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THE M ADISONI AN.
WKDNKHDAYi AUGUST I#, 1837. TO THE REPUBLICANS OF THE UNITED 8TATES. Ik. Aspiring to be an organ of the Republican party of the Union, the Madwoman appears ? .before the country conscious of the power ' and influence of the Press upon public opi nion and upon every ramification of social : and political life, to stand or fall according to its itaerits. Called to this position at, this pe culiar juncture of afluirs by the force of what is believed to be public sentiment?and by the deliberate advisement of many of the lead ing and soundest minds in the country, ardently anxious to promote the prosperity of the nation, and sincerely desirous that the administration, elevated and sustained by the Republican party, should bo entirely success ful?some considerations more fully explana tory of our character and designs, and of tho assumed necessity for our establishment, than have been given, are naturally expected. The gradual development of these considerations here, snd as we shall. proceed from day to day, wo trust will eventually satisfy cynics and censors, cavillers and doubters, that wo above a mere spirit of private adventure, stand clear," in the advocacy of broad es, of all imputation of being connect i the interests of any faction or pecu liar detaclCi^nt of men. The pride of com prehensive political benevolence soars above the contagion.of selfish ambition and'disdains its touch. The Republican patriot cherishes too lofty a regard for the sovereign voice ci ther to forestall or mislead the indication of its wishes. The public good, tlio general welfare, the interests of tho whole nation and 6f'every class in tho Union, as connected with the torrent of events which has been rolling over our country for the last few months, are vital ly involved in the final result. However much it may be desired, yet it cannot be disguised, that currency and trade arc intimately con nected, and sadly disordered. "The causcs which have operated in producing the pre vailing state of affairs, are unquestionably va rious, complicated and unusual. Some ascribe the difficulties to the administration, others solely to the merchants : some attribute them to the banks, and others to an inordinate de sire for wealth. The real truth of the case we do not now propose to investigate. But the times are propitious for the schemes of, the designing, and the occasion has been im proved by one party", to urge the establishment of a National Dank, as the only hope of re lief, and by another to clamor for the destruc tion of all banks, and the entire eradication of the system from tho policy of the States. Both arc at war with that we believe to be : . tho safer expedients of Republicanism. But the former have been long known as mostly open opponents of the dominant party, while the latter arc comparatively a new party, . though not of a less dangerous creed. There are no doubt honest differences of opinion among the friends of the administration in re lation to the proper lino of policy which should be permanently adopted, affecting the currency. It is no less doubtful that some sef/ferf-poli^y of this kind is expected by the people generally, and emphatically demanded by the great commercial interests of the coun try. But it cannot be disguised that the ef forts of those who entertain the destructive notion of prostrating the State Banks, tend to increase the difficulties under which the country is laboring, and to distract and unset tle the question which ought to bo speedily and permanently decided. The specious apology under which the designs of these men are cloaked, assumes that the march of democracy should correspond with the strid i ing advancement of the, nge. Actuated by a spirit constantly tending -to merge itself in to extreme, wild and impracticable theories, they approach in all their associations too nearly to radicalism to be tolerated with safe ty., The final result of such a tendency is, as all history proves, to loosen social re straints ; relax the force of moral obliga tions, unsettle confidence, impair the pub lic honor, lessen the reffsh for exalted re finement, and deprave the integrity of con stitutional liberty. The sympathies of those who are thus hurled along in this downward tendency, naturally mingle with disorgani zes and agrarians. As against such the laws afford but a feeble security, the constitution becomes but a contemptible parchment, tho institutions of constitutional legislation arc trampled as usurpations, licentiousness and vice stalk over the land, apd society isyielded up to the unrestrained rapacity of frcel>ooters. Such extremities it is hoped our country may never witness. But true republicans, the true supporters of conservative principles as applied to the existing institutions of our country, will stand forth in uncompromising resistance, wherever and under whatever guise, this spirit of jacobinism and anarchy may appear. If there beany whose passions or prejudices against the banking system are leading them to the embrace of radicalism, or the adoption of any creed having a tendency to such alarming results, we trupt they may bo chocked and brought back to the whole* some platform of our fathers. If there bo any who intend .to keep up a war of exter mination against all existing institutions, they will find us at least of a spirit to battlo thein |>40 the utmos*. If there be any who art de termined to persist in the, idle dream of an exclusive metallic currency, under any plau sible disguise whatever, our heads and hearts are against them also. But in all theso as well as in the more delicate and startling sectional questions which are rapidly rising