The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-27

foR raE nADIsosIAs
BANKING AND THE CURRENCY.

bank rmper--is in abeyance--on demand This is all
that necessary the regulator OF the currency and
it satisfies the claims Of the international medium
secures the rights of the creditor. The constitutional
tender was not designed TO be currency exclusive OF
all others-lhs currency At least, it may be presumed
il was not first, as it was not at the time never
bad been the history Of the country, and could
in any probability be made in the practical oPe-
ration Of the commercial world Next, it not SO
ordained in the act would doubtless have been the
case if it had been designed to operate in this way
Thirdly the itself is evidently conservative in It's
character and purpose not superseding II took Things
a. they were not saying they should not be- not as
turbing Them but casting in power to bar all 'enaeh
cies TO an inconvertible medium.
Bank paper the principal currency under suea s'u''
ofthings.
Nor il his an occasion of concern anxiety, or
nroof TIA, the currency is not sound But rather the
contrary. as the law of international currency would
not tolerate t. if it sound This law Is the
best and always sufficient authority to decide this
question and to guard the interests Of the public on
this point.
People will not use specie as general rule under
mixed currency system; but they reject il, Specie is
wanted principally for four objects: to satisfy graft
nience or advantage; for change for maintaining the
equilibrium Of domestic exchanges and to effect the
las. named object in foreign exchanges For the first
and second objects very little is wanted. In perform
ing the Office of the third and fourth large quantities
may change place; but in the third, the change is not
an Office ola common currency and in the fourth, the
operation is that of international currency. For the
Offices of common national currency, under such
r.. LII
pie prefer it. 1t convenient and in all respects
better II is Of the facilities and proof Of high
state Of civilization
The constitutional tender the great regulator Of the
currency.
This is its design and its Office and not to constitute
the currency ITSELF So long the mint assays ho-
nest and this tender prevails the claims Of information
al currency are satisfied, and a harmony we'll as
good fellowship preserved between the mandates Of
that power and our national OF common medium. 1t
only remains for our legislative and executive author
ties maintain the convertibity Of bank paper and
all is safe. The object Of Constitutional tender is
TO nhibt any other currency, establish itself
prncipal but to to the creditor his election
between the 1t is to control free trade but to
guard against the abuses of trade The object salts
fed so long bank paper is convertible, whatever
may be the comparative of the two species of
currency in actual circulation
A change Of this system icould be revolution
To great commercial community like ours, such
change would not only be perious, but runous. Mel
Their we, nor any other country, SO constituted in its
political economy, could endure it. Individual habits
may be changed at least may be gradually modified
though it is ordinarily hard work but to change the
social and political habits Of nation, in important
matter as their commercial economy, and that sud-
denly and radically, would be miracle
Banking National Policy.
We married to it, as a man to his wife, for
better, for worse" Therei possible retreat. Nor
have any occasion of alarm. With all its mper-
fectons, for want Of maturity in its organization it
has been of the most essential elements of our
prosperity. BY Of it we have made such rapid
strides in wealth and power other nation ever
did by any means whatever It Is policy which the
nation sustain, improve, and carry on towards
perfection-a policy which no power on earth can
either break down invade, if kept in uniform action
fortified by moral energies and physical resources
The only danger is from ourselves in the lack of sea
diness We have suffered by this and safety lies
in the recovery of our footing
Liability suspension an Inherent element ofa bank
ing system
No one deny this 1t is a part of the economy
of the system to issue paper than there is specie
to redeem it. 1t could not otherwise be sustained
But, if the system he sound one there arc always
assets of intrinsic value much more than sufficient
The paper Of such system is valid as a bond and
mortgage on real estate, in the condition of
pension But exigencies of the commercial or poli-
cal world, or both combined may occur, where tenn
Porary suspension is unavoidable, and if Govern
ment fails to stand by its policy in such need
full hour, it is guilty of suicide. Nothing else is re-
CURED to make it firm. The foundation is good-the
edlficc strong and it may brave the winds and storms
OF heaven if the Government decree. Otherwise
it will fall and bury the community under its ruins
Faith being had in the stability of the policy of the
Government and in its of character before the
world being responsible for the system the reasons
of suspension would be and appreciated by all the
parties concerned at home and abroad and they would
be satisfactory.
The banking system part Of ourselves nation
Every discerning man must see that it is SO, and that
1t cannot be torn asunder from U.S. without tearing our
selves in pieces. Government endeavorng to break
1t down. would be enacting treason against the inter
ess of the country. This talk about divorce Of
bank and state In all quackery, in ethics well as in
politics You cannot do ii without breaking up the
family the whole nation, and scattering its fragments
TO the chances of such wind as may blow next.
Banking, in its Infancy
Andtherefore and necessarily aborng under the dis
advantages of state Of immaturity The whole sys-
in this country, after the shock it has received
from the unnatural violence of lis own parent the
Government requires to be substantially organised
basis gidly conforming to the demands of inter