The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-22

So 1ssos aiu enlarge their issues. On the faith
" ho government hey did In every State, bank
ing capital WAS increased and the business 81 he
try was every where aouFishing aud extepdad Roxv
was that fath preserved The Qovernmen, turned q.
back upon ITSELF upon the banks and upon Inc peope
Those institutions which it bad cherished nd n.os a.
which had been instrumental in bringing into exi.e1ce
were the FIRST TO feel s psoserpiiye policy PATRONAGE
not only taken away from theEn but they were dss
credited by the circular 10 which reference has been
made, the bills Of the banks we've osliaiy prescribed
The credit Of the government being thus taken from
them. the confidence Of individuals dlminlshed--
But IN addition to the loss Of public credit and private
confidence, they sail further oppressed The spe-
Gle circular declared the determination Of the govern
men 10 receive nothing in payment for the sale Of pub
lac lands but gold and silver Before the issuing Of
that circular the bs OF specie paying banks were re-
celsed 10 payment for all pac does, both ia the east
and the west Specie circulated throughout the
try IN quantities sufficient for the ordinary purposes of
trade, and for the convenience Of the people What
was not wanted for those purposes the banks retained
as basis Tor the circulation Of their bills But imme-
dlaely succeeding the proclamation OF the government,
that The bills Of the Stale Baaks waud be no longer
taken for their dies, those bills returned upon them
from all parts OF the country. and they were compelled
TO lock them up and let the specie The people, by
that ACT were manner bene6ilsd--the specie which
thas wiibdrawn from the banks among
lem, but u was casted from land office another
whe banks dared not make any further issues, for every
Dill they SEMI CUT would return within tweniyf
had usually circulated among tbs people. had either
hoated of 10 this west, the general current, or else
u was boarded up by individuals The merchants who
had, by the facilities afforded them by the banks ia
consequences Of the recommendations Of the Executive,
extended thei business, calling loudly for dis
counts, that they might pay their honest debts The
hanks unable afford them the necessary ass
sstance. Two methods only, were left them 10 pur-
sneone was thai Hcy shpHid refuse 10 pay specie for
their Lds, and thereby save the merchants and thsIn-
geIy oh mi
oPny sPees and thereby bring disfss and FEia apoa
themselves, and ths merchants aHdg upon e sesis
manity The first method rvsorted to- n had, in
part, the dcsse9 and contemplated effect A degree Of
confidence was nstantsneousy dfised throughout tho
whole Union. Business began revive, and the pros
poets OF the eounty locked brighter and brighter every
day The suspsnson Of specie payments developed sA
further the desperate character OF the spirit OF RADICAL
ism The officials throughout the Union pounced upon
the merchants and upon the banks without ythey
charged Of having consped tsgsiher for the pnr
pose Of DEFRAuDtSc ANB RoBBINo PEoPEE,' and
to disgrace and destroy the credit of the government,
both al home and abroad. Every proposition OF the
Executive in regard to them, calculated TO break
them down. to destroy their influence and ability to be-
nef the people Instead Of stepping forward aod pro-
ectng the banks aud restoring confidence the govern
ment joined in every clamor against them.
Such unwarrartabe attacks upon banking institutions,
are SO many attacks upon State sovereignties. The
banks creatures Of State Legislation they de-
pendant upon the State for their establishment and for
their continued existence II is for the States therefore,
to watch themr preserve them and also oPaaisA
them, if they guilty OF improper and unauthorzed
acts. If they do not. they themselves guilty OF
breach of faith towards their citizens. II does not
become the federal government to interfere, either d.
recy indirectly, with the separate rights the States
Each State is independent OF any other, OF OF the
general government, individuals OF one another,
Of the State in which they live. The States cannot
too ousy Insist upon their ahs for there 10
now, there always has BEEN natural tendency Of
the general government 10 encroach upon them II
they do such encroachneht IN the beginning,
they will soon fnd thu all poicsr Is consolidated inths
general gopcrHincnf. The constitution aud the laws
will afford their out feeble support; they will be
obliged submit 10 unconstitutional and dangerous
usurpations, resort to revolution to sustain and
maintain their rights The spirit VI radicalism has not
yet carried its designs this extreme point although
is fast approxinating t. Whether il shall be permitted
reach that point depends upon the vigilance oil the
people and their determination TO preserve their consti-
tuiional rights. II would he unjust and SANDER upon
the people suppose that they would barter away their
.sbrlhrlght for Of potage," or be deuded into
the support Of the tendency oil which was 10
deprive them Of their liberties Yet such is the effect
and such the tendency omany Of the acts which have
lately been urged upon them.
The banks having suspended specie payments, in the
and for the stated, entitled to
lutte favor, for having stepped forward in time TO save
the mercantile part Of community from entire ruin Yet
the very next proposed by the government was
banks HiSH iasi act in The drama. That act is the
Sub.treasury scheme. The democracy are called upon
TO support that which in 1884 declared to lie Pc
DERAL MEASURE which then received nearly the unani-
condemnation Of the democratic representatives in
Congress, and which declared TO he by those then
in authority, Revolutionary, dsorganzing and subver
sive of the entire practice Of the government Yet
that which federalism in 1884 in 1888 is declared
to be not only democratic, but the ONLY democratic
measure. The manner which this scheme has been
tka, tTcln m
Il is declared "by authority" to be Democratic and
those who will not submissiyey and bndly support il,
are denounced IS federasts. Men who oil their lives
have been democrats who fought the battles OF demo-
crazy through the administrations Of Jefferson and Ma
dson for daring believe in the nespediency Of this
measure, have been thus denounced-~hie those, who
have been vulent opposes have been received
into the democratic party andbaptized with its name 1t
makes very iule difference TO what party they have
hitherto belonged the act Of submission to this
measure, is a sufficient recommendation whether they
are in heart ederslsts or nnllifers This method OF
manufacturing democracy somewhat novel, and is an
evidence of the roenness Of the scheme. The charoe-
ter OF the measure is little entitled TO public conf
dence the with which they have attempted
TO force il upon the country BY this system is in
tended that s public dues aud expenditures shall be
collected and paid out gold and silver and instead OF
employing the State hanks as The repositories OF the
public funds, the custody OF is to be entrusedt 10 Exc
cutye agents Such is precisely the scheme proposed,
and which il called Democratic measure II such a
measure necessary could not better me orispro-
posa have been adopted when the country was not OPP
pressed with the prostraton OF credit the ruin Of mer-
chants and the failure of hanks The manner Of intro
ducnp the measure the character oft and the time rhen
il is forced upon u.s. all characteristic Of the source
from whence il originated.
One of the leading features Of the scheme IT, that the
collection of the Government dues and all its expendi-
lures are he made in gold and silver only. by this
means all tie funds which 90 through tho Treasury de-
partmeut must be in gold and silver BY referring TO
the last annual report Of the Secretary Of the Treasury,
il will be seen, that the balance which estimated