The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-01

ton which have assumed Ii, then, any fiscal
agent which may be created, shall be placed
without due restrictions, either in the hands oil
the administrators Of the Government, or those
of private individuals, the temptation 10 abuse
will prove 10 be resistess. Objects Of political
ACKNOWLEDGEMENT may seduce the first, and the
promptngs of boundless cupidty will assail
the last. Aided by the experience Of the past,
il will be the pleasure Of Congress so 10 guard
and forlify the public interests in the creation
Of any new agent. as to place them, so far as
human wisdom can accomplish IL. on footing
OF perfect security. Within few years past
three different schemes have been before the
country. The charter Of the Bank Of the Y. >.
expired by its own limitations in 1886 an effort
was made TO renew II which received the sane
ton of the two Houses of Congress, but the
then President Of the United States exercised
his refo power, and the measure was defeated.
regard 10 truth requires me TO say, that the
President was fully sustained in the course he
had taken by The popular voice. His successor
to the Chair of State unqualifedly pronounced
his opposition 10 any new charter OF a similar
institution; and not only the popular election
which brought him into power, but the elections
through much of his term seemed clearly to in
dictate concurrence with him in sentiment on
the part of the people After the public moneys
were withdrawn from the u. States Bank, they
were placed in deposite with the State Banks,
and the result of that policy has been before the
country. To say nothing as TO the question
whether that experiment was made under pro-
pltlous or adverse circumstances, il may safely
be asserted that il did receive the unqualified
condemnation of most of its early advocates,
and 1t is believed was also condemned by the
popular sentiment The existing Sub-treasury
system does not seem 10 stand in higher favor with
the panplp hut hac rncautlu haa naI IN
manner too plainly indicated to admit of adoubt.
Thus, in the short period of eight years, the
popular voice may be regarded as having sue
cessively condemned each of the three schemes
of finance TO which have adverted. As TO the
first, it was introduced at a time 1Sl6) when
the State Banks, then comparatively few in
number, had been forced TO suspend specie pay
ments by reason OF the war which had previously
prevailed with Great Britain. Whether, if the
United States Bank charter which expired in
1911, had been renewed in due season, it would
have been enabled TO continue specie payments,
during the war, and the disastrous period TO the
commerce Of the country which immediately
succeeded, is, TO say the least, problematical
and, whether the u. S. Bank of 1916 produced
restoration of specie payments, or the same
was accomplished through the instrumentality
OF other means, was matter OF some difficulty
at that time to determine, certain il is, that for
tuS inst ySdiS VI ut optldpOH VI tIut UdHhs It's
course was as disastrous as, tor the greater part
of its subsequent career, it became eminently
successful. As TO the second, the experiment
was tried with a redundant Treasury which
continued to increase until II seemed to be the
part of wisdom TO distribute the surplus revenue
among the States-which, operating at the same
time with the specie circular, and the causes be-
fore adverted 10, caused them to suspend specie
payments, and involved the country in the great
.t.r~~ AL al. t,rI .
carried through all the stages of its transmit
tation, from paper and specie, to nothing but
the precious metals, to say nothing OF the in
security of the public moneys, its injurious
effects have been anticipated by the country,
in its unqualified condemnation What is
now TO be regarded as the judgment of the
American people on this whole subject, have
no accurate means OF determining but by APP
peaiIng to their more immediate representatives.
The late contest, which terminated in the election
Of General Harrison TO the Presidency was dec
ded on principles well known and openly de-
clared and while the sub-Treasury received in
the result the most decided condemnation, yet
no other scheme of finance seemed TO have been
in TO you, then, who have cone
more directly from the body of our COM
mon constituents, | submit the entire question,
as best qualified TO give full exposition oftheir
wishes and opinions. | shall be ready to concur
may propose, reserving 10 myself the ultimate
power OF rejecting any measure which may in
my view of it, conflict with the CONSTITUTIONS or
jeopardlZe the power of the coun-
'ry-a power which could not part with even if
would, but which will not believe any act of
yours will call into requisition.
cannot avoid recurring. in connection with
this subject, TO the necessity which exists for
some suitable measure. whereby The
nd nf panlxa ~, III
be corrected in future. Such result can be most
readily achieved by the consent of the States
to be expressed in the form ola compact among
themselves, which tney can only enter into with
the consent and appreciation ofthis Government
A consent which might, in the present emer-
gency of the public demands ,justlfiably be Civ
en- by Congress in advance Of any action by the
States as an inducement TO such action upon
terms well defined by the act of tender. Such
a measure addressing itself to the calm reflection
Of the States would find in the experience of
the past, and the condition of the present, much
to sustain it--and il is greatly to be doubted
whether any scheme of finance can prove for
any length of time successful, while the States
shall continue in the unreslraiaed power of Gre
atng banking corporation. This power can
only be limited by their consent.
With the adoption of financial agency OF
satisfactory character, the hope may be indulg
ed that the country may once more return to
state of osperity-measures auxiliary thereto,
and in some measure inseparably connected
with lis success, will doubtless claim the attention
of Congress Among such distribution of the
proceeds of the sales of the public lands, provided
such distribution does not force upon Congress
the necessity of imposing upon commerce heavI
or bur,hens than those contemplated by the act
of 1888, would act as an efficient remedial
measure by being brought directly in aid of The
States. As one sincerely devoted 10 the task OF
preserving a just balance in our system OF Gov
eminent by the maintenance of the States in
condition the most free and respectable, and in the
full mo- sion of all fhIir nnuer l can no other