The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-09-08


RAINY drew their attention to the necessity OF uniform
currency, looking probably at that time the mint
rency.
mention these circumstances to show that the dit
terence IN the curencios of the several States and
the want OF uniform system, both of commerce and
currency being among the chief inconvenieneies to
DC remedied by the establishment Of the constitution,
the subject very naturally and properly attracted the
early attention of the President the first Of the
first Congress
AZ The second term the United States Bank was es-
'aplshed. Without OBTAINING you by quoting papers
OF speeches ofthat day. will simply refer any Gu
nous TO inquire 10 the official documents Of the time
ana 70 the contenporaneous expressions Of public opn
ION on the leading of that day for proof that
whiie one object of incorporating National Bank
was, That II might occasionally make loans TO Govern
inent and take charge OF the disbursement OF its reve
nues another object, quite prominent and import
ant, was TO furnish a circulaton-a paper circulation
founded on national resources that should be cur
| rent all over the country. General Washington had
the sagacy to see, what indeed minds less saeacous
tah MS could not fail to perceive that the confidence
reposed IN the United States under the constitution
and IN George Washington the head Of it, would
impart to whatever from Congress authori-
| Y and value than to any thing emanatng from any
single State.
The assumption by Congress Of the State debts il
Illustrates this remark for the moment the United
States became bound for those debts and proceeded
fund them, they enormously and rapidly in value
/ "
mixed currency, If the paper had the mark of the
Union, and bore il the spread cage--would com
mand universal confidence throughout the country
and the result proved the wisdom of their foresight
From the Incorporation of the first bank TO the expi-
ration Of its charter embracing period Of or. at com
mercal and political vicssitudes the currency of that
bank was never objected tot indeed, surpassed the
hopes, and equalled the desires cr every body The
charter expired in 1Sll-how or why or from what
state of parties is not my purpose to dlscussbut
the charter expired in 1911 War with England was
declared in June, 1912 Immediately upon the decla-
ration Of war, all the banks south of New England
stopped payment, and those Of New England ceas-
ed TO issue notes and thus in fact the spece-pay-
ing there amounted to little nothing AT the close
OF the wSl the condition of the currency which had
become very much deranged not improving, Mr.
Madison presented the subject to Congress In his
messages both in 1914 and 1916 he dwelt earnestly
the subject and in the latter year the second Bank
of the United States was incorporated, and went at
into operation. AT its outset owing possibly to
msmanagement-perhap unavoidably-the bank met
with heavy losses but il fulfilled its functions in pro-
vdlng currency for the whole country, and neither
during the eight Yeas Of President Monroes admin
istration the four years Of President Adamss
any complaints on that score heard. And now de-
sire to call attention to particular fact There were
several candidates for Presidency to succeed Mr..
Monroe General Jackson, Mr., Adams, Mr.. Craw-
ford and Mr. Clay. None of them received a suffi-
cent number of votes from the electors to he chosen
President General Jackson received the largest
y
q. Adams President From that moment fierce op-
position was commenced against Mr.. Adamss admin
istation do not propose to discuss the character
conduct of this opposition. The fact OF its existence
all that have to do with now and that from the in
auguration, in March, 1925 to March 1929 an OPP
position, distinguished for its remarkable ability per
severance and ultimate success carried under
the name and flag of General Jackson.
All other candidates had disappeared General Jack
was the sole opponent, and four years of active
angry, political controversy ensued-during which
every topic of complaint that could be dragged into the
vortex dragged in; and yet beg special aHen-
hon to this fdctnot once during this four wears CON
troversy did General Jackson himself any press
in his interest any Of his friends in Congress or
elsewhere, RAISE single voice against the condition of
currency, or propose any change therein. OF the
hundreds here, possibly, who supported Jackson not
one dreamed that he was elected TO put down estab-
llshed institutions, and overthrow the currency the
/ country. Who, among all those that in the honest
convictions of their hearts cried Hurrah for Jackson
believed expected desired, that he would inter
iere with the Bank of the United States destroy
the circulating medium of the country. stand here
upon the fact and defy contradiction from any quar-
ter that there complaint, then, any where, Of
the bank. There never was before country of equal
extent, where exchanges and circulation carried
on SO chcaply, SO conveniently, and SO securely.
General Jackson inaugurated in March 1929,
and pronounced an address upon that OCCASION which
| heard, did the oath he took support the
constitution In that address We're enumerated ,ari
Gus objects, requiring, he said reform-but among
them was not the Bank of the United States the
currency. This was in March, 1929. In December,
1929 General JAG kson out with the declaration
(than which none have heard surprised me more)
that "thc consttutonaity Of the Bank OF the United
States might be well questioned and that it had fail
cd to furnish convenient and uniform currency to
the country.
What produced this change Of vcws7 Down to
March of the year. nothing OF this sort indi
Gated or threatened What then, induced the change?
| { A voice from the crowd said Martin Van Buren,
Ii that be So Immediately reloned Mr. WEBSTER, it
was the production of mighty consequences, by
cause all proportioncd will state, conncx-
ion with and in eucdation of this subject, certain
Transactions which constitute one those contingent
ces in human affairs where casual circumstances act
ing upon the peculiar temper and character Of
of very decided temper and character affect the fate Of
nations a movement was made III the autumn of
1929 in order to effect change in certain officers of
the Branch of the Bank of the United States in Ports
mouth n III. Mr.. Woodbury., then Senator from
New Hampshire, transmitted to the President OF the
bank at Philadelphia request, purporiing to pro-
coed from merchants and OF business Of all par
ties, asking the removal of the President OF that
Branch not political grounds but acceptable
and advantageous to the business community. At the
same time Mr. Woodbury. addressed a letter marked
confidential, TO the then Secretary of the Treasury,
Mr. ngham, suggesting that his Department should,
on political grounds, obtain from the mother Bank the
removal of the Branch President. This letter was
transmitted to the President of the mother Bank and
reached him about the time the other; so that
looking upon this picture and upon ,hat-upon one
letter that urged the removal on political grounds and
on the other that denied that political considerations
entered into the matter at ali-hc concluded TO let
things remain as they Appeals then art
fully made to the President His feelings were
listed; and it is well known that when he had OBJ
iect in view his character to 90 ,hcad. mean
to speak evil no disrespect of General Jackson
He has passed off the stage to his retirement at the
Hermitage, which it would be well perhaps, that
friends should not disturb and where sincerely wish
But General Jackson's character was mperous; he
took the back track never; and however his friends