The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-26

society 10 It's centre. WhaNFef may o. inc ulHeIont
theoretical opinions Of the members Of the Senate as to
the extent TO which the reformation Of the currency
should be carried, those ph0 think may be car
red practically and safely 10 The entire exeiuson Of pa
per- must agree that the restoration ought not 10 be car
RED farther than cautious and sure experience shall
prove that II be done consistently with the prosperity
Of the country, in the existing fiscal and commercial
condition Of the world TO 60 beyond the point 10 which
experience shall show il is proper TO 60, would be to
sacrifice the public interest merely to fayorte coneep-
ton.
But there is, in my opinion, strong, il NOT an insu-
perable objection against resorng TO this measure re-
sultng from the fact that exclusive receipt Of specie
in the Treasury would, to give it efficacy and TO pre-
vent extensive speculation and fraud require an entire
disconnection the part Of the Government with the
banking system in all its FORMS and resort to the strong
box as the means Of preserving and guarding ITS funds
means, If practicable at all in the present state OF
things, liable 10 the objection Of being far less SAFE eco
nonieai and efficient, than The present
To SUPPRESS THEM (the banks,) AT ONCE, WOULD, ~
1T WE'RE POSSIBLE, WORK GREATER REVOLUTION,
GREATER CHANGE IN THE RELATIVE CONDITION OF THE
VARIOUS CLASSES OF THE COMMUNITY, THAN WOULD
THE CONQUEST OF THE COUNTRY BY SAVAGE ENEMY.
II experience shall prove that the power Of banking is
Indispensable, beisre 10 be, in the actual condi
ton Of the currency Of this country and o. the world
generally, &c
Nor can we disagree that the object Of the power,
Chat over the CON- to secure 10 these States safe,
the terms used convey IT, the history Of the times,
The necessity icih The creation Of coeIensipe gorcrn-
mani, Of haping and uniform circulating me-
dun, DC, all proclaim this to be The object.
Extracts from Mr. BEsroN's Speech on the same
subject.
Mr.. D. deprecated the spirit which seemed to have
broken out against State banks; " fcds spirit
,rhch aagared badly for he rights Of the STATES -
Those banks created by the States and the works
Of the States ought to be respected the stock in those
banks was held by american citizens and ought not to
be injuriously assailed,
"This spirit of hostility to the State banks Of
recent origin, and seemed to keep pace with the spirit
OF attack upon the political rights Of The States. When
the first Federal bank created in the year 1871,
not made, by its charter, place Of deposit
for the public moneys. Mr. Jefferson preferred the
State banks at that time, and declared himself IN his
cabinet opinion to President Washington. Mr. Gala
tin deposited part Of the public money in the State
banks during the whole Of the long period that he was
at the head Of the Treasury At the dissolution Of the
first Bank of the United States he turned all the
public moneys which he held in dcpose these banks
'The resolution Of 1876 admitted the notes Of all
specie paying State banks to receivapty in payment
Of Federal dues 1t was resolution Of cardinal i'm
portance for the regulation Of local paper currency The
effect il had had in rechfying and purifying disor-
dered currency, had been too much overlooked. Its
protested object to regulate the paper currency OF
the State banks and regulate by the power Of the
sury Department. The mode Of accomplishing that
object obvious and simple in its suggestion,
certain and ErfIc AcIoUs OPERATION"
The PROPOSITION (the " Divorce) Is DIsoRGAN-
ZINC AND REVOLUTIONARY, suBvERsIvE OF THE FUNDA-
MENTAL PRINCIPLES OF OUR GOVERNMENT, AND OF ITS
ENTIRE PRACTICE, FROM 1889 DOWN TO THIS DAY."
LIS as paipable as the sun, that Tie effect Of The
scheme mould be 10 bring the public treasure MUCH
NEARER The actual custody and control OF the Pre-
sident' than IL is nO,c, and EXPOSE PLUMBER
ED BYA HUNDRED HANDS irhere one cannot nolo reach
a"---Globe, Nov 20. 1884.
HAD SUCH SUGGESTION COME FROM GEN. JACK
SON, ii could hare been ,crung through the Old Domi.
nion with the reiterated falSehoods about the procla
nation and the protest, as conclusive proof Of all
the aspirations which have been charged ohe Hero
of Orleans " SEE Obey would say HERE HE WISH
rs TO PUT THE PUBLIC MONEY DIRECTLY INTO THE
PALMS OF HIS FRIENDS AND PARTIzANs INSTEAD OF
KEEPING IT ON DEPoSirE IN BANKS, WHENCE 1T CANNOT
DRAWN FOR OTHER THAN PUBLIC PURPOSES, WITHOUT
CERTAIN DETECTION" In such case, we should feel
that the people had Just for ALARM, and ought
TO girc their mast acatehl attention to such an effort
to ENLARGE EXECUTIVE POWER, AND PUT IN IT'S HANDS
THE MEANS OF CORRUPTION. And are these the prin-
cipes upon which Leigh expects to return TO the
Senate from the land Of Lfersonr
.s'sn Knows thai the PaEsiDkEr H'AssEIE -
porters aud Mathis friendstn Hashiagton mhether 81
tho Cabinet mol, heartily concur arhh aim in the
course 81 policy IL is erpcdiem 10 pursue "-Globe.