The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-01-08

Now, with the exception OF Cincinnati, Lexing-
ton, Louisville, Tennessee, and Charleston, all the
above sums were TO be disbursed by the Banks
own branches or agents. or as at New Orleans and
Columbus by banks belonging I, itself So II seems
that II was the banks own agents and banks princi-
paly, that to be sustained Notwithstanding the
agreement was to pay the purchase money for The
bond Sin specie its equivalent" And what be-
comes of the excuse of the Globe for extending this
indulgence TO prevent the sums being drawn for in
specie, especially so Immediately after the resump-
'ion of specie payments by those banks" The fact
is, there had been no resumption at that time by
those banks with the exception Of three four, in
which inconsiderabe amounts were placed and the
Secretary Of the Treasury says so in his report;
wherein he speaks Of "the continued suspension of
specie payments by most Of the banks in the west
and southwest" All this explanation that appeared
| in the Globe was rank deception upon the people.
| We will tell what the object was in directing The
disbursing officers 10 make as MANY of YOUR paw
ments by checks as you can" 1t was to favor the
Bank at the expense of the public creditors. 1t was
to cause the of the payments to be made in the
local bank paper Look at the draft sent TO the Navy
agent at Pensacola on the agent of the Bank a, Mo
bile, who would not offer in payment any thing re-
sembling money more than Mobile paper" which, at
value and consequently the draft was protested We
will venture to asser, that ninety-nine out of every
hundred of the public creditors who were paid in
checks received local bank paper in payment for them
when presented to the bank agent on which they
were drawn; the specie or U. S. Bank notes having
been sold for such paper, in the same manner the
Sub Treasury loco.foc members of Congress sold
the specie they received 70. their mileage and per
diem at the extra session. and obliged their boarding
house keepers 10 receive lrredeemabe bank paper of
the worst description from them, in pay for their
board thus pocketing the premium! This is the
manner in which Mr. Poinsett carried out that part
of his agreement which was to leave the mannerof
drawing il subject Of future arrangement between
u.s."
The proposition made by distinguished Senator
to receive in payment of the the otes of good
sound banks for a limited time, for the purpose OF
aiding the banks in resuming specie payments, and
that for limited time, under the sanction Of lar, has
been the subject of incessant attacks from that day
to this, by the Subreasuryites; and vet, here are
these gentlemen discussing specie funds in ire
deemable bank notes. rihout The sanction Of any lac
1rhatcrer. Such is Sub.treasnry consistency! No
doubt il is such discretion has been exercised in
this transaction throughout, by the heads OF the
Treasury and War Department and it is to be pre-
sumed, under the sanction Of the President that he
wishes be left at liberty 10 exercise, when speak
ing in his message of the Government being left "at
liberty to seek the aid of banks at its pleasure.
In the same article in the Globe Of the Goth Of Oc
tober from which we have already quoted is the fol-
lowing: "The Government makes no war upon
the banks it merely desires 10 see their operations
confined within their legitimate sphere" We war
against the abuse Of the money power by THE BANK,
or by merchants and bankers. Let them confine
themselves within their appropriate spheres and they
will find us ready and willing TO take such course in
regard TO them will be most for the public good'
That article we repeat we do not doubt was written
by the Secretary at War himself; and we regard it
in no other light than proposal of terms for an
armistice of mutual amnesty and alliance between
the administration end the Bank. Now let us show
how exactly these terms were met and ratified by Mr.
Bddle in his last letter He says OF the future it
is difficult to speak but in that future the Bank OF
the United States mW no longer occupy its past posi-
tion" For the future il abdicates this involuntary
power. "H has no longer any controversies ic'm me
Government of Tie Union. 1t now desires only repose
and 10 uiH take its rank hereafter, as simple State
Institutions derotcd erciusreiy 10 its ocn special con-
Germs" Thus the nupals have been consummated!
If any one can discover any thing else than re-
guar courtship throughout all these negotiations be-
tween the administration and the Bank in which the
former has nearly prosted itself to the use of the
latter then their vision is very differently constituted
from ours in relation to these transactions.
In our next, we shall endeavor to expose the impo-
sition which the Secretary of the Treasury has at
tempted in his annual and special reports to pass off
on common sense in relation to his especial depo- .
sites" or money deposited at the special credit ofthe
Treasurer"
MIR. CLAY AND THE GLOBE.