The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-06-26

which y quite worthy Of remark. and that Isl
the quiet which prevails IN the public msnd. II
is ominous either for good or for evA-for good
it certainly will be, if the people take advantage
% it. aud duly weigh with calm and serious
consideration the real condition Of the country.
| To me, it appears, there never was q period
in our whole history when we were in as good
condition we are at present, 70 profit BY past
experience, and to take a new start on road
which cannot fail 10 lead US 10 prosperity and
happiness.
| SO fully am impressed with this, that at the
risk Of repeating some of my previous views, /
shall end, avor to make it appear.
The greatest evil under which we have la
bored for some years past has been that atten-
dant upon excessive banking. do not mean
merely in the great indation Of the currency,
which caused the r. cent explosion, but for many
years previous, while our banks paid specie, we
had redundant circulation from over banking.
This was obvious from the high prices which
threw our market too much into the hands of
foreigners, who had many advantages over our
own manufacturers in the cheaper rates al
which foreigners could place their fabrics along
side Of our own-lhe greatest of these, in my
opinion, having their origin in the contracted
currency in foreign countries when compared
with ours Bank notes formed our principal
circulation at home, but they being convertible
into specie at pleasure, the evils of the banking
sy stem ftllupon US, while foreigners had all the
advantages Of it. If am correct in this, and
think il will not be doubted, we are now clearo
that evil, from the great plenty Of specie, and
from the numerous causes which have cur
tailed our circulation and with it redundant i'm
porta,ions. We are undoubtedly consuming
fewer foreign fabrics and more Of our own
The general fall in prices has also enabled US to
manufacture much cheaper, as is seen by the
fact that we shipping much more largely of
our manufactured goods-not few Of which
have been shipped even 10 England and the Bri
fish West Indies-and very large quantities TO
China and South America. 1t will yet be
some time before part of our trade will find its
level but am much mistaken if we shall MOI
find vast benefit from the new state of things
which the next six months will exhibit, il no
new schemes are resorted to, TO initiate the cur
rency.
The subject of exchanges, is one which has
caused much false doctrine to get afoa', engen
dering the idea that Mammoth Bank was ne
cessary to regulate them. This is all cleared
away, and the rru h in this particular has be-
come SO obvious that it can never again BIZ
doubted 1t has been fully shown that exchanges
need no regulation when the currency is sound
las the rate will never exceed the cost of the
tran porlation of specie.
The mysteries which Mammon delights 10
throw around human affai,s, are gradually clear
ing away. and If we shall only have wisdom
enough quietly to wait until all he fog has clear
ed off, we shall then be enabled to act with some
degree Of certainty.
This country is in the situation Of patient
with a strong constitution, who has been in the
hands of steam doctors, who have been slmu-
lating him, until they have brought him TO ex-
IRENE debility, and 20 more of their medicine
can be taken. In such case the patient should
be left TO The '.vix medicatrix naturr." So we
should now be left TO she natural energies Of the
people.
Now is the time for the People to reflect
The new Congress will not meet until Deem
Der next; meantime things will become more
and more settled, and we may confidently look
for fund of Information from various sources.
We may be assured lha, from the accomplish
I'd 6nancier the head OF the Treasury, we
shall receive the most luminous statements of
the workings of the present Tariff; and we shall
know what our trade u.s. uninHuenc,d by the
viciousness arisi' from excessive banking or
the speculative operations resulting from it,
| After The ruinous results to us of sudden AID
iniurialed party legislation, we may hope for due
dehberatioa In any changes that may be made.
The Bank question is set a, rest there will
then only be the Tariff which can create any
eat excitement, and confes, look for such
favorable results from a sound and reasonable
currency, as will do away with many of the
difficulties which have heretofore been found to
allend the adjustment of that delicate question.
/ The only thing to be dreaded on the assem-
bling Of The next Congress is, their undertaking
TO make President for the People without be-
ing called upon so to do in constitutional way.
If they shall do this, then we may give up all
hope of their useful acli, during the session.
If we could prevent their doing positive harm
by partisan legislation, | should be pe,feclly
willing that things should remain precisely a.
thy are for another year. AS by that time we
should know exactly what on yht 10 be done-and
none of our interests could possibly suffer to any
great extent-permanency so very important in
all the regulations of trade and finance.
Would il not be well, now, while we are all
cool and quiet, to take measures 10 bring public
opinion out on the subject of any unconstitu-