The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-12-08
From the Old School Democrat.
TREASURY NOTES

Having answered, 10 last four RUNNERS, all the
arguments which we have seen urged by those who
oppose the recent issue Of Treasury notes. propose
now to advert to the real and of opposi-
ton to the plan adopted by the administration
ry out the views of Congress.
For years past the country has been divi led
into two parties the question of the currency
The one claims for the General Government an I'M
limited power over this subject, and insists that
National Bank is the only proper of regulating
the currency.
The other party denies the power of Congress to
create National Bank or by any direct legislation
to regulate the currency. For brevity's sake we
shall style them the bank and ant-bank parties For
years past the anti-bank party have been in the
ascendant A majority of the Wings Of 1910 were
OF the bank party but that question not in issue
in the contest of that year. The Harrison and Tyler
party triumphed by the aid of the States rights por
tons of the two great rival parties, denominated
wings and democrats. The result of that contest
placed States rights, antbank wing, in the Presi-
dency, The leaders of both the great antagonist
bank and anti bank parties were defeated the one,
BY fxting to get the nomination of his party, and the
Other W fer trial Of strength before the pt op!e.
Both the defeated leaders became equally hostile e.
the President, and each grded his armor for the
ensuing contest. An issue created, upon which
another fight was TO be made 'Bank Sub-Trea-
sury" is now by consent Of these rival leaders, the
issues agreed upon.
In this contest, the States rights wings and demo
Gratis can have but little sympathy and feel but little
ry parties are hostile to all such would adopt any
middle ground of compromise, and adjust this yexed
question of the currency. They have other aims than
the repose of the country. They in the adjust
ment of this question, the termination of their poll
teal yes--the prostration OF their ambitious hopes.
Hence their combined opposition TO President Ty-
lcr's several propositions There has been and
there never will be any satisfactory assigned,
why Mr.. Clay so scornfully rejected the amendment
Of Mr.. Rive., to the first Bank bill which passed the
O.. a. DE- ~.
a strong and most powerful reason, op rating upon
him. Had that amendment been adopted Il ioouid hare
giren the credit Of settling The currency question: 10 The
administration, aud sealed The fate Of Mr. Clay forereri
MIR. Clay knew this, and hence he defeated 1t. Nor
can there be any sound and sensible reason given
why the Exchequer should not have been adopted =
1t was no corporation--it bad no power--it was NO
monster--it was entirely under the control OF Con-
gress-it was amendabe and repealsble at the plea
Of Congress. Ba had that plan been adopted the
administration uoud hare been credited rh giring
Pose 10 the nation. This would have laid both Clay
and Van Buren, spon the shelf Hence both opposed IL.
And nor, when the Secretary Of the Treasury, UNI
der the advice and sanction OF the President and in
virtue OF laws passed by Congress, has adopted plain
practicable sensible and legitimate mode Of transact
ing the business operations OF the Treasury there
presses and politicians found in the country, whose
paryi,m leads them TO condemn IT, simply because IT
inciden tally affords important facilities TO exchange,
and incidentally supplies the people with safe and
convertible paper circulation y But what is the true
and only ground of their condemnation Why, IL
they sanction and approve it, they deprive their
leader of the hobby upon which he hopes to ride into
the Presidency Clay press must not approve it,
because it would defeat Mr.. Clsyt darling scheme
A Van Buren, press mus, not approve it, because it
depriyes Van of his hobby And thus the country is
to be kept in state Of agitation, confusion and dis
quiet, for the sole benefit Of these rival leaders
Has patriotism fed the country
We shall pay our compliments TO the Globe to-
NOR hts and hat,
few extracts from its own columns in IS4I and
which show ITS utter restitution of principle.