in the Union, associated with the deepest feeling, and a silent but most profound deter mination,, and which will present themselves in a character of fearful gravity and impor tance, the part we dcaire to act ia that of peace-makers and conservators. We abjure precipitation?we abjure rashness and vio lence. We are for reform, but sound, pro gressive reform, not subversion ami destruc tion. To innovatt is not to reform. Wher ever we find a deep sealed political disease, we would assuage its malignity; wherever fancied wrongs excite tumultuous feelings, we would endeavor to cure and pacify; we would correct abuses but avoid extremes ; we would adhere to the republicanism of our fathers and preserve the ancient landmarks. Who of us dare undertake to substitute a bet ter system than tluii which has made us ?t once the wonder and the glory of the civilized world ? We look abroad over our immense country and behold a Union of twenty-six independ ent states, all bound together by one common federal compact and living under one Consti tution, yet existing in different climates, upon different soils, identified with different and sometimes conflicting interests, engaged in various pursuits, but nevertheless assimilating with each other in character, principles and sympathies, all worshipping at the same com mon shrine of freedom, and yielding the sup port of all their broad shoulders to one general government, which includes all their interests, and.blesses and protects them all alike. We cherish a most comprehensive regard for all these interests, a most profound devotion to the whole of this wide reaching system, which is only equalled by our ardent desire to see them prospered, preserved, and perpetuated in all their pure and essential elements. While the states themselves must bo considered the conservative powers of union, the Union it self must be regsirded as the saving element of the highest degree of national glory,? glory, which the pride and .patriotism of every American citizen should receive and re flect. We would preserve, and elevate, and aim at the highest standard as a United People. We would chcrish the- connected recollections of the past, the associated sym pntliies of the present, the glorious promises of the future, and all those moral and political virtues which will exalt our national honor and goodness, in proportion to our greatness and power. That the people of the United States are safe and well under the ConsMiuhru no, one will pretend to .deny?that they have been safe and eminently prosperous in the paths they have trodden, is verified by history. The institutions established by our fathers are found to be better adapted, to the enjoyment of lifo and liberty, and to the pursuit of hap piness, than any heretofore known to man kind. The system ? is tried and approved. Under it, there is no. reason why the country | should not pontinue to flourish as hitherto, i better than any on the face of the earth. There is then no necessity for the adoption of new creeds, or the adventuring into new and un tried schemes. But ?virely every thing, under Providence, is at the ultimate dispensation of the people. 1 Their trust then involves the more awful and solemn responsibility. The world will look with eagerness for the result, and |)osterity will hold the present generation accountable for conduct destined to affect the ; social and political condition perhaps of ages. Let reason Ik* the ultimate appeal ; let vir tue decide the operations of intelligence : let prudence, moderation and forbearance distin guish our counsels : let the common weal never be sacrificed at the shrine of selfish ambition, but let an absolute acquiesccnce in the decisions of the majority be inculcated as the vital principle of the Republic, and all will be well. The United States will then stand before the world the proudest monument of the power of free institutions to elevate the character and promote the happiness of those who have been privileged to feel their influence and live under their protec tion. The life and hope of the Republican sys tem are in the charge of the people of the Union, destined we trust U) be guarded and preserved with religious care. The conserv ative feeling is sufficiently deep roofed to give us confidence of security, and to inspire the fullest hope that, liberty and union are to be inseperably perpetuated and preserved. This \ principle of conservative feeling forms the nucleus of a cause, to which we shall X'hcer fully dedicate our "labors. MR. MADISON. pur journal is, we believe, the first that has assumed for its appellation, the name of this | venerated Republtcnn statesman. Many of] our brethren, in various parts of the Union, have heretofore appropriated the name of his1 illustrious friend and associate, till the title of j " Jcfierfsonian" has ceased to bo a distinctive denomination. It is fit and proper that it j should have been so, for Mr. Jefferson must ever be regarded as the founder of our De mocratic faith, as well a.s the glorious asscr- , ter of our national independence. Death, too, having first scaled fhe volume of his j mighty labors, and consecrated them to the j gratitude apd admiration of posterity, his name has been justly held up as a symbol of \ the cherished principles with which it is j identified. His illustrious companion and fellow laborer, Madison, has now, too, been gathered to his fathers, and his name, in its turn, has been canonized by the admiring judgment, and grateful love of his country. Cherishing a profound veneration for these master-statesmen, the saints of our Republi can calendar, we desire, in the title we have adopted, to embody our sentiments towards that one of them, in