The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-09-08

affecting the business and pursuits Of the country
fatal TO your families, and you must determine for
yourselves If il shall be the doctrine Of the country
put before determining look well at the Constitution
weigh all precedelt-and if names and authority
are TO be Appealed TO- contrast those Of President Van
burcn with those Of the dead Patriarch whose words
nave Just read TO you, and decide accordingly.
i we have heard much from the Administration
against banks and banking systems | do not
70 Scuss that topic, bat will say that their tamper
my with the currency and course in relation 10 H.
nave more than all other causes increased these banks
i But Mr. Van Buren's message contains a fatal
| princlPe-one altogether wrong the principle that
The Government has nothing 10 do with providing a
currency for the country III other words proposlnr A
separation between the money Of the Government and
| the money OF the People, This il the great error
which cannot be compromised wIth--whicl ii suscep-
I uble OF no ameioratonj or modification, or remedy
! but the caustic which shall totally eradicate il
| DO we not know that there must always be bank
paper Is there here who expects that he or his
children, or his children's children, shall the day
when only gold coin, glicring through silk purses
vii, be the currency OF the country To the entire
| clusion Of bank notes MOI But il is the
glect OF Government 10 perform It's duties that makes
| these bank notes questionable You here, in New
York have sound bank paper, iedeelnabe in coin and
| II you were surrounded by Chinese wall, il would
be indifferent you whether Government looked after
the currency not But you have daily business
lations with Pennsylvania, and with the West and
Fest and South and you have direct interest that
their currency, too shall be sound Tor otherwise the
jury and loss TO yousnce you pay in the equivalent
OF specie for what you buy, and you sell for such
ney clrculates III the States with which YOU deal.
But New York cannot effect the general restoration
| OF the currency, any State, any number
OF Sases short of the whole and hence the duty of
the General Go, eminent TO supernend this interest.
But what docs the sub Treasury propose Its basis
is separation OF the OF the Treasury from
those OF the People. The bill provides
That there shall be provided, in the Treasury
building, at Washington, rooms for the use Of the
Treasurer and eproot vaults and safes for the keep
ing of the public moneys and these vaults and safes
are declared TO be the Treasury of the United States
That the vaults and safes OF the Mint in Phadtl-
phia, and the Branch Mint at New Orleans, shall also
be places for the dcposte and saiekeepng of the pub
liz moneys and that there shall be fire proof vaults
and safes also III the custom-houses OF New York and
Boston, and in Charleston, South Carolina and St
Louis Missouri and that these also shall be places of
deposte.
That there shall be ReceiyerGene at New
York, Boston Charleston. and st. Louis. That the
Treasurers Of these Minis and tho Receivers 'ieneral
shall keep the public money without loaning using
IT until ordered to be paid out and into the hands OF
these Treasures and Receivers General all collectors
Of public money are TO pay what they receive,
That the resolution of Congress of April 1916, be
far altered that hereafter Of all duties taxes and
debts due and becoming due TO the United States after
June of tins year ne-iourth shall be paid in specie
after June Of next year, onehar; after june of 1912,
three tOurtsj and after June of lSi3 the ehoie. SO
that after June 1913, all debts due the United States
whether for duties taxes sales of public lands patents
posaEes Of letters, otherwise, shall be paid in gold
and silver only
That from and after June 1913 every officer or
agent in the Government, in making disbursements
payments account OF the United States, shall make
such payments in gold and silver coin only.
/ Receiver General in New York to be paid 81 900
1 salaTy-t the Others each A., 500.
propose to say few words on these provisions In
the first place 1t very awkward to declare, by
| law certain rooms in Washington and certain safes
/ an rs Of
/ We have been accustomed, heretofore to look upon
4 the Treasury as department of the Government
cognlsed by the Constitution which declares that
money shall be drawn from the Treasury except upon
appropriations made in due course of law. II may,
I however, be made question whether any thing but
these and safes at Washington not now
Withdrawn from the protection of the Constitution.
| Ii is scnsecss 1t is absurd. 1t Is if the Legsa-
ture Of New York should declare that certain desks
and tables in certain large room at the United States
Hotels constituted the Court for the Correction Of
Errors OF the State Of New York.
w hat else does this bill do 1t declares there shall
be certain vaults, and safes and But it has
not been for want Of adequate vaults, and safes and
rooms, that we have lost money but owing the
hands to which we have trusted the keys 1t is in the
character OF the officers, and not In the strength of
bars and vaults that must look for security Of the
public treasure. What would be thought in private
life if some rich merchant John Jacob Astor for in
stance should determine longer TO trust his money
with banks and bank directors who, nevertheless,
have interest with hun in uphoding the
credit and stability of the currency, and should build
for himself certain safes and vaults and having placed
his treasures therein should if some forty fifty
hungry individuals who might apply for the office of
treasurer, give the keys to him who would work the
cheapest You might not perhaps, pronounce him
insane but you would certainly say he acted very
like John Jacob Aston Now, what is true of private
affairs is especially true OF public affairs and what
would be absurd in an individual is not less SO in
Government What is doing in Boston, where be-
long There are banks there, respectable, specie