The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-02-17
IRON.
From the Missouri Rporfo
VICE VERSA

VICE VERSA.
/ Some of the members OF Congress, probably under
the impression that they do nothing of importance
where they arc, seem TO be laudaby :, ployed IN
rendering their advice TO the State Legislatures in
pointing the that should be pursued by q
different class of lawmakers. Democrats have main
tanned the right to instruct their Representatives and
Senators in Congress, but that order of things seem
TO have been partly reversed, now see members
Of Congress kindly lnstructing the State Legislatures
and the people Senator Tappan, of Ohio took the
lead in this paternal work of voluntary guardianship
and the Hon John Reynolds, Of Illinois, has follow ed
his example Mr.. Tappan kindly informed the mem.
bcrs Of the Legislature Of Ohio that they had no con-
| stitutional right 10 establish banks of issue on any
principles and MIR Reynolds informs the members OF
the Legislature { Illinois, from ST Clair County
through the Globe that specie Is flowing into the
Valley Of the Mississippi 10 great abundance that tn,
balance OF trade is in favor of Illinois and if com.
merce be permitted TO regulate tself by the natural
laws of trade, metallic currency will be introduced
in the West amply sufficient for all purposes of bus
ness.
/ Mr. Reynolds says Banks are, in theory as well
in practice, adverse 10 the principles Of equality
and to republican governm snt" He also adds " nc
Que can say, IN my opinion, that banks or paper
currency be depended on
/ We concur with Mr.. Reynolds IN the annexed re-
marks addressed TO the members Of the Legislature
knowing the fostering care and confidence be-
slowed these banks by the Legislature from time
/ to time-snd knowing also, rs you do the shameful
abuse Of this confidence by the banks presume you
will not be disposed to extend TO them any further
relief whatever. There is moral or legal lisa-
ton whatever to continue hose corrupt and rotten
! institutions any longer in the country.
"Thcy have forfeited the confidence Of the people,
and the sooner they deprived Of the power to in.
jure and defraud the public, the letter il will be for
the community
The following extract from Mr.. Reynolds letter
is also true, and we only wonder that the facts de
tailed did not suggest proper action the part of
Congress
The frauds and corruptons Of our banks have
been egalizod several times since III, year 1897 and
the suspensions Of specie payments have been sus-
tanned by solemn enactmcns OF the General Assem-.
bly, on sew raj occasions since the above period
Almost the whole time, since The fore-psrt of the
year 1887, the banks of Illinois have existed un-
der the shield Of lcgalizcd suspensions, by which
they ,naJcd TO deceive and defraud the
people to the full extent Of their corrupt cupidtym
Now, our opinion is that members OF Congress
instead Of writing letters to govern the action of
State Legislatures, might have been more ,roftably
employed in smendieg the bankrupt law so as to
make il what il should have been, and to subject
banks 10 its operation. Had III course been pur-
sued, we should have heard more complaint about
legslizng the suspensions Of the banks. can ounce
Of preventive Is worth pound Of cure"