regard to whom, owing to the recency of his death, we have not yet been forestalled by the concurring choice of our Editorial brethren, History no where presents an example of friendship, personal and political, so beautiful and interesting as that of Jefferson and Ma dison. Iuiitnatoly associated for tifty years in tlio service of their country, their cordiali ty never knew the slighest abatement or in terruption. Their friendship was ennobled by a common love of country, and cemented hy a pervading congeniality of principle. Idem sentirc de Republic^, was recognized by the ancients as one of the justest and most legitimate foundations of mutual esteem and attachment. It was truly so with Jefferson and Madison. Their friendship, founded on common views of the good of their country,' and of the great principles of human liberty,. partook more of the character of patriotism and philanthropy, than of personal attach ment. How touching is Mr. Jefferson's allu sion to it in the last letter he ever addressed to Mr. Madison. " The friendship which has subsisted be tween us/'he says, " now half a century, and the harmony of our political principles and pursuits, have been sources of constant hap piness to nic through that long period. It has been a groat solace to me to believe that you are engaged in -vindicating to posterity the course we have pursued for preserving to them, in all their purity, the blessings of self government, which we had assisted too, in acquiring lbr them. .If ever the earth has beheld a system Of administration conducted with a single ami steadfast eye to the general interest and happiness of those committed to it, one which, protected by truth, can never know reproach, it is that to which our lives havo been devoted." We cannot forbear to add the beautiful tribute,-which Mr. Jefferson, in the memoirs of his own life, pays to the merits of his friend and co-patriot. After tracing Mr. Madison's public life through tho Legislature of. Virginia, the Congress of tho confederation, the Federal convention, &c.. and speaking of the distinction he'Won in all these fields of his labors, he says?"With these consummate powers, were united a puro and spotless virtue, which no calumny has ever dared to sully. Of the powers and po lish of his pen, and of the wisdom of his ad- . ministration in the highest office of the nation. 1 need say nothing. They have spoken, and will forever speak for themselves." , Such is -the Statesman, r(oh in his own rfierits, rich in the praises of his illustrious friend, and yet richer in tho love and admira tion of his country, whose name we have as sumed for our banner. As the founder and vindicator of our glorious constitution, as tho chief magistrate who presided over the desti nies of his country in peace and in war, ns the Statesman whoso private virtues rivalled. and set off his public usefulness and wisdom, ?his principles and his character will exert an enduring influence on the happiness of his country, as his name shall pass with increas ing lustre, from generation to generation of his countrymen. It is under the tutelary au spices of this great name, arid by the stcadv light of the principles and virtues which con secrate and endear it, that we shall endeavor to steer our course over the stormy ocean up on which we have ventured, in the humble hope of rendering some service to our coun try, at a period of difficulty and danger, which demands i her best exertions of all her sons. BANKS AND CURRENCY. The currency question, like Aaron1* serpent, sw?J lows up all others. Havihg been called upori for am , expression of our views, wc readily avail ourselves the first opportunity to declare our position. The alternative propositions before the country see* to regard?1. The State lianks. 2. A National 11,mi, and 3. Treasury Agencies. ! The Stale Banks nro placed ill a position hy the su? | pension of. specie payments, not altogether favorable to ; an unprejudiced consideration of their claims to be the I continued and recognized medium of currency, which i wc are, nevertheless, disposed to esteem paramount and | superior to all others. It must be conceded, that upon | these institutions the whole credit system of the country j note reposes, thoroughly entwined os they are with the I business of the country, apd identified with every inte ? rest in the States. We are in favor of a reform of the I system, by the ultimate suppression of all notes under I fram ten to twenty dollars, and such other restrictions ' an experience may have shown to Ins necessary; but the annihilation of tho system itself, and the substitution of an exclusive metallic currency, wo believe, would be n surrender, in effect, of our present advanced civilization, and a revolution of the most desolating character, saeri- 1 licing every class of society to those who live upon | salaries and interest. The reform of tho State Bank system, which mis ulrcifily in progress, and which inuv | ! be materially aided and accelerated by the legislation j of Congress, would, in our opinion, sujwrsede the most. I specious arguments that have been urged in favor of a National Institution. Such a reform would also, wo think, satisfy the more reasonable advocates of an ex clusive specie circulation ; while, at the same time, it would avert the necessity of a National Institution, by supplying the country through these state institutions with a safe and restiicled paper currency, and furnishing in lieu of small notes, half eagles and eagles, to answer the purposes of distant travel, as well as an abundance of silver change fur the minor transactions of daily life. W e entertain not a doubt that these institutions might thus be made perfectly sound