The Madisonian. [volume], August 16, 1837, Image 3

About The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845

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. Institution* ThoM who oppose ua inevitably array
themselves, aa tbe Globe ha*, on the tide of the deatmc
? live*. No prejudice can ariae to thin term from any
argument drawn from ita foreign application. It every
where mean* the aame tiling literally, but ia applied to
different object*. In France the conservative*, we ad
mit, were on the aide of the old French Monarchy, *o
odiou* to Republican*. In England, we confess, they
are attached to the British Constitution. Out (hi* doe*
not impair our poaition. Thoae who are in favor of
conservative principle* in the United Stale* are attach
ed to the American Constitution, are the friend* of
Union, order, good faith, and adhere to the present form
of government. The dcstcuctivee of this country are
favourable of courae to adverse doctrine*, opposed to the
restraint* of the social organisation, desirous of abolish
ing the credit syatem, of destroying bank* and corpora
tion*, of an ultimate diviaion of property, and of finally
resolving society into it* original element*, aa existing
in a state of nature and barbarism. ? Not the least start
ling of their assumption* i* that we are ?' not yet a re
public," that we are filled witli anomalies, tike the
Untied Slates Senate, whose eradication is demanded
by the march of improvement, which is " ringing
changes" also upon the expediency of having a new con
stitution, recognizing no compact^ or compromises.
The law of radicalism is individual will, it knows no
compromise.
Exception seems to have been taken to the name we
have presumed to adopt. Somo minds aecm to have
been filled with alarm, lest the ghost of Madison should
appear before them a* the avenger of aacrileged institu
tes. Latet unguis in herU, imagines the Globe. We
know not that any apology is4ue, unless it be for that
we may have sinned.against the memory of a or eat
father or the constitution. Without any dis
paragement to the living, may we not ask, where is the
character, better adapted, more desired, to besr with
the whole weight of its moral and political influence
upon these times than that of the late illustrious James
Madison ? That character needs no eulogy?that name
no interpretation., ' It carries peace, harmony, union ;
it means amiableness, justness, conciliation and the
conservative principle ; it means dignity, honor, ori>f.r?
it means the Constitution. " Too happy should I be,
if with a voiee spesking from the Isst to the coming
generation of my country, I could effectually urge them
to seek in the temper and moderation of Jaxrs Madi
son that healing balm which assauges the malignity of
the deepest seated political disease, redeems to life the
rational mind and restores to health the incorporated
union of our country, even from the brain fever of party
spirit." Although we might regard with., safety the
name of Madison as the immaculate cynosure of con
servative principles, we are not disposed to do injustice
to other characters equally memorable. We are quite
anxious that our course should also be aided by other
lights which have guided this Republic in the dark hours
of trial and trouble. Under whatever name we exist, we
wish no better appeal for our political oppositions and
?conflicts, than reason aad ex|>erience ; we seek no con
quest* more glorious than those of argument; no tri
umphs more lofty than those of the mind. And thi*
is Madisonian.
But we are told that we give the " go-hy to the
principles avowed and acted on -toy the late and present
administrations." Wa lie anxious that the public
should know whetJder thore is the least possible justifi
cation forjiua-^ittempt to discredit the Madisonian with
* the Republican party. We certainly, to use the criti
cal phrase, go with G?. Jackson ill his doctrines of
1S28 ; but we do not g* with the Globe in its ultraism
?of 1837 ; wo certainly go with the late and present ad
ministrations in their Opposition to a National Dank ;
?but we do not go with the Glebe in the war of extermi
nation it has been wwcklcasly waging against the stalo
banks and the whole c fed it system. We go with Gen.
