The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-26
'ctIuIly, &C.



Of our readers, the solemn truth Of the declaration
oil Mr.. Garland, that "ihe true question involved is
mol oetween The governm, nj and the banks, but be-
tceeR The gopernmeRt and The people, because The insti
tntions 81 the people are struck afr Mr.. Garland
shows that these much abused and reviled banks
derive their existence from the people Of the States
are created by law, and responsible TO the law, and
upon no principle ought they 10 be subjected TO The
hostile action Of the federal government Their
powers being derived wholly from their charters
legislative restrictions may always prevent improper
grants, or correct evils and suppress abuses There
i no form in which combined or aggregated wealth
Is employed, wherein il Is so much subject 10 the
control Of the people at large in the State banks
There Is no point upon which ambitious demagognes
have been so sednlous In their efforts to poison the
public mind, and engender popular suspicion and
prejudice, as upon the character and effect Of these
institutions
Mr., Garland answers the stale cry OF the loco
focos, that : banks are odious monopoesn He
defines monopoly to be "the right 10 enjoy par
ticular privilege, or pursue particular business, 10
the e9clas{0H 0f all Others He then states the OBJ
lecis of the creation OF banks TO be the oaning of
money and the circulation of their credit The
power which creates them is unlimited and may
multiply them at pleasure; any individual may take
their stock, any individual may lend money as well
as the banks, AMI any individual may give his notes
without limit or regard to the amount of his capital
while the banks are expressly limited in issues and
circulation Mr.. Garland explains, what to many
minds has presenteda difficulty in outheory Of bank
ing-how given amount Of specie can redeem
three times its amount Of paper circulation3 He
says, for every dollar which the banks issue they
take responsible obligation. When their notes are
returned upon them in The ordinary course Of bust
ness, a, least wothirds are returned in discharge Of
these obligalions so thai, keeping in hand one-hrd
Of their circulation, they are always prepared re-
deem such OF their notes as are necessary be
deemed in specie ] he connection between agricul-
ture, manufactures and commerce, and the gigantic
fruits OF that "eredit syslem," which wicked end
insane rulers would have crushed are next described
by Mr.. Garland as follows:
"To the prosecution Of successful commerce.
nothing is more important Than a sound con venieBt
adequate and unvarying currency; without it, com
merce Is embarrassed, retarded and finally destroy
ed The precious metals, although the standard of
value, by the common consent of nations have, from
their scarcity, and the cost and Inconvenience of
their transportation, been found totally inadequate
10 The demands Of commerce, in those nations where
il Is extensively prosecuted. Great Britain The most
powerful and most commercial nation in the world
10 supply currency adequate the demands Of her
commerce, resorted 10 the present "credt system"
and what has been The result Her canvass whens
every harbor; her flag floats in every breeze; and
although gin island but little larger than the
State Of Virginia, she holds portion Of every con-
tnen, in colonial subjugaton, 10 an extent that The
sun scarce sets upon Ninety millions Of people ac-
knowledge her sway. She has, at times sustained
herself in wars against most the world combined
at others, she has sustained the armies of combined
Europe against the colossal power of France and
"
all this the spirit and enterprise of her people, her
extensive and extending commerce, buoyed up and
sustained BY her credit system. Look at her, see
what she Is, and then say whether her credit System
has cursed and bligh'ed her"
Mr. Garland then directed his attention 10 the
effects OF the "credit system" in our own land
" Here its unequaed effect upon agriculture, CON-
merce and manufactures are signally manifest"
says Mr. G. " in the rapid increase of population,
products, manufactures internal improvements
- a
and power; and its moral and political influences
have not been less striking or beneficial" Let the
people ponder upon these facts and their results and
then view The upstart ambition that would destroy
fruits like these vote honestly and conscentionslv
for Conservatism, and crush this germ OF fatal
dessposn,
Humbug Benton, showing by public documents, The
fasehnods Of the premises upon which he based his
argument France has been held up BY The hard
money men, as the model for our imitation. Mr..
Garland shows that France has al last discovered the
great secret of national advancement, and is now
engaged in expanding her paper currency and aban-
doning all her hard money practices and principles,
Just as the "slnal lights" of this hemisphere are
endeavoring 70 drive This country back into the re-
gons of the dark ages. He exhibits the fact that
liberty dwells with the credit system, and where
the divorce" has been established, the Government
and the Treasury rendered independent Of the people,
and hard money constitutes the g constitutional cur
rency" there is an oppressive taxation upon labor
poor menlal anu ueSfdueu people, VINO nou lie,
liberty, and property at the pleasure OF their lordly
tyrantS
Mr. Benton alleged that the banks had maintained
a war against the Government, and Mr. Garland
very naturally and reasonably asks where and how?
He says truly, that these institutions now lie pros
trac and bleed al every porethey utterly power
less and deenceless, and are only begging the for
bearance Of the yernment, and their rcay groams
are converted into war whoops. The war which
they have waged has been very much of the charac-
ter Of that which the lamb waged against the wolf,
irAcn drank IN the brook bcioir, and muddied The
stream obors, for which il WAS devoured. The policy
OF the Government has waged war, and most de-
struciive war, upon the banks, and through them
upon the people, compelling them 10 heavy curtal-
ment of their discounts and circulation, and causing
The most widespread embarrassment and wanton
misery"
We cannot close the present article without few
words Of justification of The conservatives il is
charged against US, that by contributing to the cleo
ton OF Mr.. Van Buren,, and aiding in fastening for
the constitutional term, the present tyranny over the
land of Washington and Jefferson, we are 10 be re-
garded as partially The cause Of the evil. We admit
that We have been deceived and betrayed, and that
the high political and moial duty Of rcdressing the
grievance and driving back The traitors TO their
tive inSignificance, rests more heavily upon u.s.
Having been instruments Of creating the authori-
ties by which The country is cursed and scourged,
If we should bear patiently the daring usurpations
Of the executive, and the iniquitons expressions Of
our rulers we should participate in the abuse and
Sudlt the sullt we nave never III INC as
charge OF our duty to ourselves and our country,
since the appalling truth was fixed upon our minds
The Lexington, Ky lniegencer, of the 18th
inst. announces the arrival in that city OF Senators
Clay and Crtenden, from Washington.
The crops in Kentucky promise an abundant
yield.
Five fifty dollar counterfeit bills Of the new u s.
Bank were offered last week 10 Broker in Boston.
Notes OF that denomination should be closely scruti-
Missed before they are received.
The Cincinnati Post states that the Hon. f. Whit
tlesey, of Ohio has resigned bis seat in Congress,