The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-01-17

personal interest in so important feature OF The
legislation OF Congress as that which relates 70 inc
custody Of the public moneys"
| Laws acting on private interests should DC con-
fined within the narrowesi limits when no. mus IN
siiiuled they lead 10 combinations Of powerful assoca
tons foster an influence necessarily seish, ana uIn
the fair course Of legislation 10 sinister ends
/ lam persuaded, Mr. Chairman, that, IL the Presi-
dent had moi been infatuated, absolutely blinded by
the strong interest he feels 10 carrying bis Sub lrea-
sury scheme, he would never have presented 70 me
public an argument which, when II SHAH DC eons-
dered In connexon with the true state Of The ques
/ lion will appear the very strongest that the oppo-
nents Of that most mischieyous measure could de-
sire Who is that tells the people o. ase h M
rectly or Indirectly controls annual distribution
| of thirty millions dollars 1.-The very man uhaer
whose direct and absolute control u IS pIoPoScu 70
place whatever surplus money may DC I'd lhe lIea-
surv al any time thus adding 10 his money-power,
already too great for the safety OF our nslliuons
for who now does not understand that, by the esa-
blished doctrines Of the day, no othcer can De au-
ihorized by law, charged win inc CUSTODY o. inc
nube money, who will not be subject TO the absolute
control and direction of the Presidenti No oifcef
can be appointed, according TO this doctrine, who
will moi always feel that he holds his office al Exc
culive discretion; nor is there any power I'D Con
eress according this doctrine to protect such Of
fcer against the arbitrary and corrupt interference
| of the Executive. Until the power Of removal Is
regulated by law this must be the necessary result
OF this scheme; and we find in the bills which have
he, eofore been presented, no provision against the
uncontrolled exercise of thai power the keepers
| OF the public money. The supervision by commit
tee of Congress proposed by the President does not
imply any disposition on his part 10 waive The vast
| power claimed under the late administration, OF as
Stunning the custody and control of the public moneys
whenever he shall think il expedent, by the exer-
! else of the power OF removal.
But the mere custody and control Of the public mo-
news will add but an inconsderable degree Of influence
a,J tha EYa in he yxh
reflect upon the far greater source OF power which
this famous Subtreasu scheme proposes 10 vest In the
President II is expressly avowed in subsequent part
Of the Message that the plan OF the Sub-easury which
he has in view will not preclude the Government from
employing the State banks, like other State institu
tons" "They may be used or not in conducting the
affairs OF the Government as public policy or con-
yenience may require. Thus the monstrous proposition
entertained and attempted to be carried through Con-
gress by which the Administration will have eight hun
bred banks once more invited and tempted to vie with
each other in subseryiency to powerin such course
Of conduct will concliae the Executive, and induce
it to vouchsafe portion Of the public moneys TO their
keeping and use as heretofore But il is not by the
principle Of favor hope alone that it is proposed to
subject all the banks and the whole banking system to
the influence and control Of the Administration. Fear
and the principle Of sefpreservation in general much
more powerful influences, also intended to be
brought into active use, il need be. It can be demon
srated that If the Subreasury system is established
with the principles which prevail in this Administration,
bank Of the eight hundred in operation in the
United States can, with safety to ITSELF provoke the
hostility Of the Administration, ever fail to second Its
policy and support its interests and thus, sir the en-
tire money-power Of the country, public Treasury,
banks, and ALL will be resolved into increase Of Ex
ecutive patronage. II you ask how this subsection
Of the banks to the Administration can be brought
about answer In manner at once simple and eftec-
tive. The Administration will only have to select some
one or more confidential and trustworthy partlzans,
whom they shall already have appointed to the chief
places of trust in the Subtreasury scheme, and intimate
to him that such bank requires to be dealt WITH and
in thirty or sixty days. at urthest its work done-it
will be dscredted, compelled to wind up its affairs.
fund Of fifty hundred thousand dollars would be
sufficient in most cases. in some others, greater;
and IN some, perhaps, the temporary use Of halt mil
lion would be required to effect the temporary destruc
ton of the obnoxious institution.
How perfectly simple and easy the process Of
sending secret agent into any of the States Of the
West,fo example, with some few hundred thousands
| OF the public money, with authority to draw on
some eastern bank, employed to disguise the source
of attack; no difficulty will exist in exchanging
such funds at any time for the local currency. That
effected, il would only remain 10 convert the notes of
the several banks in State thus picked up, into the
notes OF the one marked out for destruction then
present the notes thus collected for payment and if
one blow thus suddenly dealt should not suffice re-
peat IL until it could be borne longer. He that
supposes such scheme of influence and intimida-
ton in regard to the State banks wholly improbable
atioSity VI HeScsSdIy " dC-
complish it, knows nothing Of this Administration,
its policy, its principles, or its practices. All this
may be done IN manner so sealthy, that no trace
OF Government agency can be found, even BY the
proposed Congressional committee, in the whole
proceeding. The Globe may safely assure its read
ers that the Administration are wholly guiltless
but the sharpsighedness Of every bank in the Union
will see whence the blow came, and they would 60
vern themselves accordingly. Flow let an honest
people look into this subject and inquire in what
quarter they to apprehend the existence of a
concentrated money power" In whose hands it
will be tempted TO become active agent in po-
litica AFFAIRS Will the interest of the commu-
nifty at large" "the claims Of the few" be most
apt to prevail in such hands2 Who they who
would be most apt to form powerful associations"
to foster an influence necessarily selfish, and turn
the fair course of legislation TO sinister ends" Again
who are they, as class, whose private interests are
to be promoted by this measure? Who the
few" whose interests most likely to be support
ed at the expense of "the community at largeT
answer all these questions confidently and trust,
satisfactorily, by pointing TO the possessors of official
salaries whose influence and consideration in So
tribe most concerned in the establishment Of the
Sub-treasury
Wing NoMNAToN.-The Wings Of Rhode Island
have nominated William Sprague the present Gov
ernor for reelection, and Joseph Childs Of Ports
mouth for Lieut. Governor
MAcKEREL FrsHERY-The number OF vessels be-
longing 10 Massachusetts engaged in the Mackerel
Fishery last year was S57, manned by $3.50 men and
boys The total of fish taken during the year, reck-