Jackson and Mr. Van ?ure'n lu the reform of the bank
ing system recommenced by the former, more emphati
cally, in his meseagc af December 1835, and advocated
by the latter in his letjcr to Shorrod William* ; but we
<lo not go with the (4obe in 'denouncing all paper cir
culation as rag money, all interested in banks as rag
barons, and advocating, by implication at least, anex
?elusive metallic currency. We go with the adminis
tration in sustaining a well regulated mixed currency,
but we do not go with the Globe in. stigmatizing the
making of paper money iw a theft, or in considering
"paper money of lea* value than oounterJieit coin." We
go with Gen. Jackson in believing that " the blessings
of government like the dews of heaven should descend
alike upon the rich and the poor but we do not go
with the Globe in arraying the poor against the rich,
nor in attempting to institute parties of debtors and cre
ditor* antagonist to each other. We go with the state
government* in tho temporary expedient of suspension
laws, but we do not go with the Globe in denouncing
them aa the c?inbination* of paper money barons to ict
the laws at defiance and defraud the poor of their hard
earnings. It *ooins to us, with all deference, that
comparing the bonkers in this state of things to tho
lords of early times in England wlw were privileged to
kill a commoner, and the poor of our country to tho
commoners of those times who were hanged for killing
rabbits ! has a tendency to excite unworthy prejudices
and evil passions. We would rather appeal to the
intelligence and understandings of men. We go with
th6 "principles avowed rfnd acted on by the late and pre
sent administrations" in relation to oifr national honor
and commercial credit abroad, but we do not go with the
Globe in assailing and denouncing American merchants,
or in mocking their broken spirits and their embar
rassments and sufferings, as the just consequence of
sinister designs upon the country.
The Globe affects a very alarming apprehension that
wc seek under the assumed garb of friendship to the ad
ministration, to " sow division in the party, and subvert
the principles which hold it together." He speaks of
the " strong democratic majority' in both branches of
Congress," and deprecates an effort to deauoy it by
"splitting it up." We sincerely coincide with him in
deprecating *uch a division. But now, how has the
Globe treated that democratic majority, and what has
teen hw expedient to prevent a division of it f Not
such m w*i would wish to adopt. Hail it not abused
and denounced measures approved and supported by
four fifth* of that majority, and in effect required them
to surrender their honest convictions of what tfie pub
lic good demands, to the peculiar opinions of one fifth.?
Let the friends of tho Depositc Act and Currency Bill
(a vast majority) answers Has not this course of strong
denunciation been habitual ! In tho very paper in
uhich the Madisonian suffers to much, the l)c|K>sit
Act which received an overwhelming vote from the re
publicans in Null branches of Congress, is denounced
as a preposterous law, under tbe head of " Bank facili
ties.n We might quote still more modern instances,
but the jtosttoon is sufficiently obvious. Is this a wise ex
pedient to "hold the majority together!" Is such a course
republican ' It is not republican doctrine according to
Mr. Jefferson, who in his first inaugural, inculcated "nu
absolute .acquiescence in the decisions of the majority,
as the vital principle of republics from which is no ap
peal but to force, the vital principle and immediate parent
of dcsjiotiain."
We had supposed principles to le itnmuitJlf. IV
cisioii, consistency and the tenacem prcpoMi, are con
sidered qualifications requisite for a successful general,
?are they not ad so essential to a political leader who
would aspire to " keep tho party tsgethor !" If a pious
pastor should so much profane his office as to repudiate
sm one day and encourage it the next, or as to adhere
to one set of tenets for a long time, and when he had
nearly exhausted his strength in sustaining them, relin
quish and abjure them altogether, and declare lie had
never advocated such doctrine*, is it to be supposed
that his anxious flock would hav any confidence in such
? false and inconsistent hypocrite ! Arc not political
Who* governed by the same genera' principles of human
nature" ], ,t a safe expedient to ' hold the majority
l?>gethei tn advocate their fjvonto measures in 1P33
?nd 1834 ?ud' tepudiaio them in 183? ! I. it * wuw
expedient to " keep the majority together" lo strive
with Metropolis** in March and April to outatrip e.ch
other in eztrcwi* notion*, end then in July lo deny
?he courae altogether. I. it . good expedient to at
tack with vehemence at one aessioii a propo.itiou for
treasury agencies, and in a few month, afterward* to
recommend the othor aide, tutu viribut, and with the
leal of an original affirmative advocate ! It may uem
ao to Ulobular mind., but if .hould purauo such a
course, and the majority ahould give ua still their undi
vided support, we should feel indebted rather to their
charity and forbearance, than to any virtue, of our
own. But the defence doubtless will be
"Men change with fortune, manners change with climes,
Tenets with books, and principles with times."
But we regret the something like jealousies we have
awakened. Wo had hoped that in thia wide and free
country, in ihi* season of anti-monopoly principle, and
extended latitude of action, we might have been per
mitted quietly lo enter the Republican vineyard, and to
have consecrated our labors in co-operation With others
to the promotion of the same great cause. But we
may have mistaken the sincerity of the advocatea of
anti-monopoly, and our entrance into the field has been
magnified into an adventure of encroachment upon the
interests of others. 1 he premonition.* of what we will
not characterise as selfishness, and jealousy, however,
do not convince us that our labors are not wanted ?
