The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-11-27
THE CURRENCY QUESTION.

We clip the subjoined cheering article from the
NO. Advertiser, and we think the bright so vi
wildly depicted will surely come and be as free from
spot or bleInish as the editor anticipates Some
such institution is needed by the country, and
the President, we have every reason to believe,
will exert his energies to the utmost to supply
all the real wants of the country, His first du-
ty is to defend the Constitution against every
species of violation, and then 10 recommend
such measures as will promote the welfare and
happiness of the people. Those who know
him well, know that he will DO HIS DUTY:
g"We must look to the establishment by the General
Government of spece-paying institution which will
in its operations dscredt the bills of all State banks
that shall persist in refusing to pay. Such an insu
ton will as sure as John Tyler is President Of the
United States, be created-not an institution of the
same nature and tendencies as thoss whose vices it
will be called on to correct, but institution that will
know no sympahes, feel none, for the privileged
tracbreakers whose abuses have plunged the country
into ruin and desolaon and overturned the standard
OF, honesty and good morals. Thank God such an
institution has been contrived by the wise and honest
heads of the Government, an institution that will
command the support Of all honest men-that will
brulse the head Of the hydra of privileged banking
that will confne private corporations holding charters
from the State Governments to their legitimate sphere
Of action-tlat will furnish national currency in
abundance for the wants Of the people-that will be
at all times responsible to the constituency of the
ton, through their immediate representatives. II is
to This institution look to achieve the purifca-
ton Of the currency, to bring II back to the specie
standard and to finish what the bankrupt law shall
leave pndone And when this task ia performed,
il will remain for the General Government to include
banksi in the bankrupt law, to make it uniform act,
which it is not now and then our country will pre-
sent d enviabe spectacle to the world in currency
mattes. Il will exhibit uniform bankrupt law,
haven of rest for the unfortunate but place oftor-
ture br the swinder; it will exhibit the State banks
of the Union revolving in their appropriate Spheres
obeyihg the impulses of honesty, and occu
pying the grouHd with the humbest individual,
each hmenable to the laws; it will exhibit national
nstitpton, endowed with sufficient power TO prevent
the State banks from debasing the currency by excess
sive paper issuesan institution furnishing uniform
convertible paper medium for the public wants, and
collecting, keeping and discussing the public revenue,
free of expense to the Government il will exhibit
people once more pursuing the even tenor of their
way free from the danger Of variable values assaing
eternay their labor and their industry.
Such is the path marked out fol the destiny Of
this nation, and before the end of honest John Tyers
administration, shall have entered upon that path
rejoicing in our renewed strength and escape from
the dangers of the past"