The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1844-01-03

philosophlc grasp and combination. his, then Is
The sourco OF the movement In The United States, a.
their journals inform US nd the knowledge of that
fact al once convincrs Us thati is petty affair re-
sorted TO for the purpose of raising about a million
sterling, but the Introduction of system. Ii may
be intended TO suersede The necessity of establishing
National Bank oT Issue, and obviously is intend
ed 10 give the Executive Government additional
power. Mr. Bidde aimed at the acquisition of this
great object, and he was sg naily defeated but he
probably would ~ have been defeat, If the power
of me Bank of England had not come in AID of the
war ~hlch Jackson and Van Buren, were waging
against the Bank Of tie United s If Il is Bank
could, WITHOUT damage have sustain itself over Thai
cisis which inlerssnrd between The reiiI. ment OF
Gen. Jackson ON the Presidency, and the defeat OF
his the struggle for reelection, it would
have or AIMED chari'r from Congress; and The
pu ated pager money system of the Un ted States
would have been broken down. Thai crisis
from $50 To lo4O-ihe term Mr.. Van Buren,.
PIesidercy, aud also the term OF The Bank OF Eng
lands difficulties. The adverse trade which SGT
against III, gland after 1887 and cur monetary re-
ua,ions fob ID this, and the American Banks were
o,erlhrown The issue of Government, paper pay
able 10 bearer Is the first decided movement ON The
part of The Executive 10 repair The breach iflhe
American People permit To 60 ito full operation
it will accomplish OIL he. objects besides ,eparaiion
"lf this new and remarkable measure were limited
to the exigency OF about million sterling deficiency
in the revenue, its immediate effect in giving conf
dence to the People and promoting al, credit move
mens, would be worthy Of notice tn It is to say un
less the People at once crushed in party conflict But
suppose the United States Government should in the
urse of years, alter finding the People coveted NOSE
Of it. gradually increase this circulation from o.
tho firstcxperimenal adventure, TO five or ten mil
lions sterli 8, what would be the effect Of that on
American industry and commerce' 1t would pro-
diglousy increase production of exportabe commo-
dities cotton mills would multiply as rapidly
they did in England the manufacturers Of the United
States would become great exporters OF yarn and
calicoes; while the exports of cotton tobacco, and
all the products of the soil woId also probably in
crease to these in few years would be added the
export ofiron and other metals This describes the
effect Oh industry; then how would the and en-
larged paper circulation be protected? BY restrict
i've Tariff, barring tie introduction Of large quanti
ties Of goods produced in foreign countries The du
ties on sugar, colt e. tea, and possibly wine, would
be kept low to encourage the trade with Cuba, Bra
I'll China, and Southern Europe. From all other
countries the United States would begin to draw
more gold and silver than those other countries
would be able draw from the United States. Thus,
with moderation, circumsi ection and good manage
ment In the application and administration of the
new power OF a Government currency, it would be-
me established in the habits Of the people, and for
tlfed against external danger. Thus would produc.
tive Industry, in all departments Of life, flourish
every succeeding year the United States would in
crease IN power to draw the precious metals from
other countries; and the paper money system
would be founded on much hrmer basis tn
it is in England; because the relative quantity
requisite to produce and MAINTAIN prosperity would be
less The only danger *, that Of the Government and
the people going into in credit before the
system has acquired the necessary strength and So
IdIty to sustain the superstructure. he severe
trials which they have passed through, and the know
lege OF all things relating t. money and its opera
tons, oh they have obtained in the course of those
trias-kHowledge immeasuraby superior to that
which Is current in Eng and on the same subject
seem to us to afford security against that danger"
when the American banks and the merchant
bankers connected with the U.ited States, broke
down early the year 1897 we at once said that those
events would put back the prosperity and commerce
Of the United states for seven years. The sequel
has proved these words true; but we have now en-
tered upon new cycle in the commercial history of
that country which will present very different fea
lures If any thing could withdraw British states
men from their party manGuvres and inirigues, the
events which are now taking place in different parts
OF the world with relation to commerce, and the ef-
forts to acquire wealth and political power, would
make them seriously mediate on the means Of pro-
teciing the interests of England
The views presented BY the above extracts
are most strongly enforced, and we cannot but
congratulate ourselves on having so able pen in
aid OF the great measure Of the Administration,
which, if Congress could but be induced TO re-
gard favorably, would have, as we firmly be-
Iieve, greater effect upon the interests Of this
country than any other which has ever been pre-
scented for delberatlon. We shall not attemp,
10 add TO the force of the views taken by the
writers bu; content ourselves by putting them
right, and the press Of this country right, in re.
gard 10 the ascrIpton made 10 Mr. Webster of
originating aud giving form and substance 10 the
ESchequer PLAN III is not true that Mr. Web
ste~ either originated or care IL form and
substance. He merely adopted II, as did ererv
other member Of The Presidents Cabinet II
ras prepared by the President himself
and submitted 10 his Cabinet, and bv The
members made Cabinet measure. rr
Is THE Presidents OWN MEASURE. and
we aie quite sure that he would not Cypress
Mr.. Webster with its weight, if il be unsus-
tainable. Nor would Mr. Webster take from
its true author the credit Of it, if credit properv
attaches 10 it, The adoption by Mr.. Webster
OF the measure, served doubtless to impress the
President with frmer convictions of its valpe
but we repeat that The Presiden; is exclusively
entitled to all the credit or all the censure which
may attach TO the measure itself
We could wish that our columns would ena-
bic us to make more cOpous extracts fom this
Circular TO the Bank !" but we must CON
tent ourselves with the concluding paragraph:
"Now let us observe, that Russia has a State n,
per money little exceeding the amount of its ann-
al taxation; that Prussia has State paper money
jus about equal to the amount of its annual taxation
Neither Of these in part any material portion.
Will ever be cancelled byPoyment Let The United
states nave the same, and who shall say that that
country IS not as well prepared for war as England
ms Is The answer to 'he Rev 8. Smiths specua.
tons about the incapacity Of the United States IN
wage war II would be well for England, il the Re-
Puo,c were bound TO keep the lcace with any such
Paratsis. Her position IS now, will soon become.
one OF hrmness The interest m her State deh,s
will, we hope, be paid and we shall then discover
whether her capacity for commerce or for war no