Wc believe the field is large enough for both the
Globe and the Madisonian. We come not to inteifere
with, but to aid. \\ e are moved with all the benevo
lence of Uncle Tobv, and beg to aay to the Globe in
the sincerity of Abraham to Lot, " I^et there be no
atrife between me and thee?is not the whole land be
fore us?if thou will take the left hand, then I will go
to the right," Ac. If we cannot be permitted " to re- ;
present faithfully the real policy of the administration,"
as we would desire to do, then we hope that it shall be
agreed, that we may at least, represent " the sentiments
of the great body of its sup|K>rters" in ?Coi)gre??. If
the Globe has an exclusive patent right to be the organ
of the executive, perhaps he will allow us to be the or
gan of the Republicans in the legislative department
lie cannot claim to be the organ of the latter, because
it has been his province to denounce habitually in the
strongest terms, measures voted for by more than two
thirds of the republican party in both houses. We ad
mire our form of government, and successfully admi
nistered, believe its several branches calculated to ope
rate and co-operate in beautiful harmony. * We would
aspire to accord a just measure of support to each of
the co-ordinate divisions, in thfe lawful exercise,
of their constitutional prerogatives. But if one organ
has assumed the position described toward Congress
then let us claim for that body, in the free exercise of
its legitimate powers and duties, that deference and re
spect which is due to the embodied majesty of the peo
ple. Th?n let us seek' to sustain that body in the as
sertion and maintainence of its inherent dignity, and in
commanding that force and power in the government
which belongs lo it by the Constitution and of right ap
pertains to the direct representation of the popular sove
reignty. Let us go forward then in this relation, if not
mutually, then severally, seeking to promote the success
of the administration, to strengthen the republican
cause, and advance the great interests of the country,
to the enhancement of our own self respcct at home
and the honor and credit of the nation abroad. .Let us
adopt the beautiful inaxim of Augustin, " in those
things which are essential, let there be unity?in non
essentials, liberty, anil in all things charity." For our
part, we shall cheerfully devote our labors to this courrfe.
In this respect, taking our stand with the administra
tion, wc are quite content to submit to time and public
opinion for a judgment upon the relative justice of the
doctrines, which, refering to the republican party, shall
characterize respectively the Globe and the Madiso
nian.
THE SELF-STYLED "PARTY ORGANS,"
*' AND THEIR TUNES !
It was, and is, our intention to bring our best efforts
to the aid of the Administration, and the assistance of
the country ; and however humble may be our services,
we shall not be deterred from rendering them, either by
the envy of pretended friends, or the malice of open ad
versaries.
Though we have been denounced, prejudged,"and"
condemned in advance, by those who assume to be the
"exclusive" organs of the Administration, we are nei
ther to be intimidated by prospects, nor discburaged by
retrospects ; neither to be diverted from our purpose by'
disgust, nor driven from our principles by denunciation.
We have neither leisure nor inclination to notice the
groundless and numerous attacks made upon our mo
tives and undertaking ; and, as it would bo but charity
to consider the aggression the result of ignorance rather
than malice, wc shall allow the aggressors an opportu
nity to correct their errors by informing their understand
ings. Meantime we commend to their attention the
following reflections upon a vice, which, if not the pa
rent, is the offspring of ignorance.
PREJUDICE.
" There is something exceedingly curious in the con
stitution and operation of prejudice. It has the sin
gular ability of accommodating itself to all the possible
varieties of the human mind. Some passions and vice3
are but thinly scattered among mankind, and, find only
here and there a fitness of reception. But prkji'dick,
like the spider makes every where its home. It has
neither taste nor choice of place, and all that it requires
is room. There is scarcely a situation, except fire and
water, in which a spider will not live. So let the mind
be as naked as the walls of an empty and forsaken tene
ment, gloomy as a dungeon, or ornamented with the
richest abilities of^thinking; let it be hot, cold, dark, or
light, lonely or inhabited, still prejudice, if undisturbed,
wil till it with cobwebs, and live like the spider, where
there seems nothing to live on.
'? If th one prepares her food by poisoning it to her
fialate and her use, the other docs the same; and as
several of our passions are sttonglv characterized by the
animal world, prejudice may be denominatee the spider
of the mind V
Tub Sirprkmk Federal Court, and State Banks.