within themselves, render the currency sufficiently uniform, and continue to be ! serviceable to the government, as safe, practicable atid j faithful agents in aiding iis revenue transactions. But useful as tlicy have bee.n, and important ns they j are, we confess wc greatly fiar they arc destined to j meet two kinds of uncompromising hostility. On tho j one hand, they may be opposed by the advocates of a national institution, and on the other, by the advocates of an exclusive metallic currency. Their great object should be now, the resumption of specie payments as early us possible. They have seen that' the aid extended to thein hy the Legislatures of the States, as well as the proposition for a Convention, by which only there ? can be any concert of action, has been deprecated and j opposed in a quarter whose position unfortunately gives authority to its views. They have also seen that this disposition is in |>erfect coincidence with another autho rity, whose proximity to tho slumbering I'hfuix may sustain an inference that another power will be exerted to defer the resumption of spccie payments, and involve the State Banks is much as possible in difficulty. " Extremes meet," anil this is the |>oiiit desired. The ^ alternative thus to be forced upon the country,ds to bo j. a National Bank, or an exclusive metallic currency. The arguments used in favor of the latter, are specious and equivocal. We may be told that "nobody is in f.tvor of an exclusive metallic currency, yet it is to be feared that the design may be, to have a currency sufficiently metal- i lie to exclude the existence of state banks, by rendering [ their tontiiiuaiKe discreditable, unprofitable and iniprac- j tic a 61c. ? Wo ahoulj be in favor of (he convention pro poMd by the Richmond Enquirer. It ia obvious there inuit be general concert?no one built, or aet of bank*, could safely resume alone. A convention ia the proper expedient. Dut let it be for the mere and eiclu^ive puqwse of conaidering the rcaumptiou of apecie pay menta. Tlie deliberaiiona of auch a convention ahould appertain aole|y to thia object, and other geoeral and diaconnectud topica, of course, would be irrelevant and extrinsic. Dut whatever meaaurca may be adopted to favor auch a deairable and indispensable rcault, we are of tlie opinion, that we ahould all heartily unite in favor of that reform of the system, which wan, foraeveral yeara paat, the favorite policy of the late adininiatnttion, and |>articiilarlv recommended in General Jackaon'a Mes sage of 183ft, advocated by Mr Van Iiuren in hia letter to Sherrod Williama, and more emphatically developed in 1 the Currency litll of laat seaaion. In hia mefcaage of I83S. i Gen. Jacluon aaya: " It ia aacertained that, inKtead of Iwmg neceasarily made to promote the evila of an un < :hecked |>aper ayatem, the management of the revenue ? :an be made auxiliary to ike re/urn?which the Legisla i *ires of aeveral of the Statea Ifave already commenced i li regard to the suppression of small bills ; and which 1 (as only to be fostrted by proper regulationa on the part i if Congress, tp secure a practical return, to the extent i equired for the security of the currency, to the conati t utional medium. If by thia policy we can uliimately i vitness the suppression of all amall bills below twenty i lollara, it ia apparent that gold and ailver will take their. | ilace, and become the principal circulating medium in t lie common huaincaa of the farmer* and mechanics of t he country. The attainment of auch a result will form r n era in the history of our country, which will dwell i ipou with delight by every true friend of its liberty and i ((dependence." Some organs professing to represent t he administration, have apparently foiaaken this ground, r Jid call uj>on us to explode and repudiate the doctrine ^ vhich wa* promising so milch. Hut why not adhere to t he proposed reform ! 7*A'i is the " untried expedient." I jet us coriect abuses wherever they exist, and reform ? vhere reformation ia ueceaaary; but let no notions going I *yond that be indulged. We may be told that this ] "olicy in regard to the cu.rency has not been abandoned; ?? Ji exclusive metallic currency may be repudiated, and I lostility to the state banks denied: but wo must not I 'Imd our eyes to the fact, that other measures, plausi I 'lc in theory, may he designed to effect what but few ? vill now openly advocate. The supporters of auch i neasurea as will retard the desired reform, would pro - I ?ablv nnite with partizans of a National Dank in defer i -ing the resumption of specie payments, so that by ? discrediting and prejudicing the state banks, there mav Oe the more color of necessity to tho plans they may j urge. We are not alarmists, but the friends of state lianks should.no longer await the maturity of measures that may result in compelling two-thirds of those insti tutions to wind up their concerns, and the residue to forego all hopes of future dividends. Let them prepare to meet the demands of Congresa by a a|>eedy resumption of specie payments, and we have no doubt that that body .will be disposed to render their legislation auxiliary to the ?id of those institutions, as far as, in accordance with a proper regard for the general welfare, it may lie deemed ^institutional and expedient. W'hilo we have no doubt :hat the Secretory of the Treasury entertains a friendly feeling towards those institutions, yet it must be per ceived that duties are imposed upon him by law which ne-cannot obviate. In hia Circular of July 3, Mr Woodbury says, in reference to the resumption of specie I payments, that "Sn far an this' Department lias jiowcr ?? encourage such efforts, it has done, and cheerfully will