The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-01-18
THE ,suB-TREAsunY scnEmE.

Finance, reported bill 10 impose additional
duties on depositaries, to appoint Receivers
General of Public Money, and to regulate the
safe-keeping, transfer, and disbursement of
the public moneys, in accordance with the
recommendations Of the President
| We gave a synopsis of the scheme in our
last paper, as we presumed it would be pre-
sented, which substantially accords with the
actual report.
| We have seen no reason to change the
opinions heretofore expressed in relation to
this measure. Nothing would have given US
greater satisfaction than to have seen some
indication Of willingness to defer to the
opinions of the majority, and to modify the
ground of compromise, and opened up some
hope of reunion of the party. The course
now avowed we can but regard as extremely
ultra calculated we think, rather to ALLEVIATE
than to concentrate, the political affections of
the people. Considering the scheme, as it
has been recommended, as altogether imprac-
ticable, unnecessary and hazardous, and hav-
ing the concurrence of large portion Of the
party in these views, it is with the deepest
regret that we have learnt that the Executive
has signifed his determination to " sink or
sctm" with the project We are the more
surprised at such an annunciaton, since every
day adds testimony to the extreme unpopula-
rty Of the plan, and the late elections have
all resulted in triumph over its friends. 1t is
certain that no progress was made in 1t at the
late special session, and it has since not only
not gained any accession of strength, but on
the contrary has experienced a diminution.-
The inference from these circumstances
should have been conclusive. No one, in his
senses, now doubts of the total defeat of a
measure with which the Executive has I'M
fortunately, it seems to us, resolved 10 "sink
or SWIM We do not believe that its warm
est friends expect to carry it for the present
at least The tone of tho Globe evinces plaip-
ly conviction in its masters that destructive
principles are on the wane, and that the pros
pect of carrying the ultra measures is remote
and contingent. The course of recent events
also convey pretty Ineligible indication that
the Conservative" party are not at least to be
very speedily annihilated. A decided triumph
has every where been yielded TO their princi-
pies, by which we mean firm assurance of
legislative resistance to all innovations of the
kind contemplated at the late session, and still
advocated by many of the organs Of the de-
structises. They even now hold the balance
of power, and by keeping united, they will
bring many to their presence and support who
have gone grudgingly along with the friends
of the new measures, and include many old
Republicans, at present moderate Wings, SO
as to be able to save the country and the Con-
stituion, and secure the affections of the
people Their cause must be prevailing,
since it is the great cause of reason, order,
liberty, union, and safety, against passion,
anarchy, revolution and disorganizalion. The
true friends of the Republic will rally in de-
fence of the Constitution, as IL crisis, believ-
ing it to be " sufficient for every necessary
and useful object, whether of beneficial legs-
lation, executive government, or popular pro-
lection; and that the force Of public opinion
and individual talent ought exclusively to be
directed towards measures of an administra-
tive impractical kind, instead ofbeing wasted
on the fruitless or dangerous promotion of or
ganic alterations"
So far from having mitigated any of the OBJ
jectionable features of the former bill, the re-
port of the Finance Committee re-asserts the
main proposition, and adds provisions still
more Objectionable. 1t is BILL in reality, to
charter Treasury Bank with capital equal
to the public revenue, and power TO invest sur
pluses in stocks, and to meet DEFICIENCIES by
sales of stocks and issues of notes. 1t con-
templates discrediting of all local currency,
by rejecting it after an interval from all re-
cepts offederal revenue. The effect of which,
united with the avowed policy of gradually
diminishing the number of State Banks" will
be the ultimate destruction Of all banks, ex-
ccpt Treasury Bank, which, some presume,
it is intended shall supply the only currency
of the country. The idea of sending the
Treasury into market to trade in stocks, seems
like udicrous boast of competition with the
Bulls and Bears" of Wal-street. The con-
fdence extended TO the banks, Of making them
special repositories Of the public money to be
kept by them under the lock and key of the
officer dcposting the same, is stretch OF libe-
rality by which these institutions will feel, no
| doubt hiuh1y connlimontedi