The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-04-10

ME throughput The Stas ana SUI not interfere WIN
~ M mes ofihe country. Such was he question
~ ~ EIe CHORAL Law In 1924, ben MI Van Bureps
aI dsm, cfatic attempts were defeated by an indig-
nant people. Such was The queition at Masonry
and Anti Masonry, which conyuised The Stale from
one extremity 10 the other, aud when The people as
serted, In tone not 10 b. nsunders ood, the snpre-
macy of The law. During all these agiiaip1s aud
COMMISSIONS the great business Of The country went
ou without interruption. But when the currency -
made the sue The business 81 every man j. more or
less affected. Every agitation defanges u, and as
long as this sue continues SO long must we exptcl
trouble and arrangement in all the business feia-
tionsoi life. brhooves every man therefore TO use
his best exerObs 10 put end this issue by put
ting end 10 The plliIical existence oil lho.e who
lorce II updn u ior their own selfish ana pif'y
purposes.
We have heard from high anhariiy that this
scheme Is mol 10 b. abandoRed-tlai IL Is TO be per
sisted in 10 The hi Ter end'--ihai the President is
determined 10 "Sink or swim" with the measure
Noiwih landing lis repeated rejection by Congress
= notwithstanding The expression Of The popular
vIice gaIns il throughout he connry, and especially
10 this his naive Stale he Is determined II Shall be
thrust down the ihroais OF reluctant and resisting
people reg riess mol only Of their will hui regard
less o is disastrous consequences 10 the prosperity OF
ire country When this scheme WAS FIRST recon-
mnded by the President, he expressed his readiness
10 carry intu execution any other measure which
might be adopted but he has moi been willing 10
leave il to the deliberate and independent act on Of
Congress or 10 the unbiased jud ment Of The p %.
pie. tie has maze " an executive measure, ana
has thereby bfou iii To IL support which Il could
not have received under other circumstances in
either House He has m DE- il 4 parry measure, and
has by parry discipline rallied around IL force
wh eli lis own merits could never have commanded
Had MIR Van Buren, been member OF the Senate
of the United States, al the extra session, in Sep
iember, 1887, and brought forward the same mea-
surcs which he, as President, at that lime recon-
mended, they would have fallen sIllborn from him.
and would have been considered conclusive evidence
| - ifxg Far Drf
the influence 10 which have alluded, the sub rea-
snry scheme wuuld have received no favor in, thai
body, and no counters nce or support throughout the
country.
Something must be done. The finances Of The
country are in deranged and di,ordered condition
The public money remains under the control OF
Executive discretion, and without any adequate re-
gulaton by law. What, then, can be done Nay
be done propose, as briefly aspossible 10 answer
these questions, BY examining the different plans
which have been presented al different times for the
management OF The public revenue. Those plans
are three. l. Bank Of the listed States. 2. The
State Banks. 3. rhe Subireasury
| need not dwell on the first, because its most
sangune friends have no hopes Of Ba6k of the
United States being established Whenever an al
tempt is made to charter such institution, il must
be new one and not a re-charter OF the old-the
old Bank OF the United States, which struggled so
hard for renewal of its corporate existence and
was defeated, has been since chartered by The Stale
OF Pennsylvania, with powers and privileges beyond
what II enjoyed under its former incorporation.
The present head of This institution, am well per-
suaded, would not take a charter from Congress, if
IL were offered 10 him Tomorrow He would con-
sequently, not wish to see one established
with capital perhaps, larger than his own. He
would not ba willing 10 see IL ted by his side in
the city Of Philadelphia, and much less would he
like u see il placed in The city Of New York The
influence, then, OF that institution and OF all its
friends would be exeried against the establishment
OF a new one. This influence, whatever it might
be, connected with the objections which have here
tofore existed, would, probably BE- sufficient at any
time, 10 defeat it, The lotation, too would be avery
serious obstacle in the way Of success. Whenever
that question arises IL il ever shall arise the contest
will be between Philadelphia and New York The
States Of Pennsylvania and New York are large and
powerful. representatives rclhe most hume
in the Union, and being divided on such qnes-
tion, with the influence which each would exert on
her States, would Of itself defeat such measure.
assume, then, that II there were no other b>tace
In the way, aud majority of both Houses OF Con.
gres' should be 10 favor Of such m institution that
II would, nou outstanding, be defeated by the divi-
sion that would arise upon is location But there
other Obstacles in the way of il. Under the pre-
sent state OF things, there is decided majority in
both Houses "gainsl II. And even il the r.ajorily
was the other way, and there was no difficulty aris-
ing from location still no bill could become law,
because the President has declared uncompromiS-
ing ho> ~ 10 Bank of The United States" His
veto would, therefore, defeat any such measure
There Is, however, still more powerful obstacle
than all the REST namely the change in public SEMI
,nent in regard to the necessity Of Bank Of the
United States. speak Of my own knowledge when
say, that some Of the warmest and most devoted
advocates OF Snch an institution are now the most
open and decided against il. Not that they have
changed their opinions of its utility as il formerly
existed, but that the times have changed by which
the necessity Of il has been superseded and that they
have changed with the times.
The late Bark Of the United States was chartered
just after the close Of eshausng though successful
war wllh ore OF The most powerful nations the globe
the business OF the country had become depressed
It's capital eSpendcd-its currency Deprecated and lis
finances deraugcd The banks in their patriotic Efforts
TO sustain the credit Of the Government, had been
,mpelled I" suspend specie payments Ia this state
oi IN n2s many Of our Distinguish statesmen who
had opposed he recharler OF the old Bank Of the
United States in 1911, both on the ground of eSpe-
dencv IS well as col>tilutionay, surrendered their
objections 10 what they deemed the necessity Of the
case and voted for The Incorporation Of the bank of
1916. One object OF II was u enable The local banks
to resume specie payments, and once restore 10
SQUAD state the currency of the country. That it
aided in the restoration Of specie payments in The
then state OF the country have no doubt, though
not TO the extent, perhaps, that It's most sanguine
friends suppose. Specie payments having been
sumed BY The local bank, It's benefits were next most
sensiby seen and felt in equazing the exchanges
and producing nniformi in the currency. II the
situation oil The country were at this time, il
in 1916, no doubt, public sentiment would be as
strongly in favor Of such an institution now as it
was then. But the times aud circumstances have
entirely changed The country has long since re-
covered from the exhaustion of The war Ii has been
accommodating capital and wealth through series Of
years OF prosperity. Its banking institutions have
been remodelled, and placed upon much surer and
firmer blss. The principles of banking are better
underslood-ihe community are protected against
loss, and against the effects of fraudulent bankrupt
ces. Capital has increased with the increasing
wealth OF the country. This capital, too, has been
embodied in way TO enable it, substantially to per-
form 10 the government and to the country all the
duties which the late Bank of the United States per-
formed. Recent events have gone far TO confirm the
opinion that the necessity of such an institution has
been superseded. We have lately passed through
scenes Of difficulty and OF danger 10 The monetary
concerns of the cnnnIry [ will moi sion To innnire