, 1840-07-11

state banks have been tried and found to be
unworthy of confidence. and the sub-treasu-
~ is proposed by the President, the state
bank system is preferred. Knowing the OBJ
~jections OF the people to an overgrown mo-
ney power, they do all within their power to
make the present government odious in their
eyes, and by throwing difficulties and clogs
in its path, to force them TO cry out for the
idol Of their worship. If they cannot see,
they must be made TO feel; If their I'm.
derstandings are so obtuse that they will
not understand what is for their interest,
their purses must be appealed to; it gentle
means will not answer, harsher ones must be
tried. They must be scourged and lashed
into obedience, until like the Jews OF old,
they will cry out give US a king-a money
king-l regulator that will give the people
no trouble about their affairs, and take every
thing in its own hands.
In my article published in the Journal OF
the eth ult., ] attempted to show that the
Independent treasury system was IN opera
ton in the early history Of the government,
during the administration Of Washington; and
that to Hamilton. the father of the federal
party, we are indebted for its a ,andonment
and the establishment of the first national
bank. Mr.. jefferson was opposed TO that as
we'll as all other banks of discount and circu-
lation-and was consequently in favor OF the
sub-treasury scheme, rs | have shown that IN
the nature of things, no other plan Tor col
lecting and disbursiEg the revenue could have
been in operation from March 1897, to Feb.
ruary 1891. But to set this matter at rest,
| will give you an extract from n letter writ
ten by Mr.. Jefferson TO Albert Gallatin in
1908, in which shows his preferences deci.
dedly and clearly:
"From a passage in a letter Of the Presl.
dent, | observe an idea of establishing q
branch bank of the United States in New
Orleans. This institution is one Of the mos
deadly hoStilities existing against the princi.
pies and forms Of our constitution. The ma
ton is, at the present time, so strong and
united in its sentiments, that it cannot be
shaken at this Moment. But suppose a Sc.
ries of untoward events should occur sufi
cient to bring into doubt the competency Of
a republican government 10 meet a crisis oil
great danger. or to unhinge the confidence oil
the people in the public fun%ctionarles; an
institution like that, penetrating by its bran
ches, every part Of the Union, acting by
command and in phalanx, may, in a critical
moment, upset the government. deem no
government safe which is under the vassa.
lage of any ~selEconstituted authority. or any
authority than that Of the nation, or its regu.
lar functionaries. What an obstruction
could not this Bank Of the United States.
with all its branch banks, he in time Of war
II hight dictate to us the peace we should
accept, or withdraw lis aid. Ought We then.
to give further growth TO an institution so
powerful, so hostile! Now, while we are
strong, it is the greatest duty we owe to the
safety of our Constitution to bring this pow
erful enemy to Il subordination under its au-
thorities.
"But in order TO meet a general combina-
lin of the banks against us. in a critical
emergency. could we mt make a beginning To-
yards an in8rpsnaent use Of our orn money,
tordrds boiling our oUa bank in all The DE-
posites where it is received, and let ling The
treasurer glue his draft or note for payment
on any particular place, which, in a weli
conducted government, ought to hare as much
credit as any priUate draft, or bank note,
or bill, and pouh gire US the same facilities
phich we desire. from the banks"
LINCOLN.