The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-01-02
THE CIRCULAR TO THE BANKERS OF
ENGLAND.

THE CIRCULAR TO THE BANKERS OF
ENGLAND.
This is the title of newspaper published in
London, which is devoted almost exclusively 10
monetary affairs, and is considered standard
of reference by bankers, money Lenders, and the
mercantile community. We invite the atten-
ton of our readers to the extracts which follow
from an address intended for the British public,
as a warning OF the danger which awaits it from
the new schemes of Finance suggested by the Ex-
ecutve ofthe United States and the Government
of Russia, and which have so startled Messrs.
Fl. B. & Co, the contributors TO that paper.
We premise that the Exchequer recommend
ed by our Executive was presented Two years
in advance Of the adoption Of Count Caucrins'
plan OF Finance for the Russian Empire, the
last having been adopted by the Emperor Mich
olas In September last, while the first was pre-
scented to, aud urged upon the Amercan Congress,
by the President, in his annual Message Of De-
cember, lS4l The writers are struck by the
coincidence of the two plans in their main fea-
lures, and would produce the impression that
both States, "being exceedingly jealous of Eng
lands supremacy-both disposed, more than
any other two powers, to iraternize and enter
into secret diplomatic understanding, if not
slpuations, for the humiliation of England,
whenever the fit occasion shall ofier"-have
agreed to an arrangement, in oder TO ell
evate the commercial policy of The Uni
ted States and Russia, &c, switch is al
most diametricaly opposed TO the policy now
prevalent in England"
Now we have only TO say that We have The
best reasons for knowing that no such secret
stipulations ever did exist nor do we believe
that single syllable was ever exchanged be-
tween the two Governments, in any manner or
form, upon the subject The President could
not fail to see that his Exchequer would, if
adopted by Congress, go very far TO render the
United States "as independent as possible
Of the money power Of England" He did
know that the Bank of The United States, in its
moments of greatest credit was dependent on
the operations Of the Bank Of England" The
money power Of England He was well aware
that the contractions or expansions Of the Bank
Of England, nay. even of the private bankers Of
England, produced expansions or conlractions
on the part of the United States Bank, and Of
every other b nix. in the Union. No wonder,
then, that he should have earnestly pressed a
measure which would place our circulation be-
yond the reach of the operations Of the bankers
of England, and dealers on Change. This
coull only be done by the exercise Of power
over the currency on the part of this Govern
meni, to an extent clearly within the pale of the
Constitution. In one word, by the issue Of
Treasury notes not bearing an interest, redeem
able at all points IN specie, and receivable every
where in payment Of Government dues. Such
was the Erchequer; aud if Russia profted by
the suggestion, and aud now stands emanci
pated from subsection to " the money power Of
England" we are no, disposed to regret it,
Nor do we regret, if the fact be so, that Count
Csucnn should have sezed upon the suggestions
of President Tyler in his recommendations to
Congress. Let Congress explain satisfactorily
TO the country if 1t can, its reason for having
continued the Subsection OF the United States
to I" the money power Of England" and we are
content. We proceed to give the extracts:
:" S,Rs: Two remarkable movements in currency
affairs going on in the world which may lead
to very important consequences. The two Govern.
ments Of Russia and The United States have deter
mined on issuing. what In strctness may be termed
Government paper currency. The projects are far
from being Of equal magnitude because each will Of
course be modified by the temper Of the people the
constitutional power Of the issuer aud the exigcnces
and desgns-'mmedia'e, prospective and ulterior-
of the executive authority which has determined
on the bold experiment We feel quite certain
that the object in both eases, il 10 render
the respective countries independent az possible Of
the money power Of England and also TO promote
the prosperity Of the people by the same means a.
those which contributed so much to m,<e England
prosperous, great and powerful One notable cha
rsctsristc Of these plans their simultaneous deyel
opemspt and application by two States both exceed
ingly jealous Of Eoglands supremacy, both disposed
more than any other two Powers TO fraternize and
10 enter into secret diplomatic understandings no,
stpulations for the humiliation OF England whenever
the 1T occasion shall offer, and both influenced by
policy in their commercial legislation and regulation.
which is almost Numerically opposite TO the policy
now prevalent in England. We shall FIST notice
that Of least importance in IFS immediate man
Hesitation"
The writers, after having given a learned
but mistaken dissertation on our Constitution
abou, which they seem not to have the most
accurate ideas. proceed TO say:
snow LEI u. bcsiow little consideration on these
remarkable movements for the purpose If enoesy
to ascertain the objects and distant CONCENTRATIONS Of
the movers. In both the immediate impelnq
motive ~, WE have doubt desire TO render Russia
and the United States Independent az possible of
ths money power Of England. That point we con.