The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-09-16

~ UMrv-n NoS-EssExTuALs, LISEsrvi AND |" AL
THINGS cHARIry.-Awgxsti~.
1--WE ARE GOVERNED TOO MUCH"
To one man, who welded the delegated pow
ers of the Government in relation 10 he 'u'
rency, did the capitalists and the me'cosn''' a"u
MANY of the citizens Of this land iook LOT le''ei'
for counsel. and for direction. Amid the ,hroes
and coovulsons of this unhappy and disastrous
,s;o, ~ eve. were turned to him, and all hearts
renosed their highest and most sacred conn
asoce in him. As he walked The streets, he
u.. pointed oul as the great and mighty arbi-
Tor If the desliuies Of merchant princes, WELD
ing . power 10 dispense prosperity, and to fol-
low in the track Of the whinwind; by his touch
TO convert ito dreariest ruins into beautiful and
cheerful monuments of the wonderful and ma
eic influence Of his financial skill. If he walked
the storm, he could, by one word, convert 1t into
the gentlest and kindest zephyr. He lived in
poetry and in song; and the eloquence and
learning Of Senators and statesmen brought
their rare and costly tribute 10 his feet. His
vanity led him to believe, that the deslinies Of
I5.OOO,O 900 Of freemen were in his hands and
eminent, and there, whilst be grappled with the
Constitution, and with patriotism, and with the
strong and unerring instincts, as well as the So
Der judgments Of the American People, he met
the fate of an usurper. What career! En-
trusted with high prerogative of the Govern
ment. one man undertook with his puny arm 10
WELD the collapsed engine. Whatever of cul-
tvated mind he possessed; whatever of the
confidence of his friends, and Of large, wealthy
and powerful communities, was reposed in him,
whatever of financial skill was accorded to him,
one widespread scene of disaster and ruin of
the prospects and estates of all who confided in
him, is the melancholy monument of his pre-
sumption and folly; and widows and orphans
live TO sigh over their departed fortunes, and to
tell the tale Of those bitter wrongs.
Throughout the whole length and breadth Of
the land, the evil of departure from cons,itu-
lional principles was apparent, in the rapacity
and frauds OF dishonest bankers. Banks were
gotten up, and some revived under color of law;
charters of all kinds, of library companies, and
Of all other companies, were construed TO pos
sess banking privileges, until bank paper thick
as the autumnal leaves, was scattered from
Maine to Georgia. When the natural and ne
cessary result came-an explosion-ba bankers had
amassed ill-gotten gain, and lived in splendid
and luxurious ease, whilst the poor man found
the little pittance of his daily earnings, that he
had laid by from time to time, to meet the de-
mandsof sickness or accident, or an inclement
winter, had become worthless trash. Such vii
Any, unfortunately, in many cases was suffered
to 60 unpublished. But who can tell the dread
consequences that cursed the American Peo-
ple2 All that we have now accomplished is to
have merely limited at them.
Legislation has been implored for relief, and
suffering community has begged at the halls
of Legislation for stay laws, and relief laws, and
every political quack has advertised in pompous
and confident terms, the potent virtues of his
drug. Meanwhile, constables, and sLeriffs, and
clerks, and lawyers, and that whole army, who
are enriched by such a condition of things, have
prospered amid public distress.
Let Legislation ever be simple, and in strict
be appealed to and exercised when the public
interest and necessity clearly demand il, and lei
the country learn to depend more on its own in
dustry, and economy, and simple habits, and its
inexhaustible resources, and proclaim eternal
independence of all the nostrums and panaceas
of political empyrics, aud our national prosperity
will grow upon an enduring and indestructible
basis, so that the storms may beat and the rains
come, and still this edi6ce will be firm and I'M
shaken
The Fiscal Agency, as proposed by the Pre-
sldent, conlemplates return to the simplicity
and safety Of the Constitution. Its adoption
will constitute proud era in our history. 1t
will be clothed with no power to loan money,
but simply to supply national paper currency
OF limited amount, viz: SIS, 100000 based on
an abundant specie basis. Its ability TO deal in
exchanges may OF may not be dispensed with.
II Is not vital or necessary part of the project.
Can any thing be more simple Public dues
may be paid in this currency or in gold and sill
yer to the public creditor as he may choose
Many Of the advocates of the Sub Treasury
were desirous TO have this feature engrafted
upon it, and if il had been, we may not assume
NV s"~Sh " soy, mat IL WOulQ now nave Dee0
the law Of the land
With the Exchequer system in operation, we
shall test the wisdom and safety Of the provision
oil the Constitution in securing to the Govern
ment the prerogafive Of "coining money and
regulating the currency" A currency not al
war with practicable gold and silver currency
but in harmony with it, will then be dispensing
- cr
'ts happy effects. The friends of gold and sill
yer currency, as far as practicable, will find