The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-05-22
COMMUNICATIONS.
TO THE HoNoRABLE srLAs WRIGHT,
CAairaa Of Ll< Ffaaaee coumiites Of Llt Senate 81
ne United Sfates.

II TO be sought after with avidiy and read with aen
iion. Nor can il be Otherwise that paper ernanat-
ing from SO distinguished source characterized as
il has BEEN as possessing "aH &c qualities arAieh be-
long 10 financial rePoyt Of he Highest order, viii
carry with il an Influence both deep and extensive.
The importance which will attach TO this report is
heightened in no small degree by the circumstance,
that thirty thousand copies Of il were ordered 10 be
printed for the Of the Senate al the public eS-
pense.
This report il is announced in the columns OF the
official organ OF the Administration, makes Up the
issue between the parties in hscounTy, The friends
Of which consider the statements Il contains
"fair," and the arguments" in il, conclusive"
am fully aware, that make myself obnoxious 10
the charge OF presumPtuouSness in veIiuring TO COM
menl on or criticize The production of such gigantic
minds and uniting with them long experience are
TO be found in the from which the report ema
mated. 1t does indeed appear like STRIPPING wres
ling with giants.
In my opinion it is deeply TO be regretted that the
currency OF the country should have been selected
upon which 10 make up the issue" between the
great contendng political parties In the conflicts
thai mus be constantly waged between those parties
that which measures the value Of the rich mans re-
venue and the poor laborer's compensation for his
day Of toll must necessarily be kept in state Of dis
order,-irregularitya and fuc,uation-of one yalueio
day, and another value tomorrow Uncertainty and
confusion must inevitably prevail. But, If the very
arheyeby lire, must constitute the theme on
which the iSsne 5ettcee parties Is made up that which
is be considered the political text book Of one Of
those parties, whatever il may be In lis arguments
ought it will be conceded by all apprehend, TO be
"PERFEcTLY FAIR IN ITS STATEMENTS"
That your report is not altogether Of that charac-
ter shall endeayor by the abduction Of facts most
clearly TO demonstrate.
However much men may differ in politics and
widely parties may be separated from each other,
yet in that, which composeS the currency circu-
lating medium of the country, their interests are
identical so far at least and to the extent needed in
procuring the daily food and supplies of life.
No greater affection, which will be attend
ed with more disastrous consequences, can, in my
opinion, befal la country than uniting the currency
and politics, and bringing them together into the
strife of parties. For year past have classed
myself with the Conservative party, and have openly
avowed and supported those principles. But differ
with some OF the most prominent men of that party
on one point. have always approved of the "spe-
Gle circular That as well as the subject of the
general currency Of the country, in my opinion,
ought to be discussed without reference politics
party. In what few remarks have 10 make, ! will
conne myself 10 the merits Of the question, and the
! subjects Immediately connected with it alone
The first ten pages of your report is devoted TO
giving detail of the legislation Of Congress the
subject of currency, collection and disbursement of
the public revenue and Of the times in relation
those subjects, from 1889 down 10 the session of
| 1856
The subject Of the Specie Circular" then occu-
pies five or more pages. That measure have al
ways thought a saluary one. have always stood
ready 10 defend ii; although, as | shall show here
after the circumstances which called il forth, and
which tcan be defended ought never to haveb been
permitted TO exist in my humble judgment. That
the action of the circular, upon some of the banks
was severe, is undoubtedly true; and as you remark
their condition and the extension of their business
rendered that consequence unavoidable. From the
position which l then occupied, l am enabled 10
speak from accurate knowledge, that the order was
approved of by most Of the sound banks in the States
where il was calculated to be most in its ope
rations. The only regret which heard expressed,
in most Of those quarters was, that il had not been
issued at a much earlier period
The Specie Circular, while il operated 10 check
the mad spirit Of speculation in the public domain
to limited extent then raging, did not avert the
catastrophe which sdgaeiots observers then and
predicted impending over the country, and which
finally overlook it, in which the banks "rere
pclcdto suspend specie payments" ard sell business
acas suddenly arrested"
II appears TO me that more proper and important
subject cannot present tscfto the statesman and the
patriot than inquiry into the causes which led to
the disorder that affected our currency, proStrat-
ed the moneyed institutions and the commerce of the
country. These must be sought for and ascertained
before proper and e6ectual remedy can be applied
Such an investigation should be entered into calmly
dispassiona,ely and free of all bias or prejudice
Facts alone should be permitted to carry weight in
arriving at the truth.
But has any such inquiry been instituted; any
such Investigation taken place? None whatever
But system, new and untred, is urged upon the
country for its sanction and adoption II is recon-
mended, says The report,
"That the connection which has existed between
the Government and the State banks for the time, TO
the extent and in the manner before related, which
had become dissolved by the action Of the banks
themselves and which had proved so disastrous to
both during its continuance, should not be renewed;
that thereafter the money OF the people should be
kept and disbursed BY the servants of the people, and
not by the officers of private incorporations in short
that system for the management Of the finances Of
the country, substantially similar 10 that forced upon
the Conveniently the suspension ofthe banks, should
be adopted"
In the preceding extract il will be perceived it is
alleged that the resort to the "unried expedien" has
been g forced upon the Government" solely "by The
action Of The banks themselves" The idea is clearly
and most distinctly conveyed forth, that the banks
alone are guilty; the Government SELF altogether
innocent of contributing towards the causing the