The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-16

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iis -nos,as,cial men desire il most oil all but
a'a .aadad LEI Congress never be found back
..,.rJ IN the discharge Of so imperlous duty.
WAY has been subject Of complaint and ami
.,adversion. during this debate, that the Wings
made no proposition TO amend the laws or nm
nroye the condition of the country. Surely we
have nointed out great errors in the laws, ana
GROSS injustice in their execution. Is il not the
duty Of the majority to correct these errors ana
abuses2 :
In describing the peculiar characteristics y
the Wing party, a number of gentlemen nave
assumed that they are the party VINO ues'e "
charter Bank of the United States. and repre-
sent the measure as of Federal origin, ana ,ha'
il had always been supported by the federaiis's
and Wings. Who were the Leaders ana sup,
porters Of the charter of the Bank OF the United
Statss in the year 1916? Who advocated and
voted for the recharter in 1892 / will not fol-
low novel practice which seems TO be coming
into very common use, of sending old musty re-
cords 10 the Clerk to read TO exc out a speech
and waste the time of this House; but will
take the liberty TO advise those who desire 10
know the truth TO examine the records and see
the yeas and nays. | voted against the charter
in 1916, not that was opposed 10 the bank, but
desired some amendments, 10 make II more
safe institution. In the year 1882, who voted for
the same recharter? Who voted against the re.
charter, of the Jackson party, who were opposed
only because they desired TO have the main bank
established at New York? The times change,
and parties change with them. The Bank OF
the United States is not now under considera-
ton, but, in 1916 and 1892, was voted for with
out distinction of party.
Sir, upon the subject of banks and banking
the Administration party have played strange
game. II has been the game of non-comntiHdl,
fast and loose. They have had no fixed princl-
pie. Their principles and practice have changed
with time and place and circumstance. They
are for banks and against banks. Yet, sir, the
Democratic party have incorporated much the
greater part of the worthless rag banks through
out the United States. This party would pass
for enemies to banks, and vet they are stock
holders and borrowers like others, and SO again,
they are enemies to interpretations and monopo-
lies How do they differ from Wings i'll their
acts2 These opinions and notices, to use the
language Of my colleague, (Mr Parmenter,) are
political capital" They are counterfeit, TO be
sure-gold humbugs, professions to gull and de-
ceive the People, and especially those who have
been justly or unjustly denied, favors at banks,
or who have suffered by bad money We invite
the Democratic party, as they call themselves,
TO unite with us, and come forward like men, and
correct banking abuses in whatever form they
may appear.
The People will hereafter call upon these bank
politicians to define their position with more
precision. They will ask, Are YOU opposed to
all banks and all bank notes wouldyou require
specie in all cases ? do you pay your debts in all
cases in specie? are you opposed to all incorpor-
atoms, monopolies, and speculations have YOU
the means OF engaging in monopohes and specu-
latons, and do you sternly refuse from principle
&c.
A word or two historical, in relation to money
affairs. In 1918, by the special order and de-
cree Of Gen Andrew Jackson, the treasure Of
the United States, then accumulated TO a vast
amount, S40000,000, more or less, was taken,
in violation OF law, from where il was deposited
by law, and where experience had tested its per-
feet safety for nearly forty years. Mr. Duane,
then Secretary of the Treasury believed it a
violation of law and duty, and refused to obey
the mandate He was sacrificed at once, and
removed from office. The money was removed
and deposited in State banks, for Secretary
was found obedient to the will of the President.
And this was the great victory over the Bank OIL
the United States and over the best interests OF
the country. 1t was the consummaton of the
grand experiment conceived in sin and brought
forth IN lnlqulty.
In the first place, Selling upon the treasure OF
the country, and removing it in violation Of law,
was a high-handed and uniustiahle act. II
such violation was to be perpetrated the People
had right to expect that the President who
took the responsibility would at least direct that
it be deposited in safe and solvent banks. How
was the fact2 This immense treasure was de-
posted, with very little regard to safety or DUTY
in political banks. Indeed banks Ct know not
how many was created for the sole purpose Of
obtaining the deposites The depostes of the ma
ton lodged in these banks BY the Administration
was their capital to operate upon. 1t required no
spirit OF foresight to predict their end, Bank beg
gars, soliciting the deposites, were as numerous,
jealous, sturdy, and importunate as beggars for
office, and the requisite qualifications much the
same; the disposition and means TO support the
party services already rendered and sworn to
be rendered, to the party. But, on the 23d OF
June, 1886, a law passed Congress. called an act
to regulate the deposites of the public money
II was frequently called the distribution act, as
among other things il provided for the distribu-
ton ola large portion of the surplus among the
several States This was one of the most inn
portant acts that ever passed Congress. How
bitterly it was denounced by all ultra AdmiRis-
traitor politicians, and their humble retainers
throughout the United States! 1t now became
necessary for the Administration to collect the
money deposited, and pay it over These pei
political deposite banks were unable TO refund it,
Some, no doubt, had been guilty of d honorable
and fraudulent conduct The Administration
were disappointed and deeply mortified and
changed their tone from high praises in favor of
State banks to denuncatons. In the hope of
concealing their own misconduct and abuse of
trust in depositing the money Of the People in
pet political banks, they condemned not only
such banks, but all banks, sweepingly and in
discriminatory, guilty or not guilty.
The deposltes placed by the Government in
these pet banks had been lent TO political friends
and spectators The money had been wasted
and lost The grand experiment, about which
there had been SO much parade and boasting,
now failed. The bubble burst, 1t was hum
bug,
To escape the modification resulting from a
most signal failure and great national loss, the