The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-08-21
From The Richmond Wig.


the Executive Is to be invested with the power Of
using, or not, Banks al It's discretion Is entirely
manifest from the following extract from his last
annual message: : Like other State establishments,
they uhe Banks) may be used or hot, in conducting
the affairs OF The Government as public policy and
the general interests Of the country may seem TO re-
auire. The only safe or proper principle upon which
their intercourse with the Govern meni can be regu
lated is that which regulates their intercourse with
the private citizen-the comforting OF mutual bene
Ats. When the Government can accomplish f.
nancial operation better with the aid OF Banks than
without Il should be at liberty 10 seek that aid, as il
would the services Of private banker, or other
capitalists or agents, giving the preference to those
who will serve il on the best terms" The scope and
object OF this sentiment is loo obvious 10 leave lin
gering doubt on The mind. II simply means that
there should be no laD regulating the intercourse Of
the Government with The Banks but that the whole
matter should be le at The discretion OF the Execu
tive, 10 be regulated by circumstances With this
power Ia The hands of the Executive who does not
see the dangerous purposes TO which II may be APP
piled Who does not see that SO far as Bank in1u-
ence can be brought into the political arena that Ii
will be exerted TO promote the views Of the Execu
tyei With the combined influence OF The Banks,
and The individual agents OF the Treasury the means
Of corruption will be vastly augmented, and give 10
The Federal Executive power and patronage in
compatible with the Independence of the Legislative
and Judicial bodies and the safety Of the States.
Wings and Democrats in their turn have depicted
the woful influence of the " moneyed power" whe-
theF welded through the instrumentaity of Banks
Or ING machinery Of Executive Agents. but this pro
position embraces both agencies and places them d.
rectly 10 the bands Of the Executive and enables 1t
to combine their action. Is this too a very small
matter Isihis, too, wrong which requires no cor
nsad ASK you SIT E gss e The American
Is directly al war with the Oft and repeatedly ex-
pressed views Of Gen. Jackson, who, in letter adj
dressed 10 the Hon. w. ]. Duane, then Secretary Of
the Treasury from Boston on the 26h OF June, 1888
II 10 DraS laptS d,cir aIT, and
ec TO separate the control Of the currency from the
political power of the country and from every ques
lion which may hereafter be agitated, in the Con-
gress OF the y. States" In several OF Gen. Jack
son subsequent messages TO Congress he earnestly
TO Congress, in regulating the public
deposites in the State Banks, leave as little dis
erection In the Executive as compatible with the
safety OF the public funds. concur heartily with
Gen. Jackson Ia this sentiment and much regret
that his successor" has so far departed from this
sound and truly Republican Recommendation Of the
" Mnstrtons predecessor Mr. Rives, whom you hate
with such holy horror, and for whose overthrow,
daily and hourly You pour out your ferveni suppi-
cations with more intense interest, fear, than you
do for your own souls salvation is decidedly hostile
to this proposition; and so, my dear sir are you
And yet singular as il may seem, your constant and
rabid cry against Mr.. Riyes is-crucify him-cru-
city him--while 10 Mr.. Van Buren,, your incessant
and adulatory song is glory and honor to the high
est. This Is the way in which patriotism backs its
principles.
A. The authority 10 inuest the Snrplus Rcrenue in
Slate St0eks.-The recommendation of the Secreta-
ny Of the Treasury, that authority be given by law
10 that department TO invest occasional SURPRISES in
State Stocks, is to be found the 9th page Of his
Report 10 the Extra Session Of Congress- on the 9th
September, 1887 and Is in the following words -
sit being believed that reduction OF The Tariff,
and suitable regulations concerning the sales Of the
public lands, ought, at proper time 10 be put in
force, as to prevent any large and regular accu-
mutation in the Treasury, the Departing mt would
respectfully propose that in case Of any unexpected
excess beyond the sums above specified, Il should
merely be invested in a temporary manner, in safe
State Stocks their market rate subject be sold
again, whenever the proceeds shall be wanted to dis
charge existing appropriations" OF such a mea-
sure, General Jackson, In his second annual Mes
sage 10 Congress, said, and truly said" The poaocr
arhich the General Gorerament pond acquire arithiR
The several States, BY 6ecoming The principal Stock
holder in Corporations controlling erery canal and
each sty hundred miles Of euery important road,
and guiag proporionate rotc IN all teir elections
Is almost inconectrabte, and IN my rep, dangerous
to the liberties of The People" The mere direction
to sell the stock in which such investments were
made, when the demands Of the Treasury required,
would afford no protection whatever againstthe dan
gerous tendencies of the system. The Federal CD
vernment having through this agency gotten strong
foolhold 10 the States, might seek out many other
sources, from whence 10 supply the demands of The
Treasury rather than yield important and valua-
BILE a power Power and influence, once firmly
grasped, are but seldom yielded, except upon com
pulsion. The dividend upon these stocks when ex-
tensvely acquired, would open 10 the Federal Go
vernment an nexhaustible source of revenue, in
dependent OF The people, and in way which would
withdraw their attention from the manner amount
Of its expenditure. In a word, the system would
soon subject the power and prosperity of every
State to the within and caprice of Federal authority,
and strip them of their surest and safest resources
That man whom you der ounce as a renegade and
apostate is opposed to this measure also, and
CT. 49, r. u L.-l
measure as UNCONSTITUTIONAL corrupting and dan.
gerous in its tendency. Yet sir, to one OF its most
able vigorous and determined opponents, you, like
Hannibal have sworn eternal hatred, and continual
ly rack your brain TO invent some means by which
you may compass its destruction This, sir, is the
icau in ichich yon sustain your principlesi
5. The authority 10 issue Treasury Notes al dscre
tion.The Secretary of the Treasury, as his con-
tribntion to the grand Subtreasury scheme, recon-
mends that authority be invested in the Treasury
Department to Issue Treasury Notes at discretion,
Finding that the expense and Inconvenience Of
gold and silver such an extensive
territory as ours, would ultimately break down this
favorite system II adopted, unless some more safe
and convenient method Of transfer were provided,
this hard money constitutional currency Secretary
recommends real paper medium but true to the
purpose of concentrating all power over the cnrren
cy in the Government he recommends govern
ment instead of a convertible bank paper medium.
This system of Treasury Notes, which might be
perverted TO the basest and most corrupt purposes,
has always been obnoxious to the republican party;
and even temporary issue has never been authorized
but with the greatest reluctance, and under the most
pressing necessity. With This authority in the hands
Of Federal power It might soon, with the aid of its
revenue, drive the Stale Bank paper out OF circu-
lation, and leave no other circulating medium but
that OF the Government, which would give il COM
manding and irresistible influence over The COM
merce and business of the country, But, as my
business is with you sir do not propose to enlarge
upon this question. Do not be alarmed, sr-do not
be frightened when tell you, that upon the policy
descrter w. G. Rives, is concurrent with your own
You are both against it-and vet sir, for Mr.. Rives
firmness of opposition TO this measure, you pro-
nounce his accommodation from the Republican
church, because he will not proclaim Martin Van
Buren, ais both immaculate and inaiibis, and that he
alone must be King. This is the substantial result
Of your course