The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-05-15
MIR. WOODBURY. AND THE STATE
hanks.

BANhSs
The " miserable Conseryatyes' have beef
denounced from one end Of the Union TO the
other for an attempt to establish and regulate
b. law the deposiie Of the public moneys in
State Banks. Their plan, restricted as it was,
and based upon principles of unusual safety
and excellent economy, selecting limited
number Of those institutions Of the soundest
and most respectable character, whose notes
are convertible into specie, and providing for
the receipt Of snch notes or coin in payment
Of public dues. and inducing the institutions
themselves TO receive each others notes
every where at par, thereby establishing to the
extent of the public revenue currency Of uni
form value, credit and use--enjoining them to
keep the depositcs and TO transfer them to
suit the convenience Of the Treasury free Of
expense-ihe whole to be regulated By iatc,
and placed under the supervision and admi-
mis- ration Of the Secretary Of the Treasury
this sound Republican system, we say, was
repudiaied and rejected by the Locofocos, be-
cause the President desired the public moneys
to be left in his entire control, so that he
might form any alliance with banking institu-
tons his interest or policy might suggest
The consequences Of this high-handed con-
duct Of the Locofocos and enormous claims
Of Executive power are now Transporting. The
public moneys are scattered all over the Unit
ed States, Heaven only knows where! The
Treasury is in state Of confusion almost I'M
prccedented, and the leather headed lnbecility
which broods in stupidity over it, has not the
energy or talent to concentrate the power and
vigor of the law, so as to make the fiscal ma
chinery work with any sort Of cohercncy or
efficiency.
Very nearly Observation-Disclosures Of his
agents have proven, according to his own re-
ports, delaulters, robbers or SPECTATORS
They run at large without hopple or halter.
Deposites Of the public funds are made in
hanks whose bills are refused in payment Of
public dues thereby enacting the ridiculous
farce of discrediting banks issues, and
yet taking credit on its books and all this,
too, without the warrant or sanction Of law,
but in its direct violation. How is it, that
what Mr. Woodbury. has said to the 25th
! Congress, in regard to the impossibity Of
employing banks is not as true now rs It was
when the Loco focos repuliated the idea Of a
necessity Of employing banks in the fiscal ar
engagements Of the Treasury He told US Of
things impossible even with the authority Of
law on their side. and is now doing the same
things with ease without law! Party interest
compels him to do what Congress could not.
1t is party fear alone. we believe, which has
induced him to make a depository Of the
branch bank at Chicago. Did he do it when
the Illinois Legislature and the Illinois repre-
sentatives in Congress desired him to do it,
and inquired why he should collect moneys in
their State and cart them to Missouri for de-
poste No; he has not done it until /" the
party" in that State have begun to fear the
consequences Of such invidious conduct
Party interest has compelled what the public
interest could not induce. We do not object
t. the State bank Of Illnois-we believe it to
be of essential importance to that State and
in good condition. But we most heartily de-
spise the spirit in which the selection has at
last been made. What wonder is it that the
currency and business Of the country are de-
ranged, and the money market distressed with
such manager at the head of the public
finances! How long and how often again
shall he abuse the patience Of the people, and
roost in his Office through the little tricks by
which he has operated upon the fears of the
Prcsient7 MY people viii make me
Senator--,hey have offered me judgeship-
will the President have me 60 or stay!' 81
will not compel your choice" replies the Pre-
sident, and thus the incubus remains. fever
this heap ofmorbid imbecility shall be removed,
and an efficient head of the Treasury be subsi-
tuted, we may reasonably anticipate a more
toerable condition Of the money affairs Of this
nation.
N nL,E