?As to the constitutionality of state banks, their past,
present and prospective importance, as well as the ex
pediency of preserving and regulating them, wo en
trench ourselves behind the highest judicial authority
of the land, that will stand a siege like the "cotton bags
of New Orleans."
Wc take it for granted, that none of the " organs of
the administration," whether exclusively or partially
metallic, are prepared to question the soundness of the
doctrine Ian? down in the case of Brincac against the
commonwealth ?f Kentucky J It is_an authority in favor
of "State Bank rights" point blank in point"; upon
this rock we shall lay the foundation of our principles,
without any apprehension of being undermined, or over
whelmed.?The "gates of" " mn-TRKancriks" even
can never prevail against us ?
Tlie Supreme Court of the United States, at their
last term in the case of Hriscoe anil the Hank of the
Commonwealth of Kentucky, in aTiswer to the argument
against the power of a state to incorporate a bank, say,
" That, by the constitution, the currency, so far as it
is composed of gold and silver, is placed under the ex
clusive control of congress, is clear ; and it is contend
ed from the inhibition on the states to emit bills of
credit, that the paper medium was intended to be made
subject to1 the same power. ,
" It this argument lie correct, and the position that a
state cannot do indirectly what it is prohibited from
doing directly, be ^ sound one, then it must follow as a
necessary consequence, that all banks incorporated by
a state arc unconslitutional: and this, in t^e printed ar
gument. is earnestly maintained ; though it is admitted
not to be necessary to sustain the ground assumed by
the plaintiffs.
1 his doctrinc is startling, as it strikes a fatal blow
against the state banks, which have a capital of t.oar
four A u ii lire it mi/lmns of ihillars,, and which supply al
most the entire circulating medium of the country. But
let us for a moment examine it dispassionately.
" 'I he federal government is one of deleuated powers.
All powers not delegated to it or inhibited to the states,
arc rc?er\ed to the states or to the people.
" A ?Ule cannot cunt bill* of credit, or, in other
word*, it cann6t iaaue Uut description of paper, to
answer the puryoaea of money, which was denominated
before the adoption of ike constitution, 11 bille of credit
But ? aute may grant act* of incorporation for the at
tainment of thoee objecU which ere eaaential to the in
terest! of society This power is incident to aovereigu
ly, end there is no limiUtion in the federal constitution,
on its exercise by the states, in respect to the incorpo
ration of banks. '
" At the time the constitution was adopted, tho bank
of North America and the Bank of Massachusetta and
aoine other*, were in operatioh. It cannot therefore bo
aupposed that the notea of theae banks were intended
to be inhibited by the conatitution ; or that they wcie
conaidered aa bills of credit withm the meaning of that
instrument. In many of their most distinguishing
characteristica, they were essentially different from bills
of credit, in any of the various forms in which they were
if uod.
M If, then, the powera not delegated to the federal go
?eminent, nor denied to the states, arc retained by the
statea or the people?and by a fair construction of the
term, bills of credit, as used in the constitution, they do
not include ordinary bank notes,?does it not follow that
the jiower to incorporate banks to issue these notes may
be exercised by a state! _ .
" A uniform course of action, involving tho right to
the exercise of an important power by the state govern
ments for half a century, and this almost without ques
tion, is no unsatisfactory evidence that tho power is
rightfully exerciaed." ?
In the sa/ne opinion tho court aay,
" To conatitute a bill of credit within the constitu
tion, it must be issued by ? state, on the faith of the
state, and be designed to circulate as money. It niuat
be a paper which circulates on the credit of the state,
and is so received and uaed in the ordinary business
of life. -
The individual or committee who issae the bill must
have like power to bind the atate ; they must act as
agents, and of course, do not incur any personal re
sponsibility, nor impart, as individuals any credit to the
paper. These are the lesding characteristica of "a bill
of credit which a statu cannot emit'" ,
The Court held the charter of the Bank of the Com
monwealth to be constitutional; and this decision, Of
course, settles the construction of the constitution on
this aubjcct.
SPECULATIONS.
NOT IN LANDS, BUT 44 KANCY"?STOCKS.
44 Ti* folly only and defect of sense,
Turns trifles into things of consequence."
Had we around us all the newspaper paragraphs that
have been written concerning us, they would be thicker
than the autumnal leaves that strew the vale of Vallam
brosa. The hands of Briareus, w ith pen in each, would
hardly be able to answer or notice them all, if it were
worth the while.
