The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-10
From The Charlottesville (Yd) Republican.
MIR. RIYES, SUBSTITUTE.
In Florida.

! Mr. Rivcs introduced his substitute in the United
States Senate Friday last which readers will
find another part Of paper; and cannot hut
hope that II may prove acceptable to majority in both
Houses of Congress, and become a law if il should
not we do not think either National Bank the Sub
Treasury project could find either House, majority
inclined to believe that even the Sub-Treasury
| men would take it in preference to National Bank
and that the National Bank seeing that their ia
vorte stands possible chance Of success,
would support the substitute in preference to Mr..
Wrgts bill II is certain, if the Senators from those
States which have given express instructions upon the
subject should obey the Sub Treasury bill will not pass
tho Senate, and we have fears Of the Lower House
And should the Senators from those States that have
in their recent elections expressed dsapobaon OF the
fvorte measure" Of the administration, vote III ac-
corance with the expressed will Of the people IN their
States there could be the slightest hope oil the pas
sage Of Mr. Wrght's bill
/ We prefer the State Bank deposite system, under
proper regulations and restrictions because believe
il To be better than either National Bank the
| elusive metallic system Of the Finance Committee of
the U. s. Senate and because we believe if sufficient
time had been gwen 10 test It's merits that we should
have seen that the State Banks capable of per-
forming all the various purposes of dshursng agents
and proved themselves useful safe and efficient guar
dams Of the public money and such would have been
the CASE had the commercial embaassments of the
country (Which would have overtt rown any system,
so Unexpectedly come upon us.
i a
ccnt and ample time has always been given to it to test
its ability and when any difficulty has arisen so as TO
embarassmcnts IN meeting its engagements, the
aid of the General Government has been extcnded-Mr
| Cheves has shown, that more than once, the bank
would have sunk but for such aid. Has the General
Government ever done much for the dcposite banks
when they were embarrassed No. As as they
embarrassed and that too, owing to the liberal
discounts they had made in accordance with the
mendaton Of the government, the support before ex-
tended Withdrawn, and now these same banks
are stigmatized as lahless, and not worthy to be
| trusted
| Pass the Subtreasury bill, and what do see but
two currencies, as papabe as the sun at noon day ;
the General Government refuses 10 receive any bank
and thereby dscredits the notes of all Stale
| Banks others will do the same, and it will be al
most an imposSibility to make them pass currently
| in The State in which the bank is situated. And 1t
seems TO US that Representative who goes to Con-
gresS and does all he to bring into diSrepute the
notes Of the solvent banks in his. State ard who will
\ not receive them even for his own pay, is acting
against the interests of the people in his State, and
| is unworthy of the people who sent him there. But
nevertheless if the people of the States desire that
the notes of their State banks should be discrediled
and refused we all know that the will of the people
is the supreme law of the land and we shall submit
with all possible respect should they reject the plan
| we think best adapted 70 the wants OF the country,
and adopt any other system; we live in country OF
laws where liberty of opinion is the birbrght OF all
her sons, and we shall express ours without fear,
We admire that norton of Mr.. Riyes' bill which
reouires that Congress should have the power say
what banks they willing 10 see the peoples mo-
ney 5 deposited in it will take weight of response
bilitv from the hands ofthe Executive That part OF
the bill which requires the bank selected to receive
the notes of the other banks cash will make their
notes current atany part ofthe Union.