The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-31

which were moderated at the time because,
postponed for season by the great facilities
of credit then existing Tie disturbing Effects
IN our commercial cities Of The transfers o. The
public moneys required by the deposite laO Of
June, 1886; and the measures adopted by
foreign creditors of our merchants TO reduce
their debts, and TO wiihdraw from the United
States a large portion Of our specie"
In the preceding extract Mr.. Van Buren,
does not even intimate that the deposite banks
were instrumental in causing the revulsion;
nor did he SO represent; for said he, "howev-
or unwilling any Of our citizens may hereto
fore have been to assign TO these causes (above
quoted) the CHIEF msirumsntality in producing
the present state Of things, the Developments
subsequently made, and the actual condition
Of other commercial countries, must, as it seems
TO me, dispel all remaining doubts on The sub
ject.'
Mr.. Van Buren, continued said he, at
iiu5 sHiSC uppCaiSu thut wis SlllllluE 10 tnOSc
suffered by ourselves have been experienced
in Great Britain, on the Continent, and, in
deed, throughout the commercial world" and,
said he, furthermore, '.the history of these
causes and effects in Great Britain and the
United States, is substantially the history Of
the revulsion in all other commercial coun-
tries"
1t will be observed that Mr.. Van Buren,
says g evils similar to those suffered by our
selves" were " experienced Throughout the
whole commercial world" and from the same
causes. Nothing whatever connected with
our deposite bank system could have led to the
revulsions experienced in other commercial
countries; and Mr.. Van Buren, enters into
speculation of the causes which led to it in
our own, in which he did not cnumerate the
dcposite banks, or banks generally!
MIR. Van Buren, proceeds and says, No
public interest, therefore, now requires the
renewal of connexion ,chich circumstances
hare dissolrcd." We consider that solemn
"pledge from all parties" to give a system
"a fair trial, to be an interest of public
nature, paramount to almost any and every
other. Shall the faith of the nation, when
pledged, be violated on slight grounds We
hope not. But, said Mr. Van Buren,, ga
sudden act Of the banks interested with the
funds ofthe people, deprives the Government
Of the ability to pay its creditors in the cur
rency they have, by law, right to demand.
This circumstance no fiuctuation Of commerce
could have produced, if the public revenue
had been collected in the legal currency, and
kept in that form by the officers Of the Trea-
sury."
The idea conveyed by Mr.. Van Buren,, and
the manner of expressing it, is as well calcu-
lated as it could possibly be, to lead the peo-
pie to suppose that the catastrophe which befel
the country, and all the calamities that pre-
coded and succeeded it, were brought about
exclusively by "a sudden act of the banks"
when he had previously ascribed them to other
and altogether different causes! We respect
fully inquire, whether there was manifested in
this statement that spirit of fairness towards
the banking institutions of the country, that
are expected and looked for from the Chief
Executive Magistrate of great nation Z? 1t
is true, that while the banks pay specie, the
Government can collect its revenues in spe-
Gle, and keep in the hands of the officers of
the Treasury and ifthe fluctuations of COM
merce should cause the banks to suspend
specie payments, the amount in the hands of
such officers, would be at the disposition of
the Government in specie. But the expe
rlencc of the recent suspension; that of the
one in 1914 up to 1917, and the declarations
of MIR. Crawford and Of Mr.. Dallas, teach us,
that during suspension Of specie payments
by the banks, it is not possible for the Govern
mentto collect the revenues in SPECIE" at
IS IN rain 10 expect (said Mr.. Dallas, for the
people TO pay their dues TO The Government in a
currency they hare not and cannot GET"
We will now refer to the testimony of Mr..
Wright contained in his recent report, of
which 10000 copies have been printed at the
public expense!
The deposite bank system (said he,) esta-
blished in October, 1888, was the "com-
mencement ola more extensive, intimate and
responsible connection between the Go
vernment and the local banks" "By Ex-
ecutive direction until the 23d day of June
1885," said he, the public revenue, con-
'inued to accumulate with rapidity hereto
lore uneXampled, and business took sudden