The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-06

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supposed that the fact would not be controyer,ed
the people OF he United States desired and .t, 4,
that There would De created some national ins,,t
either an oid-iashioned Bank, or some Other w.
tution-compa'ible with tie principles Of the WI
party, TO restore tie country and 10 relieve b., ING
easements. A Bank of HE United States f, t'"ai'
neft of the people Of the West, ,speeiaIIs pe'
an object ofnuch socitude. There v ere eg6, G. vas
called Western States the debts of W ich G me
improvements and other purposes, amounted IN 49,.
millions of dollars, and at the rate of five ~, ~
for exchanges States where the banks w.. 10y
ing specie, conclusion might be spproxif,s, KY
to the amount OF taxes they were in Vie habit a.
ing TO the East, and other sections in con,eoue
the arrangement OF the currency The p.oA
lievsd that three-iourths OF this might be say,d "
National Bank ard could u be- wondered the,2 :,
that they looked with solicItude at he procecj,n
the last session OF Congrcss-when they saw :,
Senators stralniDg every nerve and maxine ..
sacrifice to obtain something for Their relief-sod 4
they should now regard with sorrow the unnc
fol exerions hich had been made 10 obtain ~
tulion suited To their desires Kentucky b,J ,S
To Mr. Tyler, as well a. 10 his deceased pre,l
majority OF $1,000 votes, larger, by far than ~
ever gave 10 any other Candidate Tor the same s,
IN preference, Too 10 of hec ow
he people did not stopto inquire what Were NJ 9,
Ter political prncil les II was sufficient for lIer :,
he was Wing, and the EomiLee OF the VIZ - "''
vention; besides, he was Virgin MAN a nana I'll uu
was anonymous with integrity and exalted ',
state from which he came, there seemed TO be no Wv,
that they would be enabled TO accomplish MI ia u''
snres which we're involved in the contest of san T.
there was any doubt, 1t was dispeed by the Inau,,.
Address of President, which induced The Io'''l
10 look WIN confidence to the consummation Of H.
principles TO which their ascendancy had oiye /"
But, after their disappointment at the extra se,!,
they were anxious that the Executive Denart,,
shouid recommend some plan, or devise some rnod
ny "hich 'heir distresses could be relieved and h,
inns nope, ihey expected TO rally III the support Of NJ
principles which brought them into mower II &
hdeed, sad spectacle to see the party which had been
struggling for twelve long years thrown from M XII
eminence, and driven into divisions among hon
selves and such a spectacle as was never befo,.
witnessed IN this country. II was not Therefore an,
prsing, TO him at least that the fall elections resu
as they had, and CIV en- TO the Democratic parly
temporary advantage; for with what heart could it
Wings rally, when they found that their efforts XII
been in yaln and with what heart could they s,ry
to maintain and continue themselves in power NJ
vertheess, they looked with solicitude to this session
OF Congress for relief. With regard to this proiec,
there were many objections to it at the outset H
manifest that the report, as suggested by Tho
Senator from Connecticut, (Mr. HuNrINGToSi bss
the appreciation of the Executive and it was no,
proposition which, for the first time had been present,
ed to Congress A distinguished prede, Of Inc
President (General Jackson) Swallowed it Il ri In
successive mes sages. Every one remembered Wit
what acceptance the proposition was at that time "a,
by Congress. Ii was referred to Committees in b,,i-
Houses composed of men distinguished for her ahi
ties and tor their attachment to the Executive Atlbc
head of the Committee ofthe House was Cement Nj.
Duiie at the head of that in the Senate. Generg
Smith, of Maryland. In both of the reports winch
were made upon the subject, the recommended on Il
the plan was discarded inex pedent and as calcu
lated to have an injurious tendency and they rdpar
ed it as great Government machine in two pont, IL
view IN the one as creating paper currency hy Tie
Government; and in the other as ncrea sng ti, "a.
tronage of the Executive. He took it Therefore th,
it was great Government Bank no attcr by wba,
name it might be called. He had another direct n.
to il; and that was, the effect which it would ye oh
the business transactions of the country Or Con.
gress might at any time increase the amount al Il.
capital. Fifteen millions Of Treasury notes and III
teen millions IN dep5sites would be found inaltduat,
the demands of In Government Thetendency u
the times was to an accumulation Of paper rur.
Tcncy, and this capital of thirty millions would Soon
be increased to double that amount This aptati,
grew with the nutIlment upon which it fed, and Ii
people would demand that the amount be increase
When the Government wanted money, they cOu
obtain it by an issue of L reasury es 1t was
pie plan, and there difficulty about IT, for by i
means fifty hundred millions of dollars could
placed in the hands of the Government But wGl
the people risk that much money in the hands of
Easc...' department In the course Of time, L.
power 10 useo"nt prnm.sn.y .Hgh. given {a
thls institution, and, under some specous prctext
number OF agents necessary TO carry il into oieci
Increased, thus strengthening the arm Of the Ex II
i've and with this in addition to the veto power "a
which he could arrest the passage Of .ws intc,ld
for the public good, who uId tell how soon ). a.
Caesar or Napoleon defyng the checks and b,ant,
OF the Constitution, would seize upon The GAori.
ment proclaim himself Emperor, and reduce this na
tion OF ireemen 70 the condition OF slaves liuG
ever sropg this project might come recommc;,taq
by the President and his constitutional ad,i:,t.
ne must say that he disclaimed all connection 5uu.
II, now, henceforth, and forever; and Nhlt y,
might be its merits as measure to afford Tempe.
relief, il was odious TO him. In the language j..
trick Henry, il had squirting towards ENcral
supremacy" and il also squintcd to a conct
ton of power in the hands of the Executive a iiae
whchhe would not give eycntoa Washi ston II aa,
willing to concede great deal for The union o..
Wing party, but when the question was prescnl,..
him either to preserve the conscience OF Ia, resi-
dehi, or sacrifice the principles OF tie party IS lt
brought him into power, he could not hesitate 10 M
Ter the latter He had seen stated that Their. "
iactlous opposition in Congress- and il was also >sf
That they must take this measure or they wcuM ciV
hoie-yes, Tins very measure, containing lraten,.
which the party to which he was attached had uVay,
denounced. Now, what were the Wings t. I'll
why, they were to call upon the President hlllSe
set an example of compromise; let him lay std, IL.
own preJudlces for the benefit Of the country AID
an example, OF magnanimty, and, his word lJj h
al would be well but to suppose that they Won
abandon the ground on which they had r,ttjoio.l
stood, and place themselves in a position 10 call dou
upon them the rebuke Of their opponents, wo,lld be
doubt their integrity, and he, for one, could not l4
To such course of conduct
MIR, SIMMONS observed that after what la
been SAID against hepr lect Of the Secretary o ~
reasurs, II might be well TO take another view 81 II
Almost every Senator who had spoken upon the
Ject, had ,ndeavored to prevent the from taking
IN lis present form, and he trusted that such re.u
had been Effected No man however, wanted
adopt the project as it now stood Butthry b,
serious question to ask themselves What mus r,.
do 7 On all hands one feature OF the plan hld de.,
condemned as Bank an Institution un.lo
control Of the Executive, and it met with no avat d
the Senate He proposed 10 suggest. for consist
ton one view which the plan aud the report >,rsH,,
ed to his mind lie was happy to learn ioJ us
one connected viii him by party ties lhat th,1 Nt
disposed 10 adopt something practicable Cou1
thing he done under The plan wh h had been .U
TED tothsn He would ask the senate, In b IS,
tn wis I'd to do The people certainly ls,
some system for their relief and the question v