The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-16

LETTER vnL.


cepton, has produced very favorable impression and
has, moreover tended materially 10 allay the irritation
of party and produce quietude in the political world
favorable to the discussion of the important topics to
which the Message refers
Calling old friend of considerable experience
in every thing relating to politics, who has for
some time retired from the press the conversation
naturally referred 10 the fiscal agent " was, said
he warmly in favor Of passing the Bank bill at the
extra session but free TO confess that in the
present condition of the country and of public opinion
il would have been impossible 10 hare filled up the
stock and the project would have been abandoned
from that important and primary difficulty. The next
experiment would, in all probability, have been pre-
ciseiy The one proposed by the President which
intended 10 establish circulating medium throughout
the country, based upon the solid and ample capital
and revenue of the Government. Treasury notes of
large and small denomination, say as low as ten dol
lars, payable to bearer, without interest," would ciIcu
late at par throughout the Union
1t is said that this circulation would necessarily d.
mnsh the circulation of State Bank notes, most Of
which, at present, are at discount,-the answer IL,
SO much the better-it is time that the people, par
cularly the laborng classes should be furnished with
Giro ulating medium of unguestionable security and
credit; and if all the State Banks cannot offer SINH
lar guarantee, let the General Government 10
the aid of the people, and all the weak and infifn
Banks 60 into state of liquidation"
We cannot, said he produce healthy condition in
the currency pnti the field is entirely clear Of doubt
full or insolve paper As the agency not to discount
mercantile accommodation paper, that poloer il
serred to the State Banks and those in sound
diton will not be curtaed of their usual pronls.--
State Banks also, TO be used by the Agent when
required auxiliares; and where their capital
is sound and their affairs dscreetly conducted they
will form the links in The great cham of institutions
throughout the country necessary to regulate the
changes and produce uniformity in the currency
So far from boarding gold and silver which are the
mere representatives Of credit, the bullion will be
placed in sound institutions in such parts of the Mon
where the precious metals may be most required
Not having thedeails ofthe conversation before me-
lean only that the outlines of this able potician
idea present q very simple plan amply secured
and calculated particularly at the present crisis
revive public confidence. 1t has been said that this
agency will from its power and resources, con-
troll and keep in check all the Stale Banks, and
will, moreover, be complete union of the purse and
sword. This is decidedly error Power in this
country is in the State, not the General Government
The moment this experiment shall be found injurious
to the interests of the States the power exercised
swell Executive influence, managed opprcssivel
or calculated produce injurious results, that moment
the Agency tOiu be repealed by Congress The pro
ject all times in the hands of the people and pub
lie opinion will control ts operations. Here is The
safe check against political abuse of the power which
is TO BIO created by this institution the Federal Gov
eminent having an undoubed control over the safe
keeping of the revenues ] see no reason why this
project, with some notifications will not answer all
the objects aud purposes contemplated; and must
venture something for the interests of the country,
the renewal Of public confidence, and the stability of
Stale credits
The Custom House Commission has closed, and
two of the Commissioners have departed for the Seat
of Government. Governor Poindexter would also
have left ON Saturday, but regret to learn he has
been for several days suffering under severe-ndispo
son, which not only forbade his travelling, but de
layed the completion Of his report. To-day, however
he is better, and engaged every moment in the
pleon of this important doc ument, the extraordinary
revelations Of which will soon be made manifest
Mr. Forward, That it will be a sound clear aud able
state paper those well know who are familiar with the
abilities of the Secretary Of the Trea,
sury
The report of the Secretary Of War appears hs
mornings papers 1t is a.noble stale paper, and woi-
Thy the distinguished source from which it emanaied
How individual in short space of time as Mr.
Spencer has held his present position, should make
himself familiar with its details, Surprising Mr..
Spencer has plainly carried with him into the War
Department the energy, industry and talents that dis
tinguished him as Secretary of State. His report Will
CRAFTY the Army, and he promises to make the most
popular Secretary Of War that has yet held that high
and responsible position.
There is little local intelligence of interest, but |
give what there is. duel in high life was reported
to have come off at Hoboken yesterday. One Of the
parties had been challenged early in the week and
fled TO the protection of the police binding challenged
and second keep the peace his plea being that
the challenger :" no gentleman, from the srsri-
rion Of having cheated at cards few years ago
Therefore hschalengers brother took his place am,
no gentleman" not holding good with
him, the challenger fought with him, and was 81 ru-
NOR says, desperately wounded #
The Lectures still are in high fashion. Dr.. Lard
ner has made his very interesting, illustrating them BY
diagrams, transparencies, SC. The theatres we'll
attended, and the Bowery in particular is thronged
Too much praise cannot be given the proprieors for
HE manner in which they have got up the magnti.
cent spectacle Of Napoeons obsequies 1t ia one ,oi
The mos, extraordinary scenic productions ever repre-
senled on any stage Ellsler plays to night n La Ss
phyde, al the Park 4. .">.@ < .
The Home squadron is here and is likely 10 Gt
frozen up and so lie oyer Till spring. Captain Macu4
osh who commands the Falmouth, is one Of the most
popular and Efficient officers in the navy. M =,
The weather is dcightfuli more the October than