The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-01-18

reasonably asked (f, indeed, It be necessarily
whether corporations are more likely 10 re-
,ist the temptation OF imposing this tax, of which
they would Immediately enjoy the proceeds,
Than the representatives of the People would be,
who would reap all the odium of such tax,
without deriving any direct benefit from ~
Would not any Government or Administration,
immediately responsible 10 the People, be less
likely 10 tamper with this power and with the
property and tranquility Of the People Than
coIporalion2
The President, in his last annual message,
has stated the objection to the Exchequer, and
the answer to it., in language which cannot be
amended
at has been objected that the system Won d be
liable to be abused by the Legislature, by whom alone
It could be abused, in the party conflicts Of the day
that such abuse would manifest itself in a change OF
the law, which would authorize an excessive issue
of paper for the purpose of initiating prices and win
ming popular favor. To that il may be answered,
that tn, ascription of such a motive to Congress is
altogs Their gratuitous and nadmssible The theory
of our institutions would lead us to a different conclu
sion But perfect security against proceeding so
reckless would be foud TO exist in the very nature
Of things. The political party which should be so
blind TO the true interests of the country TO resort
to such an expedent, would inevitably meet with
final overthrow in the fact that the moment the pa
per ceased to be convertible into specie, otherwise
promptly redeemed, IT would become worthless; and
would in the end, dlshonor the Goyernm ent, involve
the People in ruin, and such political party in hope
less disgrace. At the same time, such view III
wolves the utter impossiby of furnishing any cur
rency other than that of the precious metals for If
the Government itself cannot orego The temptation
of excessive paper issues what reliance can be placed
in corporations, upon whom the temptations of indi
yidual ACKNOWLEDGEMENT would most strongly operate :
The People would have nobody to blame but lh' m
selves for any injury that might arise from course
so reckless, since their agents would be wrongdoers
and they the passive spectators"
The alleged danger, therefore, of an imitation
Of the currency, applies with less force 10 the
Exchequer than 10 any other plan OF a fiscal
agent with the exception of the b-Trea-
sury. Even those friends Of the late Bank of
the United States who deny that it u,ed its
power Of initiating the currency, must admit
that it possessed the power. If il had the pow
er of controlling the State banks, ii had also the
power of relaxing its control and thu, asserting
! 10, and even stimulating, their excessive issues
The Sub-Treasury, furnishing no paper cur
rency, of course could have no tendency to
depreciation OF the currency, except indirectly
! in the fact that its establishment was virtual
abandonment by the General Government of all
control over this subject Of such vital import
ance TO the People, aying Them without hope
OF any relief except from the State Legislatures,
the want of conce II among which, and the ut
ter impraclcabiliiy Of any concert, is the very
cause of the evils which the country is now suf
ferng from a deprecated currency.
On the other hand TO counlerbalance any
danger which may exist of an excessive issue Of
paper by authority Of Congress, is the considera-
ton that, even if that should unfortunately be
the case-in spite Of the watchful jealousy po-
lillcal opponents, ready al the slightest inlima-
ton Of such measure to alarm the fears of
the Peope-srill the proceeds of the tax thus in
directly levied upon the People, must go into the
public Treasury, and be expended for the pub
! lie benefit. Thus even the evils occasioned by
not wholly, compen sated by the resources which
1T furnished 10 the Confederlcy in carrying on
the war and achieving our independence. But
in the repeated imitation Of our currency, by
banking corporations, the proceeds Of the enor-
nous taxes thus imposed on the People without
their consent, have been enjoyed wholly 10y
reckless and heartless individual speculators-
Ii is upon this consideration that Mr.. Jefferson,
in his letter to NJ. Eppes, POUNDS his strong ard
emphaically expressed Argument for the exer-
else by the General Government of the power
of furnishing paper circulating medium
This" he remarks, ",he only resource which
The Government could command with certainty,
the States have unfortunately fooled away, nay,
couuPtly alienated to swindlers and shSvers, I'M
der the cover of private banks"