The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-10-07

The Government was constituted a partner In the
the capital stock and the remainder being fourteen
millions Of dollars, TO he taken by individual sub
serp,ons by corporations within the United States
subject 10 be transferred al the will of the persons
bodies corporate who may have subscribed for the same
Thus the stock Of the institution might have been
taken by foreign capitalists in the name Of citizen
OF the United States and transferred according TO the
provisions Of the Bill which, in effect amounted to
the same thing as il foreigners were permitted sub
scribe for stock in their in the first instance
without urging this feature serious objection to
the b II IN other respects the corporation had been
sufficiently restricted TO protect all the great interests
OF the country, and equalze its operations throughout
the Union refer to it for the purpose of demonstra
ting the position that the whole nearly the whole
amount Of the fourteen millions Of stock, open the
subscriptions Of individuals or corporations, would
have ultimately fallen into the hands of foreign capi
tasts, the capitalists Of the great commercial cities
on our own sea board. The limited amount Of the
precious metals in circulation within the Southern and
Western States, where the banks have almost unyer-
sally suspended specie payments, would have inter
dicted subscriptions for the stock Of this institution to
any amount worthy Of notice in that extensive agri
cultural region Of the confedeIacy The result there
fore, would have been the consolidation Of money
capital Of twenty millions of dollars held by the
Government, by foreigners, and wealthy individuals
or corporations in the commercial States, with fran
chses equivalent to banking privileges in all respects
except in that of discounting promssory notes; and
with power to deal in exchanges backed by the credit
of the nation without any limitation the premium
to be demanded bills of eIcnange, sold purchas-
ed by merchants planters other classes residing IN
the interior States desiring avail themselves Of this
medium Of remittance, and to meet the demands
against them in those cities having monopoly Of com
merce, from which the plantation States supplied
with foreign fabrics and other necessary articles for
their consumption. The unavoidable operation OF
such system would be to render the agricultural inte-
in the great Valley of the Mississippi and else
where, tributary and subservent to the money power
of Europe, and Of the cities of this country connect
ed with Europe by commercial intercourse. In the
absence Of a reasonable marimu,n on the premium of
exchanges, leaving the minimum to be regulated by
Giro ances from time to time this Fiscal Corpora
tion had it received the Executive sanction, would
for twenty years TO come have erected stupendous
brokerage, differing in nothing from private board
Of brokers' but the exclusive privileges accorded TO
Of dealing in its own issues which We're made receiv
able payment of duties and Of all other demands OF
the Government without competitor possessing equal
privileges during the existence of the charter
This objection to the details Of the bill which forms
a part Of the Veto Message of the President and
ought at once to satisfy every unpreudiced Of its
proprety, has been arogantly spurned by Mr. Bolts,
a.. a hu rth IN he
assumed post,tlahim that regulation embracing
period Of twenty years, fixing standard of exchange
is impracticable because Of the fluctuations in the
course of trade and the uncertainty Of the demand
for domestic exchange in the business transactions OF
The country. This argument, if it rests any foun
lation better than the imagination Of the honorable
gentleman who uttered it, would equally apply to the
usury laws of the several States and of England
from which system Of jurisprudence is drawn
The rate of interest has been liked in both countries
by laws with penal sanctions fol- centuries past and
if that be practicable, and if experience attests its
utility surely it might be regarded as proper safe
guard in the creation OF an Exchange Bank endowed
with extraordinary privileges to establish rate of pre-
MUM bill Of exchange made payable within the
limits of the United States and bought or sold thro'
of Congress- was well calculated TO make the 'rich
richer and the poor poorer" 1t would have afforded
no relief to that portion of the Union which has been
oppressed by arrangement of the currency and the
exorbilant exactions of usulers and spectators.
find it impossible extend the views, which design
to present of this anomalous scheme of banking far
ther at this time The subject will be resumed in
other number and continued until, hope the deve-
opement will abundantly satisfy impartial public
that whatever may hereafter be done the subject of
Bank for fiscal purposes exchanges, President
Tyler deserves the thanks of the American People
for the frmness and independence with which he has
resisted this real "Monser" in despite of the menaces
of prescription the malignant shafts thrown at him
by the organized press Of ambitious Minister'S con-
spring to control sink him in the estimation Of his
coun,rymen, whose confidence he had earned by
long life Of faithful public service. Let him be fairly
judged by his acts" nothing extenuate, nor set
down aught in malice"-and he need not fear the YER
dict Of an enlightened People
ARISTIDES.
FOR THE MADisoNIAN.
PRESIDENT TYLER.