The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-06

dence Il offers no cause Tor encouragement 10 the
friends OF the measure, and inasmnch opinions be-
yond that whether favorable or unsyorahe, little
more than conjecture, the opposcFs Of tho bill should
demand OF Us 20 surrender our favorable Judgment
though thus slightly tested in favor Of measure which
repeated experiment. both adYcrsly and ia prosperity
| has proved 10 be delusiye and dangerous
The next objection he proposed 70 notice was, that
the Operations Of the bill would be 10 separate the 90
ycrnInent from the people, and TO secure sound
rency Tor the public officers and base currency for the
country.
THIS, again, startling objection, and required
examination Its first assumption was, that the enden
of the under discussion would DO 10 seps
rate the Government Of tho country from the people Of
tho country 10 elevate the former and depcss the lat
ter aud the second that the separation would be
marked BY difference in the value OF the currency TO
be provided for aud secured to each Had either 0!
these assumptions any foundation IN lacl, or even IN
| fair apprehension
| lie had already attempted TO show, and thought be
had succeeded IN showing. that the financial system
proposed BY the bill preferable to The State bank
deposite system in the following respects, namely IN
the safety afforded 10 the public moneys IN The
pcnses aud risks attending its administration in its
lnlary Influences upon the banking institutions Them
selves ia the limitations OF patronage added TO the
Executive branch Of the Government 10 the indepen-
dencc il secures the Government financially, and the
exemption 1t confers from injurious inpuations and
in its leudeucy TO the full Of the operations Of
the National Treasury aud Of the eKertion OF all the
| constitutional powerof this Government. to produce
aud maintain sound and stable currency for the whole
country Ilhe had succeeded in establishing these po
sons, would il, could II, be said that system pos
scssng such advantages was calculated to produce
paralton aud alienation hen the people OF the
try aud the Government their choice lie could not
| believe IL,
| Bul the objection assumed that this separation
to grow OF the different cunencles produeSd ioi The
Government, and the people, by the necessary action Of
the system That the effect Of the bill would be, and
was intended to he, TO produce aud maintain uniform
aud sound currency for the National Treasury. and Tor
oil who might have demands upon il well he off.
GERS Of the Government as others was most ieely adj
mitIed Indeed this was claimed as Of the p.Inci-
pal merits Of the system. But did follow that. be-
cause the bill had this tendency, II would therefore
tend to debasc the general currency OF the People
! Certainly not. No such consequence followed On
the contrary, II had been already shown that 50 Tar as
1t should exert any influence upon the general cirren-
CIV, that influence must be TO that currency to
level With that secured TO the Treasury IT. them the
people were TO have base currency they were TO nave
II, not in consequence OF tn BILL but IN defiance Of n
they to receive il, not from the public Treasury,
but from their own State banks not from the evils of
the legislation Of Congress- but from The evils OF State
legislation. Did any pretend that The bull could ex-
influence 10 debase any portion Of the currency
upon which had direct actlon lie had mol heard
il contended and he felt that such position
would be assumed 1.-THE currency upon which il did
directly act and the standard Of which regulated,
were to be base then it might be well unprecedented that
its indirect influence would be draw down the general
currency to its level but the gist Of the COMPLAINT
Isl that the standard Of currency assumes for the Go-
vcrnnent is higher Than that Of the general currency
it follows by parity OF reasoning that its indirect nifu-
must be to raise the general currency to It's stan
dari.
10 all this he was constrained most respectfully ask
where was the ground Of complaint unless gentlemen
were ready TO take the position that sound uniform,
and standard currency could not be sustained IN the
country and that, TO avoid inyidious distinctions be-
tween the Government and the people, the National
Legislature possessing the power TO fix the standard OF
currency, should at adopt base standard, and
thus conform tho currency Of the Treasury that which
it might be the interest Of tho local banking institutions
maintain He did believe that any advocate for
| such doctrine 10 be found here but II such an
one should appear, he had only first to deny the posi-
ton wholly and 10 assert that sound currency could
be sustained IN this country without Infringement
upon the powers granted TO Congress by the Const'u
tion for the means Of accomplishing the object and
second If the position should granted, deny the IN
ference, and contend that it the constitutional dnty
Of Congress keep the currency Of the National rca-
sury up to tho standard Of gold and silver, IN any
| event.
The next, and only other, objection he proposed to
notice was that the tendency OF the system provided for
BY the bill, would he to withdraw from circulation aud
use. and to hoard in the several repositories gcaa
| portion Of the gold aud silver Of the country
lie had but brief answer TO this objection. Il never
/
| lures OF the Government properly adjusted III
they equal they should be, the receipts OF re-
venue would be taken in hand, and the dsbnrse-
| ments for expenses would be made with the other,
Nothing could he boarded but the amount which the
widely extended operations Of the Treasury compelled
it 10 keep TansRn ; and that just much, and
more boarded than the money of the merchant at
distant point either during the time that notice OF It's
collection travelling TO him in the mail, his draft
for 1t passing back The point where the money
| depositc. This amount would vary from three
to five millions of dollars, cuding the amount constant
y retained IN the NUTS in the process Of coinage and
he would repeat that, when the and expcndi-
| lures should bear just proportion 10 each other, as
they always should, further dangerous hoard
! ing could take place under the bill
| But suppose that a time should again when
overradng and speculation. in every branch OF busl-
should commence the accumulation OF another sur
plus revenue, such had afflicted the country for the
last few years. then, for himself, he should consider
this tendency Of the bill Of its most valuable fea-
lures. Let overrading 90 and specualio spread,
and let the amounts paid for duties and lands be col
ected IN gold and silver, aud boarded IN the public
! Treasury and its repositories, except much as is
wanted TO meet the fair expenditures Of the Govern
ment, snd how far docs any believe these derang-
ing aud injurious business excuses would proceed
Not Mr. President, TO the proStraon Of business and
credit, and the currency Of the country No. sir the
banks, instead OF promoting, would be compelled to ar
rest them and to restore bpsiness TO its legitimate and
proper channels, before the country could receive
| shock, or the people injury.
| IL was wrong for hin, however, 10 spend the time
Of the Senate in the discussion Of this objection,
was expressly met 10y provision in the bill He re-
erred TO the twenty first section which made 1t the dn
y of the Secretary OF the Treasury whenever there
should be upon deposi,c the credit Of the Treasurer
| a greater than -four millions Of dollars, 10 dssipa,e
the money so boarded BY an Investment in National, or
State stocks. This must relieve the apprehensons Of
| all upon this point four millions the greatest
/ No