted
them when the Government sought them out
and tempted them to this new duty of holding
and discussing the public money Yes, sir,
sought them out al home, by special agent
sent from this city TO visit them in the States,
and negotiate with them to become the public
repositories. So far is it from being true that
the banks sought the alliance, the fact is, that
many declined the profer when made 10 them
by the Government. | know that one bank
al least, OF the few in my own State did de-
cline it and l have been told that others did
so elsewhere.
Mr.. Curtis, of New York, here rose and
stated that the public deposiies were declined
by some Of the banks n,that city, when tender
ed by the Government
MIR. RHETT answered that, though refused
by some, thay were sought by others in the
most sycophantic manner
Mr.. MAsoN resumed Its no part of my
purpose, sir, to enter upon vindication Of the
banks | seek only to show the very facts of
the case that the Public may form an en-
lightened Judgment. again repeat that this
" alliance" as 1t is termed by the honorable
member, was of the Governments own seek
ing. They devised and planned, and Ultimate
ly executed, the measure, the banks asserting
only to their overture. Nor is the position
at all shaken, although it be shown that, after
the connection was thus formed with as many
banks as were thought necessary, it was
sought by others in an unworthy manner.
Where equally, sir, is the honorable men,
ber's proof that a clamor has been raised
against the Government by the banks since
this connexion was discontinued! Those