The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-14

of which United States Bank must be composed IL
now chartered must be similar TO that which before
composed il Nand although prosperity might for
season be the fruit Of such institution yet the
end long before, wreck of all that is desirable
that could be wished for would take place, and the
same game be again played OIL upon the people and
then, as now, the wreck and ruin that the people
would be writing under would be the all-powerful
argument why they should again submit to the yoke,
and be shaved and swndled at every turn TO erich
these horse-leech friends thus lifting themselves from
pecunary ruin TO the summit OF prosperity, only TO
have the bubble burst and be plunged again TO the
lowest depths of misery, in order that the rich may
fatten on the earnings Of the poor. The question
then arises, such a consummation be avoided
We think it can and we of the opinion that the
measure now proposed will avoid the two extremes; ;
and that although the bril- now proposed may not
the rich il will be for the benefit OF the mass OF
the people, One great advantage IN the bill is, the
faith of the Government is pledged for all the issues
of the Exchequer. The value OF the notes will not
depend on the whims and caprces Of Bank Presidents
and Bank Directors but the holders of the notes will
lie down and rise up in the abiding security that their
notes good that the promises to pay which they
hold are not dependent upon the acts of swindlers
and robbers for their value but that every individual
in broad land pledged for their redemption, and
interested in their value.
Second The value of these notes will be tho same
all the Union and for the purposes Of remittance
from one section of the country to another, VIII an
sWet all any INDIVIDUAL Wlsni
cept TIE brokers' who would undoubtedly grumble,
for their means OF subsistence would be taken from
Them and they could not in xion with the Banks
wiring iiom the hard earnings of the people or 10
per cent to support themselves and pay the Banks for
remaining in a state OF suspension.
Third 1t will force the Banks to resume, and here
It is objected that if this is done, the dear people will
suffer, for large number of them will fail this is
doubted but suppose il to be true amounts only to
this that If the banks remain in state OF suspension
until they able to resume they will make enough
from the people TO enable them do ii and If they
are forced to resume the people will lose at once that
which is stolen from them by degrees, In the first
case the stockholders will be saved from harm, and
the people will have the burthen in the last case the
stockholders will have to lose that which they ought
in justice To lose il the banks have done runous
business, it was tho stockholders business TO have
prevented it, and the peoples; the doctrine that
The Of the people should pay for the rascaity of
the few, we do not believe in. To sum il up in few
words, we bel eve that the present bill is for the best
interests of the great OF the people, that the Go
vernment and people would prosper best under it, The
people place no power in the hands of monopoly
which they can never reach; it presents middle
course free from the objections of either extreme and
although there may be objections urged with some
weight, yet all things human to be human in
wolves the capability to The old system has
shown itself fraught with evil the proposed may
be- but thing certain; much of the capacity TO
err under the old system is removed from the new
But should the proposed plan be bad one the will Of
the people in session repeal the bill while If the
old system is again put in force charter that would
cling to the people like the tyrant the bloody sccpre
he sways, would accompany it, and years of honest eff
fort could not rid Us of it, We then say try the
sure if it is good one let not cast it from US be-
cause we do not like the source from which it comes
Let not passions rule our judgments, but try the
measure fairly, and should il fall thing is certain
the fall will not be great or the destruction ge
neral as has been the ruin of the past