The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-10-19

uCUj W ouOut great - Didna OF the EpucSldHS,
was consumed BY uIiering libel upon the patrio,-
ism and sense Of the people Of this State. With the
history OF the two last elections before him. both Of
which were contested In reference TO his fayorite
project and the last resulting in return Of ma
joriy OF the members OF Congress against him, he
had the courage, or rather impudence TO say, that
the Subtreasury would receive the support of every
disinierested CITIZEN
From the adjournment. Of Congress unto that period,
The locofoco press had moderated ils tone ia regard
that measure Since that period the hard money fsna
tics the political mormons, the believers in the newly
discovered golden bible have bawled the top Of their
lungs" down with the banks down with the rag ba-
rons-pipe Ia Hambug-pire Ia Benton" The loco
oco press for the purpose Of deludng and deceiyng
the people. has published the SubTreasury bill il
las they say) passed the Senate. That bill is
verbage II is all words, words. Most Of il is work
OF supererogation. The laws Of 1883 aud l792, and
other laws give the Secretary full power compel the
weekly monthly and quarterly returns mentioned in the
bill. The Secretary under these laws has all the
thoriiy TO manage his department, given by the bill
The bill is insul. to the American people The penal
part OF the bill could not be inflicted The defauter
under the SubTreasury would, before his misdeeds
were known, take the wings Of steam, set down in
quiet the chaleaux Of Swartwout and Price, and
enjoy their plumber in security. Mr.. Van Buren,
nothing for this bill The specie clause the very
sence OLA SubTreasnry, and without which said by
Mr.. Calhoun, whose sagacy in these matters is une-
quasd the bill was worthless, having been struck out
10 the Senate by the votes Of administration mem
Mr. Wright was willing 10 accept any thing bearing the
sembance Of Sub Treasury, for double purposefrst,
TO claim an idle and empty trlunph-second TO il
as stock 10 be thereafter engfated with the golden
pippin, the hard money SCION
That Mr.. Van Buren, will be satisfied with nothing
ess than Sub-Treasury with " the specie clause" 70
be used by him for the Introduction Of exclusive
metallic currency, too apparent to admit of doubt
The tone Of the ocofoco press generally warrants this
conclusion. The Democratic Review, printed at
Washington, under the auspices and patronage OF the
General Government, and speaking for H. at its a-
Dor Of love- to convince the people, that paper cur
rency Is nuisanceand that hard money should be the
standard OF value, in other words that the value OF
all the property and consequently Of all the labor Of the
country, should be measured by seventy millions Of
dollars.
Mr.. Van Buren, has not only not abandoned his ia
vorite specie clause but he adheres to his National
Bankrupt law. Indeed, without both operating in uni
he could with the ndecsn, haste with which he
would rush to the sacrifice at one blow sever the necks
Of tho many =. little monsters" to which the State
sovereignty has given birth. The Sub Treasury alone
would enable him 10 cripple all the operations Of the
banks-join to it the bankrup. law and you arm him
with electric bolt for their immediate and total de-
strucoE. The same Review is clamorous for the bank
rupt law. Speaking Of it, it says
"The ihoughtess cupdity and empowering in
fuence Of many Of tho banks have induced the legsa
lures Of several Of the States to sanction far greater
circulation of small notes, than has before been
thrown upon the community since 1919. The occasion
for the ntepos.on Of Congress- for the general protec
ton OF the community, in the mode pointed out BY
Messrs Crawford and Dallas, bankrupt law for banks)
has become more imminent than at any period since
that time. No other mode will efficiently restrain the
banks and branches within their proper sphere Of duty,
under the temptations which il is difficult for human
nature to resist 1t he bankrupt law has become the
only security for the subsistence Of large classes OF
society who have been wantony and repeatedly plum
dered Of their hard earnings This measure (he bank
rupt law) is mperousy required for the preservation
Of the public peace among the easily inaamed popua-
ton Of our large cities" p. ll2.
Nothing short Of such bankrupt law pro-
posed by Messrs Crawford and Dallas, and its rigid
enforcement will protect the community from the mani
fold evils Of a redundant currency" T. ll5.
Speaking Of the proceedings of Congress in 1919,
upon Mr. Crawford's recommendation Of a bankrupt
law, which Congress refused to adopt the Democratic
Review says:
"Had Congress then proceeded to enact bankrupt
law for the manufacturers of paper currency, as sug
gested by Mr. Crawford the country would not have
been visited repeatedly with similar disasters" p
ll5. .,. ..~ HI.
Preparatory to the introduction Of metallic
cy and entering wedge for the destruction Of
currency attempt will be made to abolish the circula-
ton of small bills. The rich have specie and
large bills if fortunately any bank should escape the
they got. This is in accordance with The doc
trine Of the President " M,...a
"The Government will take care Of itself-,he peo-
pie take Of themselves Laws shall be made
to protect the rich-the poor may 60 and beg--or
s.arve. The same Review says
"The first act of the Democratic Cocofoco) Legis-
lature, when il gains the ascendancy in the Empire
State should be to restrict all tissues Of bank bills be-
ioto the denomination Of TEN DOLLARS FORTHWITH;
advancing to higher denominations rapidly as the
dangerous nature of the disease will admit Of more
forcibe remedies"
The New Era, one of the Government organs in the
city Of New York, joins its voice in favor Of the sup
preston Of small bills The signs Of the times cannot
be mistaken Silas Wright has said in one Of his
speeches in the Senate Of the United States
"If it (the SubTreasury,) should come in time to
produce currency eIctusively metallic this would not
be the least Of its benefits"
And this is the doctrine Of the party, from the Great
Jupiter Tonans Of Missouri TO the stpendiary Type
Setter in the most obscure village in the country.
My sentiments in regard TO the innovating schemes
Of the President too well known to my friends to
require repetition, have had the honor 10 address
them fully as to the alarming and fatal results fow-
ing from these schemes / can only add that the
more have reflected on this subject the more am
convinced that no man who values his rights and
loves his country, can give his sanction TO expe-
riment which places at the control of the President
the whole patronage and money Of the Federal Go
vernment.
The present state of things is truly alarming
The entire treasure Of the people is at Executive
discretion. What was said on the floor OF Congress
by the leader Of the administration and reechoed by
the Journal of this country last fall that the Sub
treasury in actual operation Except the demand
by the government for specie Exclusively and would
be till March, lSil, in spite of lamentations of The
people, is Fundamentally true And what have
been the bitter fruits of this system. The defalca
tons of Swartwout and Price and host Of other
plunderers give the melancholy answer. Some three
millions of dollars Of the money Of the people have
been embezzled under system which the President