The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-14
From the Cincinnati Daily Republican
THIS IS A CHANGEABLE WORLD.

THIS Is A CHANGEABLE WORLD.
When the Presidents Message first appeared the
New York Courier and Enquirer, which, by the way,
has been called, par excellence, the Organ of the
friends of Mr. Clay in New York said;
The great point in this document, is the I" Fiscal
Agent" This is more nor less than great Go
pernp,ent Bdnk-just such institution the late
Bank of the United Setes, except that it may not dis
count, and that the Government is the sole stockbod-
err 1t may well be christened at once "a Govern
ment Bank of issues and deposites'-for such il will
be, if adopted by Congress We cannot hazard any
decided opinion upon its utility, until we all its de-
tails but present impression is, that it will an
swer all the purposes Of National Bank-excepting
those arising from the power to discount notes and
bls-because il IS far more National than any other
Bank ever suggested by an Executive. Will Con-
gress adopt What will the strict constructonists
say to this scheme If this be abstraction, il is
such an one as no States Rights ever before
thought Of recommending.
Even this was more than we expected from one
who had been so bitter against the President In a
few days he much more decided in his tone. he
said
The more reflect upon the principal feature Of
this document, (he fiscal proje) the more it COM
mends itself to approval.
The wisest heads in the nation have long thought
that the Constitution Of the United States intended
guard against the issue of paper currency by the
States and we pleased to perceive that Mr. Ty
Ter entertained the same opinions. We agree with
him, too, that is too late to restrain the States
in the power they have assumed and such being the
case, we cannot withhold cordial appreciation Of
his recommendation that the General Government
shall resume its original powers and furnish to the
country currency which shall be sound beyond all
contingencies, and which shall be based upon the
dit of the Government itself We have ever been
the advocate of National Bank and the more No
tionai the better both for the people and the Govern
| ment. True we have never advocated a Government
Bank and for the very good reason that we supposed
the time had not arrived when the people were pre-
pared for such institution But the experience of
the last few years-the general suspension of specie
payments at period and the partial suspension at
this moment added to the utter arrangement of the
currency of the whole country--have opened the
eyes Of rejecting men Of all parties to the necessity
of the General Government coming into the field and
supplying the much wanted regulator or standard OF
value.
That Government Bank with the power TO dis
| count would greatly facilitate the great object in
| view, we do not doubt but such power would, I'M
questonably, be liable to abuse; and we are well sa-
tsfed therefore, that this feature in institution
| purely National should be withheld With the de-
tails Of the projet recommended by Mr. Tyler we, of
course cannot be entirely familiar until the prca it
self shall be submitted to Congress. Sufficient, how
ever put forth in the Message satisfy that with
such restrictions Wing Congress will undoubted-
ly place upon it, Mr.. Tyers prcjet may be rendered
| equal to all the wants of the country"
| Here we thought we had him safe and if
port and bill made their appearance, he in
| their commentator. In this we may be mistaken
We have no file Of his paper at hand the extracts
| above copied when they appeared We think
however, we are right But, alas ga change came
DER the spirit of his dream" on the Goth ut Almost
simultaneously with Senator Mangums violent speech
| against the scheme the Colonel faces right about
and retreats in double quick tme far beyond his ORR
ginal position Ho keeps up hot retreating fire as
| he runs and one would suppose he took time
to cast his eyes back the effect of his Shots
| He devotes whole column to the subject and we
regret we quote him entire, that his nconsis
tency might be made fully apparent.
He says 60
e,The more we have reflected upon this subject,
| the more satisfied have we become, that the views
which first presented in relation to this natter
correct, and that at no time and under no cir
cumstanccs should people Jealous OF their liberties
yield their acquiescence to the nsdious and DANCE
ro,ls powers asked for in the ultra Federal and Mon
archcal bill recently submitted to Congress by the
| Secretary of the Treasury"
| He thinks even Alexander Hamilton never con-
| ceived SO Monarchical, so dangerous scheme He
saws
| Even he would have shrunk from such PROPOSE
ton as is now recommended by JONI TYLER, DANIEL
WEBSTER, w. FORWARD, J. c. SPENCER, and A. z.
| UPsHuR measure unheard of in any country
where civil liberty has obtained foothod, and which
cannot fail to receive the Justly merited execraon of
every enlightened American, aiming deadly blow
at our Republican Institutions
|
" The report signed by Mr.. FORWARD is said to be
from the pen of Mr. Webster; and on this point there
can be but little difference of opinion. But be this
it may, it is distinctly put forth by Mr.. Forward as
the plan of the President, which has received the
sanction of all his constitutional advisers II mat
tiers not, therefore who wrote it. II is sufficient to
say that it is ably and specially penned and yet
whoever has read it, cannot fail TO be struck with its
palpable contradictions"
This paragraph is worthy the great Apostles Of
Bentonism-the Editors Of the Globe. Again he
says
''To Judge of the probable extent of the operation
of this political monster, we must look at the past
In year according to the reports OF the late Bank
of the United States, its dealing in Domestic FIX
change exceed tco hundred and fry millions Of dollars
and this too, at the highest rates it could procure,
and with active competition the part of brokers
and local banks. II is proposed that the Government
Bank shall do all this Of lower rate than heretofore,
because it has no desire to make money; and will ne
cessary follow, that its dealings in Exchange in a
single year will probably exceed eight hundred millions
| Of dollars ~
All this comes from the very man who few days
ago had even been the advocate of National
Bank, and the more National the better for both the
people and the Government"
I He winds up his long article by hoping "that the
recommendation of President Tyler, Invested of its
dangerous fcahre-the power to deal in bills of ex-
change-w receive tho sanction of all parties in
Congress, and become the law Of the land.N
| Is not this beautiful specimen Of consistency I
We have not given the half of his dcnmcations of
the scheme bat sufficient TO show that some sudden
and po,cc,td influence has been at work. His dis
courses often and loudly about Tyler presses" and
the slbscryiency of those who do not denouncc the
President The Colonel must be immaculate and
rcry Independent in hi, every thought, word and ac-
| ton.
lf'.the recommendation Of President Tyler" is dl-
vested of its dangerous fedine,N we would be Obliged
TO him if he would tell us wherein it would differ
materially from the "odiouSn Sub-1rtasury, against
which we all did battle strenuousy. We ask for
| information
| We feel some anxiety TO see the effect that the
new light which has sprung up at Washington
will have upon our neghbors OF the Gazette. They
were almost with us a few day SINCE but tempo
ia mutantur and We fear they viii change cum
J His