The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1844-01-03
THE CIRCULAR TO TIE BANKERS OF
ENGLAND.

THE CIRCULAR TO TIE BANKERS OF
ENGLAND.
This is the title OF a newspaper published in
Londoh, which is devoted almost exclusively to
\ moaslary affairs. and is considered a standard
Of reference by bankers. money offenders, aud the
mercantile cammunity. We invite the atten-
tion Of our readers to the extracts which follow
from an address intended for the British public
as warning OF the danger which awaits il from
xthe newschemes Of Finance suggested by the Elk
ecutiYe ofthe United States and the Government
of Russia, and which have so startled Messrs.
H. B. e. Co., the contributors to tina, 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- anduIged upon the American Congress,
BY the President, in his annual Message of De-
cemter, 1871. 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 exec din= ly jealous OF Elg-
lands supr, macy-both disposed, more than
any other two overs, 10 trate. nize and enter
into secret diplomatic understanding, if not
stipuialions, for the humiliation Of England,
VIII. never the fit occasion shall ofer'-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 Numerically opposed TO the policy now
prevalent in England"
Now we have only to say that We have the
bes, 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 Contractors or expansions of The Bank
of England, nay, even of the private bankers of
England, produced expansions or conlraorions
on the part Of the United States Bank, and of
every other Bank in the Union No wonder.
then, that he should have earnestly pressed
measure which would place our circulation be-
yond the reaah Of the operations of the bankers
of England, aud dealers on Change. This
could only be done by the exercise of power
over the currency on the part Of this Govern
ment, 10 an extent clearly within the pale of The
Con ttution. 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. Sucb
was The Exchequer; and if Russia profted bv
the suggestion, and aud now stands emanci.
pated IRON subsection TO the money power of
England, we are not disposed TO regret it
Nor do we regret, if The fact be so, that Coupr
Caucrin should have sezed upon the suggestions
OF President Tyler, in his recommendations TO
Congress. Let Congress explain satisfactorily
to the country, if it can, its reason for HAVING
continued the sLbjeclion OF the United StataS
10 " the money power Of England" and we arc
content. We proceed to give The extracts:
SrRsi Two remarkable movements in curre,,x
affairs are now going on in The world which NAV leaJ
to very important consequences The two Covor,
mens OF Russia and the United States have de,er.
mlned on ISSUING, what 10 strIctness may I've termed
Government paper currency. The projects are far
from being oil equal magnitude because each will or
course be modified by the temper of the neonls ,ha
constitutional power Of the issuer and the ex ipenc;e
and des gns-immediae, prospective and uIterior-
OF the executive authority which has determined |
on sne bod experiment We feel quite certain
that the object in both cases IL to r.ndas |
the respective countries independent as po,.b ~
Inc money power of England; and also 10 promote |
the prosperity Of the people by the same means az
those which contributed 50 much to make EuoIsnd
prosperous, great and powerful One notable cha
rscteristc Of these plans their simultaneous
opement and application by two States both eYcesd
ingIy jeslous of EngIands supremacy both d;sno..a
more than any other two Powers TO fraternize and
70 enter into secret diplomatic unde rstandings-l not
suPesuons 'or 'ne humiliation OF England whenever
the fit occasion shall offer, and both influenced hr
policy IN their commercial legislation and regulations
which Is almost Numerically opposite to the noIcv
now prevalent in England We shall fist not,cs
.nat OF least importance in its immediate man.
Hesitation" "'ao-
Inc writers, after having given learned
but mistaken dissertation on our Cons,u,;oo
ABOUT winch they seem not to have the most
accurate ideas, proceed to saw.
"Now let us bestow little ccnsidor.,;
remarkable movements for the purpose cf
to ascertain The objects and distant oontemnIon =,
the movers. In both the imme, ate ;m,,o,,;,n
motive -, we have no doubt desire to render Rnsss
and the United States Independent as possible 81
'ne money power Of England That point we con. |
slder settled, and therefore shall say not snolber |
ss upon u; a. "a taking in its order each case
separately, all we have in addition ,o sav nf
.na. o, 'ne United States is that The sohem, !, I'm
., hot country, attributed 10 M Wtbge,. oho
M oag "ehed philosophical statesman, capable o(hand
oh ," a goa v.ef great questions qfpubc poicy Is he
or more fit men for PRACTICAL routine ,l,is:ms as