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

nofity will justify you, and you will have phalsnI
OF numerous and jealous friends who can and will
sustain you against any selfish or iaeious oPpOsi'
lion. E
You will pardon know, the frankness OF this
communication In The motives OF sincere friendship
which dictate H. and remaip, my dear sir with the
highest respect, very truly yours, ~,
His Exeellency. M. Vas Buass.
President OF The United STATES"
The Presidents final determination, we all know
was 70 adhere 70 ,ne y Nae s1 abe suspensop a.
speeie payments by the Banks occurred. | have al
WAYS believed that II the President, on his Undue
on into Office manifesting his respect Tor me Legs
alive will had promptly rescinded The specie circu-
! lar The suspension OF cash payments BY The banks
would not have taken place bui even ~ u nad, ne
would atleas have done every thing, which depend
| ed on him, TO avert II. Inc county, ho.soser.
would have seen in such proceeding on The part of
the President solemn declaration Of MS purpose to
found his administration on the broad basis OF pubic
opinion and the national judgment ana 20 Iise snPe,
| rioT 10 every other influence. The hDerai MINDED
and patrolic Of every party would have been conci-
lated to his supports and guiding his future course
by the same Republican principles, his administra.
ZION might have sa ~ reace 1s and
/ reforming Presidency. His unfortunate deermiRa-
tion, however, TO maintain an obnoxious measure
against the declared and almost unanimous sense OF
the Representatives OF the people was regarded BY
many as an ominous indication OF design 10 build
mp, by management and indirec,ion, The praccai sI
premacy ofthe Executive poweT-io sci al nau2n the
opinions of Congress,and 10 rely on parry dfseiphN
aud official influence as the supports OF bis admins
irations instead OF the free and unbought approval
| Of the people and their representatives
Another question, however soon aier arose winch
threw this into the shade and has since wholly
absorbed the public attention. Shortly alter The sus-
pension OF specie payments BY the banks which seems
[ 10 have taken the government entirely o, surprise
though the unhappy progress OF events had certainly
prepared The minds of rejecting men in various
parts ofthe country for il, the President called Con-
rgress together for the first Monday in Sep'embcr--
At this called session, he brought forward the me
morable SubIreasnry project, proposing TO collect
the whole revenue of the nation in gold and silver
alone, and 10 commit it, for safe-keeping and man
agement othe exclusive custody OF executive agents
Considering that This identical project had ALREADY
been under the deliberaiion of Congress, when 1t
| received but SO votes in body consisting OF 240,
members, and the political friends Of The President,
with one solitary exception had recorded iheir votes
against II, his recommendation of IL, at this time,
was undoubtedly very bold movement and startled,
and reused into an unwonted tone OF remonsirance,
some OF his oldest and most implicit admirersf And
yet my opposition TO H. calmly perseve ed ~ rom
daily strengthening conviction OF its fatal tenden-
cies TO the liberties and happiness ofthe country but
unaccompanied with the atoning declaration OF a
determination TO "snk or swim with The authors OF
il, is the objectionable sin, which has brought upon
me the fierce and proscripive denuncaiions OF which
have been the devoted subject IL not yet The immo-
lated victim. The President, at least has no right
10 complain OF me for this opposition He had, al
very early period, information OF the views which
had long entertained the subject, and which would
render 1t impossible for me to support the measure
/ if he should finally determine to recommend it,
Very soon after he had issued his proclamation con-
vening Congress for the Isl Monday in Septen Der,
he addressed me letter, under date Of The 25h May
1887, informing me that "ihe great question OF the
session would be the nature and character Of the fu
tnre fiscal agency Of the Treasury" and requesting
my views Of the different plans suggested, which he
did me the honor TO say, he was sure would be OF
with his request, gave him very frankly and dis
linctly in letter wrote him on the Sd June, 1887
extract OF which, being the whole OF il relating 10
thai subject, ItuiH here insert.
~ had supposed that opinions would be divided
among The three projects, which, learn from you
have been suggested. LIST, Nationa! Bank,-2d
continuance OF the present system Of Deposite Banks
with an improvement which experience may have
indicated. Sd, total dsconneclisn of the govern
ment in its fiscal concerns from Banks or bank pa
i per.
In regard 10 the first is not necessary 10 detain
you with remarks, lis unconstitutioDaliiy and mex
pedency are equally demonsirable, and prove il 10
1 be in every respect inadmissable.
As TO the second, have always believed with
General Jackson and Mr.. Taney, who founded the
system, that selected Stale Banks under proper regu
ation were adequate TO all the fiscal wants of the
Government and might be made useful auxilaries in
the Improvement Of The actual currency Of the coun
try. What has recently occurred, has not impaired
my confidence in the capacities and general useful
ness of the system. Il worked admirably for the
first three years, and II II has been temporarily
of very peculiar character, which are not likely 10
occur, or may be guarded against in future. Differ
ent minds will trace the disaster 10 different causes;
but all will admit them TO be Of an extraordinary
and anomalous character, not affecting the general
utility and efficiency Of the system Let the neceS-
sary remedies and improvements be engrafted IN it
out why should the system itself, which was adopted
upon great elaboration, which has given proof Of
Its efficiency by three years successful operation
and which is certainly recommended by greater
reniences for the collection, safe keeping and dis
bursement of the public moneys than any special or
ganzaiion which can be devised be thrown aside 10
try new, and to say the least, very doubtful ex-
pertinent.
That experiment, as I understand It, is TO discard
alike the OF banks and bank paper, TO collect
and pay out the whole revenue in gold and silver,
and to organize distinct official agency for the per
Torrance of these functions. Surprising the scheme
TO be practicable, what object will be gained by il
Is il 10 lead lie way eTelnSire metallic curren.
cy for the country Then lsay the object is vision
airy; and il il were not the means is wholly made
quae. and indeed contrary 10 the end, SO far as me
circulation VI the metals is concerned
Is 1t to secure separate metallic medium for the
uses of The Government alone Then, ! say, "hr
should there be one currency for the GoverDmcni,
and another for The Peope-why should the pubic
officers and contractors be paid in hard money, when
the people are content with convertible bank-ppeF
in their transactions with one anoherl Is the OBJ
ject to place the revenue of the Government beyond
the casualties which may betide the general cur
rencv, and TO ensure In every event, payment TO It's
creditors in hard money, even when possessing
premium value7 Then, ask is it right and expe-
dent thus to isolate the Government from the general
interests and wants OF the community. On The con-
trary, does not the genius Of Institutions require
common interest between the governor and the 60
vefned, as an essential guarantee OF good govern
ment 7 Let the Government receive its dues IN
whatever constitutes the actual par currency oi he
country, and then it will be interested in watching
over and guarding the soundness OF that currency
One of the strongest considerations, in my MIND, IN
favor OF continuing TO employ the hscaI agency OF
- n..I q. H.,