The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-12-15

The Presidents Message is mean and un-
manly document. Although it does not excite
the severity of criticism it deserves, yet it is
Justly and generally condemned. On the sub
lect Of finance, it is throughout, contemptuous
of the popular will It requires no ordinary de-
gree of assurance, for man who has professed
to regard the popular will as the supreme law, TO
urge measure which has been pointedly and
expressly condemned by the voice of a million
and a half Of American treen,en, and the will
of majority of one hundred and fifty thousand
citizens Of the United States. But brazen faced
and contemptuous Of the people as this indicates
Mr. Van Buren, to be, it requires still greater
hardihood to inslnuate that because they have
condemned the policy and the man, they are In
huenced by the interest that foreigners have in
the stocks of the States-in other words, that
the American people have been purchased by
British gold Never, in the history OF the
Union, has so foul and insulting charge been
made even by iasinuation, by so high magis-
trate. And no man. in any position, can make
such charge with IMMUNITY. For this the
people will add to the rebuke they have already
administered, their whitening and undying
scorn.
The new system established by Congress for the
saekeeping of the public money prescribing the kind
Of currency be received for the public revenue and
providing additional guards and securities against
losses has been several months in operation Al
though il might be premature upon experience OF
such limited duration, to form definite opinion in re-
gard to the extent of its influences in correcting many
evils under which the Federal Government and the
country have hitherto suered-especialy those that
haya of han q n
currency and official defalcations yet is but light
to say that nothing has occurred in the practical ope
of the system to weaken In the slightest degree,
but much to strengthen the confident anticpatons of
its friends.
so says the President. In order to draw
correct conclusion in regard to its practical ope-
ration, we must first ascertain what that opera
lion has been. Has the law been executed
clearly and faithfully upon its broad principles,
and agreeably to its express terms and requlsl-
tons or has the administration faltered in this
respect, and collected, kept, and disbursed the
pablo money upon the old principle of bank de-
osite and paper CURRENCY To judge correctly
Of the system, we must see 1t IN full and COM
plcte operation. Has the revenue this year.
since the passage of the act, been in fact col
lccted fourth in specie, and three-fourths
in notes of spece-payng banks, and separated
from the banks and deposited in Government
safes and vaults2 If not, then the beauties Of
the system have not been seen, and its practical
operation not yet tested. II is said, that the
mode Of operation, thus far, has been TO receive
N payment of the revenues, two checks upon
specie-paying banks-one, for one-fourth, drawn
payable in specie and the other in theusu form.
This money we understand, is not drawn from
The bank in specie and notes and deposited in
the safes and vaults or the Government. Whe-
Their it remains in the same bank, or is transfer
red to another bank, is immateral, and it is not
material in testing the principle whether it is
separated in the bank form, or remains parcel of
The general funds of the bank In the one case
II would be special, and in the other general
Opposite. The great question is, "Has the new
system established by Congress for the safe
keeping of the public money, prescribing the
KIND of currency to be received for the public re-
venue, and providing additional guards and secu-
rites against losses been now several months in
operation," 50 to justify the President in say
ing that nothing has occurred in the practical
operation of the system TO weaken in the slight
q degree, but much to strengthen the confident
antclpations Of its friend.
Thus much as TO its .tew months practical
operlton. Besides the workings of the system
as financial measure, and its influences, when
l0.y carried out in Its bard-money provisions,
upon The currency of the country, the President
" o-aln recommending il TO the Representatives
81 The People, and looking for the Final sane
U.n of the people themselves, seems not TO
Ha7e noticed the late action Of the people and
iher deliberate condemnation of the measure,
as federal in lis character-as tending TO
'r"nglhen and enlarge the Executive power
- antrepublican, revolutionary, disorganizing,
aAd against the fundamental principles Of tie
Government
It the President, in the late-to hm--disas- |