lo it, while the existing laws remain unrepealed, bv jiving a decided preference for holding all kind* of , )ubin: deposiles to such banks as pay specie." W ho arc at fault in causing the stoppage of specie pay ments, we do not inquire. Casting aside crimination, the grand effort of the banks should now bo to (resume. We are confident that the Executive and the Legislature will take their steps in wisdom, nud direct their best efforts to promote the pros|>erily of the country, with a ' "incero and patriotic disire to extend equal rights and privileges-to all, impartially and justly, and to render our existing institutions, freed from abuses and impuri ties, secure and permanent. Uur views in relation to a National Bank arc liest ex pressed in the speech of Mr.' Madison, against the first Hank of the United States, which we will publish in our next paper. I he name of Madison seems to have dis tuibcd the minds of some of our cotemporancs, who have expressed an apprehension that we meant to "re vert tonhc Madisonian eia for a salvo for our disorders." Let such read that speech, and learn what it is to be Madisonian in respect to a National Bank, of whatever form, whether a Treasury or an Incorporated Bank. Another proposition is a "total divorco between the general government and all banking institutions," and the substitution of Sub-Treasury Offices, or Treasury Agencies. However specious the terms of this proposi tion, we arc distrustful of it. If it is meant by it, that the general government is to' receive no paper of anv banks whatever, (as Mr. Gouge, in his pamphlet, rc I commends,) but is to collect the whole revenue in gold and silver alone, then we arc decidedlv against it, as oppressive to the people, and pernicious in rendering the government ^vholly dependent of the general condition of the currency of the country. If it is meant that the general government is not, after the banks shall have resumed specie payments, to avail itself of such incident al facilities as they might furnish in the collection, safe keeping and disbursement of the public moneys, then, j too, we have our doubts both of the wisdom and the j tendencies of the proposition. I o separate the fiscal operations of the government from those ol the people, it scctns to us, would in effect ' be making a distinction rather discreditable to the state ' i Dstitiitious, and trying an unnecessary and hazardous 1 ? ixperiinent. It innst necessarily concentrate unusual i | ?ower in the hands of the Executive, and invest it with i i oinplete control over the public moneys. The require- I i nent of gold and sliver exclusively in payment of pub- ' i ic dues, through treasury agencies, would put off in ? lefinitelv, and perhaps render impossible the resumption < <( specie payments. If no notes were to be received, i Ten if the banks should resume, it would be an impu i ation of bad faith in regard to paper, although converli I >!e. and an injury to the system of an irretrievable ? Jiaractcr. It would also be putting the public creditors i o unnecessary inconvenience and difficulty. Where ; J?l how is the specie to be obtained ! Of .'tc sixty or > evenly millions of specie in tho country, it is divided I letween the banks and individual holders, who are j I .oarding it for sale. Those who have to pay the go- I > 'eminent must buy the specie, and tlie demand for it j ' vould be such as to compel the purchasers to pay a high I ' rc'<i'i?n, say, from ten to twenty per cent. This ex- | | fuse comes out of the consumer; fur it will Ik? added t o the cost of importation. A measure l,ko this, there ' ore, which imposes an additional tax of ten to twentv | cent, on the consumers, who are the pcrf..|c, we i 3?>*t regard as unwise and oppressive. 1 Mow would payments be made by the Government, md what would be their operation? The depositories vould !>e drawn upon by warrants ni favor of the credi I Jrs ol government. These creditors would b*v<?. t|M14r < lection, either to draw the specio and sell it for t|,c I igh premium it would command, or to sell t ie warrants t 5 those who have specie to buy, either to pay the Go ' eminent or to .end out of the country. The current j tico ol specie would be tho current price of the war 1 tnts, they being convertible into specie. Would not t 118, specie basis therefore be ultimately so mirrowed and r Jduced, as to overwhelm tho whole system with embar r issment and difficulty ? Should this state of things c lane, and wc do not sec how it could Ik- averted, would n?' ,hc 'he issuing of paper money by the Co ver. "nent in such a way as to render it to all intents and p.ir| oses a Hank T If this ahould pr,>duce a currency for the country rxdnsirely of paper, thru farewell to the cherished ho(>e of reform, farewell to the hope of rcsui. fpliou of spuria payments by the local nut it ut ions TU b*nk? would have no inducement to return to ?pe eie payments, tho Government would hafe no power to coerce them. The scheme commences en indirect wer upon the credit system, which ju?t in proportion lo iU?tnjury of the State Banks, would operate prejudicially to the general interests of the ? tales whose prosperity i? essen tislly connected vrfth those institutions. It would ereate two c.onvHCies, *tta for the Gorernment, end another for the people. Officers of Gorernment, who are the servanta of the people, would be Kitnuhcd with a me tallic currency, while the people who are the sovereigns would be ah irked off with paper, inado inconvertible perhaps by the Government's own acta. If the government ia to adopt for itself an exclusive metallic currency, why not give the aame to the people.' Dut the people do not want an exclusive metallic circu lation, and apart