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

ne never diu renOunce tie Obllga
uon OF the Federal Government 10 take of III
cuHency-paper well as metalc--of the People
~ was In furtherance Of this duty which he felt call
ed on TO discharge, of providing better currency
that he recommended the exclusion Of small bills
i why Because, as II was argued, it would improve
the general mixed currency of the country and al
though he did not distinctly as Mr. Madison re
cognize the duty of the Federal Government TO pro
vide currency for the People he nerer renowned II
but, on the contrary, in his Message Of December 2
1888, holds this explicit language.
| by the use Of the State banks which do no, derv,
Their charter from the General Government and are
not controlled by its authority is ascertaned that
the moneys of the United States can be collected and
distributed without loss inconv enence and that all
The eants Of The community IN relation 10 erchangt
and currency are supplied ireH they haze eper
been before
II is not here question whether these banks did
or not effect the purpose which Gen Jackson takes
SO much praise 10 himself of accomplishing through
their agency-that of supplying the country with az
great a currency they ever enjoyed But why il
tins was not duty of the Federal Government is il
mentioned at all La his Message in December 1896
reviewing the benefits of his experiments on the cur.
rency, he thus speaks
" AT the time Of the removal of the depostcs il
was alleged by the advocates Of the Bank OF the
United States that the State banks whatever might
be the regulations of the Treasury Department could
not make the transfers required by Government or
negotiate The domestic exchanges " The eountrv N
is nell aseertaiaed that the real dogtesfic en-.
changes, performed through discounts By the United
States Bank and il tioentyfre branches ,rere one
Mrd less than those 81 The opposite banks far an equal
PeTtodp tme; and " comparison be instituted be-
treen the amount Of services rendered by these inslu-
tons the broader basis ich has been used bu HE
ddrocaies Of The United States Bank in estinating
iehdt they consider The domestic exchanges the result
ioiH be still more Favorable to he dcposite banksm
Here we have the distinct assertion that through
hn fatA harNE hp had I..t =
fishing good currency and easy exchanges than had
been done by the Bank Of the United States How
ever this fact may be, all this, say amounts to ac-
acknowledgement of the duty OF the General Govern
ment, and, as an emanaion of the power of coming
money and as the representatives of that metallic mo-
ncy, the exclusive power of coming which is in Con
grcss-to provide uniform currency.
contend for this principle, that down to the end OF
Gen. Jacksons administration, administration OF
the country had turned their back upon this power
and now proceed to show, by extracts from Mr. Van
Burens letter TO Sherrod Williams, to which. since
he has largely referred to il lately there can be no IN
fitness in my referring, that he too admitted the obi
cation OF supplying uniform currency and convent
ent medium OF exchange, which he thinks can be eff.
focted by the State depose banks
Sincerely believing, for the reasons which have
just been stated that the public funds may be safely
and conveniently transmitted from one portion of the
U mon to another; that domestic exchange cal be as
successfully and as cheapy effected and the currency
be rendered at least as sound under the existing
tenn those objects could be accomplished by means
of national bank, would not seek remedy for the
evils TO which you aude, should they unfortunately
occur, through such medium even if the consttu
tlcnal objections were not in the way"-Aug g 1886
He denies not the duty of experimenting tn cur
rcncy, but thinks the deposite banks of the States
under the control OF Congress effect the purpose
This letter was written when Mr. Van Buren, was j
candidate for the Presidency
Two months only after General Jackson had retired
and when his vigorous hand was no longer there to
uphold it, the league of State banks fell and crumbIe
into atoms; and when Mr.. Van Buren, had been only
two months President, he convoked special session
OF Congress for the ensuing September The coun-
try was in widespread conusion-paraly in its
commercials currency utterly deranged. What was
to be done3 What would Mr. Van Buren, recon-
mend dc could not 90 back 10 the Bank of the
United States for he had committed himself az ains its
constitutionality could he with any great pros
pect OF success undertake reconstruct the league OF
deposite banks for it had recently failed and the
country had lost confidence in it, What then was
to be done} He could 60 neither back nor forward
hat did he do? lmean not to speak disrespectfuly
but say he--escaped! Afraid to touch the fragments
of the broken banks-unablc to touch the United
States Bank-he folded up his arms and said the Go
yernmcnt has nothing to do with providing currency
for the People That may do him no wrong, will
read his own language His predecessors had all said
we iriH not turn backs upon this duty of Govern
ment to provide a uniform currency his language is
nothing Tor the country-nothing for the relief of
commerce or the regulation of exchanges but simply
the means of getting money into the Treasury with
out loss:
From Mr.. Van Buren's first Message
II is not the province of the Government to aid in
dlvduals in the transfer of their funds otherwise than
through the facilities of the Post Office Department
As justly might it be called on to provide for the
portaton of their merchandise" !.
IT, therefore, refrain from suggesting to Congress
any specific plan for regulating the exchanges OF the
currency, relieving mercantile embarassmcnts or in
tererlng with the ordinary operations of foreign or
domestic commerce, II Is from conviction that such
not within the constitutional province OF the &c
neral Government, and that their adoption would not
promote the real and permanent welfare of those they
might be designed to aid !"
] put it to you my friends if this is a statesman $
argument GU can transport your merchandise your
selves you can build ships and make youl own wa
gons; but can you make currency Can YOU say
what shall be money and what shall not he money,
and determine its value here and elsewhere Why.
would be as reasonable to say the People could make
for themselves and peace for themselves as to say
that they may exercise this other less exclusive at
tribute of sovereignty, Of making currency for them
selves. lie insists that Congress has no power to
regulate currency or exchanges-Rone to mitigate the
embarrassment of the country-none to relieve lis
PROSTATE industry-and even If the power did exist
1t would be unwse, in his opinion, TO exercise it.
These the doctrines of the PRESIDENT first mes
sage, and have no opinion Of II now that ! did not
then entertain desire not TO appear wise after the
event am not prophet, nor the son % a prophet,
and yet declare that, when heard the declaration of
this message and reflected on its consequences saw
or thought saw, all Of suffering loss and evil that is
now before
Let us compare this declaration with that Of one
now numbered with the mighty deed-of one who has
left behind reputation excelIed by that of other
man understanding thoroughly the Constitution
of one born and Graded with it, taking part in its in
cepton, and closing his public by administer
ing It's higcst Office need not name James Madison
In his message to Congress in December, 1873
when the war had closed and the country labor
ing under the dsordered currency of that period the
President thus spoke;
=. &