The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-02

A.
e;aJ Sd ours. banks In some form VIII probably
always exist Ii, then banks are always, t'
ex;st IN some form. what is that form In VIVA
form are they 10 exist II the Presldehi car
suggest any better form or system than the pre-
sent why was il not proposedY IL surely tends
10 no practical good TO deal IN mere denuncia
,ions OF the banks, and unmeanlng generallte'
about bank reforms. II tends 10 no practica
GOOD 20 discuss the question which political par
~ has done the most ito swell and madden The
tides of the banking SYSTEM All this may
serve 10 agitate and delude the public mind bu
il will never reform the system The condition
of the country requires that this subject should
be approached with an honest purpose, and win
practical wisdom This constant cry about
bank reforms and well regulated banks, means
one thing or another, nothing at all, as Is con
venient 10 interpret IT, Sir, do not wish 70
speak of the President Of the United States IN
any unbecomng manner, but cannot resist the
conviction that, in this matter, he shaped ms
message for popular effect; that he surveyed the
troubled elements with the GOODNESS OF political
calculation and was chiefly intent upon SEEING
and appropriating the means OF political power
There is something in the message TO Halter the
opinions of all sorts of men, whose support Is
courted. The hard-money politicians find an
advocate of their doctrines in his denuncatlons
Of the banks; in his praises OF what he calls Inc
constitutional currency; and in this scheme by
which the Government is made TO deal in mo-
thing but gold and silver Those who are more
conservative in their opinions, are quleted IN
their fears BY the declaration that banks VIII
probably always exist; while his plausible &C.
neralities about bank reforms are designed To I'LL
and satisfy the popular ear The President Is
in favor Of well regulated banks. He was once
in favor of judicious tariff; he is now in favor
Of judicious system of internal improvements:
Whether he is in favor of the Cumberland road
is believe, still one of the secrets of state, As
great a secret, sir as the authorship OF Junius.
The President of the United States is IN favor
of iudicious systom of banking.
have already adverted 10 the diversiucs OF
opnion entertained by those who are the ac'
knowledged leaders of the Administration, both
in regard 10 the effect of the present bill, and
also in regard 10 the financial policy that ought
10 be adopted, | do not know that il IS in order
for me TO aude to honorable Senators, in the
other wing of the Capitol, or to opinions there
avowed during the present session; but, II u
were, would instance the Senator from South
Carolina (Mr. Calhoun the Senator from Mis-
souri,. (Mr Benton,) and the Senator from Penn
sylvania, (Mr Buchanan) These great lumlna-
ries move on this subject each in his own sepa-
rate orbit. There is a total disagreement among
them as to fundamental principles The Sena-
tor from South Carolina proclams the downfall
of the banks, and is in favor Of a Government
paper currency He avowed this policy in 1887,
when he gave in his adhesion TO Mr.. Van Bu-
rem. The Senator from Missouri has such an
adherence Of all paper money that he Will not
even vote for the Treasury notes TO relieve the
necessities Of Government; while the Senator
from Pennsylvania is in favor Of what he calls
well regulated banks He is for mixed cur
rency, but would reduce il till we have brought
q our nominal TO the real standard Of prices
throughout the world"
Now, Mr. Chairman, among all these discorl-
ant opinions, what policy is to prevail? or, is the
whole farce to end, as il began in mere political
agitation Sir, make il ground of complaint
against the present Administration that while
the disorders of the currency constitute the bur
den of the messages Of the President and the
theme for defamation, both here and through
out the country, no practical remedy has been
agreed on or even proposed Tor this enormous
evil The present bill may provide a safe cur
rency at the doors Of the Treasury, but it holds
out no relief to the people 1t is destructive,
not a conservative measure 1t is based upon
the ground that the paper currency OF the States
is, and luiH continue 10 be, unworthy of conf
dence. 1t denounces it, rejects it, dishonors IT.
1t makes war on the banks by draining them Of
their specie and discrediting their paper 1t
takes the gold and silver out Of the banks, locks
il up in the vaults Of the Government, and dis,
turbs or wholly prevents its natural return. and
its natural flow in the channels Of commerce,
Ii may be used as an engine to harrass, Cypress,
or destroy the banks; but it does not contain,
nor do its friends clam that il contains, any
power to regulate them or TO correct the disor-
ders OF the currency
The President says that this power rests with
the States, and he doubts not they win apply the
remedy The President is Of opinion that he
has performed his duty, BY exhortng the States
TO faithful discharge of theirs. Our hope, then
lies in this, that the twenty-six States OF this
Union, each having the power of creating loca
corporations, and Of passing local laws, will, a
the request Of the President, agree upon some
system Of banking, or some plan of reform, thai
will give stability and uniformity 10 the curren
cy. Now, without stopping to consider the diff
culties in the way of having any uniformity In
the local legislation Of twenty-six separate indie.
pendent States, why, ask was not the Presl-
dent, when he made this appeal TO the States, q
little more specific {? Why did he not propose
something that was definite and ineligible
something that could be understood and adopt
ed2 And why, in some one Of the States which
are in the hands of the friends of the Admins
tratlon, has not some system Of banking beer
brought forward and adopted. which would give
practical Illustration of their notions of reform
and serve as a model to all the other States
Why has not this been done in the District o.
Columbia which is so highly favored as to enjoy
not only the direct light, but the direct lcgisla
ton OF the General Government? If any valua
BILE reforms have been introduced into STATE
legislation, by the friends Of the Administration
l have not heard of them. Look through til,
States, do you find the currency better regulated
or the banks in a better condition in those States
where the Administration party is in power
than it is in others We have had plenty o
sound and fury, but where are the evidences o
any good accomplished Where are the prac
,ical results Where are the monuments TO ties
,ify the past, or inspire confidence for the future