The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-01-20

bank! This would be divorce, truly Iappre-
bend there is not q single bank in the country, which
IL they were disposed 10 accept the agency, would
not be precluded by the terms Of their charters The
whole transaction would be one paraking entirely
Of insurance, not Of banking business. But, am
sure that not single bank could be found in the
United States which places the smallest estimate ON
lis own character, that would not scorn having any
thing to do with the public money or any Of the pub
lie officers on such degrading and insulting terms.
EightA. The resolution of 1916 is to be modified,
so far ii authorizes the receipt Of the notes OF
specie paying banks, in payment Of the public reye
nue.; that certain portions shall be required to be
paid in specie which proportion is TO increase from
year to year until lS43 after which the whole Of the
public revenue shall be collected in specie, or IN
government paper. This provision is no more nor
less, than requiring the entire 10 be collected
in specie. The resolution of 1916 is not mandatory,
but merely peTmssive. The Secretary flhe Urea
sury may may not receive the notes of specie
paying banks according to his will and pleasure II
such notes should be received under the provisions
and systems contemplated in this BILL they will be
confined to the notes of banks in the immediate vi
entity OF the places where the payments are made;
SO, that the specie can be Immediately demanded for
them from the bank that issued them. The effect ON
the banks will be the same if the person making
the payment to the Government had himself drawn
the specie in place of the notes.
Ninth When the sum at the credit Of the Trea-
surer shall exceed Si,O00OO0 the surplus is to be
invested in stocks by the Secretary of the Treasury
When it falls short of that sum, he may then sell
again This plan of siock-jobbing has long been
favore hobby with the Secretary Of the Treasury.
Four times has he brough, il forward in his reports
In s,iia n he mi
expression of opinion against it. There are hume
rous individuals who have heard General Jackson
condemn the proposition as unworthy the dignity
and character oil great nation to be huckstering in
stocks for the pallry object CT gaining few thou
sand dollars Of interest," perhaps (Which would be
an equal chance) Of losing as much
The proposition opens wider door to fraud and
corruption, than any which was ever presented 10
the American Congress for consideration. Such
means this proposition would give, if authorized,
in the hands Of corrupt Secretary, would enable
him to seduce legions Of individuals and 10 neutral
ize il not subdue under the influence of the money
power through the influence of preference and par
tiaity halfthe States Of the Union. Once already
has the proposition been submitted to the Senate and
acted on by that body, by which it was contemptu-
ously rejected, Obtaining but four votes in its favor,
three of which il is we'll understood, voted in the af
frmave solely out Of courtesy to the mover, and TO
save him the modification OF standing a unit l
wait to see the vote which of the Senators, who
voted against the proposition formerly, will give
when il comes up again in the Sub-treasury bill.
The important object connected with the intro
duction of this proposal, remains TO be told IS
absolute deception for the purpose thereby Of neural
izng opposition to the bill. II is intended 10 carry
the idea to the casual observer that the scheme VIII
never require more than four millions Q. specleto
be employed in carrying il out. 1t vir any pro-
vdes that there shall be at all times, -four ''sions
of dollars subject to the draft OF the Ir.a"rer
Most persons would suppose this sum would be all
that would be locked up in these hundreds OF Irea-
sury vaults, safes, iron chests, &c That is not So
There is generally from two TO four millions in the
hands of the fiscal agents of the Government, IN
which warrants have issued by the Treasurer I'M
drawn Then there is on deposite, at the credit of
discussing officers from three TO FIVE millions. 1t
will thus appear clearly demonstrated, that in place
Of four millions, this magnificent scheme will call
for the constant use OF ten twelve millions OF spe-
Gle to be locked up constantly. ....>
There never was a scheme invented which could,
with equal proprety, be stigmatised as DlSOR-
GANISING AND REVOLUTIONARY" The
tax-colectors and tythesgatherers in Ireland can
not be detested by the people of that i'll fated
country, than will be this new order of special
keepers Of the public treasure. The character OF
the scheme is calculated TO encourage arrogance and
oSientalion. These Receivers General and all the
inferior officers, formingthe Executive army, shield
ed under the panoply of the peoples money, and
having his confidence, will claim in consequence,
to be a superior class and will from their exalted
station, proud bearingy tell the people, Stand thou
afar off, for acc arc AOtier than thou"
The very distinctions which the bill proposed, if
adopted, will inevitably create in society is contrary
to every principle Of Republican form of Govern
ment, and will inevitably, if adopted, endanger the
integrity of the Union.
This bill contains all the formula for the long
templaed TREASURY BANK.-That is the ute
rior object of the advocates of the bill. Let the
opponents of such scheme be on the alert, or it
will be fastened upon the country.
VALERUs PUBLUs.