The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-08-14

shed correspondence Of certain institutions IN New
York and other parts the Union. According 20 the
recommendation Of the Secretary OF the Treasury,
they did extend their issues and speculation UMPIRE
cedented expansion, became the result Then came
the specie circular and the very crisis which the OPP
position had always predicted fell with appalling force
upon u.s. and ever SINCE that time the country like
drunken man, has been Keeling 10 and fro under the
influence Of the noxous drsughi administered by the
political empires Of thar day This sir, is brief
sketch OF the causes Of the issues which are
attributed the present endorsements Of the country
But, SIR II Encouragement Of banks and oyer-issues
are TO be alluded TO In party point Of view, would
turn the attention Of the gentleman to those States
where the Administration had the control will in.
stance Mississippi, Alabama, &c, Those States DR.
are edifyng specimens Of AdmiDslr alton GnanciernR
II useless, sur 10 attempt TO satisfy the people any
longer with fne-spun theories specious promises
II Is IN vain 10 ask them to submit any erpe-
runents They are determined 10 have change in |
the AdminiStI alton They can recoeet that hui d
few years since they haaa sound currency good mar.
kets and constant employment, for their industry -
They know that there has been mlsn,an ageuient
somewhere Their present condition cannot be rem
dered more distressing Any change must be- fyr the
better, and therefore change they will have Thir
SIR, ~ the language Of sense Us now coming
from The mass Of the people,
But sir perceive that the Administration panty
here affect 10 sneer usual Ill the asseron made by
myself and others that general distress peyades the
country know, SIR that gentlemen have said that
u IS but imaginary. One gentleman Mr. Duncan
m his speech, has told that il the people are en-,
barassed, he would advise them 10 take on their
coats and 60 to work. This language may suit an
Administration rolling in wealth and srendor IL may
come with fitting grace from the supporters Of men
who are receiving large salaries in gold and silver
and actually profng by the arrangement Of the cur
rency But tell you, SIR, that the people will know
how to appreciate and 10 such unicrIng heart
ess cold bloodej, and insolent language They have
had their coats OF. They have laborrd They have
yainly used every effort 10 obtain the due reward 81
hal Ialn .nI .Gs
community still remaining unsoId or IL disposed
Of, Il has been al ruinous sacrifice And even now
the farmer Is sowing and planting without hope Of
remuneration lie knows not whether the sweat
drops Of a long summers labor may avail him aught
In the present arrangement Of all business operations
the calculations even Of the sagacious fail and
yet gentlemen, as an answer TO the every day erpe
rlence Of these truths return the old answer that the
Administration IL not responsible and attribute all
TO the banks Sir, the Administration il responsible
its exploded and exploding experiments which have
occasoned this state ofthngs its tnerngs it's reck
less disregard for every interest its determination
tain itselfin power al every hazard sexecrae attempts
To check the enterprise, and assrniiaie the condition
OF the American People TO that Of the monarchies Of
Europe. Sir, one weeks derangeJaeHt 81 the active
industry Of this country greater Ioss the country
than if you were 10 throw the whole capital ~ The
Bank Of the United States into the Delaware This
SIR, ~ undenIable and yet have had only weeks
but years of constant arrangement and the cOnae-
quences hanging dnrkiy ~ pail apon the
| country.
But sir ~ the gentleman from vireinis /. 40 loud
~ his denunciaon of the banks and aolr thinks fb,i
the public money ought by mesDs To BE- placed ~
their keeping, will read passage from the rrfsa ~
the majority Of the fnseStigsting Cotaiiiee ~ which
The gentleman was member, and with which rnaiDr
" he acted Al ter stating that the loss h, IL. f,o
yernment 81 large ~ money nigh, have f..en
asoitd by dsp1~ng ~ The banks %, speefaI depoa.
and citing The Bank N Ameriea aad tie Manhat,an
Bank AZ having bern nsed dep0@i0Yirs after thpv
sysps"aed eeis pay"se1ts i'e COMMITTEE psg~ ~
say
:" II H. fhen, APPARENT mai, had ne d<p04asoo 49,.
TEN n banhs besn continued Mr. 'Svaft~ous could 4
nh have had noney bryond The coiiectio0s ~ A,n
ge week rrreedog The current sz.<nSez ~ RJa cfce
- have retained ~ gang ont NJ ofiee snd tbf Il
etbiehe~ N bis nA hseng diverted nv tsAgJas,s
10 that uo~ spd fhs, III pressY4 easleett1De asYe
IN bank ygsd have teeD regularly deriged from ,
The hanks - pta a-,n Nr Sgsnnopfs ofErrsl ~
tgrnx
,haH have ecrs4ten ~ ferr 10 hrs fsppyt s9s,e
bst th~ ,Ieas hg1st fNfosfk thst th0 gsesie
nan OPINIONS hayr certainly 8s6@sggns = 4reaf h
ehsaqe ssfseb lhe i4d s~ssoY, ~ Congress 81
Iess IN tie vgffieusaa n. rive that ne
banks hsyr teay~ndeb ~ fh~ feposf ssfls ftpH 4
tecsua~ The deDoaHes eeye h@f oa6~ s7sn t9ef hsY 4
had suap~nded
Enf IT. Il il mr. ny curp1e~ - defen6 me- bs6k
an IN % sienrGed vfb fhsna suf NJ gentis
man hsging ihnsghf n ~ srcpse ihe DDyo4vs'os ~
shiting gs6and snd sr'sng meofa.stepfly. dsefe y
dufy - ery the ses~yftcB ~ fgsgtfQse BIZ c10f4N
4ni n aaceYfas4 phether ~ hstFr to ils~ perT
sharre ~ haa u anreaeyyedly nsde ,qstne'
I Pond W. Chairman. eali tbe sn@nf,en ~ tbe
e1nnsttfre - fhe ~ ispaf.c dscrpof "htch q Aefv
sr4cf.sang g6r. fhs Pe8yIe " fae aft~d ssfes ~
fhe snhYerf ~ the Sfsoalqe reforms ~ earfe6rY
The ADMINISTRATOR eaisfs Aape h"fg y lesef sofos
haee fazsn frieas sstesnes % rheb saey 're - .
'erabta ~ galfscsf ~tpstat ~ Ne sensiof rom
M,teassg W. Eeaf0n opyoe~d ~ ~ iasnfna n
nv 3aak sster ~ 3gll~ sasler ne teaoutnsfioa ~
,.. hnndrefi fnliars The Scrsor fe9ya sceta f<egr
.ias W Calhoun = ~ eganrt ~ aaak e~p~y sad