The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-03-30

alanna
,snding and 10 support the measure OF the PRESIDENT
s'auu'p ~ ,h. aopeny determined 10 recommend ~
WIZ Srs ihe fortunes oi his administration upon
4; NV letter 10 the President, though wr''en unuei
Circumstances which precluded a iu,i sa,sa 4,
81 ~. Question In ali its relations, ye' pfesen'eu,
OH - Sssn many of the objections 10 Tue suoirea,
sn,v scheme which were afterwards Ie"e'a.eu anu anu
ay. fully developed by me in my place 10 me sen
"a I, was however, confined To INC Faahe.at view
OF the subject as thai SaS in 10 he deliberations OF Inc
ios' ,"9 nm, The poIeai objections 10 u are even
az : grayer character Inc PioPosn'ou " pu' me
,.ha,s revenue OF the country unaer tne absolute
whole ~ ~ ssrpiire By committing Il 10 host of
conllo' =, ~. bv and dependent upon him, is
agents api sstion of public liberty. II was so re-
senuiin III Iate administration when through It's
g,ue9I oyyan The Globe) the same scheme In 1885
oncii. o',snce1 as ifaugh with the most alarming
..,s by charging erscatire poper and putting
M h,nd The means OF corruption las transferring
~ ~ a,bIic money directly into the palms of ereca-
~ ssents the friends and partizans oil the President
instead of keeping i on deposite IN bank, whence IL
e,nno, be drawn for other than public purposes,
without certain detection" and thus Exposing 1, to
he plundered by hundred hands, where one cannot
now reach iil' A scheme thus characterized, and
Characterized with irresistible truth, Is every thing
that i dangerous, demoralizing, and ani-repnbican
and while retain these convictions Of its character,
should be a traitor 10 my country, (far worse than
bsng traitor 10 mn party am accused OF beng)
il could give it, directly or indirectly the slightest
non that will " sink or swim" with administra-
ton which has thrice openly urged, and still con-
Times 10 urge this scheme upon the country witness
the Presidents last annual message to Congress) al
though has been five several times in one shape or
another rejected by the representatives of the peo-
ME nv name is hung up in the tables OF proscrp-
iion and am pursued with The DISCRIMINATING cry Of
party vengeance.
have, however il seems one other offence 10 an
swer for During the late session of Congress, felt
n dntv tins In
inouiring into some recent transactions between the
Treasury Department and the Bank of the United
States which had terminated in renewal of the
fiscal connection between that Institution and the
Government, under which FIVE millions OF the pub
lie money had been deposited in the bank--the ba-
lances on deposie in the bank averaging during a
period Of FIVE months from two 10 three millions Of
dollars and that too, at time when the whole Of
the residue Of the money in the Treasury, with the
exception OF what was in the mint, stated by The
Secretary of the Treasury himself 10 have been
sometimes less than $300,000w II, Moreover, APP
peared that the Bank of the United States was TO be
the general fiscal agent of the Government In trans
ferring and paying these large amounts at various
points throughout the Union from Boston to New
Orleans, and from Norfolk to st. Louis. When the
hostile relations but lately existing between the Go
vernment and this Institution were considered and
when il was recoecied what a long and arduous
conflict had been maintained between them on The
subject OF the public deposiles-to find il again en-
poyed as the depository and fiscal agent of the Go
vernment by the very administration which had de-
cared uncompromsing hostility"I 10 II, was certain
ly calculated 10 excite special wonder and seemed
to me moi only 10 justify but TO demand invesliga-
ton.
This appeared 10 me the more necessary from the
new and startling doctrine set forth in the Presidents
Message at the commencement Of the session, in
connection, too, with his renewed recommendation
OF the sub treasury scheme, that banks should be
used or not, IN the financial operations of the Go
vernment, as the erecntire might determine IL ~ be
mr. Mt IN do all he
tens yet suggested for conducting the finances of the
country this 10 my mind fraught with the great
est dangers to the public liberty. II would not only
give 10 the executive that absolute control The
public moneys which is the great end Of the sub
treasury scheme, but BY allowing him 10 employ
banks or not in the financial operations of the Go
vernment, he should see fit-lo select one to-day
and another to-morrow-to discontinue those prev-
ousy employed, and TO substitute others, at his
discretion, and without any rule Of law-what would
IL be but TO place all the moneyed institutions of the
country under the porer, and al the derotion Of The
erseuirc! There could not be more striking illus
raion OF this fatal and dangerous tendency Of the
system proposed and practised, than in the changed
relations which had been so suddenly brought about
between the Government and the Bank--a change so
marked that the President OF the Bank after his ad-
mission TO the large share which had been conferred
OF him, tamouning almost TO a monopoly of the
treasury patronage, came forward in published
letter and oSlentaliousy announced 10 the world that
he had no longer any controversies with the Govern
ment Of the Union"-that :" he abdicaed his invol-
untary power,"-and henceforwaId desired only
repose"
| should have been a faithless sentinel on the
wach.tower, indeed, II could have these things
going on, Qor enough passed under my o,rn eyes 10
confirm every suspicion entertained and not have
thrown out signal to arouse the vigilance OF INV
countrymen. But it seems made my speech in the
wrong place! Chat ought TO have waited till the
answer of the Secretary Of the Treasury TO my re-
solutions Of inquiry came in! But this objection
loses sight Of the fact that the speech made embraced
many other views, part OF which was founded on
The annual report OF the Secretary already before
US and another part was devoted to an examination
Of the doctrines and recommendations of the presi
dents Message itself. The objection, however at
best, seems to me rather dypereriticai. The public
are much more concerned in the question whether
the speech was just in its reasoning, and correct in
rs iactS than whether Il was made exactly in the
right place And on this point am willing to abide
The test OF the severest scrutiny. The report of the
Secretary of the Treasury, in answer TO the resou-
lions OF inquiry, together with nv speeches both be-
lore and alter The report came in, and the speeches
OF other gentlemen in vndication or excuse of the
transaction, are all now Ia possession Of the public,
ana lear not TO submit il TO any candid and impair
VA mind TO say il every allegation l made is not
uuy sustained and more than sustained by the state
na ,nn u me Secretary and the documents accom-
Pahyng his report
:" pursuing the course have done on these several
~ under an 'mpcrous Of the duty owed
o 'o'''ry have been reproached with having aban-
"eu NY party unfortunately the alternative should
presented Of sacrificing country to party or party
20 country Tor one should not be slow in making my
tec'ion But In truth have not abandoned INV narty.
they have abandoned me- VIII apy candid man venture
70 Say mat IN opposing the Sub.Tressury scheme and
man'a'nng The State Bank deposte system, properly
regulated by law do stand upon the true and orgi-
na principles Of the party with which formerly acted
=. p,"e'P,e alone which constitutes the legitimate
distinction Of party. When party abandons lis prin.
cpes and held together only by some common inter
est OF power office, 1t loses every thing which sane
Mons and dgn6es political association and it depene-
rates at once into faction It may be well for those who
si'oa'a me with having abandoned my party to bear
- hnd tins essential difference between party and fac
Won cannot better develope it than in the words of
aceeOaed writer, whose works full Of inst rnction