The news of our project, which seems to have been
deemed of an interesting and an important character,
has spread with such unusual speed, that, humble as we
hitherto have been, we arc almost awe-struck at the ex
tent of our sudden notoriety. We unexpectedly find our
selves frown into an importance, by the upliftings -of
friends and foes, which it is difficult to realize,.and which
will we fear, prove still more difficult to maintain. Some
sanguine temperaments have imagined-us so lofty, as to
invest us with the pilotshipof the great national vessel of
state in these troubled and difficult times. Some have
greeted our advent as an auspicious era in public morals,
Tertius e catln acidit Cato. Others have set us down as a
political quack, or a deceitful juggler, whose vicious prin
ciples were only equalled by his presumption. Some
sage and discreet persons, have squinted cautiously at
us, kept at a distance, chuckled at their long sightedness
and penetrating sagacity, nnd put us knowingly down as
a 44 cat in the meal!" One has affected that we arc an
emissary of the British tories rallying under 44 conserva
tive principles," which they consider in England neces
sary to the preservation of the government, and in the
same breath we are u 44 bank democrat," a federalist, and
a something 44 the public will not fail to understand."?
One lays our paternity at tho door of Mr. Such-a-one ;
the putative relation is denied toto atlo, the coldest
indifference manifested in regard to our fate, and we are
disdained with the reply, tuum est .' Another says that
we are the organ of a new party?another, more truly,
that we are the new organ of an old party. 44 To represent
faithfully and not to dictate," one says is a virtual 44 ac
knowledgment that the administration and the cabinet
have been governed by a cabal," while another throws it
over himself as a coat, and says it means that he has t>ccn
dictating .' One observ es that w e are good friends of the
administration, as we are ; another that we are Anti
Jackson, Anti-Van Buren, as we are not. An odd fellow
down east, intimates that we are a Jacobin, while his
ncighWJstoutly insists that we are decidedly Anti-Loco-fo
co. Some, like certain royal philosophers who examined
the moon, have criticised us with a glass, and arri
ved at the sago conclusion, that they had discover
ed an elephant! Others have connected our establish
ment with some inquiries in relation to the 44 Red Land
District;" perfect Arabic to us. We have been deemed
the consequent of certain movements in the state of New
York, thought there essential to preserve that state from
disorganization and destruction. The honor has been
yielded us, even by soi disant 44 organs of the administra
tion," of manifesting heteroiloxies in unison with Mr. Sena
tor Tallmadge's letter, the Albany Address, and Governor
Campbell's message. This is tho 44 most unkindest cut
of all." But we drop the pluine wo were involuntarily
about placing in our cap, and hearken with shuddering
senses to the severe crimination from another quarter, ot
being A riRATK UNDER K AI.8E COLOKS TRYING TO CIR
CUMNAVIGATE THE oi.odk! In the contemplation of
such a voyage we are reminded too, with a sad but im
pertinent regard for our welfare, of avant Couriers, Tele
graphs, Stars, " Mock" Suns, and the dangerous Straits !
Others whisper, steer clear of the ULTRA regions, and you
unit avail ScyUa and Charybdis. As throes, aberrations
and changis, have recently manifested themselves on the
facc of the Globe, aoine kind friends have furnished us
with a chart whereby we shall be aide to double Cape In
consistency, and be prepared to meet the storms likely to
arise there, and also to avoid falling incautiously on the
Gold Coast,. where, if we should bear very close we
should doubtless experience squalls, if not earthquakes.
Another says it is a bold and hazardous voyage, but you
have a lusty crew, a stout breeze, and a favorable tide;
display a proud national pennant, a lotty prow, and ob
serve a gentlemanly deportment, and you will proseeutc
your voyage with success, and no one will suspect you
of being a pir>Uical cruiser. 1 his cheering advice we ha* e
entered at. the head of our log book. There are other
44 secrets of our prison ship" which we arc not to tell, but
of such "a flattering character, that w e can with difficulty
therefor, avoid breaking out like David in sonns of praise
and thanksgiving. Thus have we received sundry direct
compliments, and divers side cuts ; occasionally an affec
tionate leer of authoritative favor, sometimes a back
handed blow, and now and then a rap over the knuckles.
Thus bandied aliout while yet our establishment w hs in
embryo, what fate shall await us when we have grown to
the full stature of maturity! Oh, omnes in malarum mari
nmrigamus, and we are constrained to pray, orefat'tte oni
net.
