The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-08

of the one hundred aud thirty millions of
National debt Including Treasury notes) then
owing, the banks held one hundred and fifteen
millions
The Globe, to sustain its argument against
a renewal Of the State Bank Deposite Sys-
tenn, quotes the language Of Mr.. BiddIe,
(whom it denominates "oae oCih most poic-
srtm men,") wherein in 1886, in enumerating
what he described the advantages Of the
State Charter he had just obtained, over that
from Congress, which had just expired, he
referred to ats total separation from all the
officers ofthe General Goyernment-as an an
natural connerion, beneficial to neither the
bank. nor The Government" And he added,
that the bank being, in any way connected
with persons in Office, was an association
dangero, So" useful 10 neither party, inju-
rfous to BOTH" We do not know which party
exhibits the most ludicrous appearance now,
Mr. Biddle, who has been, and still is striving
to renew that connexion, or association,
after having put forth to the world such decla-
iuN'oito uo tiiC upoFC VI tbC
which has employed Mr.. Biddle's Bank as its
fiscal agent, and thereby renewed the asso-
citation; its own organ, at the same time,
quoting the above declarations Of Mr.. Biddle
as arguments against renewal Of the en-
ployment of banks Of any kind, or at all, by
the Government. The consistency Of the
administration and zone Of the most powerful
men" is on par in each case. 1t may not be
amiss to inquire here, whether the po,uer Of
g one of the most powerful men, influenced
the administration in its recent inconsistent
course Of policy, in associating itself with that
man of power.
A more unblushiEg falsehood never was
uttered by the most reckless and hardened
criminal, than that "ihe banks haze incurred
more debts than they find il conreaient 10 pay,
and tiey irish The Government 10 aid them in
discharging their debts" Equally without
foundation, is the assertion, that "ihe gorern-
menfs o,cn officers could hare performed The
serrices al an expense Of one hundred thou
sand dollars per amman, ,ehich the banks did,
,chen they had fifty millions Of public money IN
their hands" The services which the banks
performed in 1885 and 1886, by transferring
the public money from place to place, &C.,
the governments own officers could not have
performed at all. They had not the ability to
do it. Nor could scheme have been de-
vised, whereby they could have done it. 1t
was only through the agency ofbanks aud their
ntercommunication with each other, that it
could have been effected at all. ....
The assault that is made on federal legisla-
tors, we shall leave themselves to notice. 1t
is enough for us to say, that they are charged
with favoring the Deposite System, for the
purpose of creating "another expans;on,''
whereby 9 the cunning rUoald take advantage
ola suitable opportunity TO sell out"
The honesty Of purpose Of those who are
opposed to the Sun-,reasury scheme, is ques-
toned by the Globe. 1t says, " the opposi-
ton to the Sub-treasury system has been such
as might have been expected from an i'm
mense body of spectators, chatting like greedy
wolves robbed Of their prey, and a not less
body Of politicians, mad for office,
and burning to be revenged on their success
ful competitors" w."
1t is complained by the Globe that the OPP
position have had the advantage by occupy
ing " the ground of attack" So long as the
Sub-treasury scheme is persisted in, they
cannot be driven from that position.
The specie circular, as the Globe says, was,
ga saving measure, urged on the late admi
nistration by some Of the warmest friends of
the Deposite Banks" and why! As the only
means to put a stop to the abuses that were
daily perpetrated under the eyes of the imbe-
cile Secretary Of the Secretary. A specimen
of these can be found in House Doc. 25th
Cong, I'd Session, No. 297. Atpage 1875 it
will be seen that the Receiver at Fort Wayne
was in the habit of receiving checks on New
York, Michigan, Ohio, Washington and other
places, in lieu of money, and as money; and
at page 396, it will be seen that the Receiver
at St. Helena, A. t., in 1885, received as
money, certificates of deposte, checks of in
dividuals on Banks at distant places, and
checks on individuals also at distant places
1t was owing to this miserable palterng policy
pursued by Mr.. Woodbury. that induced some
of the warmest friends of the Deposite Banks
to urge the issuing Of the specie circulation.
Speaking OF the Deposite Banks, the Globe
says, "on themselves be laid the fault Of The
late expansion" In this the effort is made
to throw upon the Banks the blame that at
tachcs to others. Mr.. Woodbury. himself
was the cause of the expansion at first, and
subsequently, the deposite act of June, 1896,