The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-26
THE ExcHEaUER

rency tldt the GOyeinmtut suouia N'N"'N W
poralion, and delegate TO il the right OF Issuing
a paper currency and of lending money.
The constitutional right of the General Gov
eminent 10 issue paper currency they' OF
course, do not deny but they insist that ms
right cannot be safely exercised directly IL
must be exercised indirectly delegated TO cor
poration. The representatives OF the People,
they contend, are not fit 10 be entrusted with The
direct exercise Of such power bil II may be
safely confded for an indefinite term OF years TO
the stockho ders and directors OF an incorpo-
rated company.
They also contend that II is indispensably ne
essary that the power OF issuing paper cur
r-ncy should be conjoined with the power oil
lending money. Not only, in their opinion, Is
the power of issuing paper currency saier'
when delegated to company Of stockholders,
locking only To their own interests, than to the
representatives of the People, responsible di-
reclly TO the People: but il is safer even when
conjoined with the greatest possible temptation
to abuse the power Ii is better, theg think, Tor
the General Government TO delegate 10 a corpo-
ration the power both of labricating and lending
money, than 10 exercise directly the power OF
issuing paper currency, withou, the power oil
lending money.
That this is the sum aud substance OF the
present ultra Wing doctrines on currency, larry
and truly stated, no one can pretend TO deny
Ii is therefore, to establish the dogma that II is
safer for the General Government to delegate
the exercise of all of its most important powers
to corporalion--accompan 1t with the
strongest inducements 10 abuse the power
Than TO exercise the power directly, and for the
single purpose of regulating the currency, that
the country is called upon TO distract itself again
with another 'party war of unexampled aspe-
ri,y." The farmer is TO be called from his
plough, and the mechanic from his tools. to help
these ultra Wings maintain the proposition,
that company Of individuals, leagued together
solely for the pursuit of gain, must always be
superior in integrity to the Government OF their
country, and safer depository of their dearest
rights: that San old-fashioned bank" with an
other .Nick Biddle" at The head of IT, would be
far more deserving of their confidence than
their own representatives and the President OF
their choice
In the mean time The currency Of the country
the dis order in which was PROFESSIONALLY The
main cause Of the overthrow Of the last Admin
istra,on, in spite of all its previous popularity
is 10 remain in lis present condition, embarrass-
ing all branches of industry among the People,
sitting their spirit of enterprise impairng the
lie, IF
making the national honor by-word abroad.
For two years, at least, it is certain that there
can be no National Bank and even if Presi-
dent should be elected in favor of such bank,
and be able 10 command a majority IN both
houses of Congress, twelve months at least
mus, elapse before the bank could go into
operation.
A term of three years, therefore, ana NUS
which the People can e-rsct to nh.-'-- .'sh
temporary OF partial relief from the ultra Wing
papacea Of AN old fashioned National Bank"
h, the mean time, they are told they must take
care Of themselves, no other measure Tor heir
relief will even be discussed, and the People,
themselves, like their ultra Wing friends IN
Congress must make up their minds without
discussion and without inquiry, that the Bank
is the one thing neediul, and tina, every thing
else is upon the face Of it, absurd, dangerous,
or impracticable.
Is it likely that any party, unless actuated by
some powerful nducement which they dare not
openly ayow, would risk their success up such
an appeal to the People Thai they would incur
so obvious danger of encountering public in
dignation, unless As the alternative of some still
greater danger to themselves as a party2
The Excbequer is the project of the Admin
istrslion, for which The Administration and its
friends are alone responsible. The ultra Wig
party in Congress have certainly done and said
enough to convince the People that it is not
their measure, and that if they adopted it, it
would be only as an alternative to leaving the
county without even the hope or chance Of re-
lief
They predict that il would fail-liat il would
prove an abortion-that, as financial machine,
it would wind up in six months. IL so, the
whole blame of its failure would rest upon the
Administration which proposed it, and not upon
the friends Of Bank-and the more speedily
and signally it failed, the more speedy aud com
plete would be the triumph OF the friends of the
Bank it would be an additional and unanswer-
alb argumen, in favor of an old fashioned Ma
tional Bank. Its failure too, under present cir
cumstsnces, can do no possible HARM the cur
rency of the country cannot be made worse than
u is.
As TO the danger Of it, that certainly would
be little or nothing from Congress adopting it
reluctantly, aud only as choice Of evils-a
Congress made up of friends Of Bank and ad-
vocates OF a Sub-Treasury, strongly prejudiced