from ita impracticability, they never could get it if they did want it. What is good curren cy for the people is equally good for the government, and surely what is acceptable to the master should also be acceptable to the aervant. But two currencies of unequal value cannot exist in the same community, and 1>W result would be, either, that the Stale Banks would sink under the operation, and the country be thrown upon a metallic currency wholly inadequate to the re quiremeuta of business, or, the currency of the states would triumph over the government currency,, and the ruinous conaequencea of a currency subject to the dia jointcd action of twenty-six independent sovereignties, would ao derange, the exchangee and confuse business, that a universal blight and paralysis'would ensue. If the State Bank* were not destroyed, auch a species of state legislation would at least be excited as would dis order and disgust the country, until every body would be glad to sieze hold of any kind of a National Institu tion that would promise them repoae and lelief. The substitution of Treasury Agenciea would also involve the trying of an unnecessary .and hazardous ex periment. , It ia to lie presumed that the people will continue lo have State bsnking^nstiltttioM, and that the paper of the baiika will therefore continue to form tho general currency of the country. Mr. Van Buren considers the power of chartering banking institutions as settled in favor of the continued authority of the States, and in thia, he but anticipated the deciaion of the Supreme Court of the United States, an abstract of which will be found in another column of our paper to-day. Experience has shown that banks may be made safer and more practicable depositories of the public monies than individuals. We have abundance of authority to prove this. In Mr. Woodbury's Supplemental Rc|iorl to Congress, in December, 1834, the dejiosite system is advocated, on the ground, that the government had sustained comparatively but a small amount of loss whjjn the State Banks were employed on a former oc casion. In illustration, it is stared, that the loss by one merchant had been greater'in amount than all that had been lost by the Banks. Tho Secretary also says?" it should be constantly recollected that the owners and managers of banks, when properly regulated by legislative provisions in their char tea, are, like other individuals, interested to transact business securely; arc desirous of making and not losing money ; and that these circumstances, with the preference in case of failure belonging to dejiositors and holders of their bills over the stockholder*, united with the security, if not priority, given to the Government, render thein, in po.int of safety, generally mi'ch sui-kbiob TO INDIVIDUAL +CENT8 OK THK UNITED STATUS." Again, he says?" it is gratifying to reflect, that the credit given bv the Government, whether to bank paper or bank agenta, has been accompanied by smaller losses in the experience under the system of slate banks in this country attheir tttoitt period, and.under their severest calami/its, than any other kind of credit the Government has ever given in relation to ita pecuniary transactions. Gen. Jackson, in hisMesasgo of 1834, says : " The State Banks arc found fully adequate jto the performance of all services which were required by the Bank of the United States, quile as promptly and wiih the tame cheapness." In his Message of Dec. 1835, he says : ,rBy the use of ihe Slate Bunk*, which do not derive their charters from the General Government, and arc not controlled by its authority, it is ascertained that the moneys of the United States can be collected and dis~ bur ted without lots or inconvemcnce, and that all the wants of the community, in relation to exchange and currency, are supplied as well as they ever have been before" A " total divorce of tho General Government from all banking institutions," and the substitution of in dividuals as depositories, will vastly increase the ex pense and difficulty of collecting and disbursing, and is still further objectionable, because it enlarges the patronage of the federal government, and increases the liability of loss to the government, by presenting greater temptations to peculation and embezzlement. In this we are also sustained by General Jackson's official opinions, which, with perfect respect, we prefer to any more recent indications of a private character. In his message last quoted, he says . " I need only add to what I have on former occasions i said o:i this subject generally, that in the regulations which congress may prescribe respecting the custo ly of the public monby, it is desirable that as little discretion a.i miiy be deemed consistent tcith their safe keeping, should he fiiren lo Executive auk nth. No one can be more deeply impressed than I am with the soundness of the doctrine, which restrains and limits, by specific pro visions, I'lxecutite discretion, as far as it can be done consistently with the preservation of its constitutional charactcr. I a respect to the control over the public motley, this doctrine is peeuliaily applicable, anil is in harmony with the great principle which I felt I was *us- I taining in the controversy with the Bank of tho United ) States." - ! The government will also be liable to incur great dif ficulties in collecting specie in payment for debts, in the midst of a paper circulation, and be constantly exciting the jealousy nud ill-will of the banks. Fhe amount of specie equal to the public revenue, would also lie almost wholly lost to the uses and profits of the country, by be ing divested of that |>owcrof answering the double pur pose which it obtains in a mixed currency, as