SENATOR TA LI.M A DGE.
We forbear to speak, as wc feel, in praise of thefear
? less and patriotic conduct of this distinguished Senator,
i The patriotism of spurning' party trammels, the con
' sciousiiess of discharging a solemn duty, and the satis
faction of seeing it crowned with success, must be a
| higher reward to hii'n\than any which the voice of
praise can bestow,?and his reward is with him a rc
1 ward the world can neither Rive nor take away
The first impulse of the heart is to praise what wc
admire ; hut the dictates of wisdom warn ft to be cau
i tious in awarding honor t<j those, whom tec should dc
light to honor?for the spirit of Hainan is ever abroad !
He has been assailed by every kind of weapon, and
' every calibre of partizans, but as he is invulnerable to
i their poisoned arrows, we shall not think it incumbent
i on us to fly to his rescue.
Much has been said bv tho 44 organ* of the adminis
I tration," about what this distinguished Senator has
done, but no apology has been offered for what some le
! gislative leaders of the administration have not done ?
What have they done' and where .are they I Are
they, like a certain Bank witness, so 44 constantly en
gaged in ads of Ittnrtolcncc, they cannot be found
The Republican party never wanted-them more ; and
they have not lieen inoro waited, wo fear, than they
will be "found wanting" when their "advice" about
ccrlain currency measures, shall Iki weighed against
! the pervading sentiment of the country But the
| country will know 44 where to find" Senator Tallnndgo ;
and he will know wb?ra to find lb* country ; and when
he requires our aid, we need uot tell him he can as
eurely rely on it aa his country can upon his own.
THE ADDRESS OF THE ALBANY COMMITTEE.
With one (ingle exception, we heartily yield our entire
assent to the doctrines, clearly and opi?rtunely set forth
in this Address. The eiception is to the approbation of a
"total divorce between the General Government and all
Banking institutions." Doubting the wisdom and tenden
cies of this pro|x>sition, we have coiitmenced a discussion
of the subject in another column, and intend to follow
it up hereafter. We are confident that the Committee
did not mean to go to the extent of excluding all bank
paper from the revenue transactions, but rather to object
to the employment of the banks as fiscsl agents and de
positories, and to separate tliein, as corporations, from po
litical influence. In the extensive commendation which
thia document has every where received, we have observed
that the same exception has been frequently taken. But
the paper in all other respects, we regard, as of a sound,
sensible, and redeeming character. Although Republi
canism stands u|>on its own broad, distinct und lofty plat
form, yet the Addreaa has happily delineated the "middle
ground" we should occupy between the opposition on the
one hand, and demagogues and disorganize? on the other.
The Address was exceedingly appoaite to the timea, and
is calculated equally well for all meridians of the Union.
It commends itself to tho consideration of every republi
can for the soundness of its doctrines generally, and the
bold and manly spirit In which they are conceived. In
regard to those positions which all cannot approve, in its
own language, it should lie remembered " that harmony
and efficiency can moat effectually be promoted by mode
ration and fortiearancc among thoae w ho differ upon ques
tions of minor importance."
THE RICHMOND ENQUIRER AND CAM1LLUS.
We earnestly invite the attention of our readars, to the
singularly able document signed " Camillus," which we
republish to-day from tho Richmond Enquirer For our
pai(, we hail it as a proud standard of sound Republican
doctrine, rescuing us from the mazes of idle scheming, and
ahowcring a flood of light and incontrovertible truth upon
the fields of darkness und doubt in which some have endea
vored to involve us. In our Opinion it is one of the loftiest
and most powerful specimens of political newspaper dis
quisition, which have distinguished modern times. It
completely subverts the scheme for a sub-treasury system,
and places before the country in lines of light its true po
licy in regard to the Banking-System.
On the question of State Banks and Sub-Treasuries,
-we aro happy to sec the Richmond Enquirer taking the
follow ing ground:
" We have considered lioth?We have revised as much
of the discusKion of 1834, which Heated of these two al
ternatives, as we can lay our hands on, and ure prepared
to say, that we still prefer the State Bank system, sub
jected to wise and adequate restrictions, to the Sub
Treasury system?but that wo prefer this' last system, or
any other alternative substitute, to an unconstitutional,
mischievous Mammoth National Bank. We shall discuss
this subject in due season, in a frank and amicable spirit?
and we invite other gentlemen to state their own views in
' the same free and liberal disposition.
