The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-09-25


really as consistent as he would fain persuade The
world thai he has been Such things not unfre-
quenlly happen. We all know that the most Inn
probable stories, from being ollen times repeated,
come al last 10 wear the sembance Of TRUTH and that
Il Is only by looking narrowly into their title 10 Gre
dbiiy, that We can discover their utter want Of RAJ
tional foundation. BY applying this test to the
duct Of The Enquirer for the lastwo years 1--WE shall
not 90 farther back IL will be found thai his course
has been glaringy inconsistent that OF any po-
lition who ever lived will be seen that from being
The Incorporating opponent OF the Snb-lreasury
bill for reasons which still exist in their full force,
he has lent the aid Of his great influence 10 those
who are determined al all hazards 10 fasten that
measure on the country.
In his comments on the Message sent by the Pre-
sident 10 the Extra Session OF Congress 10 1887 the
Enquirer uses the following plain and uncquiyocal
language.
seem to be respectively shifting the grounds, which
they occupied in "a Many OF The Wings hes<up-
ported the Subtreasury syse m, in preference TO the
State Banks. The friends Of The administration then
violently assailed IT, Now, the Wings have chop
ped round, and go against Il. Most OF The republi-
cans with the President al their head, are inclined
10 support il. II is our misfortune TO adhere 10 the
same principles, which we then proiessed-and for
the same reasons A better soldier than ourselves,
then gave forth the most serious objections TO the
scheme:
"The public moneys, from the time OF their re-
ceipt 10 the time of their disbursement amounting,
as they OF en- do, to ten or twelve millions Of dollars
must remain in the hands Of individuals appointed
By me President and ysmOrabie at his piH!' They
ought (not 10 be kept in their pockets chests vaults,
where they can approach Il every day, and use il
wthou, the checks OF warrants drawn counersigDed,
registered and recorded and passing through many
hands, without which not dollar can now be touch
ed by any public officer, not even The President him
self"
We have no desire to see snch an accumulation
Of power in The hands Of the Execu,ive-no wish 10
pul The public money directly into the palms Of bis
friends and partiZans-We wish 10 see the power
and patronage Of The Executive increased as little as
possible" the powers of the (Federal) Government
(noD enlarged the purse and the sword not more
stongly united, than they are in The hands Of the
President-and as few means OF corruption as pos
sible trusted in his possession Some events have
shifted the balance OF the Constitution, and thrown
too much power already nro the Executive scale
thanks especially TO the Whig Senators, who fought
SO recklessy for the Bank OF the United States, in
the day OF panic trampled their Instructions under
foot, and brought their own body into contempt -
We have no DESIRE unless the public interests inn
periously demand it, to throw greater weight into
the Executive scale, by bringing The President into
closer contact with the public purse. We have no
uneasiness about the present incumbent. MIR. Van
Buren, declares, that he would much rather with
draw, ito the greatest practicable extent from all
concern in the custody and disbursement OF the pub
lie revenue" We conscientousy believe him. But
we are framing general system, not for him alone,
but for his Successors. We might safely trust the
public purse in his hands, but who IS TO ensure as
against those who are TO come after him Some
ambitious and dangerous man may ascend TO the
chair prepared TO abuse the patronage OF Office and
TO exert the means OF corruption.
But the Message fritters away the extent of this
patronage. II states the number Of officers rs very
few; the amount of moneys in their hands as small;
and the additional expenses as not exceeding $50 900
year. But these were not considered as slight OBJ
jections in "a; and we cannot permit ourselves TO
nndervalue them now. The argument indeed has
gained strength since that time. We must allow for
every condition Of our finances. We have lately
seen surplus revenue Of ortv millions thrown into
our Treasury The President lays great stress on
the mischief il has done in the State Bank. But the
argument cuts both ways. What mischief would il
not have done, ii the Subtreasury system had been
In full operation Half the coin of the country Cat
It's highest estimate Of 80 nillions) would have been
Withdrawn at once from circulation--the people
would have been subjected to great Inconvenience
in paying the public dues-and an immense sum ex-
posed to the pllage Of parasites and partizans"
commentator, the views expressed by Mr. Cheves
on the Subtreasury bill who, amongst other strong
objections TO the Scheme, urges this
That Ire measure viii have strong consoldat-
ing tendency is objection TO II. There is by far
too great tendency To this centralism in The actual
and inevitable operations Of commerce and the dis
bursementS Of Government, and we ought not 10 in
crease that tendency. Under the British system The
revenue is RENTED from remote points 10 the central
point, by operations OF commercial exchange and
bank drafts. BY the measure Of the Message, both
these are excluded
This, with the States Right Enquirer, We should
suppose would have been conclusive.
Again, on the 9Th Of October, in the same year,
the Enquirer has the following endorsation of the
opinions Of the New York Journal of Commerce:
Measures Of Reiicf--tac Sub treasury, dc.
The following remarks from the New York Jour-
nal Of Commerce-an impartial political paper with
great commercial sagacily, and which first broke the
Wing panic OF '34-are respectfully copied, for the
calm consideration Of The people
" The proposed issue OF Treasury notes, the fur
Their posponemenl of the payment Of duty bonds, and
the extension Of the warehousng system, are very
we'll as far as they go. The return or remission of
duties on good destroyed by the great fire, should il
be granted, every principle Of justice 1t ought
to be, will also afford some relief" But the Trea
sury Agency Scheme "would create perpetual
fuctuation in the money markei-it would render il
nearly impossible for the banks to resume specie pay
ments--it would constantly draw away specie from
the points where the principal duties are collected,
and where specie Is most wanted, 10 paris Of the
country where il is not wanted II would create cur
rencies of unequal value side by side--it would i'm
properly and dangerously enlarge the powers Of the
Execuive--it would take out and keep out Of the
regular channels OF circulation and out OF the banks
where II would have served as basis Of circulation,
all the specie employed in the financial transactions
of the Government; and it would be liable to en-
gender unpleasant collisions between the Banks and
the Government, which, in their operation, would be
inconvenient 10 both. 1t would add heavy burden
10 that which already press down the merchants to
the earth; il would diminish the revenue; and ii
would give undue advantages to capitalists, over the
trader Of moderate means. Withal, the money
would not be near so safe in the hands Of Govern
ment agents as in those Of the Banks. The Govern
ment after all their fuss, have lost nothing by the
Banks, and will lose nothing. They have lost much
BY unfaithful agents. and will continue to lose by
them. II money is 50 much more safe in private
hands than in the Banks, why do not merchants and
capitalists keep their money on their own premises,
instead Of trusting il in the keeping of those fthess
institutions The fac' that not one merchant in a
thousand does So Is practical testimony of the OPT
MON OF moneyed men, or men who from the nature
of their business are often obliged TO have large
sums on hand, TO the comparative safety Of the two