The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-01-09
The MADISO MAN.
THE PUBLIC DEBT.

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The total amount Of Treasury notes outstand-
inc ON the lst inst, was S4,652,991 SO, accord
ing TO the report of the Secretary Of the Urea
sury.
The Government is expanding, at present, as
Ittle as possible for any thing beyond its current
necessities, and yetwe see no diminution of the
public debt
On the contrary, we think, we can foresee an
increase of il during the present session. Our
friends, therefore, need not be surprised to hear
Mr. Woodbury. crying out orpermission to issue
more Treasury notes. A suficiency will doubt
less be called for to absorb many Of the debts Of
the Government standing in other forms, and
thus the public debt will be consolidated as far
as this administration shall find il practicable,
and thrown into the shape of Treasury notes
redeemable in 1912. This fact strengthens the
suspicion we have long entertained, that this
Treasury note system was TO be made an essen
tial and permanent part of the Sub Treasury
and holding the same relation to that creature
that promissory notes do TO bank. Or, in other
words, that Treasury notes were designed to be
the constant issue and circulation Of the Ere
cutipe Bank.
Considering the exploded and ruinous sys-
TEN of the same sort which this country expe-
rienced in the shape of continental paper, during
therevolution, and regarding the influence of
Mr.. Dallas, Mr.. Crawford, Gen. jackson, and
Mr., Benton, all Of whom have repudiated the
system, as not being entirely lost, we confess
we are surprised that it should find favor at this
late and more enlightened day. But as Mr.. Van
Buren, commenced it when he entered Office
has continued it each year of his administration
and is about to signalize his retirement with an
additional act of the same sort, we see proof
Of all the deceptiyeness, insidiousness, and fas-
cination, which has been justly attributed e
the system by undoubted and sagacious repub
hcans.
tits lamentable that there is necessity fo
Treasury notes, or loan. II is humiliating tina
the country should have SO greatly misjudged a:
TO selectan administration competent to effec
nothing for the public good, but only to accom-
plish the bankruptcy of the Treasury. For if
in time Of profound peace, they have precpl
tated nation possessing the enormous riches
and resources of the United States, into embar
rassment and debt, what could have been ex
pected from such an administration in periot
of WARP
We shall look upon another Treasury Not
Bill as a draft upon Gen. Harrison's admins
tration to pay for the imbecility or profigacy o
this. And as a note is scarcely considered
debt until it is due, they will intend by such !
bill to make large debt accrue some twelv'
months hence, with which they desire to charg'
Gen. Harrison, and make it point Of attack
deriving the principle which will actuate them il
doing so, from Mr.. Van Buren's message.
If Mr.. Van Buren, and his Secretary possessed
the frankness, magnanimity, and consistency
of true statesmen, they would, it seems to US
make full and fair exhibit Of the dilapidatet
condition Of the Treasury, and honestly ask TO
a IOan sst,