The Madisonian., 1840-01-28
THE MADlSONIAN.
The GREAT oUEs ZION OF TIE DA'


from distinguished and learned gen'iena"
in Virginia. To Representative In Congress
from that State The author has beslo" ed
much attention upon the great financial ques-
ton which has divided The country, and has
before given 10 the public, one Of The most
powerful arguments that has been delivered
against the Sub-rreasury scheme. The
writer is no parlisan-he is alool from the IN
fuence Of party, in loiIier sphere, and his
views should therefore, have the more weight
with the candid Of his countrymen.
We are proud to be, the organ OF eommu-
nica,ing TO the public, document OF so much
ability and value.
Tue PaEsipESr's MESSAGE Tue SUB-TREAsuaY'-
OpEaArIoss or BANklsG The BRIrisH AND AMER
IcAa TaADg CvrToa BusisEss. CAUSES OF oos-
WILSON'S.
SIa: You have done me too much honor In at
taching any importance 10 my views upon Tue giea'
financial subject which now agiiates our country
and am bu, too sure that no remark which may
make, on that portion o the Presidents message re-
'lating TO banks and The currency, upon which you
ask my views, can possibly convey any Information
which you may not now possess, or exhibit the sup
jec in any liz gt which may not be already familiar
to you. As, however, you have done me the honor
to ask for my opinion, will candidy communicate
il u you, however lue il may be worth. shall
therefore, confnc myself to such views as have
been suggested by the general impression LETT on my
mind from reading the message.
ain willing to concede that the views of The Pre-
sdeo on the currency, have been stated win great
ingenuity and plauslbiy, and that they are caicu-
lated to produce deep impression on The popular
mind But whilst admit this much, must oe per-
mi,ted TO say that am far from considering ihem
as Just or lrue-his argument IS more specous than
solid; more sophistical than true II stops hall way
In its research-presents TO the mind dexterous
grouping of truth and error, and consequently im-
poses on the indiscrmnating portion ol The commu-
nity from the difficulty OF separating lhe one from
the her. Upon subject like that oi The currency,
the great mass OF the community, nnacquainted
with those principles OF political economy upon
which il depends are Obliged to Judge almost en-
trey by apparent results they look 10 the action OF
the immediate agents around them, without the ca
pacy Of seeing beyond, 10 those deep sealed causes
which have called them into operation; 10 tracing
out The chain OF causalon, they constantly coniound
a m re conjunction OF events with cause and ehecl;
and they are but too apt 10 form their opinions up
on such complex question, from the Impression
made upon the confused mind, by lew Striking
points. rather than from careful examination OF all
the parts. Hence ills, that The popular judgment
for which have generally the highest respect, be-
cause founded on honest intentions, is not ordinarily
10 be relied on in malteis OF deep scientific charac-
ter or Of great compeXity. |, is artio be biased by
partial views or to mscalcuaie results from The want
Of clear comprehension of all the causes IN action
Now, sir, although have no doubt that The Pfesi'
dent, in The late message, has expressed the deep
conviction of his mind, for no one can doubt the
honesty Of his belief in regard 10 the Sub-Treasury
policy, vel must say that The line OF argument, by
which he has sustained himself seems TO me to be
better calculated for effect upon those who have not
the means OF obtaining instruction on this deep and
complex question: than for mpariing satisfaction 10
the reaec,ng and observation-disclosures IS better caicu-
lated 10 rvet error the minds OF The undiscfimi-
mating mass than to operate conviction on the en-
lighiened few. Ii is much more ingenious defence
ao popular prejudice than scientific exposition oi
the great subjects uLder review. have been par
ticuIarly impressed with this character oi The mes
sage from the uufair manner in which he has rea'ed
Of the banking question, from lhe mos' uheo"se-
ouentia conclusion which he seems 10 nave drawn
In favor of the Sub Treasury, from The operation o'
she State debts, and from the manner IN Whlch ne
mas urged the present financial crisis as an arsu-
4 menl in favor OF his cherished plans Upon eacn
II ,l these heads, will make few remarks
am sorry to see tha, the President seems 10 have
4allen into the popular error OF charging our com
\ nercial rev usions the banks. That unihsTue'eo
ersons should do this is not TO be wondered a'-hey
n ook alone al the promin, MT the most conspicuous
,ars OF the credit SYSTEM and hold them responsible
aor all the evils OF the SYSTEM merely because lhey
Hsre ncap BILE Of penetrating beyond to those deep
Heated causes hich may lie at the bottom 1t Is Tor
yhis reason during the middle ages, thai almost ev-
hEry commercial revulson was charged upon the
Fews, who were the great money lenders OF Europe,
nd hence an additional reason for the barbarous
eatment of that most useful race. When the Lom-
ards began the practice Of drawing bills oil ex-
hange, and enlarging The whole system OF credit
NJ their skill 10 finance, they were looked to as the
GENERATORS Of commercial difficulties and every re-
ulson threw upon them the popular odium.
II In the hard money countries, at this day. every
isis OF this kind in the popular mind, is quickly
aced TO the greatest muneyed men OF the nation,
ch a, the Rotschilds La6ttes, ,Barng's,& &c. Now,
not surprising, that in countries like England and
merica, all these crisis should be charged at
,on the banks, because they Stand iorlh as the
rgesl and most conspicuous money dealers The
t rors OF the past see. No man Of intelli-
nee now doubts the great advantages of the Jews
ID the Lombards TO the commerce OF the middle
es, and we see at once that the very exorbancy Of
usury was due 10 the injustice of their treatment.
AMI vet clear this appears 10 us, we are
liking this very mistake in regard to the banks
re are charging them with all the evils Of these
onetary revulsons and imagine that il they were