a basis of paper circulation. There arc numerous other objections to the proposi tion, which we may hereafter discuss. Wc are disposed to treat the subject with all the franknes? and sincerity which its gravity and importance demands, and we in- j vite the reflections of others in the simc frocdoiu and j liberality. ? From the Washington Globe. ?? CONSERVATIVE PRINCIPLES." This is the phrase under which the torics of England rally, to preserve tlie abuses under which the aristocracy j of Great Britain crush tho rights and tlie will of the. < people. It is a phrase which federalism, ever following j in tlie wake of it* ..prototype m Europe, has already as sumed us a disguise for its designs against the demo cratic principles on which our Government is founded. The conservative doctrine of this party is, " divide and destroy the. power of ine 'democracy nf numbers, and give the control of tlie Government to a " moneyed aristocracy," concentrating its power through the means of a great moneyed corporation. But the "moneyed aristocracy" not onlv appropriate every kindly term which promises to deceive tho peo ple, W they ?re continually pn|ting on tho guise of friendship to the administration for the purpose of ilc stroying it. Mr. Biddlc took this mode of operation when he privately proselyted editors, who had earned the confidence of the democratic party by opposition to |,is institution, and set them at work, gradually to un dcrininc the principles they had previously advocated , The public cannot have forgotten the history of ebb and the Courier and Enqu.rer-.N6ah ?nd the.Evening | Star?of lb" Philadelphia Inquirer?oT the telegraph. ( anil many oilier prints, which changed the.r course in , relation to the bank, and were found to have Obtained large sums from iu coffers. So m the last canvas, for tl? Presidency, altolilion prints and bank prints were to J be found, in the states where the strength of the do- < mot racy could not be encountered successfully unices | firat MfeebUd by (Iivumou, laboring mott uumJuou-Iw ind mdefatigably in the cauao of whiirgerv with th edit? i"1 *"d John*?" lie&U of th? ?hiU, hi^ "^iT ed't0r Pre,?ndl?g ?o tupport them Id Ibvfrt ,?h T' *? *?W d,vmwn 1,1 th# P^v, principle* which held it together he opposition ti?d the same state of thiui/a m Cou p* wluch induced them to employ the . 'e?, Z i to, in the great State, of Sow Vork ajpen,! ?ylvania, against the democratic ticket for the Prosi- ? braLs ofT* " * democr*tic majority m both branches of Congrea*. and, ?nlesa ,t can be svl.t up the ??T" The'. 'kTE ?Uccet,J de??Voy ing it. 1 he approach of the ae**,on. therefore, brines out a proapectua in the National luulhgenccr for a h,m paper .lyfed " The Madiaoman," wh2t" \o ZIn the administration on "conservative principle*"' In this proafiectus, the country i. told that ",Ae commer cial interah of the country u overwhelmed xeuh cm barrattment; iis monetary concernt are unusually dis ordered ; every ramification of society it invaded by distreit, and the social edifice seems threatened wuh disorganization ; every ear it filled with predictions of evil and murmur mgs of despondency; the General Government is boldly assailed by a large and respecta bleportion of the people, as the direct cause of their difficulties I And thia planning date of things, which the "re spectable portion of the people " impute to the adminis tration, this friend ,of the administration proposes to remedy. And hoW! By I'lving vigorous support to the measures adopted by President Jackson, approved by the people, and which President Van Buren has pro claimed the determination to consummate ! No. This new friend of the administration, which the National Intelligencer introduces to the public, gives the go-by to the principles avowed and acted on by the late and present administrations, and revert* to '? the Madiso iiian " era for a salvo for the disorders he depicts. The Eublic cannot fail to understand this. It is known that Ir Madison, after having vetoed a national bank on constitutions! principles, waa driven by stress of cir cumstances to yield. The same difficulties have been again produced by British power and capital, and tho ^ same result is aimed at?the re-establishment of bank government under foreign control, and controlling th? affairs of this country through its currency and com merce. The new paper which Mr. Galea tenders to the sup port of the administration, reverts to. the Madiaonian remedies for similsr disorders, although it is known that the venerable patriot, in hia last hours, lamented tha alternative imposed upon him, and-lookcd forward with satisfaction to the election of the present Chief Magis trate, who had proclaimed the intention of maintaining a policy directly the reverse of that to which he had been compelled himself to yield. The self-styled " new organ " already realises by an ticipation, from his efforts, the happy state of things which has, no doubt, brought forwaid his prospectus in the columns of the Intelligencer, and blessed with all his good wishes. Of the prospects of the opposition, he says; " Exulting in the anticipation of dismay and confusion amongst the supporters of the administration as the con sequence of these things, the opposition are consoling themselves with the idea that Mr. Van Uuren's friends, as a national party, are verging to dissolution; and they allow no opportunity to pass unimproved to give eclat to their own doctrine*. They are, indeed, maturing plana for their own future government of the country, with seeming confidence of certain success. " This confidence is increased by the fact, that vision ary theories, and an unw ise adherence to the pla/i for an exclusive metallic