The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-30
To tie republicans Of Tie slate Of Ne,s York.

In my numbers already published 1t has been my
endeavor to point out to you with plainness and sim
plicity the evils TO be apprehended from the sub
treasury scheme-and unless have labored in vain
you must now be satisfied, that such measure is
not called for by necessity or expediency--hat the
public good requires il no-that Il originated in sell
fshnesS, and that the object of its advocates is the
apPafssornrs gieafdf86 OF irehsmRsiHGs "er''"
now propose to examine for few moments the
bill without the specie clause. A'
As understand it, in It's effects II will be the same
as the bill containing that clause s5s
Inc sub-treasurers Il Is true, are not compelled
to demand specie in payment for the dulies-they
may receive The notes Of specie paving banks In
good credh1 But will they deposit these notes in
their vaults II SO, your sub-lreasury scheme Is
not worth a Zig. The strong box of the subtreasu-
rer is no better than the iron chest Of the merchant
both will contain tie bills of specie paying banks
and these only-and they will not be as safe in
the vaults Of specie paying banks themselves sim
ply because the public will have only the response
bity of the subtreasurers and their surelies.-
Whereas il the deposites we're made in banks of
good credit, we should have the whole capital Of
those institutions as security, and further qua
rantee, the deep interest they all have in preserving
their credit uninjured. In word, the boasled sub
treasury scheme is not as good as the late deposit
system but such IS not the intention Of the advo-
Gates Of the bill, without the specie clause They
intend 10 demand specie Of the banks ut will and
thus suspend over them the rod of correction. @
II will not be denied then if such power should
eAis ana II me state banks need regulator oil their
issues, that the Executive department is the last place
in which 1t should be vested II possesses as we
have shown already too much power for the safety
of our free institutions.
II has always been the opinion Of the writer that
the secretary of the treasury and the treasurer o the
United States should be elected BY Congress and
should in no sense be responsible TO the national
executive-but more of this hereafter. The removal
OF the deposites from the United States Bank made
Martin Van Buren, President Of The United States
And The Sub-tIeaSuTV scheme withnut he
clause would enable him 10 be reelected, and 10
control indirectly all the moncyed institutions Of the
country, or in other words he could expand and con-
tract al will the paper currency of the nation-cause
money 10 be plenty or scarce at willard conse-
quenly raise or depress at pleasure the price of
every species OF property in the United States Was
such the intention OF the trainers OF the constitution
Was it their will that the President should possess
such power.
1t was not. Nothing was farther from their
thoughts. Even Hamilton and his partisans, The
advocates OF strong government, would have pro-
nounced The placing oil such power in the hands of
zoe President the height OF rashness, folly and mad
ness.
The custody Of the public treasure, and the regu.
laion OF the currency, must al all times be under
the entire and exclusive control Of the representa-
tives of the people, If expect TO retain our privi
leges as reemen or to experience steady prosperity
as nation. This Is subject Of great importance
and Of deep and absorbing interest to the American
people; and II should receive the profound consi-
Vi Stdtesinen IMAM the can
tend TO be-
Martin Van Buren, has been long known person.
ally and politically TO The writer 1t has ever been
his policy to create an oligarchy in whom the power
of the party should reside, and which he should
preside. II was this policy which established The
Albany regency, which long governed this state
with rod OF iron-which depressed and degraded
its ablest and best men, and conferred power and
emoument upon many of the veriest caiths and DO
litcal blacklegs to be found within It's limits
Through the Albany Regency he gained from
oushis great te-parayzed its energies crippled
its powers and dried up its resources-disgraced
and degraded its judicary-lowered the standard
of moras--corrupted and debased its Legislators
and rendered the Empire State Kissing and bye
word among its sisters.
Il is not pretended that he dictated all the mea-
sures Of the regency but they were the creatures of
his power his lools and he is therefore Justly held
responsible for their acts
To the patronage Of the executive department Of
the United States vast as II now is, add the gigantic
power and influence OF the subtreasury scheme and
you will enable him TO establish national regency
through which he will not only secure reelection
but will be enabled to govern This great nation with
the power Of despo remain President for life and
who knows, but pave the wy for the succession Of
one Of his sons! Faeiis dcscensns arernt"
Is II surprising, then, that Martin Van Buren,,
should covet such power7
Is il surprising, then he should adhere with such
obstinacy to his darling scheme1
Is it surprising although this scheme has again