The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-03


-regardless Of authority, and reckless Of ex-
perencel What was the opinion Of Mr.. Sc
cretary CRAwFoRD, to whom, the Republican
party have habitualy paid the homage Of re-
spect and Difference, in regard to such re-
course to alleviate the general distress. In
his nble report on the finances made Feb. "a.
1880, he said:
"As financial resource, the issue Of Treasury notes
is uslfabe only where the deficiency which they are
intended to supply is small in alnonnt and temporary,
in its nature. As measure Of alienation, il will be
more likely to do harm Than good
The general system OF credit which
has been introduced by the agency OF banks and by the
inevitable effect Of the OF the General Govern
ment has produced artificial state Of things, which
requires repression rather than extension The issue OF
Treasury notes for the purpose OF aleyiang the gener
al distress, would tend this unnatural and
forced state Of things, aud give il duration which it
would otherwise never attain"
If Mr.. CRAwFoRD had been at the present
moment at the head Of the Treasury he could
not have expressed an opinion more directly
applicable to the present times than the above.
Tint his opinion is entitled to weight on this
occasion, is sufficiently proven by the result OF
the experiment Of the late extra session. Al
though the issue was authorized upon the ex-
press understanding that the notes should bear
interest, and be redeemable in yenr, yet, the
Secretary Of The Treasury placed them at so
low rate that they deprecated below bank
paper, and have tended g to increase this I'M
natural and forced state Of things" which they
were intended to alleviate. We doubt, there.
fore, If the Republican party will again give
IFS consent to the issue of fool of Freasury
paper, to supply this enormous deficiency Of
twenty millions.
| What, then, shall be donel On forme.
occasion the Government was driven to the
necessity of making LOANS to supply the de-
| ficiency in the revenue, and Congress by the
act Of March, 1915, authorized ga loan for
sum not exceeding 1882 800 dollars" This
loan was made from the STATE BA ks. But
how can any member of the Sub-treasury
party recommend loan from such Institutions
now! Institutions which they are constantly
denouncing as insolyent, fraudulent, 'alien
enemies" corrupt and rotten, and employing
every means to overthrow and destroy. And
are the people willing to incur another nation
al debt, when no reason can be assigned for It
empires in their vain and mad experiments
upon the currency, and the patience of the
people!
What other recourse will the Sub-Treasury
party have? resort to TAxEs'
Never was man more utterly misguided
than Mr.. CALHOUN, when he supposes that
these "untried expedients" are calculated to
benefit the South. fit be the object Of the
nullifiers to destroy northern commerce, and
embarrass the trade and business of the ,chole
country, then will they best crafty their pas
sons, or prejudices by an active support ofthe
Sub Treasury scheme. But are they so short
sighted as not to see, that the agitation OF TINS
subject which has already brought the Ma
iional Treasury to the verge Of bankruptcy,
will necessarily lead to the devsing of" expe-
dients' to increase the revenue. And what
will be the expedent? An INCREASE OF THE
TARIFF Does the South not see this Or,
is Mr.. Calhoun playing SO deep game as to
hope for new opportunity to try the expert
ment of notification, which he anticipates, as
the consequence of bringing the adminlstra-
ton to the necessity of recommending an an
crease Of the Tariff. Are the nulliiiers playing
the deep or the shallow game : Do they de-
signedly seek another Proclamation and Force
Bill Or, are they deluded with the vain idea
that the hard money Sub-Treasury system
would in the most remote degree benefit the
South If they desire to centralize all the
specie Of the country at the principal CONNER
cial points where most revenue is collected, or
to take from the South all its metallic circu'a-
ton, and PROSTATE and ruin the sources Of its
local currcncies, then will they attain their OBJ
iect by the establishment Of the "untrled ex-
pedient" But we can tell the South, and we
do il in no partzan feeling nor sectional pre-
iudce, that scheme was never before devel-
ooed, so directly calculated to retard its pros
perity, aud place it at the mercy of the federal
government, as this same plan, which the cham
pon Of notification is now so eagerly sup
porting in conjunction with n set of men in
whom" he says, he has no reason to con-
fde."
What said the former Secretary of the Trea-
sury, Mn TANEY (who has acted certainly
distinguished part inthe recent financial expe-
rimcnts of the Government,) in his report Of
n - IL