The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-26
The MADlSONIAN.
FISCAL AGENT.

FISCAL AGENT.
AT the request Of a correspondent we publish the
subjoined views Of Mr. Madison, Mr. Monroe, Mr.
Crawford, and Cen Jackson in reference to the sub
ec Of currency which is now TO absorb the attention
Of Congress
The charter Of the old Bank expired during the ad-
minisifation OF President Madison. In his message
TO Congress in 1915, he says
The arrangement of the finances with view to
the receipts and expenditures ola permanent peace es
adjustment VIII necessarily enter into the dellberation
of Congress during the present session IL is true
that the improved condition Of the pubic revenue W
not only afford the means of maintaining the faith of
the Government with its creditors nylolate and of
prosecuting, successfully, the measures of the most Ii
beral policy but will also Justify AN immediate allie
walton OF the burdens imposed by the necessities of
war II Is, however essential 10 every modification Of
the finances, that the benefits of uniform national
currency should be restored TO the community. The
absence Of the precious metals will is believed be
temporary evil, but until they again be rendered
the general medium of exchange, il devolves on the
wisdom Of Congress TO provide substitute which
shall equally age the confidence and accommodate
the wants, Of the citizens through the Union Ii the
operation Of the State Banks produce the re-
suit the probable operation Of National Bank will
merit consideration and il neither of those expedients
be deemed cecual il may be necessary To ascertain
the terms upon which the notes of the government no
longer required instrument of cIcd) shall be is
sued upon motives of general policy, a common
medium Of circulation"
This portion Of Nj Madisons message was refer
red TO select committee, Of which JonN G.. CALHOUN
was the chairman 7 On the 9Th of January, 1916 Mr.
CALHOUN reported bill Tor the National Bank which
passed both Houses Of Congress the session and
received the signature Of President Madison. Two
thirds of those who voted for the re-charter of the
Bank were the political friends of Jefferson and Madi-
son3
Mr. Madison in his next annual message to Con-
gress after the Bank had been rc-chalered at his sug-
ges,ion and by the of his friends spoke of
follows. We quote from his last message, dated Sd
December, 1913
cit is obvious that there is only wanting to the fs
cal prosperity of the Government the restoration of
uniform medium Of exchange The resources and
faith ot the nation displayed in the system which Con
gress has established respect and confidence
home and abroad. The local accumulations of the
revenue have already enabled the Treasury to meet
the public engagements IN the local currency of
most OF the States and it is expected that the
cause will produce the effect throughout the
MON. Bul for the interests Of the community ut
idrde, IreH dsfor The purpose Of HE Treasury is
essential that he nation should possess a curren-
ey Of equal raiue credit and use, whereper 1t
may circulate. The Constitution has entrusted
Congress efciusireiy nth the poner Of ere ating
and regulating currency Of that description, and
The measures taken during The last session in
tIecu1iON o. INC pOFfTi Rltc tfcIy UTUHHiSt 81 sue
cess, The Rank Of HE United States has been or
ganized under auspices The most favorable, and
not fail 10 be important auriiiary 10 those med-
sures."
These were Mr.. Madison's opinions. Now let us
see what Gen. Jackson thought about National
Bank.
Extract from Gen .Jackson's first Messupc 10 Con
gress.
If such an Institution is deemed essential To the
fiscal operations of the Government, submit the
wisdom of the Legis aiure whether NATIONAL ONE,
founded upon the credit of the Government and its
revenues might no, be devised which would avoid all
constitutional difficulties and the time
all the advantages to the Government and the country
that expected TO result from the present Bank.
Extract from Gen Jucksoas second annual Mes
sage
In the .piit OF improvement and compromise
which distinguishes our country and lis institutions. II
becomes inquire, whether il be not possible TO
secure the d,antages afforded by the present Bank,
through The agency Of a Bank 81 The Taaed States,
modified in its principles and structure as 10 obvi-
ate constitutional and other objections. II is thought
practicable 10 organize such Bank with the ncces-
sary officers as a branch of the Treasury Depart
ment based on the public and individual deposits, "
&c, SC. In times of public emergency, the capa-
cities of such institution might be enlarged by lie
gislatiye provisions"
Extract from General .Jackson's third annual Mes-
sage.
Entertaining the opinions heretofore expressed in
relation TO the Bank of the United States as al pre-
sent organised felt il my duty in my former
pes frankly disclose them in order that the attention
of the Legislature and the people should be
bly, directed to that important subject Without n
more particular reference to the views of the subject
then ex pressed leave for the present To the invcs-
cation of an enlightened people and their reprcscn-
tatives.p
Extract from Gen. Jdckson's Veto Message.
"That a Bank of the United States, competent to
all the duties which may be required by the Govern
mcnt might be organized as not to infringe our
own delegated powers or the reserved rights of the
States / do moi entertain doubt. Had the Esecu.
tive been called upon to furnish the project Of such
institution the duty would have been checrully per
formed