The Madisonian., 1840-02-20

great was that drain Of specie, that we know
that Virginia and other Colonies were con-
strained TO adopt tobacco as a substitute for
money.
The principal cause, therefore, OF the in1u-
ence OF The moneyed power Of London over
this country is to be found in the vast extent
OF our dealings with her. The true remedy is
10 increase our manufactures and purchase
less OF hers, and to augment our exports by all
the means in our power, and to diminish our
imports as much as possible. We must in
crease our productions, or economize much
more than we have done. New Jersey, be-
fore the Revolution, being much pressed for
100000 sterling, DIR. Franklin proposed a
plan by which she could in one year, make
up that sum. The plan was this She was
IN the habit Of importing annually from Eng
land merchandise to the amount of f20O, 600.
He recommended that the Indies should buy
only half the amount Of silks, calicoes, teas,
&c.. during the year, which they had been in
the habit OF consuming; and, in this way, by
saving, the Colony would make the required
sum of 100000. If we would, for a few
years, import only half the amount from Eng
land that we have been in the habit Of doing,
we should no longer feel the influence Of the
London money power.
Mr.. President, gentlemen, in my humble
opinion, utterly deceive themselves in sun
posing that this measure is demanded by .
majority of the People Of the United States,
and in alleging that this is proven by The re-
suit of elections Of the past year. That there
were vast majority Of them opposed TO il
was demonstrated incontestibly by previous
elections. The elections of the last year did
not IN many, perhaps most instances, turn at
all upon the merits Of this measure. In sew
eral States the People were deceived by as
suranees that the Sub-treasury was at an end
and would be no longer agitated. In others,
the People had reason to be dissatisfied with
the conduct of their banks and they were
artllhly led to believe that this bill would sup
ply corrective Of the errors Of the banking
system. And where they have apparently
yielded their assent to the bill, it has been that
sort Of assent which the patient yields, whose
constitution has been exhausted and DESTROYED
by the experiments of empircsm, and who
finally consents to take the last quack medi-
cine offered to him in the hope Of saving his
life. know the People of the United States
we'll They are ever ready cheerfully to sub
NIT to any burden demanded by the interest,
the honor, or the glory of their country. But
what people ever consented to increase their
own burdens unnecessarily The effect of
this measure is. by exacting specie exclusively
from the People, and paying it out to the Off
cial corps and the public creditor, to augment
the burdens Of the People, and to swell the
emoluments Of office. 1t is an insult totthe
understanding and judgment of the enishten.
ed People of the United States to assert that
they can approve such a measure.
No true patriot can contemplate the course
Of the party in power without the most painful
and mortified feelings. They began some
years ago their war on the Bank of the United
States. Ii was dangerous to liberty; it had
failed to fulfil the purposes of its institution;
It did not furnish a sound currency, although
the sun, in all its course, never shone upon a
better; it was, in short, monster, which
was condemned to death, and it was executed
accordingly. During the progress of that
war, the State banks were the constant theme
of praise, in speech and song, of the domi-
nant party. They were the best institutions
in the world, free from all danger to public IL
berty, capable of carrying on the exchanges
OF the country, and Of performing the financial
duties to Government, and of supplying far
better currency for the People than the Bank
OF the United States. We told you that the
State banks would no, do, without the CO.
operation Of a Bank Of the United States
We told you that you would find them a weak
league--a mere fleet of open boats tied to-
gether by hickory withe, and which the first
storm would disperse and upset. But you
scorned all our warnings; and continued year
after year to puff and praise the operations of
these banks. You had the boldness in the
face of this abused nation, to aver that the
country had been supplied by them with a bet
ter currency and better exchanges than il had
been by the Bank of the United States Well,
by your own measures, by your Treasury
Circular, distribution of the surplus, &c, you
accelerated the catastrophe of the suspension
of the banks. You began with promises to
the People OF better currency, better times,
more security to civil liberty; and you end
with no currency at all, the worst possible
times, an increase Of Executive power, and
consequent increase of danger to civil liberty.
You Began with promises to fill the pockets
Of the People, and you end with emptying
theirs and filling your own.
| now proceed, sir, 10 the object which
constituted the main purpose of my rising at
this time. have hitherto considered the
bill, as its friends in the Senate represent il,
as measure simply for eAacting specie, keep
ing il in the custody of officers Of the Co
vcrnmenf, and disbursing it in a course Of ad
miniStralon. | mean now to show that, what
ever It's friends here may profess or believe,
the bill lays the foundations deep and broad
Of Government Bank--a Treasury Bank,
under the sole management of the President.
Let us first define bank. Ii may have three
Guilty of issues, entering into and forming
part Of the circulating medium Of the coun-
try that Of receiving deposiles !. and that Of