The Madisonian., 1840-02-13

Qufeu py the lOrineI. TOT Wndt pulPuSS w VIC -
quire national revenues Wholly we may say, to
pay public officers, civil, naval and military,
to pay pensioners, and 10 purchase provisions and
stores for the army aud navy Can you give any
good reason, sir, why they should be paid in specie,
when all the rest OF the community receive payment
in paper and when the premium they can obtain
for su.h specie either adds much TO Their pay IN
season OF adversely, or at best exonerates them
from tax which every body else pays Every con-
sideraon of justice or policy which requires sound
currency tor the General Government, applies with
eqaa force to The State Governments, and where all
the other classes in The community are suffering from
The evils Of a vicious and disordered circulation, II
is no great hardship that our public tunctionaries
should bear their proportion OF The Inconvenience,
until The evils can be corrected.
But, in the second place, by way Of aiding In The
correction OF the mischief, would not have The
Federal Government receive the notes OF banks
which had suspended payment, except under very
extraordinary circumstances perhaps, as oc-
curredin lS37-but, certainly mol such as are now
pleaded by the suspending banks. My policy would
be take the notes Of all b INKS which paid specie
and furnished other satisfactory evidence OF ther
credit and solidity and OF no other. Lei ms oe
known to be the rule OF action lei The State Leg's'a
lures by firm but prudentcourse OF ollegisaloa, o'hg
down The paper circulation nearer 10 the wants ana
means Of the country and 10 accfIany you VIII naVe
soon banks which viii prove safer depoSafes OF lhe
revenue than public officers, and youwhh
currency better than specie, because II IS poh
cheaper and more convenient. Nex' 70 Nal'oha
Bank, believe that TO be our best expedient
Ga the subject Of the foreign debt contracted by
the States partly agree with you. - lar as me
money borrowed has been used for banking, as mas
Sf.t II has hNan
worse than useless II has stimulated extravaganza
in expense and overtrading far more Than Produc-
ton Bu, SO far as il has been used IN the conSlruc-
,ion of rail roads and canals, part has been prot
ably expended, part premalurely, and part use
leSsly These, however, are matters 10 which error
soon finds lis corrective; in which, moreover, the
State esslalures consider themselves the most com
petenl Judges; and, if mistake not, you are The first
President Of The United S ales who has ventured TO
touch on so delicate topic There is no man who
can patiently hear his cement OF his domestic
affairs censured, whether he manage them well or
i'll.
Having thus pointed out wha, appeared to me 10
be the prominent errors OF your message, viii take
the liberty Of remaiking that you were unfortunate
in selecting the subject Of finance whereon TO dae,
as il is that on which your party has most signaily
failed. Let me not be considered as having any DIS
position 10 undeIvalue its merits. consider them
TO be very great II has exhibited great talents in
moulding public opinion to their purpose Whether
that purpose 10 cry up one man or cry down an
other. 1t has had unexampled success in removing
some prejudces very prevalent in the county,
Thus it has vindcaled the natural superiority OF ig-
norance and indigence over property and intelli-
gence Ii has shown that where the m assures OF The
administration have produced popular suffering,
those measures have proceeded from the love oi The
people, and that suffering was for The peoples good
That General Jacksons exclusive regard 10 his own
will resulted from his love of liberty, and that his
excessive expenditure from his love OF economy
Ii has ilumined the public mind in like manner on
the subject Of giving appointments TO members OF
Congress and editors, well on that Of rotation
in office and lastly, when any political job is to be
executed it has always succeeded in obtaining the
fest agents. 1t has often seemed 10 be remarkable
that when there we're SO many things that your party
associates did so ceverly, they should so persist in
making experiments in finance, which evidently
was not their forte and il be explained only up
on the principle (whatever that was) that Cardinal
Rcheie lass valued his talents as statesman and
intriguer, which were very great, than those OF a
poet, 10 which he had no pretensions.
As have mentioned the failure OF your party in
their schemes, allow me TO recall them briefly to
your notice
l. 1t paid off 81 100000 at par which the country
might have retained for at 3 per cent, that we
might have the satisfaction Of borrowing it back at
per These thirteen millions, bearing an interest
Of per cent, fairly worth not over $7,S00000,
rating the value Of money at per cent and the diff r.
between this and the money paid (S5 2OOO OO0)
might well have been sunk in the Atlantic ocean, as
paid 10 the capitalists in Holland, where of the
stock was owned.
q In The removal OF the public deposits from bank
in whose profits the nation had large interest, 10 banks
in which it had none--some of which has since failed
In forcing gold and silver into the country against
the laws Of trade by which every metallic dollar
generated two or three paper and, the metals
regainng their equilibrium, lost the expense and in
Of these values in their voyages here and back
a. In inciting the State Legislatures multiply
banks, lest the approaching dissolution Of the National
Bank should create discomfort by which multiplication
over.issues and over-tradng produced.
g. In pulling down the National Bank ard substi,u,-
ing State banks, by which the country has had varying
disordcrcd currency since.
6. In requiring payment for the public lands in spe-
Gle, by which money drawn from the Atlantic cities
time when it particularly wanted, and carried
the West, where they had that time an over pro-
porou and by which the expense Of double ,ranspor
taton here also produced.
In employing the officers OF the government, in
stead Of the banks dcposaries Of the public revenue,
whereby the public has lost ten times much as it
would have lost by the depreciation Of the bank paper
And, lastly,
s In your recent and present attempt 10 reject the
agency Of banks and bank paper altogether that you
may keep and disburse the public money yourselves