The Madisonian., 1840-01-28
=
COMMUNICATIONS.
FoR THE AADisoslAN
TO THE PRESIDENT OF TIE UNITED
STATES.-No. H.

banking system and the extension oi crcai aoroao-
for you would thus une two things essentially dis
linct-you menion the change Of the public feeling
in America as TO the harvest 10 Great Britain and
remark thai, while we once rejoiced in a short crop
there, as improving The market for our bread sluhs,
we now await, with feverish anxiety, the news OF
the English harvest lest its anticipated failure should
narrow the field Of credit there"
The change Of which you speak is unquesionabe
but, sir, you have been strangely misnformed as To
It's cause few, indeed, have lelt anxious that the
harvest OF Great Britain would prove favorable, be-
cause II would make the money market easier, and
because they might then expect obtain loans or
sale OF State bonds for the numerous projects with
which the land has lately leemec-and some Of
which, agree with you, are wild and visionary
eu by far The greater part OF that feeling which you
so sharply reprehend, originated in The belief that
the demand for cotton manufactures, and, conse-
quentiy, the price Of the raw material would be
improved, by AN abundant harvest. Inquire Of any
INTEL gent merchant OF Liverpool or Manchester,
and he will tell ysu that the laboring classes are the
chief consumers OF cotton go,ds-ihat in a scanly
season, their earnings being absorbed in purchasing
bread Tor their families, they musi proponionably
practise economy 10 clothes; and thai, when The
consumption OF cotton is 50 much diminished, the
price must necessarily fall. The cotton planter The
specularor, the shipper, the commission merchant,
all who are concerned 10 this our great article Of
export, thus interested 10 good harvest 10 Eng
land, and, therefore, wish for IL Tor precisely The
same reason that the farmer and uiiler ol The Gen
n.soee country, and all who ere concerned Ia the
aour trade, may rejoice in a bad The wishes
Of both parties are governed by their interests but
the number interested in the ptice of cotton abroad
is ten times as great as Of those interested in the price
OF -four. Fortunately Tor our internal peace, The
wishes Of neither party have any influence or this
question, which is decided solely by he elements.
But with no description ol persons in America who
think their interests would be promoted by plebi-
ful crop in England, the feeling which you are
pleased 10 regard as unpatriolic had no more TO do
with banking than il had with shue making. You
were unfortunate, sir, in not seeing that the cause
Of the larger portion Of your country and especially
OF that part Ut it~h, You particularly cherish, was
also the cause Of humanity.
Having thus shown, as you conceived. the mis-
chiefs, commercial and political, OF banks, you pro-
pose The adoption OF your former scheme oi an lnde
pendent Treasury, and that the government, in its
financial operations should make no use whatever Of
those institutions viii here premise that, as 10 The
mere question whether The public money should be
deposited in banks in The hands o officers Of the
Treasury, have never considered il 10 be Of that
PRIMARY importance that many have ascribed TO il,
provided the scheme were sufficiently guarded
against abuses, and especially against that Of each
sub treasury performing the functions OF a bank.
With these restrictions. which ! did not understand
your party as protesting to oppose, the hot discus
sions to which The question gave rise seemed to af
ford a new illustration OF the tendency of men to
divide into parties, and 10 quarrel about lite things
when in want OF great ones.
The party questions which have lately divided the
country have, indeed, been gradually lowering
dignity. Thus, when the Tariff was the ground of
dispute The question was, whether the South should
pay greater less share Of The federal taxes. AT
ter this was settled, by Mr.. Clays compromise, the
question was, whether the money thus received into
the Treasury should be disbursed in this wayor that.
When this ground oi Contention was removed by the
Distribution Acl, il was then made question whe-
ther the public lands should be paid for in specie
the notes OF specie-paying banks-on which occasion
you followed the example of your i" ilustrious pre-
decessor and decided in favor Of specie against the
declared sense Of both Houses OF Congress- And,
lastly, when there was no longer any controversy
about the amount or character Of the revenue the
mode OF disbursiDg il the dispute seemed to have
dwindled down TO whether it should be kept in this
strong box that.
This question: of such comparative insignfcance,
ii suited some of our politicians to magnify into one
Of great national importance. Ii furnished plausi-
Bile excuse 10 some for abandoning those with whom
they had been previously cooperating, and embrac-
ing the men whom they had professed to hold in So
vereign contempt; and, if mistake no. il served
useful purpose 10 YOURSELF by drawing off the public
mind from some of the causes of the suspension in
1887. Like skilful general, you contrved to shin
the brunI of the battle from the point where the odds
were fearfuy agains, you TO another where you had
a better chance Of success, and where defeat would
not be decisive.
But, while The scheme Of an Independent Treasu-
ry is in,rinscally one of magnitude it may be-
come SO by being made the instrument, of charging
the powers Of the Federal Executive and il IS ON
this ground, principally, that it is now opposed by
your political adversaries. Let the arguments
by which you seek 10 recommend it,
In the first place, you object to making banks the
repositories OF the public money because ;hey would
use IL TO enhance their prof s-tha such use by in
dvduals, is breach Of trust, nay, "a crime of
great magnitude" and you doubt whether the mis-
chiefs of Thus using the public funds is not greater
10 the case OF banks than Of private persons
That banks make profit Ct the money deposited
with them, whether by the government or in
dividuals, Is undoubtedly true but this is the first
time ever heard this employment OF it in
the regular course Of banking, assimilated to the
use OF ! by public officers who had the custody
Of IL; and II the success Of your Treasury
scheme depends upon the establishment Of this
positi,n, more obsequeous legislature than we
-
vote for ii. Banks are established for the