The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-09-01

be kept safely, nor transferred conveniently for
the Government.
Secondly, the bill provides that part now,
and after certain time the whole OF the public
revenues OF the United States shall be collected
and disbursed in gold and silver only. This,
IN elect, gives to the Government one currency
and 10 the people another Its operation is 10
enable all the officers of the Government 10 han
die gold and silver, and TO receive their pay for
services IN an appreciated medium, those officers
poeketing the premium which is so much added
70 Their emoluments at the expense Of the ma
non The dangerous and mschievous nature
OF thls provision il has been sought to disguise,
under the deceptive cry Of a dirorce OF bank
ana state. II is, in fact, divorce of Gorern-
mem and people, separating them by broad
line, and sacrificing the interests of the com
munlty 10 advance the interests of the Office
holders.
Thirdly, it places the entire treasure of the
united States under the discretionary control OF
the Executive Ii provides that certain buiid-
ing shall be declared and constituted to be the
Treasury Of the United States, so that all pub
lie moneys there, are Ia the treasury, and all
pubic moneys not there, are ont of the treasury
The effect of this, and its apparent object, are
to evade that limitation of the constitution,
which forbids any money to be drawn from the
treasury, except in consequence of Appropriation
thereof by law. Moneys in the treasury build
ing at Washington are subject to this constltu-
tional restriction, and can be drawn thereirom
only in virtue of official papers, signed and
counter-signed so as efiectually to prevent en-
bezzlement. But there is seldom much public
money at Washington. The money is chiefly
collected at the land offices and the great sea
ports. All this money is by the Sub-treasury
bill now declared to be out of the treasury, and
so is placed within the unlimited discretion and
control Of the Executive.
These are the great prominent provisions of
the Sub-treasury bill, and subsidiary to which
are its many complicated details
The ideas which pervade the bill, and the
objects directly and Immediately accomplish
ed by it, are-1. The prescription Of banks
and OF bank paper, so far as the action and in
fuence of the government reach 2. The AFRO
eating to the government the privilege of pc
culiar currency of its own, composed partly Of
specie and partly of government paper; 3. The
total separation Of the pecuniary interests of the
Federal Government from those Of the people,
and the subjugation Of the latter 10 the former ];
a. The locking up OF the public treasure, and Of
the amount OF money obtained by loan or other
wise tor government use, IN vaults, or otherwise
in the hands of government officers, as dead
capital; and 5. Unlimited and unchecked power,
to be exercised by the treasury department, over
the custody and transfer of all the moneys of
the United States.
In addition to these direct objects of the bill,
and which it immediately accomplishes, there
are other Interior objects, which the advocates
OF the bill allege, as advantageous effects to fol-
low, and as inducements to, its adoption.
: Now, this measure, as asserted by its friends
and opponents alike, is one of great importance,
and involving serious consequences. Its advo-
Gates pretend that il is good measure its adj
versaries, that it is bad one. Mr.. Van Buren,
stands for reelection upon the claim that it is
measure of so much wisdom, and above all so
democratic, as to entitle him to the support of
the great body of citizens of the United States,
who supported General Jackson.
To yourself, therefore, and other gentlemen,
who, like you, contributed to sustain General
Jackson's administration, the question is one of
political consistency, as well as one upon the
merits OF the measure, such as they may now
appear on present examination of ii.
And II is circumstance, therefore, 10 which
| beg your attention, that since Mr. Van Buren,
stands upon this bill, and this alone as he mea-
sure OF his administration, it is due to political
consistency, not less than the intrinsic merits of
the question to repudiate Mr.. Van Buren,; for
there is not an idea contained in the Sub-treasu-
ry bill, nor an object effected BY it, which was
not pontedly condemned by General Jackson in
sury, or by the prominent members of Congress
of his party, or by the Globe and other leading
journals in the interest of his administration.
To support Mr.. Van Buren,, in the face of this
is to contradict and belle all the OPT
Mons and principles, upon which you and other
gentlemen supported General Jackson. This is
strong language, but it is no stronger than is
warranted BY incontestible facts
II is Of course known to you that the Sub
treasury scheme was originally suggested in
Congress by member of the House Of Repre-
sentatives from the State of Virginia in 1884,
when il was rejected by the nearly unanimous
nails of Congress show.
In consequence of the scheme having been
thus proposed at that time, il became a topic of
discussion and attracted the notice Of the go
vernment Hence the fund of authorities and
opinions on the subject, some few of which are
to your consideration as a specimen
of the whole.
/. Mr. Van Buren's bill expressly locks up the
public revenue in the vaults of the Treasury.
But Gen Jackson held and declared as fol-
lows
s.To retain the public revenue in the Trca-
sury, unemployed in any way, is impracticable
1t i considered against the genius of our free
institutions to lock up in the vaults the treasure
of the nation. Such a treasure would doubtless
be employed, at some time, as il has been in
other countries, when opportunity tempted am
bition."
2. Mr.. Van Buren, deems it wrong TO place
the public revenue in banks to be discounted
on
But General Jackson said:
.The funds of the Government will not be
annihilated by being transferred; they will i'm
be issued for the benefit of trade, and
if the Bank of the United States curtails its
loans, the State Banks, strengthened by the de-
posites lcW ertend theirs"
And MIR. fancy, General Jackson's Secretary
Of the Treasury, was instructed by him to adj