The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-26
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FOR THE MADISONIAN.



The friends of the State bank deposite system in
1884 who are now the friends of the Sub Treasury
scheme, were either very ignorant or deceitful then,
or they are evidently treacherous now In a report
by Mr.. Crawford, then Secretary of the Treasury
made to Congress, February IL, 1920, and reprinted
by order of the United States House of Representa-
tivcs, July H. 1884, he used this language: !" In all
great exigencies, which, in the course of human
events, may be expected 10 rise in every nation the
suspension Of payments by banks, when the circula-
tion consists principally of bank notes. is of the
evils which ought to be considered as the inevitable
consequence Of their establishment. Even in coun-
tries where paper does form the principal part of
the circulation, such an will sometimes happen"
With these declarations of the statesman VIM II.
Crawford, before their eyes, in 1884 with what face
or color of justice pretension to consistency can
the friends Of the Sub Treasury scheme who then
advocated the State bank deposile system, now turn
their backs upon this system; unless, indeed they
are prepared to plead ignorance, by admitting they
did not then know that I" the suspension of payments
by banks, is OF the evils which ought to be con-
sidered the inevitable consequence of their estab
ishment ~ They have assigned no cause for dis
penSing with the State bank deposite system, which
was not assigned by the Wings for adopting it in
cash payments. If they were ignorant and did not
foresee that the occasional suspension of cash pay
ments by the State banks, is inseparabe evil from
the system, who trust TO their sagacity and judg
men,, when they tell us the Sub Treasury scheme is
wise measure and will work wel1 If they were
not ignorant and did foresee that suspensions will
occasionally take place, they are now manifestly OBJ
noxious to the charge of deceit in supporting the
in pft reae ber in II in
1888 upon the first happening of the evil OF suspend
ing which they foreknew was nseparable from it.
Let the leaders of the Sub Treasury party take 10
themselves either branch of the accusation, and
who do they suppose will follow them, chargeable
with deceit or treachery or with gross ignorance
They cannot get rid of both.
Nor is this ALL Nearly all that branch of the
Democratic Republican party, who now support the
Sub Treasury scheme openly opposed it in 1884,
when ii was proposed and urged by distinguished
members of the Wing party. They opposed it, pre-
ferrng the State bank deposite system. Now, in
1888 the President of the United States having re-
commended the Sub Treasury scheme it is support
ed by large number of those who opposed it in 1884
Who does not think better of the subject of King,
than the slave of PRESIDENT Such leaders Of
party need not expect that many Of viruous and
intelligent people will follow them
1t appears from the proceedings of Congress, that
the leaders of the Sub Treasury party have made
up their minds TO sink or swim with their scheme.
1t may be they have come 10 wise conclusion. BY
adherng to the scheme, they will become eminently
distinguished for ordly ntrepidiy despising "the
canvass pra,te Of obeying instructions, which (says
Burke) amuses the vacant ears of minimizing men,"
Whilst that branch of the democratic party sup
ported the State bank deposite system in 1884 and
oppose it now, and opposed the Subtreasury scheme
in 1891 and support il now; the other branch of the
party now called Conservatives" opposed the Sub
treasury scheme in 1884 and still oppose it, and sup
ported the State bank depoSite system in 1884, and
still support it. Yet, the Subreasury supporters
now have the assurance TO charge the Conservatives
with having changed and deserted their party!
The Conservatives not only support the financial
measures which they assisted the Administration
party 10 establish in 1884 but they, in fact further
support the selfsame policy, in the fiscal ope-
rations of the federal treasury respecting bank notes.
which established by the joint resolution OF 1916,
and which had been adhered TO, unimpaired except
by "the specie circular" Of 1896 until the banks sus-