The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-01-05
NATIONAL BANK AND sUB-TREAsuRY

Wnsch may W paw 70 MN.
NATIONAL BANK AND sUB-TREAsURY.
The late Presidential contest turned chief,
on the disorders in the currency of the nation
The test question of the Van Buren, party wa
the Sub Treasury; and in defence Of that pro
Ject, we must allow them The credil--if il wer,
creditable--of having presented bold and united
front. There was no shrinking or equivoca,ioI
among them. but all, even the head of the par
~ included, fearlessly committed themselves :
The result Of the contest was complete ant
signal overthrow; and if any question can b.
said to have been decided by the People, it wa.
that of the Sub Treasury. Ii caused the defea
Of a powerful and we'll organized party, in pos
session of the patronage Of the Government
and protesting 70 represent those principles
which in ordinary circumstances, in freecoun.
try, must necessarily be triumphant.
Ga the other hand, although large majority
Of the Wing party were said to be in favor of a
National Bank, they were unwilling to COMM,
themselves to the nation on the question The
most abundant and satisfactory testimony oil
this is on record, and has been repeatedly ad-
duced; and this fact, taken in connection with
the previous repeated elections, by overwhelm-
ing majorities, of Presidents decidedly opposed
to the Bank, even before the character of the in
sti'ution was fully developed by its disgraceful
and disastrous failure, fully authorizes the asser-
tion that the Bank has been most distinctly con-
demned by the voice of the People.
II. therefore, as many seem inclined 10 APP
prehend, but two competitors for the Presidency,
Mr. Clay and Mr.. Van Buren,, are to be allowed
TO enter the field during the approaching cleo
ton, the result will be that the People will be
restricted to choice not merely between re-
jected men, but condemned measures. A power
superior to the People-the power of concert
and organization among adroit party managers
will have compelled them in any event to re-
verse their deliberate judgment, and forced
them, instead of determining for themselves
what men or measures are best under the exist
ing state OF things, to rerace their steps, in Or
der 10 decide point of honor between party
leaders-or more correctly speaking, between
selfish asprants for distinction, power and pat
ronage. No allowance is to be made for the
change which has taken place in the affairs of
the nation, no credit is TO be given either to the
present Administration, or even to the People
themselves, forahe reform which has undenia-
bly, been effected in the currency and exchanges;
but the country is inexorably foredoomed to re-
newed experiments and commissions.
In the present and improving state of the
currency and exchanges, a National Bank, az
ter the lapse of time since the expiration of the
charter of the last Bank, would be not less an
experiment than the Sub Treasury. The PEG
pie have accustomed themselves TO do without
II, and TO do well. No necessity for il exists,
except in the imagination of bigoted party men,
who are determined 10 learn nothing and for
get nothing. Money was never so abundant a,
any time during the existence of the Bank as il
Is now. II is true, that a Bank would increase
the amount ofpaper money, but the result
would be the same as heretofore The increase
would lind It's way into the pockets of Bank "a
vor''es, imprudent enterprises and speculalions
would be again entered into, and business
would be sufficiently brisk throughout the coun-
try but the interest on money would rise, the
prudent and imprudent would be alike placed al
The mercy Of Banks or shavers, prices would in
crease, the sound currency would disappear, and,
IN the end, as usual, the People would have to
pay for all. All history aud all theory show,
that there Is no possible mode Of stimulating the
increase OF money in a nation, beyond the natu.
rally growing wants of trade. which does not
terminate in and augment the very evils which
1t was intended to prevent.
The mass Of the People have every reason 10
dread National Bank Of discount, more mar
hculary one which would be established in the
triumph and excitement Of party spirit.
IL is only asa means of regulating the e1 =.
changes and providing an uniform currency,
that National Institution could be recommend
ed to the country at large, ard the necessity Of
IT. even for these purposes, is daily growing less.
II established, even for these purposes alone, the
new constitutional objection, so much relied on
by Mr.. Buchanan and others, would be again
started-Can Congress constituionally dele.
gate its power over the currency for a term Of
years TO a Corporation If il can, could il OF,
IN the same manner, delegate other powers 7
We merely sllude to these constitutional objec
tons, and to the threat Of repeal, which would
undoubtedly be renewed, if Bank should be
chartered, and as undoubtedly fulfilled when
ever the Democratic party should again ui-
umph.
To us the ineIpediency alone of delegating to
Corporation this power Of furnishing an uni
lection. We believe thai il could be more safe
ly exercised BY the National Legisla,ure--,ha,
in ordinary times there would be no danger
whatever in its exercise, checked and closely
watched as it would be by the People them