The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-02

Who will undertake to say what may be the
consequences Of this measure in the future
years Of its operation Who can estimate the
amount Of specie which il will abstact from the
banks and from commerce? Suppose it should
happen again, as il has happened, that large
surplus should be accumulated in the Treasury
q suppose the great demand for domestic ex-
change should cause the drafts on the deposita-
RES 10 remain IN circulation or suppose the Sc
cfeiary OF the Treasury should choose 10 issue
these drafts IN such form as that they would
necessarily remain IN circulation ; in either Of
these eases what is TO prevent the whole specie
OF the country from being drawn into the vaults
Of the Sub Treasury?
do not wish TO discuss The question, how far
this scheme Will meet the wants Of the Govern
ment. This point has already been fully cons-
dered by gentlemen who have preceded me in
the debate. | will suppose the Sub-treasurers
10 be honest. ! will say nothing Of the expense.
hazard, and inconvenience Of keeping and dis
bursting so vast an amount Of money by means
of the unwleldy, clumsy machinery of this bill
will admit that II provides for the Government,
for lis office holders, and for the public creditors
But what is TO become Of the States and the
people Of the States In the collection and dis
bursemcnt of the public revenue, the General
Government is the great money dealer of the
country. 1t holds the direct control over the
N'''%''Ni ~ 'i' 'ouhht1 aiu ihuiN'tl WV
commerce and business. The question, how
this great power Is 10 be exercised, is, therefore
one ot the deepest interest To the American peo-
pie.
Is the Government, then, 10 make use Of its
tremendous money power 10 overthrow the in
stitutions of the States and establish an exclu-
sive metallic currency2 Or is the Government
itself to be converted into a great banking ma
chine, not only 10 supply its own necessities but
To furnish "A the eQnutry 2 Or If
the President suggests, banks are TO exist in
some form, in what form, and how are they to
be regulated Or IS the General Government
10 assume the position, that il will simply pro-
vide Tor It's own necessities, and leave the States
10 all the complicated evils Of disordercd paper
currency2 II seems TO me, sir, that it is time
that the administration should settle some def
mite financial policy, and avow il to the country.
We hear great deal said in generalities.--
We hear loud denunciations Of credit-of the
credit of the States, of the credit of the banks,
and Of individual credit We hear constant
cry about well-regulated banks, and about gold
and silver, and the constitutional currency but
what precise object is intended to be accom-
plished am wholly unable TO comprehend
There seems 10 be total want of coincidence
in the views of those who lead in the councils
of the Administration. Some are the determin-
ed enemies of all banks, and predict their early
regulated banks, without defining how or by
what means the banks are to be reformed. To
add TO the confusion, there is everywhere the
senseless camor Of political partsans and the
wild schemes OF all sorts Of eXperlmenters The
consequence is, that all confidence is at an end
No one will invest capital or embark in business,
because no one knows what IS 10 be the end of
all this, or To what state of things we are com
ing. There is an underlined terror in the public
Of lus have afr dac
their own Government. Now, sir, in the name
of the people Of this country, in the name of the
people represent and for whom ] am autho-
riZed to speak, | ask, how long is this state Of
things TO continue? Are we never to have any
settled system that will give reasonable secu-
rity 10 property and some sort of steadiness 10
the business movements OF the country Or is
this great question 10 be kept involved in the
vortex of party politics, and made the subject of
endless agitation? Sir, when the honorable
chairman of the Committee on Foreign Affairs,
some weeks ago, undertook to excite the atten-
ton of the House and of the country TO the
danger Of foreign war, | could not help think
ing that, AT that very moment, the commercial
interest which would be most affected by war;
was more afraid of the action Of its own Go
vernment than Of any hostile movements of
England
In the present embarrassed state of the trade
u,
| think are entitled to look, TO the General Go
yernment TO provide some practical and efficient
remedy for existing evils. The power to furnish
the remedy, il il exist any where, resides in the
General Government; and if this power be not
exercised at ALL or be not wisely exercised, those
at the head of affairs are justly responsible TO
the people.
Whatever theories YOU adopt; whatever con
stitutiona scrupes you choose 10 entertain;
nysnr I,rr,, md ,la fhn
duty rests upon this Government of providing
uniform system of trade between the States
This IS duty which you cannot evade, for it is
and it must be forced upon you, by inevitable
necessity. 1t was the necessity Of creating
some power to regulate commercial intercourse,
that first brought the States together under one
General Government and the whole history of
the country shows, not only the necessity of
such power, but of its constant exercise Has
this great constitutional duty, which the Gene
raj Government owes to the States and TO the
people Of the States been performed? Look,
sir at the present rates OF exchange. Between
some of the States there is no exchange at all AT
this moment, the trade between the North and
South and Southwest, is not only hindercd and
embarrassed, but in many instances is wholly
suspended. There IS complete non-inter-
course, as much so as if the States were in
hostile attitude to each other, and were inter
dieting intercourse by acts Of uniriendly legisla
ton. II is in vain we have our magnificent rivers
and lakes, our railroads and canals furnishing
such facilities for intercommuncation. With
out safe, uniform, and sufficient currency,
there can be no activity or prosperity in the
trade between the States, or in any Of those
branches of industry that depend upon it. It is
this arrangement Of commercial intercourse that
has given such shock TO our whole system. 1t
is this which has suspended the manufactures
4 ~ pnlan hat
wanted is, TO open the channels Of trade, which
are now blocked up, and give play TO the indus
try and enterprise Of the nation Until this be
done, how can you expect that business will re-