The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-11-11
FOR THE MADlsoNIAN,


desire to add word SO on the subject Of the
three last brief letters have written YOU
Willis, am disinclned to animadvert on any one
of the very many schemes, mos, of them differ
ing one from another only in their details, with which
the public press is teeming, will not forbear
Election all of them in Of the traits common to
them all, and of which each Of them is sgnally de-
fcient Not one Of them contempiafes ameiioration
Of trhoie Of the bank paper currency ofe country.
Each Of them regarding the evils Of the existing
pension of specie payments conceived and expressed
with view only to correction of those evils or
rather escape from them for the benefit only of the
General Government. No scheme Of this limited 4
tent of purpose If sufficient for its purpose would
satisfy the wants Of the country. Some corrective
measure, which will not only reach, directly or indi-
recty and remedy the ills of the present bank suspen
sion but which will exert decisive and efecual in
fuence TO prevent recurrence of them, is what is
wanted. The possibility of of one Of the
ills which attends the present suspension, should it
may) be prevented. The law Of 1916 provided for
the exclusion Of their notes. when the banks suspend
ed in 1887; but there provision for the safe
keeping of the revenue, which, by that exclusion, was
confined in its collections TO the precious metals under
the laws then in force. To supply that defect--to
provide place plan for the sa-keepng Of the rev.
to be collected, during the suspension, in gold
and silver, was the most conspicuous cause Of the
called session Of September, 1887. This ill., which
was the main cause Of that extra session. can be pre-.
vented by simple enactment, applicable alike to the
remainder Of this and any future supenson requiring
special deposits of the collected in specie du
ring the interval before resumption. The proposers
of the new schemes speak about the ills that attend
the locking the precious metals in the vaults the
State banks,&c. Now, would inquire of the "Member
Of the 9th Congress" (cum muitis aiiis whether,
should his scheme he tried the country would not as
much ever be liable to be subjected to the same ills
now bears unless something else be done to correct
the legislation of the States in creating and control
ling their banks Il is sufficient answer 10 saw
that the General Government must take care of itself
and the States Of themselves. That was the object
of the Subtreasury, which, though il was undenably
well intended and well adapted to accomplish its OBJ
ec has been repealed in obedience 10 the public judg
men and for the reason in chief that, in entire ne
glect and cupable contempt Of the interests Of the
people looked TO only and aimed supply the wants
of the General Government. Nor can it be maintain
ed nor indeed has il been asserted that either of the
new schemes would exert so efficient an influence in
check the State banks, as would the law lately
repealed.
would that the men in authority would consult and
consider these simple, homes, suggestions from an
humble source.
PUBLIUS