The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-02-17

hitting TINT proposition:
"The means Of the Treasury to aid the operation,
OF The banks in eheciing revolution ia The state Of
the currency so iInperousy necessary 10 the publi
interest, are considered ample, and the strongest dis,
position CRISIS @ apply them, so as TO produce the most
beneficial results
" Ia making the above proposition TO the Stale
banksr the strongest reliance Is placed in their di,-
position 10 Join ia the effort necessary relieve The
community from the evils 10 which il has been sub.
Jeced, BY the disordered state Of the circulating
medium Il is confidently believed that the Interests
OF the banks and Of the community are Lot in oppo-
sition 10 each other and that any sacrifice which The
effort may cost them, will be com peasated IN he ad
raatages and facilities Rhieh is in he POlesr Of tie
Treasury 10 a6ord them"
"The deep interest rhicA he Treasury has III The
support 81 bank credit, and the connection has with
the Bank OF the United States, would independent
Of the known disposition Of that institution con
ciliaie the State Banks, BE- sufficient 10 protect them
against an iiberal policy ON DIS part"
! In this communication, it will be perceived,
that Mr.. Crawford felt and avowed that the
means of the Treasury, to aid in in the resto-
ration of specie payments were ample. He
| freely prohered that aid to the State Banks
he not only made them the most liberal propo-
s.tions for their own advantage, bu; he gave
them a specific pledge OF protection and sup
port against any Liberal policy Oh the part Of
the Bank Of the United States. An appeal
thus urged TO both the interests a I'd patriotism
Of the Site Banks, could not fail TO be efiec-
tual. II accomplished its object. The banks
changed their original determination, and did
resume specie payments on the 2oth OF Feb,
1877.
Now, Sir, can any one doubt that if the
same spirit had actuated the Treasury Depart
ment in its relations with the banks recently
if, especially, when majority OF the banks,
represented in the Bank Convention, assem-
bled in New Yosk, in November last, mani
tested strong desire to fix an early day for
the resumption of specie payments, and were
prevented from doing so only by the influence
of powerful and overshadowing institution
! if say, Sir, the Treasury Department had
shown, on that occ asion, the same dispositions
which animated Mr. Crawford in 1916, and
had come forward and given assurances OF
support TO that portion Of the banks, who
| were anxious 10 return TO specie payments,
against the :. illiberai policy of the Bank of
the United States, can there be doubt
| that at this moment, we should be In sight OF
fixed period for the termination Of the pre-
sent calamitpus and disordered state OF the
currency. But, unfortunately, the policy has
been to stand entirely aloof from the banks,
after having contributed, it is admitted Oh all
/ hands, by the measures Of the Government,
| in some one or other Of its branches, 10 the
embarrassments by which they were over
thrown. No aid, no encouragement has been
given--not even voice Of cheering has been
uttered amid tbs general distress. On the
contrary, odium. and prejudice have been ex-
tensively invoked through the press, at least,
to render more complete that want Of conf
dence. which is the sole obstacle to the re-es-
adjustment OF both the credit and ability of
the banks And now, in the sequel, comes
this fatal Sub Treasury bill to deal them the
last blow in their PROSTATE condition. ! he
great interests Of the country, connected with
the restoration of the credit of the banks, and
of the currency which they supply, have been
overlooked or unapprecated; and the whole
object seems to have been TO devise some
plan by which the Government could, in
future, get along in the smoofhest way-by
which ii could be relieved from those respon-
siblities, and protected from that /" shomr II
imputoti0ns" in the discharge of its duties,
which the honorable Senator from New York,
(Mr Wright,) so pathetically deprecrates.
What, then, would ask, are governments
instituted for, if it is not to meet diff
culties, in the public cause-to meet and over
come them--to encounter responsibilities
to endure shoper Of imputdtions, yea 1.-THE
pelilng of the pitiless storm, if duty to the
country demand And an able man and pa
triot need not replne at these trials OF his VIZ
tue and talents. The ultimate gratitude his
country will ever be in proportion 10 the tenn
porary injustice he may sustain by the bitter
ness of enemies or the prosecutions Of faction.
How enviabe, at this moment, the fame OF
| MIR. Crawford than whom no man, in his days.
encountered more responsibilities by the bold
and fearless manner in which he met the du-
ties eli his station or sustained more uniound-
ed impu,ations. Blu, truth has triunphed over
prejudice and error, and he now lives and will
forever live in the grateful memory of his coun-
try. This desire to avoid difficulties and their
| attendant responsibilities, founded, as think
| have shown it to be, in mistake as to the true
| interests Of public men, is the source OF still
greater calamiies to the country. II is the
natural parent, strange as it may seem at first
SIGHT, of all schemes of strong government
| and is not unsuitably avowed by the honora
bic Senator from New York, as considera-
ton in favor OF measure, the effect of which,
in my humble Judgment, would be TO render
this Republican government of ours one Of the
strongest on the face OF the earth. On this
subject, sir, beg leave to read To the Senate
the remarks of the profoundest observer per-
| haps. Of human atiaiIs that ever lived. They
are full Of instruction, and cannot be too well
weighed by public men. In speaking OF the
| National Assembly of France, Burke makes
use of these words
"Their purpose every where seems TO have been
TO evade and slip aside from d.De"Ag ms II mas
| been the glory of the great masters, in al
4 the arts 10 confront and overcome; and when