The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-27

pTucttcdOR. we, Will MOI say IL 10 JdfctCdf.
Independent Of all the able and unanswera-
BILE arguments that have been used in Con-
gress and out of It against the Sub-Treasury
measure, there is one fact that comes home to
the understanding Of all, and is in direct con-
tact with every man and every mans business
and condition. Before the war was declared
upon the currency Of the country, the banks
and the credit system, one universal scene of
prosperity and happiness gaddened our land
commerce in its widest range was covering
every sea; activity and enterprise were ex-
ploring every region; labor was sought after
With avidity Il; industry was amply rewarded;
both foreign and domestic Exchanges, the pa
bulum of commerce were uniform and easy.
The currency was specie and bank notes, con-
vertble at the will of the holder; the public re-
question how it could be repressed; conf
dence betw cen man and Imam, and between the
Institutions of the country, stood erect and I'M
suspected and our credit abroad wanted no
and perseveringly prosecuted produced! We
answer in the language Of the whole country,
that it has brought upon us one universal
blight and paralysis. Where isthe commerce
that used to feed our treasury to repletion =
Zone to other nations. Where is that enter
piise that was once seen exploring every re-
gon from the Atlantic to the Far West Cut
down at every stage of its journey, and Ian
gushing in chains. Where is that active de-
mand for labor that once gave to the poor! food
and raiment. aud to the Industrious the COM
forts of competency and gladness! 1t is pail
sled with disease, knocking at the alms-house
for admittance, and brooding over the desola-
ton Of ruined families. In what condition are
the exchanges Varying from three to twenty
five per cent. in different parts of the country.
What is the state Of the CURRENCY Specie,
scarcely ever seen, paper, irredeemable with
specie, and Treasury notes alike irredeemable
constituting almost the exclusive circulation.
What is the state Of the public revenue! In
sufficient to meet the current expenses of 60
vernment, and relying upon either further
issue of Treasury notes, loans or taxes to
make up the deficiency and the liabilities Of
government. Where is thatconfidence which
is the lile-sprng of business, and which was to
be found every where 1t has given way be-
fore a universal panic. Where is the credit of
the American merchants which was once hon.
ored in every distant land! 1t is lost in the
wreck that has desolated mercantile enter
prise. These are some Of the fruits of this
memorable war upon the currency, the banks
and the credit system. We appeal to the
honest convictions of every man to look at the
past and present, and to say if we have not
stated undeniable facts.
Will madness and folly longer persevere in
inhicting this scourge upon the countryl If
so, the PEOPLE, who pay the penalty, and who
alone have the power to correct the evils, must
decide for themselves.
1t has never been their character to wear
bondage with submission, or to submit to tax
alton that is unjust, ruinousand tyrannical.-
They must teach those who are playing the
part of masters over them, that they have for
gotten their relative relations. The PEOPLE
are the only legitimate masters, and their re-
representatives. are their servants.
x,o,,, nas,ocr,,ir RanubIican DaDer