The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-02
From The n. Y. Commercial .hreritSfr.
THE CURRENCY QUESTION,

The present is the last opportunity LETT Tor the
Wing party at least for years, to carry through
any measure for the settlement of the currency AS
this is the great question upon which they into
power, by the voice Of the people IT behooyes them
seriously to inquire whether they will let the scepre
pass out of their hands without doing any thing to-
ward the attainment of the grand object for which II
was intrusied TO their Only two months re-
main for meditation, for debate, for Cancellation, for
action Time presses the country languishes, trade
sagnaes, production elds no profits, distress per
vades every limb OF the body polite, ard an agoniz
ing cry for relief startes the at every turn but
after nearly two years of deliberations what have the
dominant party done TO redeem their pledges before
the world, and avert the ruin impending from every
quarter Do they mean TO commit the destines OF
this country, after the 4h of March next, 10 the ten
der merces of the exclusive hard currency men, TO
the tlnkerngs of the ultra BentoDans, and to the eX
perimenls of the Jack Cades Of the day Have they
the loohardmess to suppose that the country must be
left to suffer more, that it may be induced again TO
solicit their protecon Or do they not perceive that
the public distress upon which they came into pow
er, and which they refuse to relieve while they pos
the means Will make but miserable ladder
wherewith to climb second time Ii any Wing en-
teriains such thought let him expe instantly from
his mind than folly, unworthy OF HIN alike
as patriot, politician, and a Christian.
I here is time enough yet for the Wing par y, by
pursuing course of cancellation and acting IN con-
cert, to leave upon the country, before they yield up
wisdom, their magnan'mty and their patriotism: IL
conceded on all hands that charter of Bank OF
the United States having power TO establish Drahch-
es in the States, iohod III " consent could not re-
ceve the sanction of the Presidents and even pass
ed and sanctioned could not go into operation at pre-
sent, because confidence and capital could not be
found at once for its stock. Something must be done
to restore the former before the latter Will come out
Of its hiding places.
This is true now, and would be equally true ten
4 tla than CHI ham IN
gain the ascendancy Confidence is Of slow growth,
and it is best it should be slow The public is suffer
ing from the effects of the hobed stimulus nich
it received few years since. The true way TO give
this permanent and substantial growth is to furnish
the means of facilitating exchanges OF monty and
transmitting produce and merchandise to their desn
ed market. The moment capitalists perceive that
business assuming its natural channels unobstruct
ed by the embarrassmeDts that now choke and de-
slroy item, they will naturally come forward and
make permanent investments to carry on such trans
actions and can readily BE- induced TO put il in the
shape of stock Of National Bank.
To accomplish this requires but little actual capt.
tai a paper substitute will answer the purpose pro-
yided il commands confidence enough to pass from
hand hand, while property, for which il was issued
is finding its market Ii is an egregious error TO sup
pose that the taking up of bank stocks adds any thing
TO the actual capital Of the country only
trates it for specified objects and systematic effort
1t is likewise am 10 suppose tina, there is not at
an abundance of capital, capable Of being developed,
TO carry on all regular business transactions of the
country The basis of this capital is specie, and
fdence is the only artisan that erect thereupon
any substantial OF useful supers,ructure. There has
not been specie IN the country for many years
than the present moment, and II is therefore evil
dent that prosperity does not depend so much upon
the amount of this article as upon its proper manage
ment. II the utmost folly therefore, for Congress
to be casting about for ways and means of increasing
what we have already in abundance, and neglect in
the meantime the organization OF any system that
shall develope what we have and make il efficient.
Upon examining the various plans that have been
suggested for the settlement Of the currency are
fully persuaded that, under existing circumstances,
and in the present state Of the country, the Exohe-
quer system, submitted by the administration to Con-
gress comes nearest TO the principles we have alud
ed TO above and forms the whole the most feast.
BILE at least initiative basis for such settlement 1t
does not require what it would be impossible 10
get, diversion to II of capital, withheld by ndivid-
ual disrust Ii proposes 10 issue paper currency,
founded upon the Government specie funds, never 10
exceed three times the amount OF specie on hand, nor
to rise above the sum Of sl5000,000
1t will be admitted by ALL tnat if this currency
could command the public confidence, IT would enter
at into the business TRANSACTIONS Of the country,
remain in extensive circulation and aid eiectually
the exchanges of money, produce and merchandise
from one end of the Union TO the other II seems TO
that the question of its commanding public conf
dence is settled, by the reception that has been given
TO Treasury notes which, without being redeemable
in sperie on demand, as Exchequer notes would be,
but at the end Of many months without interest have
uniformly been nearly AT par with specie IL IS a
question Of confidence in this respect II would
be in fact with regular old fashioned bank with its
stock fully paid in Taking 1t for granted that the
community do not intend 10 return 10 circulation oi
coin exclusively, which would necessarily imply the
destruction Of the banking system entirely II re-
mn ina 10 hat he
ed to restore the banking system 10 its efficient and
appropriate peration to bring back the shrinking
confidence Of capitalists, to counteract the universal
disrust prevailing In the community, and to lay The
foundation upon which vigorous and iudlcious enter
prise can rebuild the public prosperity
If we are correct in our position the principal de-
feet which has been alleged TO exist against the IN
chequer PLAN namely, its want Of capital, applies
with equal force TO national bank and would IN TACT
strike at the foundation Of the whole credit system
and deter from any effort 20 restore It's usefulness
II is not capital that tho country wants, 50 much as
confidence and that can be acquired only 10y gradu-
ally enabling the b Isness of the country to resume
its accustomed course and providing paper circula-
ton which people will hold without dIstrust while
transactng tbat business and a1ording each other
mutual relief by nterchanging their surplus produce
and merchandise The other principal objection,
which has been made TO the Exchcquer plan, U.s. that
IL tends TO +" swell the already oyetshadOving innu-
ence Of the Executive Congress can easily dryest
II Of this feature II II really exists and we are salts
fed that the President eniertans no views OF this sort
and would readily concur in any amendment requr-
ed to overcome the objection.
The existing arrangement Of the currency, with
the consequent sagnaion Of trade and depreciation
Of property has produced evils so intolerable as TO
demand instant relief or lead TO still more widespread
rum. In consequence Of this unfortunate state OF
things, and to avoid any farther dishonor impending
upon our Government, the people are called upon TO
act not as partsans, but potios-os lovers Of our
federal insituions-and friends Of the moral i'm
provemen and general prosperity Of the country,
seriously impaired by the universal destruction Of
confidence and prostraton Of business. These evils
must exist until the currency question settled by
the Government; and the Exchequer plan may, we
think On the whole, he regarded forming the most
feasible basis Tor such settlement under existing cir
cumstances ,-ahording il does a credit system that