The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-06-26


i, certainly will be-, if the people take advantage
% IT, and duly weigh with calm ana serious
consideration the real condition OF The county
To me. il appears, there never was pe''ou
in our whole history when we were IN as sooo
condition as we are at present, 10 prom ny p"s'
exnsYi,nce. and 10 take a new start on road
which cannot fail 10 lead US 10 prosperity ano
happMess.
So fully am impressed with This, that al the
risk Of repeating some OF my previous VIEWS
shall end avor TO make II appear
The greatest evil under which we have Ia
bored for some years past has been thai a''eh'
dant upon excessive banking. do not mean
merely in the great iufiation Of the currency
which caused the r, cent explosion, but Tor many
years previous, while our banks paid specie, we
had redundant circulation from over banking.
This was obvious from the high prices which
threw our market too much into the hanus o'
foreigners, who had many advantages over our
own manufacturers in the cheaper rates az
which foreigners could place their fabrics along
side of our own--thc greatest oil thesc' III my
opinion, having their origin IN the cohuactea
currency ia foreign countries when compared
with ours. Bank notes formed our principal
circulation at home, but they being convertible
into specie nj pleasure, the evils OF The banking
sy Stem 6. II upa,, ns wila gners had all the
advantages OF it. If | am correct IN this, and
think il will not be doubted, we are now clear oil
that evil, from the great plenty OF specie aad
from the numerous causes which have cur
tailed our circulation and with 1t redundant I'M
portalons. We are undoubtedly consuming
fewer foreign fabrics and more of our own.
The general fall in prices has also enabled Us to
manufacture much cheaper, as is seen by the
fact that we are shipping much more largely oil
our manufactured goods--not a few OF which
have been shipped even TO England and The Bri-
fish West Indes--and very large quantities TO
China and South America. 1t will yet be
some time before part Of our trade will find its
level, but am much mistaken if we shall not
find vast benefit from the new state of things
which the next six months will exhibit If no
new schemes are resorted TO, TO initiate the cur
rency.
The subject Of exchanges is one which has
caused much false doctrine to get aioai, engen-
derng the idea that a Mammoth Bank was ne
cessary to regulate them. This is all cleared
away, and the ruth in this particular has be-
come so obvious that it can never again be
doubted. 1t has been fully shown that exchanges
need no regulation when the currency is sound
as The rate will never exceed the cost OF the
tran, porlation Of specie
The N.Y. teres which Mammon delights TO
throw around human afa s. are gradually clear
ing away, and if we shall only have wisdom
enough quietly to wait until all he fog has clear
ed of, we shall then be enabled to act with some
degree Of certainty.
This country is in the situation Of patient
with strong constitution, who has been in the
hands OF steam doctors, who have been stlmu-
ating him. until they have brought him 10 az
,.va.. ueDl1ly, and no more oi their medicine
can be taken. In such a case the patient should
be left TO The "vix medicalrix naiurn." SO we
should now be left 10 he natural energies Of the
peopl'.
Now is the time for The People u reject
The new Congress will not meet until Deem
Der next; meantime things will become more
and more settled, and we may confidently look
To- a fund Of Information from various sources
We may be assured thai, from the accomplish
I'd 6nancier al the head Of the Treasury, we
shall receive the most luminous statements Of
the workings Of the present Tariff; and we shall
know what our trade is, uninhuenc,d by the
vicousness arisl & from excessive banking or
the speculative o, eralions resulting from it,
Ater the ruinous results TO us of sudden AID
In uriated party legislation, we may hope for due
delberatoa IN any changes that may be made.
The Bank question is set al rest; there will
then only be the Tariff which can create any
great excitement, and comics, ! look for such
layorsbe results from a sound and reasonable
currency, as will do away with many Of the
difficulties which have heretofore been found to
aiieud The adjustment Of that delicate question
The ouly thing TO be dreaded on the assem-
bling Of III next Congress is, their undertaking
to make President for the People without be-
Jog called upon so TO DO ia constitutional way
If they shall do this, then we may give up all
hope Of their useful act during The session.
If we could prevent their doing positive harm
by partisan legislation, | should be pe'fcclly
willing that things should remain precisely a..
tn are for another year. As by that time we
should know exactly what on yht TO be done-and
none Of our interests could possibly suffer to any
great extent--permanency is sovery important in
all the regulations Of trade and finance.
Would IL not be well, now. while we are all
cool and quiet TO take measures TO bring public
opinion out on the subject of any unoonstu-
tonsl interference on ,he part of Congress with
the Presidential eleclon7 IIi,rtally one Of the
greatest evils tn have TO dread.
The disgraccful scenes exhibited by the last
Congress, call loudly upon us to comm, nee