The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-08-17
From the n. " Times.
VAN buren, IN CHINA.

4 lie people Of this country should falsify the
COMMIT reservations Of the Globe, and render nu-
| gatsthe avowed determination Of The President
ands faction TO "pass the Subtreasury at the next
Of aespotic and scmi-barbarous nations have zen
help as bright exc nplars TO the citizens Of these
Uni States in vain.
n, the experience Of the most tree, enlightened
anpmmercial countries "ihe party" have been
scbes, and still less IN fayor pacing The public
| trefe in the hands of the executive; or, what
ANTS 10 the same thing, in The pockets OF his de-
penis, subject to his will. Spain and her depend
EN-. Portugal, the Barbary Powers, with lheir
\ Sueasury and hard money systems, have been,
| amt Other examples. held up as worthy Of being
lined in their financial policy BY the people Of this
| relic; and the Globe, bloated with executive
! Manage and drunk with power, has al length ac-
! tua got into China, being now engaged IN recon-
mipg with all its slender stock OF logic, eKed OUT
wi Characters profusion Of assertions and AS
sIsions, the monetary systems Of that country as
atdel worthy OF imitation in This.
| The Chinese" says the Oracle, "endeavored 10
eblsh paper currency as representative OF
Ne but could not " with all the power OF an Ure-
site government, taxing al will The people, arrest
tltendeDcy TO depreciation whicn is inherent IN
trr,dit system"
Thy could not this irresistible government, tax.
irat will the people, establish the credit system
Sply, Messrs. Globe, Argus, Post and Regency,
biuse despotic irresistible" governments are po-
teoniy 10 break down, and moi TO build up or sus-
la an enlightened credit--as has been fearfnlly
dSpnsrated by the party leaders now in power
AT You vet to be informed Of ruth which all his
ttat,ests viz: that paper money, banks me cream
ss, are the offspring OF civilization, that they can
en- only where freedom makes her home, and are
unuwn where man is degraded 10 the condition Of
4 81 or slave Banks and the credit system can
exionly where there Is confidence between man
and,an where individuals are free to combine
the means for the purpose OF increasing their
strgth-by the establishment OF manufactures
by Throwing their machinery-by digging canals
understanding railroads for the purposes OF DO
meic commerce, andto convey their merchandise
TO e sea board; and by building ships to send that
mlchandise forth to other ciimes, and 10 return re-
frphted with their various staples. These are the
inruments with which civilized people may car
rytn their business; by the use OF which they im,
prve their condition, and add TO their individuai
III Tor, and the national strength and prosperity
Sub people-so knitted together in community
ofnte rt and enterprise so self dependent and sell
susainei-are very apt however, 10 imblbe notions
ofIibertt and independence troublesome 70 despo'ic
rulers They ar. neither poor nor Wre'cnea, nor
without hope Of rising in the world like the majority
Of The population under all hard money governments,
ana therefore they cannot be SO easily enslaved
If banks and the credit system tend TO the suover,
sion Of liberty; If they make the rich richer ana
the poor poorer" and thus strengthen Inc strong,
while they weaken the feeble and MAKE oPPiess,,oa
easier is II not strange that among all the devlces
adopted by lyrants to subdue the souls ana nenu
down In hopeless servitude the bodies OF their sub
icc,s they have never in one solitary instance re-
sorted to banks for these purposes2 We DO not mere
mean Executive banks under the control OF Severn
ment as contemplated in the Sub-treasury scheme
for such institutions have frequently been establish
ed BY despoic rulers who have grasped the purse 4
one hand aud the cord in the other, menacing VIII
the latter all who dared dispute their divine right e
the contents of the former The credi
system can only exist among free people, and y
shall ever cease in this country (Which God forbid
the people will at the same time ceaset 10 be Tree.