The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-08-11

| the official organ OF our own Government
Self-respect will compel them TO do this if
they believe the organ. If they do not be-
leve it, what will they say Of an administra-
ton that employs such a licentious and in
famous adjunct, and lends its countenance to
falsehood and dishonor Take it as they
may, we must lose caste abroad. But il will
not be our Navy. The monuments of its
valor. probity and honor are upon every path
way where our vessels have traversed they
stand in proud grandeur on the records OF war,
and among the chivalrous nations OF Europe
and the less enlightened powers on the con-
fines Of the Mediterranean, honor will be paid
ever to the American Navy for what they knoD
OF it, The national disgrace that attaches to
this semi-ofiicial attack, will soon be wiped
off as its authors are wiped out.
THE MISREPRESENTATION WAR
AGAINST THE BANKS.
In his speech in the Senate, when introduce
ing the Sub-treasury bill on the 3lst January
last, Mr.. Wright Chairman Of the Finance
Committee,) took the following position, viz
Said he
WIN lras the special conrocation of Congress rem
dcred necessary in September last Was not the
Of banks 10 pay specie their paper and
the consequent inability Of Tie public Treasury 10 90
tain from them, in any cureneu conlorma6y 10 lac,
Ae millions Of The public money entrusted TO their safe
keeping and required for The current expenditures OF
TIE Gorernmsnt? No one acoaid deny this position"
This statement made by Mr.. Wright for
the purpose Of disparaging the banks, and
throwing discredit on them--attributing to
them the cause Of the extra session Of Con-
gress in September last, and the expenses to
the country attending the same. was echoed
and re-echoed throughout the land, from one
extreme to the other, Of each point Of the
compass, by the Loco oco orators in both
Houses Of Congress, who followed him, and
spoke on the subject Of the Sub-treasury.
It was so often repeated, that members Of
Congress generally, without stopping to re-
fleet on or examine the subject, believed It to
be true-the country thought so, and still
think that to be the fact. 1t is time that all
were undeceived.
We assert unqualifedly, that there is not
one particle Of foundation in fact for the state
ment made by Mr.. Wright, and repeated by
others. This we will substantiate by proof.
Here il is.
On the 30th day Of August last, (fcur days
only before the meeting of Congress at the
called SESSION. according to an Official return
made by the Treasurer Of the United States,
the whole amount Of money that day in the
Treasury, subject TO draft, and available for
public use, was $s, l66,492 SIS. This includ-
ed every dollar that was then owing by the
much abused slate deposite banks" AT,
or near the period, they suspended specie
payments in May previous, they were indebt-
ed to the Government, and public officers
thirty-two million dollars. In the mean time.
they had reduced their Indebtedness from that
enormous sum to the comparatively small
amount of eight millions Besides this sum
Of about eight millions due by the banks,
there were some small sums scattered about
in the Land Offices, but in the aggregate,
amounting altogether, to quite an. inconside-
rable sum. These constituted the means, at
the command Of the Administration when
Congress was called together.
In this state Of the Treasury, it was rem
dered obligatory on the Government, by the
laws, which the President was bound to see
faithfully executed, to deposite with the States
on the lst day Of October following, the fourth
instalment Of The surplus, in the Treasury on
the 1st January, 1887, amounting to $9,367,-
PA %. This amounted to upwards Of a
million more than the entire balance in the
hands Of the banks, and owing by them on
the 30th Of August, one month previous.
1t is plain, therefore, that it was not the ina
bility Of the banks to pay over the balance
owing by them, I" in any currency conforma-
BILE to law" that rendered the convocation Of
the special session necessary, but it was the
absolute inability Of the Executive to execute
the laws for the want Of means.
This is proven by the Report of the Secre-
tary Of the Treasury made to Congress at the
commencement Of the extra session. After
observing that any new appropriation that
Congress might make, would require new
provisions Of like amount to be made to
meet them, the Secretary remarked, but
without them, it Expenditure to meet the then
existing appropriations will constitute an
excess of s5,s76,565 of expenditures over
both the receipts and the balance at the COM
mencement of the year besides not leaving
at the close Of it, any thing in the Mint or
the Treasury for future uses, or to meet con-
tingencies.