The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-10-02
Extracts from the
SPEECH OF VIM. COST JOHNSON,
or MARYLAND,
ON THE SUB TREASURY BILL.
In THE HOUSE or REPRESENTATIVE June %, 1910

| Mr.. Chairman The learned author of the
Decline and Fall Of the Roman Empire has
stated that if man were called on to fix pc
Rod in the history of the world, during which
the condition of the human race was most hap
py and prosperous, he would, without hesitation,
name that which elapsed from the death OF Do
mitian TO the accession of Commodus. The
historian was obviously led TO this conclusion,
from contemplating one hundred and twenty
| millions Of prosperous people governed by mild
and just laws the faithful and impartial admit
nistraton Of which was only felt by the equal
blessings which they everywhere dispensed
| If were TO name period In the history OF
this confederated republication the first land
! ing OF our Pilgrim ancestors 10 the present mo-
ment, when the people enjoyed the greatest
amount of happiness and prosperity would,
| upon the calmest deliberauon, name the period
| from the expiration Mr.. Madison's administra-
ton 10 the commencement OF that OF gen. Jackson.
| The nation had recovered from war which
had confirmed its citizens in their belief OF the
stability and permanent existence of our Union !;
whilst confidence, which abroad had before ex-
listed with but few was now ready to be admit
ted by all in the practical utility of free repre-
sentative Government. Tolerance in religion
and in political differences of opinion, was no.
where contested. Laws were administered
| with justice over an extent of country almost as
extensive, and destined to be far more populous,
than what was called in the proudest days of
her existence, the Roman World The nation
| could boast of currency that was sound and
| system of exchange the most uniform
| From the cold mountains of the 81. Lawrence
TO the perennial verdure that fringes the Gulf of
Mexico; from the commercial cities Of the At
lantic to the vast prairies far beyond the Father
of Waters, which are checkered by the fields of
the hardy tenant of the log cabin-within all
| this vast range of country was our industry
LODI bv ifu nd hap md MI
| ty gladdened the whole land. Never, within
twelve years of the history OF any nation before
were such rapid advances made, in all that con
stitute the power and strength OF a nation, and
all that adds TO the comfort and happiness of a
people. Population, enterprise, and cheerful
ness, advanced hand in hand together. With
the development of the resources Of the coun-
try, which disclosed much of its hitherto dor
mant and inactive wealth, the human mind re-
ceived new impulse, and unfolded, in thou
sand forms, its power in moulding matter TO hu-
man comfort and enjoyment, and in its rapid
| exaltation in the scale of intellectual improve
ment. The administration of this most com
pick form Of Government had become simple
and easy and the people required no innovations
for their prosperity, and the Executive had but.
| TO carry forward the execution Of his duties in
the same manner, and in the same we-defned
| course laid down by the constitution, and pur-
sued by the great and good Washington and his
lllustrlous successors Ii was at this the bright
est epoch in the history of our country's pros
perity that General Jackson was called to the
Presidential Office. The chief fault Of his Ad-
minstraton was the false issue which he had
made. He promised to lessen the expenses of
Government, and to correct abuses in its adm-
nistration. He increased the former, and greatly
multiplied the latter. Failing to do what he un-
necessarily promised, and still determined to do
| something, by the advice Of Mr.. Van Buren, and
few other designing men, he commenced
an attack upon the currency of the country, and
promised the people that he would reform i and
establish better In that he also signaly failed,
and the present Administration promised TO eff
fectuate what the other had failed to accomplish;
and it commenced by recommending the Sub
treasury as the succedaneum. Then, with their
promises to improve the exchanges and curren-
cy of the country, to retrench expenses and re-
form abuses, TO improve the condition Of all the
people, and to make the country smile with adj
ditional prosperity, happiness, and wealth, what
is the condition of the country at the present
moment2 Exchanges are deranged; the cur
rency in utter confusion the expenses OF Co
vernment doubled, abuses and corruptions in its
Administration multiplied an hundred fold, con-
fdence impaired, credit almost totally lost, prices
of labor reduced, the productive staples will
hardly sell for the expense and labor OF raising
them, the manufacturing and mechanic opera
rendered precarious or arrested, the people dis
satisfied and oppressed with debts and embar
rassment, the Treasury in total bankruptcy, the
Executive recommending bankrupt law TO des-
troy the State banks and to ruin the credit and
resources of the States, as it has OF the Federal
Government, and, as an evidence of all these
facts but this morning the Senate has passed and
sent to us a bill to establish general bankrupt
law for the people With all the promises Of
General Jackson and Mr.. Van Buren, to improve
the condition of the people, such are the disas-
trous results of their mal-admnistration. Gen.
| Jackson having failed to improve the condition
of the country as he found il, and as he had
vainly boasted, began to experiment by destroy
ing the then existing state of things; and
res of evils, resulting from series OF shallow
experiments, was the consequence and, amid
this confusion, Mr.. Van Buren, was elected, and
elected with the promise Of securing TO the peo-
pie sound currency and uniform exchanges
| He was hardly elected before the ill-conceived
experiments exploded upon the people, produc-
| ing disaster and ruin.
| In the midst of this alarm and distress he con-
| vened Congress, not to ask its advice, but to
force it to adopt another and new experiment.
With the arrogance and insoence of dictator,
he informed the Representatives of the people
and of the States, that if they would presume
to pass bill different from the one which he re-
commended, he would place his veto upon it,
| He recommended the Sub Treasury, and the
Representatives had virtue and frmness enough
to reject il.
If we were to institute an inquiry into the
causes of the present arrangement of our cur
rency, and the universal embarrassment in all
business operations, they would be traced TO two
sources-the ignorance of those who have been
entrusted with the administration of the Go
vernment and the corrupt influences which they
have resortcd gain and retain political power.
Their ignorance manifests itself in almost
| their every movement-in the resulting conse-
] nnence of their nlans and inca snres which arc so