The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-04-13

credit. by whieh tneH cifcul4ton - vastly eAtehueu
throughout the whole country Tor the people will take
10 their transactions. any currency which the govern.
ment VIII receive in It's This extended circula-
ton being. as have shown, Of the principal ele-
mens Of profit, il follows necessary consequence
that the banks by this MEANS have the hest possible
use OF the public money, and without particle OF re-
sponsibity their part, and without the performance
OF any 10 the government IN return And still.
the second great object Of the Subeasnry scheme is,
TO deprive the banks Of the Of tho public money;
and this is the plan which is grsyely devised for thai
purpose and by which this grand drsideafam is TO be
accomplished An honorable Senator from Pennsylva-
MIA (Mr Buchanan) introduced bill in 1888, by which
II expressly provided TO receive and disbnrse The
notes OF sound specie paying banks, depos0g specially
in specie tho balance hand at the cad OF slxydays
And he declared in his speech. in support OF that BILL
that the very marrow Of was, to deprive the banks
Of the Of the public money have shown that u
gives them the best possible use Of H. aud without any
responsibility return Of service on their part On lhe
other hand when the public money is deposited with
the banks It's transfer made by drafts and its dsbarse
ment any funds desired by the public creditor Tho
circulation not extended as IN the other case, ana
the banks perform all the duties OF transfer and dlshuse
without charge, and thereby combining Tor the
benefit of the government tho two prncpai ingredehs
| Of economy and safety.
| now to the third object Of the Sub-tiessury
scheme namely that the government may have the con-
troll of its funds OF the suspension oil specie
payments by the hanks lf the plan Of receiving aud
discussing the notes OF the hanks be adopted, il is not
perceived what benefit the government viii derive rom
deposit OF It's surpas in its Sub-lrcasnry yaus-when
that surplus consists OF the notes OF the banks ~
would have the control OF its funds IN that case, as
fully and cfiectually in the vaults Of the banks as It
would have Of the funds in the vaults Of the Sub
| treasures The banks, notwithstanding the suspension
of specie payments, would pay out their own notes Tor
any dues 10 the government readily as the Sub
tIaasurers would. There is nothing gained, therefore,
the government, by any such control OF It's funds IN
any snch emergency. The only way 1t could have any
other control would be TO receive nothing but specie;
and then, in Of suspension, il would have its sur
plus in funds which wond be available under any cir
cumstances. But, / have already stated that nine
tenths Of the party opposed to the "spece clause
and insist the receipt and disbursement: Of the notes
Of sound specie paying banks and that in Of any
calamity that might befa the country the government
should share it with the people, and "sink or swim
together. But suppose the Sub-treasury should be
adopted its leading friends intend shall be, namely.
TO receive nothing but specie in payment OF the public
dues-et us then what the government has gained
by having the control Of It's own funds, No one con-
templates surplus at any time over $4,000 600 The
control Of this surplus has been deemed very important
in the country should be involved in war This
has been Of The al cdpandum arguments which was
deemed Of sufficient consequence to be forth from
the Hermitage TO sustain the of his illus
trlous predecessor the loco ocosm Of his admins
traon We'll, suppose the banks should suspend specie
payments and the government should have surplus in
its Subreasury vaults OF SIS, 900 900 in spccie-and
suppose il was engaged in war, not with any of the
great European powers, but with OF miserable
Indian tribes, what would this specie fund avail II
would not be sufficient carry on a single campagne
against Oseola Black Hawk any Of their
ors--and u we were engaged in war with any power
full nation it would not be sufficient for the be-
ginning of campaign. What. then, TO he donel
The Government wants money and must have it. From
the very system adopted OF receiving nothing but specie
pay Of public dues, aud from the interruption OF
commercial business by the ITSELF the very
of dried up Those the receipts
Of customs and of public lands When one fails the
other fails also The purchase OF public lands keeps
pace with the progress OF commercial business In the
supposed both susponded-and they have been
suspended principally by the action Of the government
itself. But the is on hand, and the means to carry
il on must he provided How they to be provided
Shall again. Mr. Cambrcleng said, '.try The expe-
rimcnt Of carrying war without money and Of sup
porting public credit without taxesln We imposed no
in 1912 and 1919 but our exhausted finances and
depressed credit compelled not only to the
imposition Of direct taxes, but to throw ourselves upon
the patriotism Of the banks whose credit much
superior own Their notes, notwithstanding the
suspension of specie payments compared with treasury
notes. were twenty per cent above them Direct taxes
were ordered Offices Of internal revenue esta-
bished for their collection Every VINO ecollects
the history OF those times knows the difficulty Of col
ectng these in the ordinary paper currency
OF the country How much more difficult would it be,
nay how impossible would it be, to collect them in spe
-
ministra,ioni It could not be done It would be i'm
possible to command specie The very exactons Of the
government dues IN Specie IN such state oil things,
would make article of merchandise, and cause il tc
bear high premum--too high, by far, even It could
be had any rate, to within the ability OF the tax
PAYERS to command Such collection, in the very
urc Of things, would be impossible. Any attempt 10
enforce it, under such circumstances would produce
resistance and bloodshed Why then, talk of system,
which produces such embarrassment in time Of peace,
NTH INN rIlrah m 0f
is the very OF the moon" II has been introduced
by Mr., Van Buren,, as have already said, and which
again repeat for the purpose Of forming political issue,
upon which to fight his political battles It is issue
upon which he intends to appeal to the passions and pre-
JUDGES Of the people, and through that to
mand support, which he could otherwise expect
The great interests of the country with him Of
minor consideration in comparison with the promotion
of his selfish purposes He has turned his back
upon his native State-upon the land that
gave him birth Instead Of New Yoiks favorte
son." be has become the " bastard Of York" Her
interests entirely overlooked and dlsregarded and
he is now openly supported in another quarter of the
Union, because his measures are calculated to cripple
northern capital, and TO PROSTATE northern interests
lie openly supported, because he is northern
with southern feelings" This has been resolved and
resolved in many public meeting, and was, at length,
unbushingy avowed the floor of the Senate Of the
United States by Senator from Virginia (Mr. Roane)
in his personal attack upon his distinguished colleague.
Far be 1t from to set up the interests Of New York
over those OF any other portion Of the Union. look
upon them all as reciprocal, and entitled 10 equal
justice at the hands Of the executive. do not wish
10 see at the head Of this government northern man
with southern feelings, southern with north
ern feelings. wish TO in tho Presden, Of tho
United States man with American feelings one with
elevation aud expansion Of mind that grasp the
great interests of tho country regardless OF sectional
feelings or local jealousesonc, who will bring forward
his their intrinsic merits and leave them
TO be sustained by the high Of honor and the patriot
ism which characterize peopc--one, who will not
descend from the proud elevation Of bis station, to
mingle in the little party chickering's Of the dayone,
L. IL. ~. AZ of