VIRGINIA DOCTRINES.
We publish to-day several documents, which indicate
?very clearly the position in which tho Ancient Com
monwealth will be found, in thev conflict of opinion.
"Wo commend the sound and sensible message of the
patriotic Republican Governor of that state, and the
sterling doctrincs of Maj. Garland, and the thrilling ar
ticle of Camillus, which will be found on our last page,
?**to tho earnest attention of our readers.
The publication of tho "several papers from New
"York and Virginia, which we have thought* too impor
tant to be omitted, necessarily exclude much of that va
riety of interest which we intend shall generally cha
racterize our columns, and compel us to defer several
articles prepared for this day's paper.
THE SUSPENSION OF SPECIE PAYMENTS.
Before wo give any opinion of the onuse, or suggest ?
any remedy for the evil, we think it but just and proper to
await the official explanations of the President and his
Cabinet.
As to the Banks themselves, the question is not, how
-we came by them, or how we shall get rid of them, but
how we shall "preserve and regulate" them. They are the
planets of our social system ; and shall we consent to push
them from their orbits in the political firmament, or extin
guish them For one, we answer as St. Anna answered
Bustamenta's invitation to surrender and be shot: " Xo
jutedo, no dtbo, y ho ijuicru ! (I cannot, I should not, and I
w ill not!)
But it' we arc not to protect, preserve and regulate the
Ranks, what are we to do with them ? Are we to drive
Jhein beyond the Mississippi, like savages, deprived of
their sovereismty and dominion ? Or are we to'levy war
upon EIGHT HUNDRED BANKS, with EIGHT
HUNDRED THOUSAND Allies, who will fly to the
rescue, at the first sound of the war-whoop ? Perhaps we
had better finish the Florida Campaign first. If it be found
*o difficult to catch nfew hundred starving savages, it may
be found still more difficult, to conquer several hundred
iull fed Corporations.
We go for terms and treaties, not for?extcrmination.
BANK CONVENTION.
We are happy to learn, that the Banks of New York, are
nliout holding a meeting to consider the propriety of issu
ing circulars' to the Banks throughout the Union, suggest
ing the plan of calling a Convention of Bank Dele
gates, to deliberate on measures preparatory to the
resumption of rjiecie payments, at sotne practicable period.
l?et them go forward. They have our support, and intend- !
"mg to give the subject early and serious attention, they
will find us of a disposition to resist tho impotent efforts,
made by some, to direct public indignation against a body
? >f innocent, and generally high minded, individuals, who
i lave become involved in the vortex of a w ide-spread com
mercial and financial calamity, whose violence was no
less unforeseen than irresistible.
OUR MERCHANTS.
We feel how difficult it is to render justice to one class
?of our fellow citizens, w ithout giving offence to some other,
?w ithout exciting the jealousy of party spirit, or awaken
ing the apprehension of party discipline, or kindling the ire
of party envy.
There is no entire class in the country, which is mus
tered in the ranks of any party ; classes, in various propor
tions, are distributed amongst all. Is it just therefore,
or is it ^isc, to hold towards the mercantile class, lan
guage like the following, from the AVio 1 ark livening
Post
The moment that the government, in the exercise of
its unquestionable prerogative first called in question the
policy of recharterlng the United States, Bank, or as the
whigs say, made an attack on that institution, that momeut
the commercial class turned in furi/ n/mn the n<i miaul ration.
Men who had never before paid the slightest attention to. poli
ties, now devoted themselves to that object for the sole purpose
of m'erthrowing the government; the mercantile newspapers
breathed nothing but abuse and invective ngninst the
President. The factions opposition of the Iiank was ap
plauded to the echo?all the embarrassments which it
threw in the way of the administration .were cheered.
Enormous subscriptions were raised here and elsewhere
to brilie those who covld not be terrified. ?
Surely the Post will not deny that there was a vast
nuinlier of the most wealthy anil respectable of the mercan
tile class that never abandoned the administration standard
in the great battle ; and could neither be "bribed" nor
" terrified" into the surrender of their patriotism or their
principles. As to the mercantile newspnpprs, the Journal of
Commerce, w hich stands at the hemf of thcin, standing aloof
from both political parties nt the time, came forth like
Goffi1, the r 'gecide, from Ins cave, and rushing to the on
slaught, turned tho tide of battle, and thr foo was van
quished forever.
