The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-13
From the Phil. North american.
MONEY AND CURRENCY.

At no period since the formation of the government
has the general business of the country been in
deranged state than it is now The individual states
have never before been deeply invoked in debt,
as they now are, when taken collectively. The Gre
dit of the Federal Government never known, in
a time of peace, to be at so low ebb it is,
although its whole debt does not exceed twelve mil
lions Of dollars about the revenue for six months.
In 1920, while the country suffering from the
effects of the disastrous revuions of 1872 there
competitors for government loan of five millions of
dollars, bearing five per cent interest, at premium
of from to per cent. Then, the public debt
amounted to one hundred and thirty millions of dol
lars. Now, with a debt not exceeding twelve NIL
lions of dollars (incuding Treasury notes., the stock
of the issued under the authority of Con
gress bearing six per cent interest, IS offered IN the
market at A to per cent discount, without finding
BUYERS. What contrast! What picture Is here
exhibited for the contemplation of the American peo-
pie nation whose population has more than dou-
bled, whose riches have more than quadruped, and
whose resources which have been developed since
the period referred to- beyond the power OF COM
putting, exhibiting to the world at this moment a
bankrupt Treasury. The legislators of the nation
unable to draw any pay drafts drawn by public
agents in foreign countries the Treasury dishonor-
ed the pension>d widow and the invalid soldier
unable to obtain the small pittance allowed them by
their country to provide of nourishment and
support
Why is il that such change has takeu place in
the brief space Of twenty years Why is it that the
country is without credit now, both at home and
abroad, and absolutely without the means of repen-
shng an empty treasury These are important mat
tiers for the people to inquire nto and to occupy their
attention. Let the peoples look at the conduct OF
their representatives twenty years ago and look at it
now AT the former period the two branches OF Con-
gress were distinguished, dgnifed and deliberave
bodies legslatng with other object in view, but
building up and advancing the great interests OF the
country and adding to the welfare OF the people,
How IS it now' Look into the hall Of the lower
house. and what the daily scenes enacted there
Why they fall but little short of the antics OF buf-
ICONS Go into the chamber where 'poent, grave
and reverend Senators did congregatc and by
their lofty patriotism eloquence and love OF country,
commanded the admiration of the world, and what
do we see there Degenerated and degraded into a
mere arena in which political gladators exhibit their
skill in making passes at, and parryng oil those oil
their adyersaries. The business Of the country IS
wholly lost sight Of and the disresses of the people dis
regarded by their representatives while occupied IN
advancing their own aspirations, IN The business oil
President making. II is nearly three years yet be-
fore another election takes place. and yet we have in
the Senate no less than four candidates, who are now
openly in the field for that high station How long
will be possible for Republic to stand up under
the effect of the that are daily exhibited IN
Congress Not long we fear. The enemies oil re-
publics abroad predicting speedy dissolution oil
the only one now existing and with good reason
This Republic cannot long endure the shocks which
il is now almost daily subject to from those who are
chosen by the people to defend and cherish it, Anar
civ and confusion is the certain result unless the
present downward course of the Legislators of the
nation is speedily arrested
In our opinion, il is time for the people and the
press to speak out in tone and language, that will be
needed 1t is the people who make Presidents, not
their representatives They have something of more
importance to engage their attention than Presi-
dent making II will be time enough to think of that
matter two years hence The country is now bleed
ing through every pore in consequence OF deranged