The Madisonian., 1840-02-18

i 80.
debt OF the Empire, but il ID on the sabiy o. pai
throne that the value Of roobe. anu every eoPuA
IN the hands Of the poorest peasant depends sboAe
OF The sponge would beggaf every man ~ we fopfe'
while ths golI and silver 10 the vaults of the Treasury
would enahe the Emperor TO defy lheT recruitment
lie would have nothing 20 fear but rom ssssssinaon
and il never yet known that the rights OF people
were redeemed by the asssssins knife The key OF lho
Treasury is lhe scepte, and the will OF h.tn who
bears il the only law tho Only constitution Into
hands this fall and that hand would sway the des-
TIMES Of the Empire.
The result Of such system, wherever 1t is intro
duccd, be the same. The nature Of the tunda.
mental laws the character OF tie people the extent OF
the country. could make difference. An army can
only act where II ls-ihe power OF money Is ie every
where Every thing must depend on the personal CHAR
acter Of the ruler Under fagan, Adrian, snd the An
touiaes, the 10, OF people possessing such system
would be the Tranquil and the most prosperous ~
tho world Under Nero Csl'gua, II won!d be the
most ahect and wrelched Resistance 10 the whole
some restraints Of law would not be more hopeless IN
the former case than resistance TO tyranny ~ the latter
II the Sub-Trasury accompanied bs proiuse issues
of Treasury notes. 10 supply the dchcieces OF rese-
nue. wantouy cunaIled aud wasieiuly squandered VII
not soon run into this system II must be because they
Who administer the Government, have no wish TO NJ
iroduce il, and take great pains prevent II. What
should reconcile man 90 lar sighted as Mr Cainoun,
TO the idea OF trusting the execution Of such plan TO
men ''in whom he had no manner OF confidence, am
at loss 10 understand But let that pass My remarks
are for him. He does not deem himself nfslble,
FOR his life spent reversing his Judgments
YET should despair Of on,incing him Of any error M.
less could show han at the sane tine that he could
advance hltnsef betray irend BY rccantipg u u
may be asked why is, that, II the Adninatrstion do
indeed contemplate the establishment OF system 40
favorable 10 the commercial prosperity OF the COMM.
nity, they do throw s,me intimation Of This
purpose, with 10 soohe the angry feelings Of the
mercantile interest. My answer 10 This is two fold.
l. The system however fayofable tbs interests OF
coiprrece the end could be carried effect,
the hazard OF great confusion aud great distress
aud the utter rum oil many o those Who II permitted TO
90 the beaten road of business their way clear
aud afiipence, To such Il would bs consoa-
ton, in their latter days OF poverty and obscUf,y to
look upon the prosperity aud the spendors Of others,
enriched by the very system, the establishment Of which
had been fatal them. There is reason therefore,
10 believe that an open ayowal Of the Ultimate purpusn
OF the Administration would have the effect OF concia
ting the mercantile interest, aud winning their support
2 But surely do not deceive myself, in supposing,
that among the supporters Of the Administration there
many whose aid is Indispensable this crisis, and
who would be driven into fierce aud lnplacabe oplos-
ton by such avowal | make no account Of the
tens OF thousands, who, on reading lhls, would de-
clare, and then excuse their unshaken loyalty by pro-
testing that their immaculate chief is incapable Of such
design. Let MIN 1t the next dsy. aud they will
presently find out that repetc with wisdom and
self denying PATRIOTISM. These they who chafed
and etied the federal doctrines which the lndscre-
ton OF Mr. John Quincy Adams introduced into his in
and allegiance to its suthor Or they Who,
having condemned the doctrines Of that and
sworn never 10 sheahe the sword OF opposition, while
the Force Bill remained on the Statute Book, have
identified themselves with the authors Of these aboni-
nations, and, with zeal for State Rights in their
mouths. ION 10 crusade against the Sovereignty OF
New Jersey. But all are not such, and among those
who approve the Sub Treasury, unwilling
list under the banner Of General HARRISON against
this Administration there are enough 10 turn the scale
iu
Baa OF Consolidation. II to these address myself.
earnestly en,rea,lng them pause and look before
hem ere they take step which may plunge our country
III to run.
Let it be remembered, then that to the success of
this plan, it is necessary that the Government, should
be involved IN debt and that not contracted by regular
loans, but by the issue OF Treasury notes II. for
series Of years the expenditures should exceed the
venue OF the Government, the OF these
circulation must steadily increase and would soon ex-
tend so far as 10 make 1t manifest that their prompt
redemption would be impossible In such a state OF
things common justice would demand that the interest
al least should be paid The only way public
debt not paying interest," into debt paying interest is
to fund 1t or, other words. to authorize the holders
OF Treasury notes to fund them their pleasure This
being done, The system Is complete. The treasury
paper would fill large space in the channels Of
commerce that great part OF the could be
spared from circulation, and new issues would be
gerry demanded by The necessities OF commerce fill
the place OF all that might be Withdrawn Public credit
Treasury notes preference gold aud silver, and all
the specie which might not be wanted for payment Of
taxes, would be left IN the Treasury
Now, take upon me 10 affirm that Phtthcr IL be in
tended repeated deficiency Of revenue supplied
by issues OF Treasury notes be followed by these
results. affirm that this conclusion must be oLrious
10 crery one, and hence infer the design Of the sd
mnlsation TO bring about this result, from their
ed determination TO curta the revenue, increase
pendure, and 10 supply all deficits, not by loans, but
BY Treasury notes.
On the FIRST topic, beg leave to advert to The eager
ness OF the party at this moment TO throw away the !
revenue derived from the public lands and the yehe
mencc OF their opposition 10 proposal To impose
duty on silks These things are done, 81 moment
When the Tariff of compromise (Which you and l. sir,
consider sacred hng) is about TO 90 into fall ef
feet, aud 10 produce essential dnnnution Of the
nue., already inadequate to the established rate Of
peudture. This rate therefore, must be reduced,
deficiency OF revenue will be found at the end OF every
year
Now what prospect, is there OF reduction of the rate
OF expenditure
shall nothing OF the necessary Of the Sub
treasury ITSELF which is to be managed nv host OF
officers on sd arles. compared TO which those of the
Governor Chief Justice Of State. cortomptl-
bic. ! will content myself with pointing out these
items
|. The Florida is 10 be pressed with renewed
vigor, and on new plan, which, from it's nature. must
involve enormous Expense and which meet the fate
all Of the other plans heretofore adopted for the conquest
OF that worthless territory When that silly experiment
has failed, again the raior or fraud,
the may be) Of General Jesup, and the diplo-
macy Of General Macomh All this while, the
palyey cheap force OF the regular army is TO be kept
encamped in the neghborhood Of Trenton, :" for the
benefit Of disciple" ii is said but whether that
that they to perfect themselves IN an art
thcy are never 10 practice or discipline the auhori
IL. & lprS IN 10