The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-08-25
Communications.
r. nc p.l5iishsr Qf dc Madisenian

inst containing an article assaing Of the orgi-
nal Conservstives-some who were the first 10 declare
openly their hostility 10 the prominent measure Of
the Administration, (the sub-treasuy,) and 70 main
tain their principles by separating themselves from the
Administration.
The article referred TO- contains the following deca-
ration, viz; RIvEs, TALLnADoE and WHTsEY were
partners Of the new system which to give them the
function Of making currency for the Government
and the same tor the people"
Were ambitious, could no, seek to crafty my
aspirations more highly, than 10 have my ssso-
caied with the above distinguished names-men who,
when told they had party obey did not forget that
they had also country TO and who most nobly
and patrotically, preferred country to party, and have
abandoned the latter % serve the former.
But what means the Globe, in speaking Of "new
system r. That system which gave zone currency
for The Government and the for the people"
the one which had existed from 1882 down 10 the
time it sought to be changed by the present Ad
ministration. The gentlemen named, with myself,
strenuously opposed the contemplated change and in
place of the system, exerted themselves To pre-
serve and continue the old system.
1t was Mr. Van Buren, who, through the columns
of the Globe, first proposed the new system" which
was TO give him the function" Of what Ofmaking
people No; but of making currency for the
Government and another for the people!
regarded the scheme (the sub-treasury,) which
would lead such result anti-republican inju-
the interests of the country, dangerous TO the
liberties of the people, and certain to in
the hands of the Executive the entire control Of the
moneyed interest of the country. The President,
clothed with such power, would be rendered alb
solutc than the Emperor Of Russia and thus Re
public would be changed into a despotisin.
Such being my views, at eaily day expressed
my opposition to the proposed scheme. The conse-
quence was that the denuncistions Of the Globe
showered forth upon Its affiliated presses
echoedits anathemas. In December 1897, and Jan.
1888, as you will undoubtedly recolect, noticed
these assaults made on me- and INDICATED my course,
through the columns of your paper, in some commun-
cations which ! addressed to the President Of the
United States.
From OF these communications, dated the Sd
January, 1888, extract the following, then said
II am sure that some of my political associates will
give credit for the frankncss which has accompa.
MED my opposition to the sub-ueasury plan. In the
month Of June last some of them will well recollect,
that declared the scheme TO be wholly mpracticable
and il attempted, IL icoutd carry those Tho engaged
in IL 0rer precpice. furthermore added, "Istoutd
not accompany them. Time will show, in the
scheme is persisted in whether | shall prove true
prophet or not
" shall continue to pursue the even tenor Of my
way giving my feeble support to the principles Of Re
pubcanism, as believe them to have been originally
established. shall continue my uncompromlsing
hostility to the subtreasury scheme in every shape
believing it to be with the best interests of the
country regardless alike TO who what party adj
yocaics or opposes it.
Against the ntolerant and proscrpiive course
which has prevailed for time past in certain quar-
ters, shall ever be found uncompronising enemy
view il violation of the rights guaranteed 10
every citizen BY the Constitution, and an cncroach-
mcnt upon the sacred immunities OF every American
freeman
Such were my views in 1887 respecting the mea-
sure which mus, inevitably give one currency for the
Government, and another for the people. Aff-ran
judge whether the prophecies made in June, 1887 to
some of those with whom was then acting politically,
are, from the signs of the times about becoming mat
tiers of history or not.
With the authors OF the sub-treasury scheme had
been the opponent Of National Bank; yet from the
first suggestion of that scheme saw that their ulti
mate object the establishment OF that which lc
garded As en-fold more dangerous--a Treasury Bank
In a communication signed Taierius Iubiius, written
by me- and published in your paper Of the Goth Jan.
1888; referring the bill tina, had then Just been re-
ported in the Senate, by the chairman of the Finance
Committee, said This hill contains ell the formula
for the long contemplated TREAsuRY BASK. That is
the Interior object of the advocates of the bill Let
the opponents of such scheme be on the alert or ii
will be fastened on the country
Who that has read the reports of the Secretary of
the Treasury, made to Congress, commencing with
that at the extra session in 1887 down to the last in
elusive could fail to perceive that every thing suggested
by that functionary, in relation the Subtreasury,
had bearing upon a Treasury Bank The suiho-
rity to issue and reissue Treasury notes has been
asked and urged at every session Of Congress and
that too discretionary with the head Of the Treasury
Department What this, bu, asking authority
for the Treasury the functions Of banking
From the moment the first Of Congress passed in
October 1887 authorizing the issue of Treasury notes
the regulations of the Treasury in relation thereto
have been, practically, to hank with them and render
them currency This was shown in the first that
were issued bearing on their face, merely nominal
interest, of only mill per The immedi
ate depreciation of these in market of their value led
to other experiments first, of two per cent then OF
FIVE; and, finally, from necessity per cent. per
annum Even at the latter rate, the max mum autho-
rzed by law, it with the greatest difficulty they
could be sustained at their par value.
But since the passage OF the Sub-treasury bill, ac-
complished by resorting to the nefarous acts,
what do see Why, every means employed for
the purpose of carrying the original design and
converting i, into banking machine Treasury
notes issued Of denomination small fifty dol
lars payable twelve months after date evidently for
the purpose of causing them to become part Of the
circulating mcdium But that is not all The repu-