The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-15

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enforcement Of such principles have led to
the above caution from Mr. Cliftonl Yet it
is the banks, the banks, against which the
Globe labors to excite prejudice and feeling
Of hostility.
Where is the proof on which the Globe
asserts that, " the banks get time from The
Government" but "give no time to their
debtors" There is none whatever. And
what did the government attempt TO do with
their bank debtors at the extra session! The
bill, that was probably prepared in the Trea-
sury Department, reported to the Senate, and
passed by that body with but triAing modif.
cation, answers? That bill authorized the
Secretary Of the Treasury to demand payment
of all balances due by the banks in 2, and
6 months after its passage, in gold and siiuer,
and to sue Immediately any bank that failed to
comply with the demand
The Globe says, "these debts were made
when paper currency, cheapened by an ex-
traordinary expansion, was the criterion of
value" and therefore, denounces the banks
for demanding their payment in gold and sill
ver.-Oh! the abominable banks let us
see if the banks alone are guilty of such
atrocious acts. BY an official report of the
Secretary Of the Treasury, it appears that the
two late deposite banks" in Mississippi, are
indebted to that department about one million
and three quarter dollars. This debt, they
have been required to give bonds to pay in
gold and silver. Did they receive it in gold
and silver7 No. They received it in paper
currency, cheapened By the extraordinary er-
pansion,' for which the Secretary himself au-
thor lied the public receivers to exchange the
gold and silver that had been paid to them by
the purchasers Of the public lands
The banks have been denounced for having
employed such deprecated money; and now,
while they are endeavoring to collect it in
such medium as is demanded from them, they
are again denounced and threatened
"SILVER is DEMANDED, AND OUR
CITIZENS THREATEN VIOLENCE.
AND BLOODSHEDp Do the " Demo-
cracy Of numbers complain and threaten so
soon Why, this is but the foretaste Of the
fruits of the beautiful exclusive constitutional
hard money sub-Treasury policy. 1t is I'M
reasonable for them to complain Of the opera
tons Of system which they so strongly urge
and support. They cannot seriously suppose
for moment. that the banks can long sustain
themselves and pay the demands Of the Co
vernment in specie, and receive in payment
from them nothing but paper.
We apprehend that should the scheme ever
be adopted, many its present advocates will
discover from experience that it appeared
much more beautiful in theory than it will
prove in practice.
The editor of the Globe could not suf1i-
GENTLY crafty his .fend-Eke spirit by the de-
nunciations Of the banks. He must also en-
brace the merchants. While he says {" the
Mississippi plantations are torn up by the
roots" he also asserts: "
The JosEpns, and such like, fail in Wall street
they close their DOORS their money dealing is all
covered up in the mystery of the credit system they
pay their creditors for millions with some shings
in the pound, Sinking a handsome commission in
their pockets on every debt they discharge, by half
or quarter payment; in the time living in at-
fuence, and saving snug capital for fresh start
after the pressure in the money market has passed.
Such is the indulgence of merchant creditors TO each
other. What contrast such mercantile failures
made with the gloomy picture presented in Mssis-
sippi, the consequence of bank expansions and ex-
plosons"
Such an out-pourng of bitterness against
the merchants and banks, would, we think,
have come with far better grace from any
where else, than from one who compromised
n debt of $4,000 for 5000, and is no,o "hr-
ing in a6luence !"
We are not in the habit of abiding to the
private affairs of any Of our contemporaries,
and would not have done so now, did not the
hardihood manifested in certain quarter de-
mand it on the present occasion.
We have been requested to publish the fol-
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