The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-23

hers the most unlikely TO be violated-ofa lew days
continuance only, existing between the Government
and each individual, by himself out (which no com
mon cause, no common Interest TO delay, no common
mpori unity for relief, can well arise.
As the great object of the whole measure IS to put
an end TO controversies and give IePose II Is lei' To
the States 10 prohibit the practice OF prvale deposits
and dealings in exchange wllhla Their respective IL
mits, II any ofihem shall fit. Ofsuch prohibition
no apprehension is entertained yet the less scrupe
has been felt ia recommending the PROVISION, as II
may avoid difficulties, by manilestng disposition
neither TO tread on any questionable ground mol
10 give rise 10 unnecessary differences OF opinion
The plan VIII present itself 10 all the States anu
all the People. II proposes general benefits to all and
fear is entertained lest either the States or the
People should examine II with too close scrutiny
The section which authorizes the Secretary OF the
Treasury ISSUE if found cessary, five millions
of stocks il designed provision against conlin-
geDcies incident To the fluctuations OF trade. In an
agent of Government, such is now proposed to he
created il is proper that there should exist every secu
rty for the maintenance of its credit. Mlsiorunes
may fall on private institutions, IN the revulslons o.
commerce and business, and they may be compelled 10
so "a yment; but whatever identified Wild the cha
of Government should be placed the safest
possible foundations As the means OF the country
ample its credit high and the burdens OF the
People light there is wisdom IN giving TO the Exche-
que the power OF immediate resort in case OF necessl
ty, to the unstained and unquestoned faith of the
nation There should be no hesitation, scrupe,
no lingering doubt, about the ability of the institution
proposed to be established, to fulfil with punctu'
aiy all its engagements under any occurrences, not
of force, TO disturb the Government Itself.
Such are the general views of the important mea-
sure which now invites the consideration ofthe Lee
gslature.
The extremes Of public sentiment on the subjects
embraced in this bill mbodled IN the system OF
the Sub Treasury the one hand, and in Bank of
the United States on the other. The great problem
t,adf fttral tata auu
repose and reconciliation ofopinion can be attained,
whether end can be put TO distressing doubts and
exasperated controversies, touching the policy OF the
Government; by the adoption OF an intermediate sys
tenn system exercising no ungranted power, esiab-
fishing monopoly, bestowing no indefeasbIe rights,
attempting divorce Of the Government from the
People but on the other hand converting the most
ausere, though the most indispensable and plainly
constitutional duty ofthe Government--the collection
of taxes-into the very means OF sustaining the
industry, inteIchanging the commodities and lncreas
ing the gains of those by whom taxes are paid.
This inferno iiae position the plan struck out in
the President Message proposes to occupy, On the
one hand, i performs one grand junction winch the
Sub Treasury could not and did not seek To perform
1t asserts and recognises the constitutional duty Of
cheIshinI and sustaining the commerce between the
States, by all proper and constitutional means, and
turns away from nothing within the limits OF the Con
snution which may support general credit
1t admits the lmpolicy and lmpractlcabilty, without
violence to the business Of life OF coercng an entire
substitution of The precious metals for that cohyerli
bic currency which has come TO occupy their place
But on the other hand, it is not a cooperation; 1t
alarms nobody by the assert on of power 10 enter the
States engross local business grasp at local gains,
exempt from liability to local burdens.
If measure may ever be accomplished, as the good
sense thefIater al sentiments and the business neces
sites ofthe American People mus, lead them ardently
to desire by which existing elements Of discord hall
be withdrawn from national POLITICS. the country
be suffered 10 enjoy Tranquility in things nearly affect
ing daily labor and daily bread it Is confidently
believed that it may he maured, by the wisdom of the
Legislature out Of the general provisions of the bill
now submitted to IT'S consideration.
w. FORWARD