The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-12

EAvCuufc Nu COMMAND u tue ARMY 4tafFp Wp
execution Of the laws and the keeping and disburss
ment Of the public revenues, and endows him with every
attribute which defines monarch and creates tyrant
Il brings the whole banking business aud financial n-
Of The country at the feet OF the Executive and
enables him 10 sport with the liberties and fortunes Of
our people II creates the odous and terrible of
all National Banks--sn Executive Dank-possessine
all power and not accountable 10 the people. The
agents 10 WELD this .inter.sl machine" are the ser
of the Executive, and only removable BY him.
and when no is freshly seated in tho chair Of State for
constitutional term, he may again mock at your i'm
polence by saying you shall have these corrupt nsru
ments you for four years, in spite OF all sments
tions here elsewhere. II separates the government
from the people, and renders The servant superior 10 hs
master
Its influence upon the public interests, equally
direct and dreadful II is vital part Of the plan, and
the only scheme that the President has RECON-
mended that the public shall be received in
gold and silver only end 10 delude into the adoption
Of this measure, you told that il will enlarge the
specie basis and bring the precious metals into more
general circulation that il will create demand for
SPECIE and the supply viii come. These fatal
errors. and we warn you against their adoption. IL
has always happened, and 1t always will happen that
the greater the demand yon create for money the less
viii be the supply and the is. that money is not
commodity. Il is not subject TO the rules OF demand
and supply, but it governs Them The action Of the
Sub-Treasury scheme will diminish and absorb your
specie basis-bring down your credit sysiem--your
lands productions and laborand nalct upon you all
the untold and incalculable suferings Of transtve
state OF society, Il will do this by its most obvious
operation Tho plan TO receive nothing but gold and
silver in the payment of the government dues The
disbursements to be made 10 drafts OF the Treasurer
OF the United States upon the Receivers General
These drafts TO be in the form Of bank notes, and
form medium of general circulation Let briefly
call your attention 10 the practical operation Of this
scheme and where il viii land The collector at
New York begins 10 receive gold and silver only, and
makes his return TO the Treasurer OF the United States
We will assume that he receives $4,000 per day in
payment oil government dues. This amount is drawn
from the people aud locked up in his iron chest The
Treasurer of the United States then issues his drafts,
in the form Of bank bills upon the collector at New
York. against the money received and sends them
to the public creditors at Green Bay. Florida and in
every part Of the Union They pass the drafts in pay
ment Of their debts. They circulate, paper money
ever will circulate, because 1t is convenient than
gold and silver while it is believed TO be equally as
good
The public well know, that unless the Sub. Treasu-
er has used the money in his speculaons lent
some friend or away with il, that there is dollar
for dollar in deposlte to these drafts and they
will hold the draft with much security as they would
the gold and silver and they now do the notes OF
their specie paying banks Thus the drafts Of the Tea-
surer become part of the general circulation and are
boarded as money and are not presented to the Sub
reasnrers or the specie they represent returned the
and the SPECIE If the Sub Treasurer is honest remains
under his "bos and bars" But what is the effect of
this process upon the banks and the community! In
the city Of New York where this $40 900 day is to be
withdrawn, there is not SIS 600 900 of specie and
suppose the Treasurers drafts against the collections
TO remain outstanding, it is their tendency to do,
how long would II be before every dollar n specie in
the city would be brought into the vault of the colIec
tor! Only about serenity days!! But it may be said
that the drafts would not remain out until the city would
be thus drained Why would they not And when
would they first begin 10 come in! 1t is undenabe
that they would remain long as the paper cur
cncy they furnish, with the other paper cur
rency OF the country equal to gold and silver be-
cause Of their convenience Then they would only
begin to come in when the paper money deprecated
and when specie was at premium compared to pa
per which would be until the drain of the govern
ment had broken the banks! Then they would come
IN to some extent because the premium they would bear
would pay the expense OF presenting and transporting
specie 10 that completion It would come a, last
the destruction Of the banks-the ruin Of the credit
system and the establishment Of pure metallic
cy. These the results its friends promise you, and
this faint sketch will enable you perceive the
ring certainty Of their accomplishment.
Suppose you TO have metallic currency! How
then will your co1dition be improvedl We have
in this country about sixty million dollars of specie:
our present circulation Notwithstanding the severe
pressure ofthe times, is not less than five hundred
million How much more freely will you breathe
you down to sixty million dollarsl The man who
now gets dollar per day for his work will then
get shilling! And think himself fortunate to find
employment al that! The man who owns farm
and owes oneeighh part of its present value will lose
his estate and be reduced To want The man who
has now ample means Of meeting his engagements
will be reduced to hopeless insolvency! You can
pretty nearly estimate how often any thing called
money would be seen among you. There have been
about twenty million dollars OF Treasury notes
issued by the federal government and yet who of you
have ever seen Treasury note 2 Iftwenty million
dollars OF this money has never been visible TO you
what appearance will sixty million dollars Of specie
make.
Fellow-citizens! Do you want arguments address
ed 10 You to arouse your exertions avert impend
ing destruction? This fatal scheme of the Sub
treasury is now suspended over you, like the sword
of Damocles by single hairl II is for you TO de-
eide whether il shall fall upon you whether you
will strike down the traitorous arm that placed il
over you We are but common partakers of your
suferings and your happiness; and having warned
you OF your dangers we shall await your action in
The confident belief that il will be for freedom and
sefpreservation. Shall the people or the Execu-
tive control the public measures7 Shall his be a
government OF the people or Government Of the
oflice-holders Shall we have prosperity or ruin
and misery1
The action OF the + ,deral Locofoc Adminis,ra-
ion has been treacherous TO your Interests on an
other subject OF vast Importance We alude TO the
design surrender the interest OF the State Of New
ork In the puDllc lanuS. w men tnlS vast tract,
originally belonging to the States, was ceded to the
Federal Government, twas upon the express stipu-
laton tina, these lands should constitute a common
property, and the proceeds be applied to the CON-
mon benefit. To purchase the support Of the West
in the next Presidential contest, the base PROPOSE.
ton has been submitted give up the interests of
New York and the older States in the public do
main, and grant them wholly to the new States.
Had The proceeds of these lands been divided, as
they should have been, the State of New York would
have already received for her share about 80 900 900
and still have lefl vast fund in the unsod lands 10
complete her valuable system of internal improve
ment and extend its blessings 10 every part Of her
borders The whole system Of the present Federal
Administration has been OF plumber and spolia-
49, Van not only n, ha rnhhed IF yopr char