The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-05

would be no longer worth preserving, sand all
this in the short space OF six months" Are
an intelligent People 10 be convinced by
such sef-eonfieting arguments as these or
willing TO believe themselves so conuptible that
a rickeiy financial machine, Of six months life
at most, would be able TO purchase them by
wholesale? II so, il is already too late 10 talk
Of danger
! One thing is certain, either this financial mea-
sure would have longer life than Is pretended,
or il would be less dangerous.
But, admitting that it would be dangerous,
whence could the danger arise From the
People themseves2-a source from which il is
impossible TO guard against danger, SO long as
the People choose TO have their own way in
matters OF Government, and refuse 10 be kept
in state of pupilage That is a suspicious
sort Of patriotism at best, which, IN free coun-
try, sets the People down as too easily corrupt
bic and insists on guarding them against the
effects of their own ignorance or indiscretion.
When the People part with great powers,
either in enacting an organic law, or in creating
a corporation for long term of years the dan
ger is really great-and simply because the Peo-
pie have parted with such powers and cannot
reclaim them until, perhaps, il is too late TO pre-
vent the abuse Of them.
But, when the power is exercised by them.
selves, through their Representatives and the
exercise Of it is constantly subject TO their own
restriction aud change Of opinion, the only dan
ger is against which il is impossible TO guard
in free countryside ignorance Of the People
thems selves, or the uniailhuness Of their Re
representatives..
This is The main difference between IAN old
fashioned National Bank" and the proposed Elk
chequcr-in the one case the People part with
most important power--in the other case they
exercise it themselves If it be dangerous for
them to exercise it themselves, it is infinitely
more so for them to part with it.
But, if it be dangerous for the People TO exer-
else this power, it is dangerous for them TO ex-
ercse any power and the result would be that,
in the effort to escape danger 10 liberty, the Peo-
pie would be induced 10 submit themselves TO the
guardianship OF those watchful patriots who
pretend to danger in every thing, and every
body but themselves.
Are the People SO very corruplbe? or
is the danger of the Eychequer so We
| ry great and at the same time so
very insidious, that all the wisdom of Con-
gress could not devise such guards 10 the Ex-
chequer as to prevent it from swallowing up the
liberties Of the People in six months, or, at
most, two years. II so, II is much to be la
mented, indeed, that such Tremendous project
was ever conceived for we have infinitely more
reliance upon the virtue Of the People than the
virtue Of Congress and yet nothing stands be-
tween The People and this most porlentous
bribe" but the virtue of Congress. What the
virtue Of the People could not withstand, we do
not believe that the virtue of Congress could.
! There is great danger in the Exchequer we
admit but it is danger TO parties, and not TO the
People. Ii might. indeed. make its way like
" a murderous car over the necks of PROSTATE"
party but The only "bribe" which it offers TO
the People is restoration TO that prosperity and
tranquility of which party conflicts have depriv-
ed them. Hence the real danger of the Exche-
quer-hence the real fears-fears lest any mea-
sure adopted under the auspices Of President
! Tyler and his Administration should accom-
plish that main purpose which both parties have
hitherto failed TO accomplish, and TO accomplish
which neither party has any measure TO propose
but what has been signay condemned and re-
jected by the People.
A WING NJ. c.