The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-09-14

| General Jackson was not elected WIN any u'
sire or expectation, on the part OF his supporters
that he would interfere with the currency oil the
country. We affirm this the truth Of history
1t is incapable of refutation or denial. 1t IS as
certain as that the AmcriC an revolution was not
undertaken to destroy the rights of property, or
overthrow the obligation of morals.
But, unhappily, he became involved IN con
troversy with the then existing Bank OF the
United States. He manifested a desire, how
originating by whom inspired is immaterlai'
to exercise political influence over that instl-
tuition and TO cause that institution to exercise,
in turn, political influence over the community
Public documents prove this as plainly as they
prove any other act of his administration In TINS
he resisted thwarted, and finally defeated
But what he could not govern he supposed he
could destroy; and the event showed that he dld
not overrate his popularity and his power. ne
pursued the Bank to the death, and achieved his
| triumph by the veto of 1882. The accustomed
means of maintaining a sound and uniform cur
| rency, for the use of the whole country, having
been thus trampled down and destroyed, recourse
was had to those new modes of experimental
administration, to which we have already adj
verted, and which terminated so disastrously,
both for the reputation of his administration,
and for the welfare of the country.
But Gen. jackson did not deny his constitu-
tional obligations, nor seek to escape from their
force. He never professedly abandoned all care
over the general currency His whole conduct
shows that he admitted, throughout, the duty of
the general government to maintain supervis-
ion over the currency Of the country, both me
talic and paper, for the general good and use of
| the people; and he congratulated both himself
and the nation, that by the measures adopted by
him, the currency and exchanges of the country
were placed on a better footing than they ever
had been under the operation Of Bank Of the
United States This confidence in his own ex-
perimcnts, we know, proved most illusory. But
the frequency with which he repeated this and
similar declarations, establishes, incontestably,
his own sense OF the duty of government.
In all the measures of Gen. Jackson upon the
| currency, the present chief magistrate is known
! to have concurred. Like him he was opposed to
the Bank of the United States; like him he
in favor of the state deposte banks and like him
he insisted that by the aid of such banks the adj
ministration had accomplished all that could be
desired, on the great subjects of the currency
and the exchange.
But the catastrophe of May, 1887, produced
new crisis, by overthrowing the last in a series
of experiments, and creating an absolute neces-
sity, either of returning to that policy Of the
government which Gen. jackson had repudiated,
or of renouncing altogether the constitutional
duty which it had been the object Of that policy
10 perform. The latter branch of the alterna-
tive was adopted. Refuge was sought in escape.
A duty, up to that moment admitted by all, was
suddenly denied, and the fearful resolution
nOunced that government SnOulu hereafter pro-
vide for its own revenues, and that for the rest,
the people must take care of themselves.
Assembled here, to-day, and feeling in common
with the whole country the evil consequences of
these principles and these measures, utter
against them all, from first to last, our deep and
solemn disapprobation and remonstranee. We
condemn the early departure Of Gen. Jackson
| from that line OF policy which he was expected
| to pursue. We dsplore the temper which led
him to his original quarrel with the Bank. We
| deplore the headstrong spirit which instigated
him to pursue that institution to its destruction
We deplore the timidity of some, the acquies-
cence of others, and the subserviency of all his
party, which enabled him to carry its whole, UNI
| broken phaanx to the support Of measures, and
| the accomplishment of purposes, which we know
! to have been against the wishes, the remonstran-
| ces and the consciences OF many OF the most re-
spectacle and intelligent We deplore his aban-
| donment of measures that had been pursued for
forty years; his rash experiments with great in
| terests; and the perseverance with which he per-
| sisted in them, when men of different tempera-
ment must have been satisfied of their useless
ness and impotence.
But Gen. Jackson's administration, authority
| and influence, are row historical They belong
to the past. while we have to do, to-day, with
the serious evils and the still more alarming por-
| tents of the present. We remonstate, therefore,
most earnestly aud emphatically, against the po-
Icy upon this bject OF the present admnstra-
ton. We protest against the truth of its prin-
ciples. We deny the propriety and justice of its
measures. We are constrained to have too lit
tie respect FOR its objects, and desire to arouse
ths country, SO far we can, to the evils which
Cypress and the dangers that surround us.
We insist, that the present administration has
| consulted its own party ends, and the preserva-
tion of its own power, to the manifest neglect OF
great objects of public interest. We think there
Is no liberality, no political comprehension, no
L. 4.
upon its abandonment of the currency as fatal;
and we regard its system of subtreasuries, as
but poor device to avoid high obligation, or as
the first in a new series of ruthless experiments
! We believe its professions in favor OF hard mo-
ney currnecy to be insncerej because we do not be
| lieve that any person of common information and
ordinary understanding, can suppose that the use
of paper, as circulating medium, will be dis
continued, even if such discontinuance were de-
sirable, unless the government shall break down
| the acknowledged authority of the state govern
ments to establish banks We believe the clamor
against state banks, state bonds and state credit,
to have been raised by the friends of the Admin
istration to divert public attention from Its own
mlsmanagement, and to throw en- others the con-
| sequence of its own misconduct. We heard no
thing of all this in the early part of Gen. Jack
sons administration, nor until his measures had
brought the currency of the country into the ut
| most disorder We know, that in times yast the
present chief magistrate has, of all men, had most
! to do with the systems of state banks, the most
faith in their usefulness, and no very severely
chastcned desire to profit by their influence.
We believe that the purpose OF exercising a
meney influence over the community has nevce
departed from the Administration. What it
could not accomplish by an attempt to bend thr
| Bank of the United States to its purposes we
believe it has sought, and now seeks, to effect
! by its project of the Sub Treasury. We believe,
| that in order to maintain the principles upon
which the system of the Sub-Treasury is found
ed, the friends of the Administration have been
led to espouse opinions destructive of the inter-
nal commerce oil the country, paralysing to its
whole industry, tending to sink its labor both in
price and in character, TO the degraded standard
of the uninformed, the ignorant, the suffering
labor of the worst parts OF Europe. Led by the
same necessity, or pushing the same principles