The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-11-02
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COMMUNICATIONS.
FOR THE MADIsoNiAN.
THE CRISIS-No. II.

THE CRISIS-No III. II
II was proposed in the former number 10 suggest
some mode of giving good measure of frmness
and confidence to the currency Of the local banks,
during the period Of suspension. This may be
done by general alliance OF the banks, such asso-
citation manifestng mutual confidence In each other.
This cannot, perhaps, be better evnced in any way
than by joint and several bond Of the respective
boards Of directors, mutually and recprocally bind
ing themselves in their individual capacity, to in
demnify all others against any loss from the insol-
vency of the bank Of which they are directors; and
upon this basis, 10 pay and receive in payment all
notes of the several banks without discrimination
thus associated and to refuse, If they please, the
notes of such refuse to join the alliance, and TO
prevent excess of circulation, and superior benefits
resulting beyond what the position and standing Of
the banks seemed to Justify, whenever required SO
to do, each bank should requirement, settle its
balance by bond on interest, from the directors in
their corporate and individual capacity It would
thus be found that the public would soon be salts
fed of the safety OF the currency. And having set
tied the question which ought TO be put at rest,
that until the Government elected to give the coun-
try effective and adequate currency, individuals
and corporations must supply the community; bust
ness would then proceed with measurable smooth
ness, and with more satisfaction and success than
has attended its transaction for the last ten years
Indeed il ought not to be matter of frghtul alarm,
that business should be undertaken and carried on
without the intervention of specie, except mer-
chandze. History teaches us that the first and
greatest enterprise Of the American People the
quest of the Independence, was undertaken upon
paper money. For more than twenty years, Great
Britain carried one of the most expensive wars
Of history, and during its continuance sustained and
subsidized half Europe, upon paper currency, I'M
der the pressure Of perpetual croakings there and
elsewhere that she was bankrupt, and the eve Of
ruin. Confidence in the character Of her Govern
ment gave credit to her engagements, and well sus-
tanned industry and commerce gave her the means
of fulfilling them. So it must be here Let no one
be so weak as to imagine the flow in or out of the
precious metals the only signs of wealth or de-
cay II is active and well directed labor, flourish
ing commerce, protected and encouraged by wise
Government, that are sure and unainching indca-
tons of wealth. Every department of labor, and
every encouragement TO the useful arts is worthy Of
the attuntion and paerna care Of the Government
of the people. The writer is no friend to the negi-
gent et-alone policy, and still less Of that of med
ling for mischief as was done with the currency
when it quite well, and against the sound sense
of the people, evidenced by the vote of the House
OF Representatives and the unfortunate veto of Pre-
sident Jackson. And now, if to preclude, or de-
fer all hope this course is followed up by the threat
Of his to follow in the path of hostility,
whatever and however the sense of the people, and
the light of experience may dictate. In the mean
time, let the people and the banks consult their
ual safely and the interests of each other, by march
ing shoulder TO shoulder like the patriots Of the Re-
volution, though like them they may be jeered and
Knocked by the yellow Jackets, as their fathers
by the the rcdcoats rag baroms. Arbitrary and
tyrannical government drove them TO arms and
rag money then weak and misguided counsels have
brought us to rag money now but though their
measures have weakened, they have not yet broken
their hold upon the substantial resources of their
lands and labor Since these papers were begun, it
has been seen hat the Pennsylvania Bank OF the
United States has advertised its debtors in New York
that il will receive its notes in circulation its post
notes, and even its stock al par in payment for debts
due its branch agency in that city Doesths look
like fraud7 These debtors received as good money
on loan those who are now indebted to the New
York banks, who are driven to pay their notes in mo-
ney at premium of 10 per cent. above what their
neghbors pay in, and to hire this at from one to four
or five per cent. per month. How long, is it pre-
sumed the good nature and forbcarance of the COM
munity will patiently endure all this? How long
as good citizens and true is it necessary to submit to
such downright oppression
The answer is, till the people shall become wise
enough to put in Office who will exercise power
for the legitimate end Of all governmenl-tac good
Of The people FRANKLIN.