The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-26

Curing WIN Inc causfs Which made her, Of the
ment Of her calamity, fourshing than she had
ever been before will carry her FAR beyond the Limits Of
the immediate cccsson Tho spirit OF improvement is
ylsiby excited amones hss already brought forth
important aid precious fruits One Of these which par
tcnary struck pie on my last return home, the
fpnIglng up Of taste fer commercial pursuits, once
so much the object of aversion amor Young men.
u We soze thus favorable TO cultivate this TASTE
~hrn the wLOe South disposed TO cooperate in
our plans Of direct importation; aEd il add TO il
nue more economy IN our expenditures, we shall soon
End ourselves POSSESSION OF al the capital
70 accomplish our purposes BY Of limited part
heishils. These latter are. think destined, every
where. To supersede chartered companies with exclusive
privileges They Will become one Of the mighlest in
sunhehts OF Tree trade, and will be entirely exempt
from OIL the decsms,ory objections now rife against
those companies which are, in most cases absurdly
enough, denounced inonopolies
" on right IN the preceding views, benefit either
to The nation or 10 our particular section Of is 10
he expected from the adoption Of The specie clause on
the contrary, OF oil parts Of the country the South has
most TO dread from the probable effects OF that measure
in derangng the currency, aud diminishing the re-
sources Of trade. confess, have said on former
occasions, that this clause being omitted my objections
not strong plan Of restricted or special depo-
SIZES with The banks although have as yet seen none
that appeared 10 calculated ofk well In practice
With a proper uDdersisnding--such should always
exist ~ this great commercial country between its 90
yerhWcnt and It's monied iusiilutions--hetwecn the
OF ana The banks, The details
system mgli, perhaps. he arranged to operate
saln,ary check upon the latter, without breaking in
upon all their established habits Of business No inno-
,siios lie dreaded Than those in the curen-
cy IL is not the tanks. vainy alleged by the adj
yocaies Of this scheme. that am DESTROYS OF benefung
hy linus extending TO them oil possible indulgence 1t
Is the and The people Of The country which are
indissolubly connected with banking operations II is
thus that their interests become identified with ours
and il is nothing short of puene TO talk Of them an
iagonsticai" Bankers in the money trade and The
operations OF credit, precisely what merchants in
Other branches Of commercethc visible and prominent
representatives. Of interest extending to all classes OF
society, and 10 attack whom is really make war upon
the whole community Especially is in THE COON
ny The great mass OF circulation is aud is likely
10 continue, as we have has been, paper Of
some kd or other, private or public Of individuals
o partnerships and companies. it is natural con-
duoI-our fundamental law---ouf Interchangeable desti-
ny venture 10 affirm, that every effort counieract
II viii be utterly sbortte, aud will only produce disor-
der and confusion worse cononnd,d. am no, afraid,
TO add that government qua tubs has my opinion
more right TO interfere IN The trade Of banking than
any other branch of trade. agree with clever En-
gsh writer that "thcre the propenslties Of
human nature at work 10 regulate the trade in money
which regulate The trade in hardware calico; and in
regard the issuing Of promissory notes, which has
been treated sort OF usurpalio Of the functions Of
government, constituting necessity and warrant for
mterposiiion, is in truth natural growth OF commerce,
be suppressed by any thing but despo,ic violence
but necessarily kept within due bounds, where there is
free scope for competition by The operation Of The very
principles 10 winch 1t owes ts rise This is part OF
that grand and bcnefcent scht M Of freedom Of
IN, rec aud industry, pregnant with important moral
results Of all sorts, which am firmly persuaded is dcs-
tined, and that distant day, prevail
sally among civilized nations But be that may,
for can do than throw out the idea here) de-
prccse every attep, The part Of our Government, d
recy indirectly, 10 rsguiae-excepl by coming mo-
ncy Of proper stan dard and by prudent of its
funds a castoner--he issuing Of assgnsble pa
pcT-,o limit lis quantity arbitrarily without reference
10 the demands OF commcrcc-io say what proportions
Of shall bear to the specie reserved to redeem il and
| the like ] say directly or indirectly, for although the
\ new system has a spccious air OF independence and
d,sscc lai,e about II, would really be positive and
pernicous interference with the currency Of the
country, as think have satisfactorily shown tits an
effort TO foree circulation, the amount Of the
whole share which The Government has in the import
trado--that is from 20 TO go per Of It's sggre-
gate value in dutiahle commodities quantity Of gold
and silver not at all called for by the circumstances Of
tho country the usual demands of its commeice.-
This is the necessary effect Of The system. and indeed
its avowcd object; for has been pressed upon the
country, with pous zeal, great reform has been
preached, in fanacal spirit Of Iropagandsm, the
end Of tic denominations Of fraudulent paper system.
| specie currency, any thing approaching TO, it
being for many reasons totally out Of The question
here the barking system Of the country has been treated
by all orr leading statesmen, as fact quite independent
Of the will Of man, and much to be assumed IN
policy any thing else IN the order Of nature, the
yicssltudcs OF The seasons the ebb and flow Of the
| tides. Spartan nacius es-hanc ermnd. has been
their sage maxim. They have with the csuiion aud the
nodcsty characteristic Of true practical wisdom, made
the Of the actual condition OF things, instead of
affecting to alter it, fundamentally in the medding
presumptuons spirit Of theoretical innovation. They
saw how impossible 1t dispense with the Of
hank paper, and while by the Of 1889 they in
sisted on enforcing the constitutional specie standard
their UNIFORM, uninterrupted, unqucs,ioned and unqnes
| toBshe practice which was 10 consider convertible
paper gold and silver, demonstrates that they aimed
at nothing mare than mai itanirg that standard. All
attempts 10 show that they anything but his that
they had The remotcst idea Of receiving nothing the
Treasury but the prerons metals ieable
with their whole conduct, from that day 10 this and so
utterly absurd and groundess. II vas doubtless, the
regard for the public interests, thus mseparsble
from the credit system, it exists in this country that
led them to do what now, for the first time, disco
vered 10 be monstrous violation Of tho laws Of the
land, allow The banks entrusted with the custody
Of the deposits, deal with them with the deposits
Of their other customers. They reason why so
large amount the average balances of tho Govern
ment, levied It was upon should he with
drawn from the Of commerce. and boarded in vaults
and safes instead Of being made the ailments of INDUS
try and OF Improvement, IN the hands OF enter
torprsing men. have shown what the whole CON-
munlty, what Southern commerce especially would
lose by the denial Of this privilege repositories.
We should diminish trade by twenty millions
year, without far the least advantage to
the country at large or to any part Of it, TO any body
in it. The subject have had occasion to treat
what a, length elsewhere, and shall now content my
self with barely touching upon it. II our people Sc
| iously believe that TO withdraw so large amount OF
| capital rom the common fund Of commerce is 10
benefit the South Especially Of Charleston. will. in
consequence Of il, lose IN bank acltics popoonslly
much as New York; be assured they greatly err