The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-15


Thc country will sustain the Executive arm Of the
government ~ the experiment making 10 substi-
l1le the Sfae IasHaiions for the Bank Of the United
States Mr. Wright, Jan, 1894.
1" .The State Banks are found fully adequate 10 the
performance Of al which required BY the
Bank Of the United States quite promptly aud with
the ss.''-l;eoeTal Jacksons Message Of
1884
by the use Of The State Banks, which do not derive
Their charters from The general government, and not
controlled by rs authority, IL asrertoined that The
Heys Of nc United States be collected and dsbursed
ooht loss Or Inconvenience, and that oil the wants Of
the community, IN relation 10 exchange and currency,
are supplied well as ,hey ever have been before 49,
Message Of Dec 1885.
~ should be constanily receeeted that the owners
and managers q banks, when properly regulated by
egislsiys provisions IN Their charters are like other
huspuais interested % transact business securely;
desIroos Of making and no, losing money and that
these circumstances with the preference in case OF fall
ure belonging to depostors aad holders OF their bills
over the stockholders united with the security il not
poniy given 10 the government, render them, point
OF safety, generally nucR sgpKRox TO ISDrvlDuxE
AGENTS oE rHE UNITED SrATEs."--Mr. Woodbury's
Report, 1884
VIII any RATIONAL and henest man pretend to say that
system which has operated in The manner this
ceded have DONE should be abandoned for the dam
gerous experiment Of the Sub Treasury Can any
who dspassonatey examines the subject deny that this
is the only Of preventing the establishment OF
another National Bank What is the Sub Treasury
ITSELF but great Bank Of tho United Staies based it ID
true, upon most Of the gold and silver which il
iempated shall be drained from all other sections Of the
country, into the city Of New York!
The Reporter also complains that have even " out
Heroded Iiefod, BY desiring apessPsnemsat Of the
aclion Of Congress on tins subject, and quotes Mr.
Webster Tor authority that something must be done in
relation 10 the monetary Of the country, and
alleges that action is asked BY the whole
nifty refer The Editor this Iasssage of the Prssi-
dent TO the extra session, IN which he most positively
asserts that the General Government has nothing do
with the currency.
u cannot double that en- this, as an similar
sons. the Federal Government viii find It's agency
conducive to the security and happiness of the people,
when limited n The exercise Of It's conceded powers.
In assuming for awell meant object, such
powers not designed to be conferred upon it,
shall, in reality, do most for the general welfare To
avoid every Unnecessary nierisrsnes with the pursuits
OF the citizen, will result benefit than 10 adopr
measures which could only assist limited interests, and
eagerly but perhaps naturally, sought fer under the
pressure OF temporary circumstances. If Therefore
refrain from suggesting 10 Congress any specific plan
for regulating tho exchanges Of the country, relieving
mercantile embarrassments or interfering with the or
binary operations OF foreign or domestic commerce. 1t Is
from conviction that sneh not within the
constitutional province Of the general governments, and
that their adoption would not promote the real and
permanent welfare Of those they might be designed to
aid.
The difficulties and dstresses Of the times, though
unquestionabIy great are limited in their extent, and
be regarded affecting the permanent prosperity
OF the nation"
am reminded by the Reporter, that the Sub-Trea-
sury, a certain extent, Is in operation Even as
it is without Receivers general and distinct organiza
ton the Treasury OF the United States to all practical
purposes National Bank II has 900 OF notes
in circulation which pass from hand to hand, as the
notes Of bank, and the business Of the country in
creases its drafts and checks given the creditors Of
the government, will be augmented many millions more,
forming similar circulation Here then we haze
National Bank in every essential but the name, ana
adopt the Sub-Treasury bill, your Receivers Generai
become the cashiers Of four separate branches OF this Ma
tiona Bank under the presidency and direction OF the
President Of the United States. tTsts
Ii is surprising to me that which leads
to such results aud clothes men, already possessing vast
political powers with all the powers Of National Bank
should be thought less dangerous than corporation OF
private individuals possessing political power at all
This fact is undenabe, and let me the man, who,
after this exposition, support the Sub Treasury bH
and because oppose It. denounce me for favoring the
establishments OF National Bank. | opposed to
a National Bank in 1888 and "a, am opposed to it
STILL and leave the jewel of consistency to be claimed
by those who, (to the language Of distinguished
exPresident)
"If they cannot alter things
"---- they'll change their names, sir
Tn conclusion, have but a few words to say did
not offer the solution to which exception has been taken
until after resolutions nstructing Senators to vote
in favor of the Sub Treasury bill had been introduced,
and until that bill was taken up by the Senate con-
slider that the support OF such would involve
gross inconsistency in the democratic party thought
il would be departure from the principles Of
President .ackson's administration, and in surveying
the democratic party that il would lead TO discord,
DIVISION and defeat Many distinguished democrats in
PENNSYLVANIA, in New York, and in Virginia, with Mr..
Rves and the veteran Editor Of the Richmond Enquirer
their head opposed 10 this innovation upon The
established rights of the government,
And every candid democrat will admit that division,
TO the smallest extent is the orerunner OF defeat
in Pennsylvania Already are the opposition IN posses.
sion of the power Of the government. Its organised
corps Of retsners are planted in every the State
We have no longer the irresistible influence OF Cen
Jackson keep united and TO inspire the democratic
party with confidence The two last elections are
solemn admontons Of the truth Of our conditon-they
show improssively that have no strength to lose
without yielding hope along with it. offered the pre-
amble and resolution for the posiponemen OF the Sno-
Treasury BILL with view, among other reasons 10 unite
and conciae, if possible, every honest member OF the
democratic paryo hold The question IN suspense, not
only for reflection, but thai its friends and opponents
might mite against the common foe IN the great struggle
that awaits at the ensuing most important election
am perfectly willing 10 submit TO the democracy
OF Pennsylvania to say, whether they who pursue ogot
ted and proscptive towards fellow members oil
the same party who happen differ particular ques-
TONS the sincere friends oil the integrity and sue
cess Of the party whether they not rather its
worst enemies be they the commissioned or non-com-
mssioned officers OF the national government il
have made this statement thus early to prevent
erroneous Impressions gong your earsand TO place
in proper point Of view my conduct in relation 70 this
interesting SUBJECT. HI #
have done with the matter, and whether sustained
or otherwise, feel conscious Of having discharged
great public duty, without fear, favor, affection"
Being persuaded that the adoption Of the Sub 1rea-
sury bill would eyentuatc the establishment OF splen-
did consolidated central government utterly Of variance
,h ~, ,.all si,lad ,,o,rv Of the democracy Of the