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

80" s's"' "ihy be made W pttl1i.g 'q"lN WIZ 80
me ~ 'es 70 The E,lytinneIt lnd 10 The to.buy,
which were peril by the late Bank al thu Uniled
Sster II hi be 80, then Ms nfeessttg Of National
Bank mas eesa superssded. OF This. know -ane Of
rs mosI prominent friends have become enliiely con-
vinced II there b. others who are moi vel satisfied
OF Il. 10 them say, lei the experiment of the ate
Bank syslein De larry ired under the auspices
20 which hive alluded, and | have full faith thai
the result will be together satisfactory Al all events
there is possible chance, in these times III esab
listing a Bank OF The Untd States BY the su. horiiy
OF Congress, and j., therefore the part VI wisdom
10 lis former friends 10 give Il up, and give To The
state institutions, with their nfIeased ability from
increased capital, fair itisl. fafer such expe-
rimeni II shall be found that they do in fact SUPER
sede the necessity OF National Bank, then surely IFS
friends will no longer want such an INSTITUTION ~
on the oiher hand, the experiment should tail, Of
which I have no fear, / would then be lime enough
Ia 90 for such an institution, when experience and
the voice OF The people should loudly demand H. Be-
ing reduced 10 the alternative between National
Bank and The Sub treasury, could not hesitate as 70
my choice. As said on a former occasion, give me
any Ihing-give me nothing In preference 10 a
scheme frangh with such daDgerio the prosperity OF
the county and TO our Tree Institutions IhoPr, There.
fore, BY common consent, the friends Of a National
Bank will go Ia support Of the Stale u nix system,
under the full conviction that Il will supersede The
necessity OF the former. Il will also take from The
administrator The only political capital hey have
left The United States Bank is held or as bug
bear TO deceive and delnde the peope-io work on
the support If The Sub-lreasury scheme, Take from
the administration this political capital, and they
would become bankrupt, and ought 10 Be handrd
overto Inc commissioners Of bankruptcy, as soon as
Mr. Van Burens recommendation for a bankrupt
law shall be carried into effect.
II The necessity Of national bank shall In this
way b. superseded then its friends will no longer
desire u, any more Than The friends OF system OF
internal improvement by the general government
desire IL alter il has been superseded by The action OF
The States. When that system was FIRST introduced
10 the consideration oil CoDgIe,s, il was supposed
that IL could mol be carried ON except by the General
Government. In accord nee with that idea, the
State OF New York sent DEWITT CLINTON 10 ask aid
fran Congress 10 Constr ucl the ERIE Canal Con-
gress did not grant the aid. New York went Tor
ward and constructed, under the auspices OF her
Clinton, work which was deemed The wonder Of
The age The example OF New York has been fol-
lowed by almost every Stale Ia the Union and the
result has shown that the States have the ability,
and can construct more economically, their own
works Of internal improvement, and that consequent
~, the necessity Of such system The part OF the
General Government has been superseded By The
practical operation OF the States. No enc, there
fore, al this day thinks of advocating system of
internal improvements by the General Government.
Neither would any one think OF advocating a m.
onal bank, il the practical operation Of The State
bank system should convince him that lis necessity
had been superseded
There have been three great questions on which
parties have been more or less divided LIST, the in
and 80, national bank. The first has been super
seeded in The manner | have already mentioned-
The second has been settled by general consent on
the principle OIL imposing duties on imports 10 meet
the economical wants OF The Government and with
in those limits Ia afford, BY discrimination, inciien-
lal projection 10 the domestic industry Of the coun
try The third deem now settled in the way which
bave unde rtakeD to point out What then remains
between the friends and the opponents Of this ad-
ministraton, as matters of difference Simply its
financial p0ltcy, and the effects growing out Of il.
have sometimes heard il said by one who differs
with The administration on its financial policy, that
this was the 0Riy difference. would ask what else
Is there about which 10 differ? This financial poll
cy covers the whole ground. Il embraces in its
practical operation the most ultra federal doctrines.
lis tendency is 10 concentrate and accumulate power
in the hands OF the Executive. IL is anti democra-
licit impair, The just rights OF The Stalesinir nges
on the independ nee Of The representatives Of the
people, and leads TO a consolidated Governments
despoism under the forms Of free institutions Let
dcm0cratic republican, therefore, deceive himself
BY surprising that he can differ with The adminslIa-
ton in its faanciat poiicg, and support il in any
thing else. This administration has entirely ADAM
bonded democratic ground, and gone into The ultra
federalism OF the " reign OF terror"
| have thus shown, that the first plan for the
management ct the rubc revenue, namely, by
Bank OF The United States, can not be adopted
will now call your atteriion 10 The second the Stale
Bank system, which / have incidentally touched
upon in my discussion Of the FIRST We are reduced
10 The alternative Of taking this the Subireasury
scheme. Alter shall have gone through with
them both, ltrust there will be doubt in any un-
preludiced mind as 10 which 10 choose.
After the removal of the deposes from the Bank
OF The United States, General Jackson recommended
the employment Of The State banks. Whilst This
proposition was under discussion and was supported
by all the friends Of the administration the Sub
treasury scheme was brought forward in the House
of Representatives by member of the opposition.
II was brought forward as ure antagonstic to
the State bank system. II il had possessed any
merits tcertainly would have received the support
OF the political friends Of the mover. They were
AT that time conlendng Tor the United States Bank,
and against the State bank system. They would
therefore, have readily seized hold Of any other
measure, which possessed any merits in preference
TO The one they were oppoSing-and especially when
brought forward BY one OF their own friends. But
so lillle merit d that scheme possess that il COM
manded but Miriy-ttrce votes in The House, out Of
the whole strength OF that party. What, II. the
mean time; was the position of General Jackson in
regard TO III He pronounced ii disorganising and
revolutionary, and subversive oil the fundamental
principles OF the Government, and as putting into
the hands OF the Executive power which might be
welded against The liberties Of the county. In
these dennncations he was joined by The whole par
~. he adopted the State bank system, md .subSe-
qneniy applauded its operations as fully as he de-
nounced the Sub-lreasuTy scheme. will not dctain
you by citing from his messages and from the reports
OF the Secretary OF the Treasury their repeated es
iimony in favor Of The system. They are familiar
10 every one. These evidences of The appreciation
OF The President and his cabinet of The working OF
the system were repeatedly given and multiplied
upon us down TO the expiration of General Jack
sons term, and until in his vaedictory, he, with
much self graduation, declared, 81 leave this people
prosperous and happy" He had scarcely reached
the Hermitage before the banks suspended specie
PAYNE ITS, from causes beyond their control and
brought upon them by the action Of the administra-
ton itself will moi stop here to GO into an exam-
nation OF those causes. Suffice il 10 say this caas
trophe was produced BY the operation OF the specie
circular, by the manner in which the distribution
ACT was carried into effect by The Secretary of the
Treasury and BY the general hostile attitude OF the
administration towards the credit system of the
country.
II was in this state fittings, that Mr.. Van Buren,,
al the extra session of Congress, recommended the
MI IL