The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-16
REMARKS OF Mr.. JOHN w. ALLEN
OF ONO,
ON THE SUB TREASURY BILL
)sLrprea IN The House Of Representatives,
lime u, 1910.
[coNcLuprp.l

[CoNCiupED.
An honest but misguided enthusiasm ~,
,,a,an, old soldier, eleven years ago. Drought y
g., If men into power who were en'iisy un"'
10 WELD il; and objectionable as was the ''fs' ~
neration succeeding ones, have become worse
and worse from that day to this, till now me aes-
mics of this great country are IN charge Oh mere
prdlars in potlcs-yampYfesu gu eo'ii'iiui MY.
trH"y Nave been stumbling, laundering, hobbling
alonr from one cxpermenttQ another, obviously
without knowing what they were about or caring
Car lhe consequences constantly promising and
never Gllilng-paying of old promises by ma
Einr new ones successfully, and promising too
not only without the means OF paying, but with
ant As il would seem, even the expectation OF
haylnrthem and this by set OF men who have
H. uoS holy horror for the credit system. Per
sonaI goritcation from him who left " this great
people prosperous and happy on the 4th March,
81. down to the humblest tidewaiter in the
most obscure fishing village on the coast--the
advancement Of personal interests and OF party
interests seem 10 have been the ruling motives,
rather than the welfare Of the Rcpublic-credit
might perish and commerce perish, and all that
renders life desirable might be ground in the
DUST 50 long as the leaders of The party could
ride on the crest of the wave and enjoy the
spols Of vctory."-Nor, sir, did you sin igno-
rantly All the evils under which we now suffer,
were predicted by master spirits in and out OF
the Capitol, but without effect. What was pro-
phecy has unfortunately become history, ana
now, surrounded by the wrecks yourselves have
made, you impudently give the lie 10 all your
former pretensons and tell the country you have
only TO look out for the Government.
The President himself, enveloped in the am
pie folds Of his official cloak says
I" All communities are apt to look to Government
6rtoo much Even in our own country, where ~
powers and duties are strictly limited we are prone
10 DO So especially at periods ofsudden embarrassment
ann Mistress But this ought not to be SOL"
Sir, Task if the powers and duties of this
government are so strictly limited, why did the
uustrious PREDECESSOR" Of Mr.. Van Buren,, in
teriere with the currency at all-why undertake
10 give us better one-why volunteer the offer
OF plan OF a Bank of the United States as he
did in the veto message--why consign credit and
commerce to perdition-why declare that all who
trade on borrowed capital ought to break2 Why
all or any Of these and to what end have all
your experiments tended ostcnsbly and why,
sir, has this lev freezing declaration of the Pre-
sIdent been withheld till all your splendid expe-
rlmrnts have exploded in miserable failures, IN
volying people and government in one common
misfortune
Sir, our present dstresses are attributable TO
bad legislation. However much we may have
merlted the dispeasure of Heaven, the Almighty
has not scent TO lntiict upon us war, pestilence
OF famine, or any other national calamity; while
our people have been as active and industrious
and enterprisng as ever and our soil as prolific.
u the fault be not in the people and if the calam
MES which Cypress US have not been sent by
Heaven as scourges TOR our sins, to what cause
otherttan bad government can they be attribut-
ed} Sir, say in my place now, hear it who
nav ITS administration has been in the hands OF
men either dishonest or incompetent and their
trends may take either horn of the dilemma as
best suits them-they have miscarried from igno-
rance or design, and in either event they deserve
y bc removed. And yet, sir, strange as it may
seem. these very men have the assurance to ask
me people Of this country bleeding a they are
ION every pore by reason of their wickedncss
Y stupidity 70 continue not only their party but
themselves distinctly npower. Why sir, II the
party had any principles {othcr than merccnary
mes these men are certainly not the persons to
AIRY out those principles. If an individual
should manage the concerns of a private associa-
'lon Of business men, as the dominant party have
damaged ne affairs Of the American people, he
would pc drummed in disgrace from the vicin-
agr
Nh1' i the remedy III, sir. would it be-
A' ne mere private IN the ranks, to point
Wy remedy Tor all our troubles but can tell
w 7 net 70 BE- found in your Sub-treasury
WV ~ safes and vaults, its bolts and bars, its
'nl, ahl imprisonment Nor, sir, do think it
No.Hd o. found in rcsor, to the State bank de-
VI" system, though this is infinitely preferable
",ner' because the money would be safe,
=" 40 dangerous Executive influence could be
-W 70 pear upon It'll II could not do all the
nlharm ~" II 'ouiu w
~ know, sir, that during forty wears Of our
.o,y We had National Bank. aud that during
~ u0lr We had no such embarras smcnts as
H'f'ttnou' losScs by high rates of exchange
ny " Nufh sudden fluctuations in the value of
WIN lew exceptions, and they easily
'"ll'a ior The troubles growing ont of the
,t numerical measures of Mr.. Jefferson in
''N. q Ne first Bank and the disorders re-
N,.7 4Tn N war and from the absence of a
,a,a p'hk from 4 10 II, and the extraord-
n ""pWGlionS Tor two or three wears after
II ~ = WIN some bad management on the part
II p'nN ltsrll IN il, early conclusive efforts
"Eto'c the currency, = Immediately after if
operation for time affected no Rank
ar,r "llnS else IN the country. Order could
NapL - brought out Of chaos. even had
,n.'l 9''h wen conducted and had il been
ca,r,r, w." ", nave been about the only thing in the
9Nn oeliel uncquivocally Is. that sooner
b,rl ,,I must, IN sportsmens' phrase take n
but gentlemen are greatly mistaken
BaTl oppose, would al this time charter !
'"' omted States Not however, be