The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-08-04
THE BANK AND THE EXC HEQ UER.- No. w

delusive. That the country would have to suf-
fer on for years before relief would come from
such an institution and that if relief ever came,
it would arise more from the actual change in
society, from habits of prodgality and extrava-
gance to those of industry and frugality, than
from any virtue that Bank would possess in
itself; and that the faith which ascribes to the
Directors of United States Bank exemption
from all the inducements to error belonging to
the same persons placed in the directory of a
State Bank, is false and unfounded.
Let US now consider the Exchequer plan pro-
posed by the President, and contrast it with a
Bank of the United States-et it be remarked,
that ultraism condemned it without weighing
its provisions, and certainly without understand
ing them. The respect due to the Chief Ma
gistrate required of grave Senators that they
should, at least, have given it few hours re-
Election before they had condemned it. But I'LL
traism was in agony. 1t felt that its doom was
sealed if moment was lost in the effort to col
lect its shattered troops. Its lines were already
wavering, and, unless a voice went out from
the Capitol, they would soon be broken, never
again to be united. Hence the fact that one
Senator assaed the Presidents Message so
sson as it was read. Others waited only until
Mr.. Forward could prepare the bill, and then
general assault was made upon it-and the
country, for the first time, beheld men of oppo-
site parties, and whose personal antipathies had
separated them for years, shaking hands, and
unitjnU in q common aSSanlt One cot callnd If
Government Bank, while the other pronounc-
ed it the odious Sub-Treasury. The truth is that
silence of but ten days in the Senate Cham
Der would have fixed it upon the judgment and
affections of the country. Its dement's consti-
tuted no part of the objection to it. 1t was, be-
cause it was potent to equalize exchange, and
because it was potent 10 relieve the wants of
the Treasury, that the war was made upon it.
These things accomplished, and the Manifesto
Of the extra session, along with its authors, and
the rabid vindctiveness of broken down poll
tician in his 9th year, urging his satellites to
make war of abuse upon the President, would
alike have sunk into forgetfulness and con-
tempt. Hence it was that the Huntingtons,
the Barrows, and the Man gums, Illuminated and
raved and roared, as if the President and Sec
rotary of the Treasury were in combination to
overthrow the Temple of Liberty and desecrate
it's affairs. Mr.. Webster had lost all his Wing
gerry, while the other members OF the Cabinet
were in vile combination to palm upon the
country an engine of mischief What did we
see in the short period which elapsed between
the going in of the Message and the report Of
Mr.. Forwards bill? Press after press, on both
sides of politics, espoused it. The country was
becoming impressed with its value But it did
not suit the politcans-ther leaders insisted
upon the old issue Of Bank or no Bank against
iron chests and iron safes. The first Of these
issues has, so far, only been tried. The shout
has been raised for the mill boy and Bank
the mill boy and his monopoy-the mill boy,
who is alone satisfied when surrounded with
Bank Directors and money kings, and what has
been the result? LIT every election answer
Let Virginia, with her majority of two in favor
of Whiggery last winter, and now with ma
jority Of sixty against it, answer. Let Georgia
tell us what she thinks OF The mall boy and his
Bank. Let Louisiana, the stronghold of Wing
mill bow, who has forgotten the bag of meal
which he formerly straddled and his am
bling poney, and wishes 10 be astrde Of a
high-mettled charger, with all the endowments
and trappings of aristocracy, and with bags
well filled with the money Of the rag-barons,
and their promises to pay. Let each and every
State, which has so far spoken, answer to this
ISSUE They answer, but in the same voice,
and so will they until the end of the chapter.
The People are not to be deluded by the willy
schemes of politicians they reason for them
selves and they have the dscernment to per
ceive that all the evils under which the country
suffers have arisen from Banks, and that to run
the circle Of the last 20 years in the next 20 is
but to end precisely where we now are; they
are aware that whether paper be the cur
rency, or gold and silver the currency OF the
country, the great danger is that the one may
be deprecated in value by the redundancy as
the other may be by aduIteration, and that
neither the one nor the other should be COM
mtled to the hands Of any other than Govern
ment The history Of the world proves that
the power OF coming money Is the largest, and
has proven in some instances to be the most
dangerous prerogative of the monarch. On some
occasions the prerogalive over coinage has been
abused His interest has been in all such cases
opposed to that of the People. The expense
incident to war of conquest, or to the support
of degree of extravaganza beyond his means,
has led the way to the abuse of the royal pre-
rouatvp Rut even The mineral monarch has
been forced to abandon the niquitous plan Of
adulteraton by the indignant voice of People
over whom he reigned as lord and master. The
temptation to make the most of his gold and sill
yer has Led him u increase the quantity of alloy