The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-20

power Oh the Department permitted and, Oh
its Recommendation, further measures OF rea-
sonable indulgence to the merchants and banks
indebted to the Government, received the
prompt action Of Congress, and doubtless con-
tributed much to shorten the suspension"
Now, let us render TO Caesar the things that
are his, and no more. The administration or
its party in Congress, we contend, did nothing
whatever, either by deed or recommendation
to facilitate the resumption Of specie pay
ment by the banks. On the contrary, they
all did every thing by both to throw impede
ments in the way. First as to the banks in
debted to the Government principally in one
section Of the country" What was the pro-
position that went from the Treasury Depart
ment to the Senate chamber in the form OF
bill9 Why, that the debtor banks should be
made to pay the balances due by them, in
specie, with interest, in three instalments OF 2,
A, and months This bill was modified in
the Senate before its passage in that body, SO
that the periods of payment were extendedto
a, 6, and months. In the House, when the
bill came up, on the motion Of Hon IL. john
son (Whig) the period Of payment was ex-
tended to 8, Ia, and 20 months, in which
shape it finally passed both branches Of Con-
gress. Then. respecting the reasonable in
diligence to the merchants" What led to its
being granted! Mr. Van Buren, himself told
us in his message, at the extra session, that it
was done thereby to increase the certainty of
ultimate payment"
/ As to the Government aiding the banks
and commercial community" it can only in
duce smile of derision with all who are
acquainted with the facts as they have trans
PRED. What did Mr.. Van Buren, tell us in
his message in September lastl He said,
regulating the exchange Of the country, re-
lieUing embarrassments, or interfering rih the
ordinary operations Of foreign or domestic
commerce." are " not oithin the Constitution
al propinee Of the General Government." We
are now informed that, it is through the, agen-
cy of the Government, by intermeddling in
these very things since, although unconstitu-
tional, that prosperity has again been restored
to the land Who does not remember the
fate Of Mr.. HAMER's resolution, which had
for its object to encourage the banks which
were about to meet in convention, to deliberate
on the subject Of resuming, by declaring it
was the duty of the Government to assist, by
all Constitutional means to hasten the event
Who does not recollect that the mover was
frowned down by the Administration and its
friends, and through the force Of party dis
cipline obliged to withdraw it.
So far as regards the action Of the Govern
ment and its recommendations, both were d.
rected to embarrassing the merchants, and
prolonging the suspension of specie payments
by interposing every obstacle that could be
thought Of in the way Of both. The country
had TO struggle to rise above its difficulties,
and the banks to resume specie payments,
not only unaided by the Government, but in
spite Of it.
The President in his message, speaks of
having steadily declined to employ as gene
raj repositories of the public revenue the
banks The Secretary, in his report, says,
that certain class Of the collectors and re-
ceivers of the public revenue " have been
required to make deposites Of the same in
banks, to the special credit Of the Treasurer"
The literary genius of the Secretary, so far
outreaches our poor comprehension, that we
hardly know what he intends shall be under
stood by depostes TO the special credit of the
Treasurer Does he mean that they were
placed at the particular, the uncommon or
chief credit of the Treasurer Or does he
intend that Especial credit of the Treasurer"
shall be understood as being synonymous
with especial deposite - We suppose he
does, and will so treat it.
The President says, no money has been
placed on general deposite' in the banks;
and the Secretary of the Treasury says, that
what has been placed in their keeping, has
been on especial deposite." We take it for
granted, such are the facts. We know no.
thing to the contrary. We must, however,
admit, that we are somewhat incredulous not
that we do not place the most implicit faith in
the representations that emanate from those
occupying the most exalted stations but,
perhaps, that we do not comprehend the
detail of the system Of special deposites."
We must here explain what we understand
is comprehended under the phrases of "gene-
rail-" and "speciap deposites. Ageneral depo-
SITE" is the money, whether specie or bank
notes,) checks, or drafts, which bank takes
e., ,hx> Janoc;tor ond nacas at his credit On