The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-18
THE TRUE ISSUE BEFORE THE
COUNTRY.


The Richmond Compiler has he following notice Of
the ground which il intended to rally the banks great
and small, against the Administration;
Great horror is manifested at the idea OF the banks
discoun,ing public funds and great efforts are 70
be made al the ensuing elections TO stny the people
into like horror well as 10 nstl INTO popular pre-
udice hostility all banks. The success OF the pro-
minent financial of the Administration depends
entirely upon the ecctual dissemination Of these pen
dices We trust TO the good sense of tho public, and
the zeal OF the opponents Of Executive discretion and
power The Madisonian concludes article on the
finance question thus
Now, we have neio issue made up in and out OF
Congress and that is, not whether the public money
shall shall be kept by the banks, but whether it
shall shall not be banked upon by ihem and in the
latter event be annihilated."
This is not nep issue" Il is only the issue made
from the first hour it that the banks banking
on the public money, put il beyond their reach
and that Of the Government and, in effect, distributed
it among spectators after it collected from the peo-
ple and put the public revenue in private pockets.
whence it could not be drawn but after long lapse OF
time unless in deprecated paper The process turns
out to be the exchange OF the hard money collected
from the people for the credit Of the banksa credit de-
pendent on the honesty and skill of their managers, IN
the frs. place. and in the next place, on the honesty
and ability Of the bank directors to whom il is lent
The real issue is and has been from the first, whether
the banks shall have the public money to bank upon
the State banks should have for this purpose lhs
was absolutely decided in the negative by the vote Of
both Houses. There not, in fact, more than two
votes the House, more than hive IN the senate,
in favor Of giving the public money to be discounted on
nv the State banks The Federalsts were unanimously
for National Bank and the surrender Of the money
Of the nation to such institution They proposed to
take the State banks for the moment as halfway house
only The Democratic party were unanimously against
giving the revenues any bank, State National, to
bank upon The Conservative scheme of renewing
the State bank system which has exploded is then in
reality utterly repudated by tho two great parties this
country and the true issue before the people Ma
tiona Bank manage the finances. and sway the Go
vernment itself, or Government organised on the
principles Of the Constitution, and managing the public
affairs, independent Of all banks.
After various perversions and meanderings
through mazes and morasses, it comes at
length, as will be seen, TO what it asserts to be,
"he true issue before the people, National
Bank, or a Government, organized on the
principles Of the Constitution, and managing
the public affairs INDEPENDENT OF
ALL BANKS" That is, an "INDEPEN-
DENT Treasury" That is to be again
brought forward and the issue made upon it.
We are rejoiced that it has been thus early an
nounced.
Special Deposites are as much repudiated
as the State Bank Deposite system.
The precise system is again to be urged
that was recommended by the President in his
message at the extra session, wherein he
said, The collection, sajs-kseping, transfer,
and disbursement Of the public money can, il is
bshered be osH managed by officers ofths Go
rsrnment." And in connexion with this, he
recommended that nothing but specie should
be received in payment of public revenue,
upon the ground which he assumed that, it
might be questioned, whether ii is NOT for the
interest Of The banks themselves that the Gorern-
ment should not receirs their paper" In his
annual message in December, the President
after admitting that it was IN The po,cer Of
Congress so 10 regulate and guard it as TO
prevent the public money from being applied to
The use or inte'ningied rith the affairs Of indi-
piduals," says, that when thus arranged, sit
avo,tld not give to the Government that entire
control oUer its OWN FUNDS WHICH DESIRE"
nor such as, he said, his own plan was calcu-
lated to do, viz: "fhe separation Of the fiscal
affairs Of The Government from those Of indi-
riduats or corporations"
, The issue is to be made, on these recon-
mendatons Of the President. 1t is de facio
promulgated by his organ. Those who affect
to think otherwise do but deceive themselves.
The same day it was thus announced, the
Globe run up again its bloody flag, 1.-THE extract
from the Bankers circular the object Of which
is to excite the Democracy of numbers"
against all banks.
On the goth day Of July, 1887, this mis-
sive first appeared at the head Of its columns,
and the Globe then said, at shall stand at
the head Of our paper until The contest is ouer."
On the 18th day Of March, about the period
the Sub-treasury bill was, for second time,
laid on the table Of the House, which had been
sent from the Senate, as if the contest was
of July, when il was announced that the con-
test was renewed, it was simultaneously run
up again.
The war upon the banks and the merchants
is to be renewed The prophecy of the Globe,
which was responded to by the faithful, that
the DYNASTY OF BANKS, BOTH GREAT AND
SMALL, APPROACHES IT'S END" will be sought
to be made matter Of history. The dogs Of
war have already been let loose, and the cry
OF havoc is already proclaimed The watch
word of "DOWN WITH THE BANKS
was sent forth ut the 4th Of July celebration
of office holders and iepellers al PHILADELPHIA