currency, have unfortunately carried some beyond the actual policy of the Government; and, by impairing public confidence in the credit system, whieh ought to be preserved and regulated, but not destroyed, have tended to increase the difficulties under which the country is now tailoring. All these seein to indicate the necessity of a new organ at the seat of Goyemment, to bo established upon sound principles, arid to represent faith- . fully, und not to dictate, the real policy of the administra tion, and the true sentiments, measures, and intercuts of the great body of its supporters. The necessity also ap pears of the adoption of more conservative principles than the conduct of those seem to indicate w ho seek to remedy nliuses by destroying the institutions with which they aro found connected, indeed, some measure of contrilrution is_deemed essential to the enhancement of our own self respect at home, and to promote the honor and credit of the nation abroad." From all this it is very clear the opposition arc re solved first to force " a new organ at the seat of Govern ment " (in the shape of a press) on the administration, ?s a preliminary to giving it a new bank organ. " Tho organ " which is at present distinguished by the confi dence and' favor of the administration, the country is told, dictates to it! and Mr. Gales' man is to liberate it from this thraldom. - Without the slightest authority from any member of the administration, or consultation with them, this worthy volunteer undertakes " to repre sent faithfully, not to dictate, the real policy of the ad ministration !" This was precisely the favor which Judge White's Sun promised to perform for Gen. Jack son's administration, when it was struck from the saino types, printed on the same press, contained the same matter, and issued from the same office with the Na tional Intelligencer. REPLY. Whether we should mark this avalanche with chalk or charcoal, in the chronological table of our private history, as the Romans distinguished their lucky and unlucky days, it is impossible quite yet to determine. If we do not give ourselves the white mark, we intend, before the event is forgotten, to leave some grateful souvenir as due to its author, desiring to treat the fruits - of his convulsion with becoming charity and kindness. An effort aimed at the annihilation of an embryo es tablishment before the public were permitted to judge for themselves, and before it could have an opportunity of vindicating its own character, was so froward and wanton, and yet so perfectly natural, so easily accounted for, and perhaps properly forgivable, that we feel very like one rebuked in tho comedy of the Spoiled Child, hardly knowing whether we arc moved to anger or to pity. If it was intended as an invitation or provocation to quarrel, it will fail of it* effect, and those who havo promised themselves the gratification of witnessing a game-fight will be disappointed. We receive it with per fect complacency, satisfied in knowing, that it manifest* quite as high a degree of liberality as could have been expected from those habits of temperament of which this ebullition is the natural offspring. Our appearance in the Intelligencer may have been deemed rather mul-npropos by friends, and, aided by the affectation of the Globe, as conclusive evidence of heterodoxy, by strangers. A few lines will explain tho facts of the case, and expose the true jiositioii of tho Globe, which may have all the credit it deserves for its fairness and sagacity, in 44 taking advantage of lis own wrong." The Prospectus of the Madisonian was *cnt both to the (ilobe and the Intelligencer, as well as the New York Times in which it first appeared, and to other pa pers, with the like request to each, to insert the samo as an advertisement. The Globe voluntarily fitting to itself a garment which we had innocently spread for ourselves. Iietrayed an incontinent violence under the "fit," and suppressed our Prospectus altogether. We have sent that paper other advertisements, to none of which, has it extended the courtesy of noticing?a cour tesy freely extended by others to a civil request. Thero being no other alternative, we risked the publication of o-ir Pros|)ectU4 in the advertising columns of the Na tional Intelligencer. Now, then, affecting to misappre hend the political character therein indicated, the Globo " cries havoc and let slip the dog* of war,'' from an am bush thus deliberately planned. But that pa(per might have profited by the recollection, that, fata nam mrc nienf. Minerva having been unwilling, it should havo been forewarned of the fatal results of a recoil. The most unpardonable indication of heterodoxy that we unfortunately manifested, was, it seem*, in the eve* of tlio Globe, the emplovinent of the term " eontrrrai're principles." If this were the chief burden of our guilt wo should imagine ourselves ineffably pure. But it e'rike* us that the Globe' distinctly declare* war against " conservative principles." How far such a course mav meet the appro'iation of the immediate constituents of that organ we do not caro to inquire. For ouraclve* we are prepared and content to battle on the side alot ted us. Those who aro in favor of preserving the ex Jstwig form of government in a country arc called con servatives, and they are so called in contra-distinction to destructives. There is no middle ground in the case. To reverse a law maxim, the exclusion of one term necessarily supposes the inclusion of the other, One inust be either conservative or deatructive, or he is a mere negative being. Wc like (he term, ami are quilo willing to adopt it. We ahall advocate conservative doctrines with a!! our heatt in reference 10 American