The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-11-27
THE DEMONSTRATION AND THE DEPo
II SITE BANK SYSTEM,


Il SITE BANK SYSTEM
General Jackson. and the party supporting
him, had labored for eight years to bring about
a practicable reform Of the currency and the
State banks. through the revenue power Of
the government The United States Bank
had been discontinued, and the DePosite Sys-
TEN established, and all was going on in the
full tide Of successful experiment so that
General jackson though. he lei the people
prosperous and happy" when he retired
from their service; and Mr.. Van Buren, came
into office, pledging himself to follow in the
footsteps Of his illustrious predecessor"
The latter was scarcely warm in his seat be-
fore an accidental calamity furnished him with
an apparent excuse for deviating from the
"foo,steps," as il it were necessary TO bend
the whole government to circumstances, in
stead Of making circumstances yield TO policy.
In his very first message, he manifested his
purpose of abandoning the Deposiie Bank
System and the consequent reforn--asserted
the anheard-of claim Of the Executive to the
absolute con,r j Of the public money! con-
troll hitherto exercised absolutely by Con-
gress-and presented the great Sub-'rreasury
project. borrowed of monarchical countries,
and subversive Of the entire practice of this
government. TO such an abandonment Of
sound policy, and such an unnecessary and
abominable innovation, many of the best de-
10 If utrx ad
their best efforts. The proposition, after full
discussion and fair trial, was nearly ha!f-a-do-
zen times rejected, and other propositions,
more in accordance with the line OF policy
pursued by General jackson, approved by the
people and desired by their representatives,
were presented as practicable substitutes, cal
culated to suit the new emergency. The Es.
-ecutve determined to have his own fatorte
scheme or none; and, having got rid, as he
supposed, Of the restraints of law in reference
to his management Of the public money, he
proceeded, apparently, upon the settled reso-
luton Of opposing his own arbitrary viii to
the will Of the nation, and Of accepting no es-
Enlistment and no law but such as he and
his advisers projected. Having taken the
public money out Of the custody Of the law,
and acquired for himself that control over it
which he desired, he refused his assent TO all
laws calculated to restore it to the care Of the
Legislature, and even refused to agree that,
when the public moneys were deposited, if at
all they should be deposited to the credit of
the Treasures Of the United States. and not
to the private credit Of officers under the i'm
mediate control Of the Executive, appointed
by him, and removable at his will. He re-
fused his assent TO all legal regulations Of the
administration Of the revenue, whether touch
ing the kinds Of money receivable, or the cha
racter Of repositories and agents employed.
determined to have absolute discretion in re-
gard to the keeping and management Of the
revenue, whereby he should be at liberty to
make the public money great political en-
CINE, by applying and using it as his pleasure
or interest moved, TO the favor Of one set Of
individuals, or disfavor Of another, to the ex-
tending Of the profits Of this institution, or the
undermining Of that.
That such is the true state Of the case, we
are confident would be abundantly proved if
the present disposition Of the revenue could be
thoroughly exposed to the public. In such
event another fact would also be shown, viz
that the administration have found the agency
Of banks needful in the fiscal business of the
Treasury, and that the government can get
along vastly better with those institutions than
without them, and that whatever of evil may
be attendant upon their use, it is largely coun-
terbalanced by the good they dispense. These
facts are demonstrated and confirmed by all
experience, past and present.
But what we would be coming to is this
The administration is doing without law, what
itrefused to do under the sanction and command
Of Congress. II is in a meretricions and ille-
gitimate connexion with sundry banks, and
just those banks whose mercenary appettes
best fit them to be the panders and the instru-
ments of power. This is the consummation
we suppose thu Executive devoutly wished
He has found institutions under directions
just equal to his low estimate of human ma
ture, willing to be tools Of Executive prosti-
tuition, meek, cat-paced, oily-tongued fellows,
with principles exactly proportioned to their
interests, ambitious to exchange their pestent
influence and corrupting largesses for few
paltry dollars Of profit to be made out Of 60
vernment deposites. Noble union Of ayarice,
ambition and corruption
Still more ennobling to the character Of