The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-02

snfes, whenever could do so, consistently with sep,e
Of paramount duty 10 the country. and proper regard
to old and long cherished principles But when ia tho
face OF the recorded principles and policy Of the whole
party by which be was elected. the President came
forward and urged upon the country measure which
in nv conscience, | believed 10 be ffaught With the
greatest dangers to its liberty and happiness, could re-
cognse nothing either OF authority or OF infsbily IA
the Executive will. require surrender 10 il the
solemn convictions OF my own understanding aud the
highest interests Of my constituents. Gentlemen, You
al recocct the history OF this sinister measure, Il
refer Of course, TO the Sob.iressury ProJect) which,
for the last years, since IL has strangely the
Presidential regard, has been hanging like avalanche
Of terror and desoafion the country Zoo all re-
member that when il brought forward in lS34-5 II
Stood condemned by the recorded votes Of The entire
administration party, (wiih solitary exception onlyJ
Of that day. Ii denounced, IN the and under
the authority OF Gen. Jacksons administration by the
Official organ Of the government, dnti-repubiiean de-
noraiizng, eorraPting, disuganising, revolutionary
II held up 10 public reprobaiion, scheme sught
with the most alarming danger TO The public liberty
"by enlarging Erseutipe poner, and putting INTO lis
hands the means Of coHupiion'-as transferring the
public money drect lily into the palms Of Executive
agents, the creatures aud psrtizsbs Of the President
instead Of keeping IL deposile ia Banks, whence 1t
could not be drawn for other than public purposes
without instant deteciion"-and thus exposing II 10
be ptundered by hundred hands, where one cannot
now reach IN These sediments were eehoed by the
Republican Press throughout the country, and formed
the acknowledged and universal creed OF the Republ
| can party. Resting, as they did, the impIegnabIe
foundations OF truth and reason they commanded my
most hearty assent The more, too / reflected on the
practical operations Of this scheme with stern and
nonopozing exac,ions Of specie for the government
aud It's siipeDdisnes, tho more thoroughly was !
vnced Of its runous effects the general prosperity
and business concerns OF the whole communny-sGd
that, with the additional apparatus with which was
proposed to arm IT, Of Treasury notes. of certificates Of
depose, founded on the government boards Of specie
TO serve as general currency. Of buying and selling
bills Of exchange, and Of making transfers, through rs
fundamentally, Of large sums OF money from the
places OF collection the places Of disbursement, sepa
rated by the immense distances Of our continent, 1t
would, inevitably work itself into great GorGnmsnt
Bank-the realization OF the most fearful conjunction
OF the moneyed and political power Of the country,
which the imagination conceive +, With these
views Of The character and tendencies Of the Executive
scheme, honestly and thoroughly entertained views,
too, which had The highest sanction at very recent
date, OF the unanimous conc urrence OF the whole Re
publican party-shoud not, fellow-cizens have been
traitor indeed, "a traitor 10 my oouniry) If had per-
mtted any ssvish and demorazing notion Of personal
party allegiance to the President draw into
support.
Twill moi, fellow-czenS, at this time Of day and
upon an occasion like this, weary you by formal
argument on the character and tendencies Of the sub
treasury project. Discussion, in every variety OF
torn, has wel-ngh exhausted the theme, and could
hardly pIomise myself that il would be in my power
10 II 10 You IN any new ilSntS.
Experience, however, the best of ali teachers, is
daily throwing blaze of light on its fatal enden-
cies, and adding fresh testimony 10 the truth and
force OF the objections which have been so often, but
SO unavaingly, $50 far as the Authors Of the mea-
sure are concerned) urged against it. The system
has already been in operation very limited scale
and in modified form, in respect 10 the custody
alone Of the public moneys; and What have been It's
fruits A scene of public plumber. and of wide
spread official delinquency, which must every
honest citizen, whether he regard the honor and
public morals OF his country, or the safety of lis
treasure, to hang his head in indignant humiliation.
ter Of dollars by the New York collector 10 The pet
ty-arcenies Of some village delinquent what have
we seen, since The adoption of this system by the
Executive, but continued and Notifying specta-
Gle OF official pecualion and diapidaton of the
public funds9 Hardly day passes tina, does no,
add some new defauiter to this already swollen list
OF inhdelity, and public robbery.
"The ear is panied,
The soul is sick with every days report
OF wrong and fraud with which the land is filed"
But painful and provoking as are these fruits of
The sub-treasury policy, while yet in 1.-The green
tree too and but very partially put in practice, they
hardly DE- serve moments consideration, compared
with those extensive and desolating inToads upon
the public prosperity and liberty, which must in
evitably result from It's operation, when the entire
system shall be fully organized, and set in motion
by law. If you desire, fellow citizens, 10 see these
runouS consequences portrayed with pencil of
light, and from Of the highest authority and
impaItiality let me recommend TO your calm consi-
Iteration most most able letter upon the subject writ
ten by President Dew Of William Mary College, TO
friend in Alabama, and which, though not intend
ed for publication, has happily for the cause Of truth
and the public instruction iond IT'S way TO the press
That profound and distinguished political economist
whose opinions this subject will surely not receive
the less consideration from the fact thai he is re-
moved from the arena, and exempt from the bias of
party politics, has analysed and laid bare, in the let
ter to which have referred the operations OF this
fatal SYSTEM with force ofloge and learning com
bned, which cannot it seems TO me- be resisted by
any candid mind. Re has shown that the system is
incompatible with the civilization Of the age in
which we liven-tbat il is a decided movement
backward towards the ages OF rbaFsm"-ihat ii is
AN open declaration Of war against the established
credit system Of the county," whose overthrow can
not be accomplished whho1 laying in ruins by the
same blow, the most important Interests Of society
and that so far from e1eytng a sauary influence,
as has been pretended, the currency and the com
merce OF the country, II world involve the one in
constant fucualifn and insecurity" and SnbJcct
the other to "viofent commissions and emSarfasS-
mensr" enhancing, at the same tfrne, the weight OF
public taxation, and putting m The hands OF ihe IKE
cutive moneyed engine of the most Formidable
power On this last point, he uses the following
emphatic language: Give the President 0i The
United States the sub-ireasary, henned IN and
guarded by all the devices which The wisdom OF
man can euntriye, and via veature the prophecy
thai not gene ration will pass away, before the
Is VIII Dc
and your snbreasury will stand torh, confessed 10
the world colossal Banking Institution, controlled
and directed BY the Executive and his minions, aud
wo 10 that coan,Ty which shall ever witness IT,
consammation Of SO moastross an alliance Y Sha:t
we fellow citizens, in The headlong Of rrn,r
less panty spirit, tusn deaf TO these warming o.
a far-seeng and patriot philosopher, coming ~ a'i
OF The instructive Suggestions Of our own common
sense1 And vet my refusal 10 bindly follow tn
lead OF the President in support, of sYsten % cha
raeterSed By the unbed voice Of reason and PhAo>'
ply aud condemned in advance by the unaA,iunn,
denunciaioa Of his political friends, Is one -
the high crimes and msdemeaaoTs for which am
this day arraigned before you as trailer and rs
tate