The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-08-07
Erom the ~. y. Express.
TWO SPECIE CIRCuI AIRS

The Land Specie Circular was bad enough ID
drained the Atlantic Sales OF the precious metals
without pro6ling the new States. Almost all the
Van Buren, Senators Of Congress solicited Its repeal
and none we're more open-moulhed against u than
several of the Senators from the new States, parti-
cularly Mr. Sewer Of Arkansas.
This Specie Circular being so bad as TO disgust SO
many prominent Members Of the Parry that pro-
muIgaied IL, what can be thought OF reviving III
And this being, by so many Van Buren, men ADMIT
ted 10 be so bad, what can be thought oi adding a
Custom House Specie Circular 10 III
The Sub treasury system Is advocated oy two-
thirds Of the Van Buren, party on the Specie prnci-
pie but the other third mystify in arguing IT, The
iwo-thirds insist upon collecting the revenues from
the Public Lands in Specie, and the taxes at me
Custom House in Specie. The other third mysliiy
upon an Independent Treasury"
The Subtreasury, which proposes the exaciion OF
all the Government revenues In specie Is tangible,
comprehensive proposition. IL can DC mel ana II,
can be argued with. We can understand what
man means when he wishes 10 levy specie from US
for Government purposes, and leave the common
business OF life To Banks and Bank issues Gold
and silver for the Government, and Bank paper Tor
the people is something we can comprehend the
meaning of. We can reason then whether two cur
rencies can co-exst, the Government exclusively
adopting the one, and discredilng the other.
The Snb-lreasury, however, which proposes the
collection OF the revenues in Bank paper,-by checks
upon Banks,-and then the depositing of this paper
with officers of the Government, because they are
better safer repositories than the Banks, is pro-
position that looks to Us like humbug. IL Is DIM
cult understand H. II the Sub-ireasurers pre-
ferred TO the banks for safety il is absurdly TO take
bank paper for them TO have the custody Of because
If the banks themselves are trustworthy, their
promises to be trustworthy certainly are not. II is
nonsense 10 discredit banks and then TO take banks
promises. IL is ridiculous 10 insnuaie a bank will
run away, and then TO take It's paper promises, and
depose them with an officer for fear il will run
away. Ii banks mere bit Of paper is good, par
ti0ri, the bank itself is.
The two Specie Circulars, therefore, that Mr..
Van Buren, argued for at Castle Garden, If this is
what he means by an Independent Treasury" we
can understand. But the Independent Treasury"
OF the Albany Argus and kindred spirits puzzles
our comprehension. We presume that the Bank
Director Editor, and the Albany Regency are hum
bnggiag Tammany Hall, when they denounced
the Bank, and created hosts of banks in the same
breath. We presume they are playing the same
old game over again of making fools of such peo-
pie as love to be made fools Of Our opinion is,
that this is very poor, and very dishonorable basi-
ness for respectable men. and that offices and mo-
ney thus won no honors and not worth having.
Ten years success has made this regency believe
that Tammany Hall can be duped al any time
and the attempt is making once more. II is great
misfortune even 10 the Wing Papers that Leggett,
who had the heroisn to demand action upon his
principles, is dead but perhaps there is some other
Leggett in the midst OF this Hypocrisy and Corrup-
lion.