The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-02-21
-. - ..,,;... The Admini.iratloa and Mr.

.rsc,iye parties, the Administrator ana MI
Di ~, M me side, ignorance, charlatanry ana
Ia driven from one expedient TO aho'he,
:, last forced TO solicit the aid Of an M
s,u,;,o mon which, and all connected WIN
!. Ia, had been waging ruthless and exter-
a,;,a war. The other as calm as the
hsaaLioo Of a May morning on his beautiful
s;,i. on The Delaware, looking With pity, if not
con,e,nnt on his yaGquishsd enemies, mingled
with the shame and sorrow Of patriot, that
his country should be thus governed.
I believe il is Cicero who says, that one OF
the greatest arts of an orator is, in the selec-
zion Of his topics. In discoursing Of the mis-
deeds OF this Administration, that is difficult,
their nameis Legion, for they are many, but
there are some Others which must notice. 1t
is susceptible of proof, and soon will be pro-
ven, that during the suspension OF specie
payments, when the law of the land express
ly forbade it, and when the administration
party were clamoring for the rejection Of the
notes Of banks which were previously paid on
demand and when the notes OF non-specie
paying banks could not be received but in
open violation of law, that such notes were
habi,ually received in payment OF duties with
the knowledge and tacit sanction OF the De-
partment.
Ii may be remembered, that when the bill
authorizing the issue of Treasury notes was
under consideration, opposed i'll believed
it unconstitutional, and think proved it to be
SO at all events, the argument has never been
answered. But, willing to raise the necessary
supplies, proposed a loan for two years,
which it was well known could have been in
stantly disposed Of at q premium. Some OF
my southern friends We're horror struck that
l should thus propose new public debt
Well, sir, did not see that debt was any
tho less debt, because we should have
ten thousand instead Of ten hundred cledi-
tors. But it was said. that my proposition
would raise a permanent debt--a permanent
debt redeemable in two years :but that the
great advantage of these Treasury notes was
that they would flow back into the public
Treasury as rapidly as they were paid out.
Well, SIR, what did the Government to this
end the returning speedily Of these notes into
the Treasury j will tell you what have
been Informed, and believe to be true Did
they pay them out to the creditors Of the CO.
vernment! not at all. But they employed
brokers to dispose Of them to banks, with the
expectation, If not with the express under
standing, that the banks would retain them,
as the six per cent. interestewhich they bore,
was as much as the bank wenld receive. If it
loaned them out, and that they should not be
thrown into the circulation, and would not,
therefore, return into the Treasury; and this,
after urging as the strongest argument in ia
vor Of their issue, their speedy return.
But for what were these Treasury notes
exchanged surely not for irredeemable bank
rags. They would hardly have exchanged
the paper ofthe Government, bearing interest,
for the paper of broken banks, bearing none.
Was'it for specie, then, the Government was
conniving at and encouraging the fraud which
1t so loudly denounced in the banks, Of using
and specializing on their specie whilst they
refused to redeem their notes which were
outstanding But, sir, have no doubt that
bank notes were received in exchange.
Bank notes were paid out by the Govern
ment; it must have got them somewhere
and to get them any where was in violation,
They had no right to receive the bills of
banks which were not redeemed on demand.
There was beautiful illustration of this
hard money humbug, during the last summer,
in Georgia. The troops, raised to execute the
Cherokee treaty, were paid of. notin gold and
silver, or Treasury notes, hut in Georgia bank
notes, q am informed by more than one re-
spectacle man, in the bills chiefly Of the
Ocmulgee bank. which were at discount
Tor other Georgia money. They demanded
other money, but could not get it. few
DAYS afterwards, there was sale of some
corn and bacon, which the agents Of the Co
vernment had accumulated and which was
not needed; then, sir, it was different affair,
gold and silver, or Treasury notes, could alone
be received. The soldier who had t. lied in
the public service, and desired to purchase
those supplies, which his absence from home
had made necessary, could not pay the CO.
vernment for them in the very money which
he had received from that Government the
day before, and the articles were purchased
by few spectators and Government en-.
ployes, who had the kind OF funds required, at
one fourth of their value. and re-sold a, enor-
nous profits. have now in my eye an homo
rabe member from Mississippi, who had
near relative in that service, and who can
vouch for the truth of these statements Yes,
sir, while your Government was protesting to
receive nothing, and had no right to receive
any thihT Dut Solu anu si'er, or treasury
notes, and whilst the members of Congress
were paid in one or the other, the soldier in
your service was paid in deprecated bank
paper which, before the week was out, the
same Government refused to receive from
him. These facts, have from unquestiona-
BILE authority; | do not state them positively,
for that will not do, but on personal know
ledge; but have no earthly doubt Of their
truth
Again, sir you remember the the lectures
on economy which were so literally read to
us, when we proposed to print public do
cument of the utmost public importance,