The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-22
NO.71.

ton, the proper remedies should have been applied
Ia the olthe bank had the people been appealed 10
for an amendment Of the Constitution, the country
would have been saved popular excitement. and an
opportunity would not have been presented FOR an ex-
tension Of official power The same may be said in re-
gard 10 the removal Of the deposes and Of the specie
circular Had the representatives Of the people decreed
these acts that disposition fthe Executive 10 assume
power. would have been prevented aud The further pro-
gress of radcalisn been checked
We can now see aud feel the effect which those acts
have had upon the prosperity Of the country no, that
oil themselves they were sufficient TO produce the pre-
sent crisis, but that the which they were fore
ed upon the country served foster and increase ger
ncious influence, which wss then rapidly growing The
4 subsequent acts Of the Government have in no way
tended to diminish the evil influence thus cngendered
/ When the public moneys removed from the U.
D. Bank they deposited in the State Banks which
were urged by the President TO extend their loans and
issues on the strength Of the Government deposes
Concerning these State Banks the President in his
message in 1884, TINS speaks" They have been found
fully adequate TO The performance Of all the services
which were required Of the Bank Of the United States
quite as promptly and with the cheapness. They
have maintained themselves aud discharged all these
duties, while the Bank Of the United States still
powerful in the field open enemy. And il is not
possible locomotive that they will find greater difficult
ties IN their operations when that enemy shall to
/ exist
Those State institutions, which were taken under the
special patronage Of the administration were represent
cd IN all the messages and in all the official papers
SAFE cheap and convenient repositories of the public
money The democracy Of the country approved Of the
selection, and determined 10 sustain the Stale
Banks. And those institutions in consequence Of the
recommendations Of the President extended their loans
and their issues.
For awhile every thing the aspect OF general
prosperity and the local banks found competent
agents the financial affairs Of the
That spirit, however TO which reference has been made
was neither snbdued nor asleep 1t was active in
recng the Of power, and destroying the happi
ness and prosperity Of the people II manifested itself
IN the officials throughout the country by their attacks
upon the character OF individuals and their poisonous
lnslnuations against local institutions IL developed itself
in the startling assertion which maintained BY some
that all who trade on borrowed capital ought to break
Then commenced the upon the credit system and
upon the banks-a chieh has nearly ruined the
country. OF the credit system say, that do
not believe that the nation could exist month
without IT, II interviewer with every interest and
occupation throughout the length and breadth Of this
young republic. The commercial interest could not
live without IT, neither could the agricultural
featuring. Destroy the credit system and you destroy
them all The grass would grow up in the streets Of
commercial cities, Enterprisng farmers would cu-
livale the earth farther necessary for their
subsistence and the abors Of the artzan and the
manufacturer would cease entirely The credit system
cannot be given up-the people identified with it, it
is part Of their existence Itensbles the poor gain
that respect with his opuent neghbor Yet those
who have been chosen fill the highest Offices, who
should be the first to protect and the last to nure the
people, have endeavored to effect entire prosraton
Of that system With the credit system they have
deavored 10 crush the Safe institutions All incorpo
ratons for manufacturing and other purposes II has been
their steady determination TO destroy. Ii is time thst
the people should understand the designs Of those, who
have overweening desire to rule over them How
would the wealth. the enterprise and the industry Of
c he emf IL ALL he man curpu md
mercial interpretations should be destroyed. They
would 60 TO other countries where they might find 60
vernmcnt that would cherish and protect them We
know that the people of Connecticut ,riH not suffer
these things. They will not permit those institutions,
which have rendered this State though small in extent
OF territory to be comparatively equal IN wealth and en-
erprise with her larger sisters they will not permit
them TO be destroyed They will cherish them 10 times
OF adversely aud raise them by good and wholesome
laws. This same spirit Of radicsllsm, which has come
within our borders, has undertaken TO annhlate entire
y the banking institutions The warfare which has been
made upon Them has been OF determination. 1t is
hardly necessary to inquire what would lie the condition
Of the country, were il deprived Of banks The ntel
gent freemen of Connecticut know full WELL that 1t is to
those institutions, they indebted for many Of the pr
vleges which they enjoy The facilities which they
have afforded to the manufacturers, have enabled them
establish pleasant villages all the country, and
furnish subsistence to the aborng class The mer
chants who furnish with the necessaries and com
forts Of fe especially indebted TO banks for with
out them, very few would be able to furnish even those
nccessayies The mechanic aud farmer likewise be-
ne6tted by them, When they not directly assisted
with money to buy their farms and stock, or the
tools Of their trade they indirectly benefited by the
assistance which is rendered to the manufacturer and
the merchant. All classes Of community are mutually
dependant on each other. Consequently they all
benefited by banks What in fine, could the people
do without paper CURRENCY There is one class OF
community only, to whom banks are an INJURY and that
class those ,eho tirc By crtoroa When banks are
in trouble then benefited thereby for then they have
full and fair opportunity wiring from those who are
IN need, their daily earnings We not the unlimited
eulogsts of banking institutions Unless they are fenc-
ed round with proper restrictions and guards, they are
capable fnfcting incaculabe injury upon the commu
nifty Such however, Is not the case IN the State OF
Connecticut. Our Democratic Legislatures, one after
another have so reformed the banking institutions, that
boast of having perfect system. as any
other State in the Union No doubt there yet
existing If such is the there other methods OF
correcting the evil than by destroying the entire system
The consequences which have resulted from the
attack upon banks, of most pernclous character
Having done much destroy that confidence which one
indv dual mas been accustomed to rcposc in another,
the spirit OF radcasm fastened Itself upon them, and
with deadly magnty has persevered to accomplish
their destruction How far they have succeeded IN ac-
compshng their object. the people all know. Borne
down and oppressed BY the Of the general govern
ment and by the efforts of the radicals throughout the
country last resort, IN self defence, and Tor the
preservation Of those who dependant upon them
they we're compelled to suspend specie pdymems-
Those banks which the government had especially taken
under its patronage were likewise involved in the gene
raj calamity Here il is necessary and proper, that
we should consider what the circumstances which
produced the general suspension All OF them could
not be properly considered within the limits OF an adj
dress like this but reference the most important
is all that is necessary for present purpose--and
those we believe caused by the acts Of the federal
government Commercial credit and the confidence OF
one individual in another ruined and destroyed by
the semi official denuncaIion against banks The mer-