The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1844-01-05
NATIONAL BANK AND sUB-TREAsURY.


NATIONAL BANK AND SUB-TREASURY.
The late Presidential contest turned chiefly
on The disorders in the currency Of the nation.
The ties. question Of the Van Buren, party was
The Sub Treasury; and in defence Of that pro-
iecl, we must allow them the credit--if il were
credilabe-of having presented bold and united
front. There was no shrinking or equvocalion
among them, but all, even The head of the par
~ included, fearlessly committed themselves
The result Of the contest was q complete and
signal overthrow; and if any question can be
said TO have been decided by the People, it was
that Of the Sub-Treasury. 1t caused the defeat
Of a powerful and well organized party, in pos
session OF the patronage Of the Government,
and protesting to represent those principles
which in ordinary circumstances, in free coun-
Try, must necessarily be triumphant
On the other hand, although large majority
OF the Wing party were said to be in favor of a
National Bank, they were unwilling to commit
themselves to the nation on the question The
most abundant and satisfactory testimony OF
This is on record, and has been repeatedly ad-
duced; and this fact, taken in connection with
the previous repeated elections, by overwhem-
ing majorities, of Presidents decidedly opposed
to the Bank, even before the character of the in
stitution was fully developed by its dsgraceful
and disastrous failure, fully authorizes the asser-
ton that the Bank has been most distinctly con-
demned by the voice of the People
IT, therefore, as many seem inclined to APP
prehend, but two competitors for the Presidency,
MIR. Clay and Mr.. Van Buren,, are to be allowed
10 enter the field during the approaching cleo
lion, 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
leadels-or more correctly speaking, between
selfish aspirants for distinction, power and pat
Tonage. 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 10 the People
themselves, for the 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, 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 10 do well. No necessity for it 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 OF paper money, but the result
would be the same as heretofore the increase
would find its way into the pockets of Bank ia
vorl,es, imprudent enterprises and specularions
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 at
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 and all theory show,
that there is no possible mode OF stimulating the
increase OF money in nation, beyond the natu-
rally growing wants Of trade, which does no,
terminate in and augment the very evils which
II was intended TO prevent
The mass of the People have every reason 10
n or
ticulary one which would be established in the
triumph and excitement ofparty spirit.
1t Is only as means Of regulating the ex.
changes and providing an uniform currency,
that National Institution could be recommend
ed TO the country at large, ard the necessity OF
H'even for these purposes, is daily growing less
If established even for these purposes alone, the
new constitutional objection, so much relied on
by Mr.. Buchanan and others, would be again
stared-Can Congress constituonally dele
gate It's power over the currency for term of
years 10 Corporation If it can, could it not,
IN the same manner, delegate other powers
We merely allude to these constitutional objec-
lions, 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 tri
umph.
To US the inexpediency alone Of delegatng tc
Corporation this power of furnishing an uni
form currency for the nation is sufficient OBJ
lection We believe that il could be more safe
ly exercised by the National Legislature-tha,
IN ordinary times there would be no danger
whatever in ITS exercise, checked and closely
watched as 1t would be by the People them
selves, and by jealous oppositionin Congress
and that, in extraordinary times, it would be no
more liable to abuse than the power of borrow
ing money necessarilv Il no mailer In ,,,La.