The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-01-02

hs 'e good Deot great questions ofpubtie policy, Is the
aoiest man ." nc United States There may be III
OF more mt men for practical routine statesmanshp,
and the performance OF official duties; but in the
bnation OF philosophy Knowledge and political enpe
Renee Webster Is the master mind We have read
his speeches on banks and currency delivered,
his friends and admirers say, without much prepare
uon, and they are OF character which, with the
single exception OF Matthias Atwood, no English
statesman could equal in knowledge OF the suhjeoi,
eaborateness OF construction, reasoning power, and
phosophic grasp and combination. This, then, i.
the source OF the movement in the United States
Their journals inform US and the knowledge of that
fact at once convinces that il is petty affair
sorted TO Tor the purpose Of raising about million
stering but the introduction of system. II may
be intended to supersede The necessity of establishing
National Bank of issue, and II obviously is intend
ell TO give the Executive Government additional
power. Mr.. Bddle aimed at the acquisition of this
great object, and he was slgnay defeated but he
probably would have been defeated if the power
ofihe Bank of Engla land had not come in aid of the
war which Jackson and Van Buren, were wagng
against the Bank Of the United States II Il is Bank
could, without damage, have sustained itself over that
crisis which interviewed between the retirement OF
Cen Jackson fiom the Presidency and the defeat OF
his successor in the struggle for selection would
have Obtained charter from Congress and the re-
gulated paper money system Of the United States
would never have been broken down. That crisis
was from 1886 to 1910 The term of Mr.. Van Bureh's
lands difficulties. The adverse corn trade which set
in against England after 1887 and our monetary re-
gulatons forbad this, and the American Banks were
overtbrown The issue of a Cover meni paper pay
able 10 bearer is the first decided movement the
part Of the Executive to repair the breach and III the
American People permit il to 90 into full operation,
II Will accomplish other objects besides Ieparaton.
III this new and remarkable measure were limited
to the eXigency of about million sterling deficiency
IN theIevenue, It's, immediate effect in giving conf
dence to the People ad1 promoting all credit move.
ments would be worthy OF notice that is to saw un.
less the People at once crushed il in party conflict But
suppose the United States Government should in the
Course OF years, after finding the People coveted
OF 1t, gradually increase this circulation from one
the first experimental adventure, to five ten mil
lions sterling what would be the effect of that on
American industry and commerce. 1t would pro-
digiously increase production of exportable commo-
des; cotton mills would multiply rapidly as ever
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 would also probably in
crease to these in few years would be added the
export Of iron and other metals. This describes the
effect on industry then how would the new and en-
larged paper circulation be proteced' BY restrict
i've Tariff barring the introduction Of large quan,i-
ties OF goods produced in foreign countries The du
ties on sugar, coli 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 10 draw from the United States. Thus,
with moderation circumspecton, and good manage
ment IN the application and administration of the
new power Of Government currency il would be-
established in the habits Of the people, and for
tilted against external danger. Thus would produc.
tive industry, in all departments of liie flourish
every succeeding year the United States would in
crease in power TO draw the precious metals from
he
would be founded on much frmer basis thin
II is in EpglaLd; because the relative quantity
requisite to produce and maintain prosperity would be
less The only danger is, that Of the Government and
the people going into excuses in credit before the
system has acquired the necessary strength and So
idiiy to sustain the superstructure. The severe
trials which they have passed through and the know
lege OF all things relating 10 money and its-opera
tons, VIII oh they have obtained in the those
trlals-ksowedge UNNECESSARILY superior 10 that
which is current IN England on the subject
seem TO us TO afford security against that dangern
"When the American banks and the merchant
bankers connected with the United States, broke
down earlyin the year 1897 at said that those
events would put back the prosperity and commerce
oil the United States for seven years The sequel
has proved these words true but 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 maDeuyres and intrgues, 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.
tecting 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 iavorably, would have, as we firmly be-
lieve, greater Effect upon the interests of this
country than any other which has ever been pre-
scented for deliberation. We shall not attempt
TO 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 TO the ascription made to Mr.. Webster of
originating and giving form and substance TO the
Eychequer plan. II is not true that Mr.. Web
ster either originated or care il form and
substance. He merely adopted IL, as did erery
other member of The Presidents Cabinet. II
pas prepared by The President himself
and submitted 10 his Cabinet, and by The
members made Cabinet measure. Ir
Is THE PRESIDENTS OWN MEASURE, and
we are quite sure that he would not Cypress
Mr.. Webster with its weight. if it be unsus-
tainable. Nor would Mr.. Webster take from
its true author the credit Of it, il credit properly
attaches to it. The adoption by Mr. Webster
Of the measure, served doubtless to impress the
President with frmer convictions Of its value
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-
BILE us TO make more copous extracts fom this
''Circular to the Bankers" but we must con-
tent ourselves with the concluding paragraph =
"Now let US observe, lhat Russia has State pa