We Know too, that hut for the support of a large portion
of the same. " commercial class"?denounced as traitors,
and charged with the intention of "overturning the govern
ment"?the administration would have"had to count the
contest with tho Bank of the United States, a battle lost,
instead of won.
What' do the nrcat cities,?whose voters are composed
chiefly of the " commereuti class'' and those indissoluMy
connected with them,?give to the administration no por
tion of their support I From whence then does it obtain
its triumphant majorities '
When was there a tune, since the earliest settlement of
the country, when it* merchants wire hot found among
the foremost and firmest *up|K>rtcn> of its interests, iis
honor, and its liberty and independence ?
Who but rpi'rchants sustained the credit of the country,
in the gluomiest days of the revolution? ho bufmcr
chants saved thr government from bankruptcy during the
last war '
TU* cities of old bowled I bat their '* merchant* were
princeaoura are not only prinrea, but sovereigns;
and can add a yet prouder title to their nobility, that of
JUmuicah PATBiora!
Uov. Campnell, or Va.?Hia late toast: " Hard money
for our common traiuaettomt. Bank noUt, tfuui/mt to tpec it,
for the commerce of the country," " show a how the wind
blowa" in the Ancient Dominion.
Gov. Maicy, or N. Y.?Hia prompt Addreaa, at the
clone of the late Session, in meeting the unei|>ected pe
cuniary exigency, ahowa that he has both deciaion and
reaource?ability alwaya equal to the occasion.
The Empire State and the Old 1 dominion hare taken
the lead in thia new apecira of war, and war of specie,
and we shall look to them, rofidently, to lead tii out of it.
K7Wr commence our laliora on the 00th Anniversary of
the Buttle of Bennington, August 16. Before the 17th of
October we hope we shall have Burgoi/ned, our Sub- Treasu
ry and " exclusive" adversaries, and, that liy the 19th, the
anniversary of the surrender of Cornwallis, the campaign
will have been concluded agajnat them.
CORRESPONDENCE.
The following correspondence huving been of a public
nature, we do not perceive any impiopriety in publishing
it. We have had much similar correspondence of a pri
vate character, and the more readily therefore avail our
selves of thia, that aM objections similar to those proposed
by sonic of the New York Committee may be at once an
swered. If the various objections and insinuations are
thus met, as they are certainly never proposed by indif
ference, we must suppose our designs approved. ;
To Thomas Allen, Esq.
Dear Sir?1 am instructed by the Chairman of the
General Committee, to address you upon the subject of
a Prospectus of u new Pnjier, proposed to be established
by von at Washington, entitled the " Madisonian.'"
The Pros|<ectus having been submitted to the General
Committee, it has been alleged as an objection to its en
dorsement, that in selecting its title, and in the phrase
ology used in the Prospectus, it is your design and intent
to make the proposed new Paper an organ for the esta
blishment of a "National Bank,'"against the administra
tion of the General Government, and its present organ at
the Scat of Government.
In your answer be pleased also to state, whether vou
propose that your Paper shall maintain party principles,
and support party usages, and whether in declaring your
intention to tne extent of your ability to "render the ad
ministration of the General Government respected at
home and abroad," you intended to intimate that this
end had not been attained by the late administration, or to
c.-\st any censure upon the late or present President.
Very respectfully)
Your most obedient servant,
Watson E. Lawrence,
Chairman Corresponding Committee.
New York, Aug. 4, 1837.
To Walton E. Lawrence, Es>]. Chairman of the Correspond
ing Committee.
Sir?I have the honor to acknow ledge the receipt to
day of your communication of the 4th inst. written in be
half of the General Republican Committee ol New York,
propounding certain questions in relation to the design
a no intent of the establishment of the Madisonian in this
city.
In reply, I am free to say that it is not now and never has
been my " design and intent to make the proposed new Pa
per an oread for the establishment of a 'National Bank,'
against the administration of the General Government
and its present organ" here. Aspiring to be an organ of
the Republican party, I most assuredly do " propose to
maintain party principles, and support party usages" in
every essential point, with the best of my ability and un
derstanding.
The words, to " render the administration of the General
Government respected at home and abroad," permit me
to say, do not occur in my Prospectus. But it is said
that "some measure of contribution, is deemed essential to
the enhancement of our self respect at home, and to the pro
motion of the honor and credit of the nation abroad."
By this I certainly did not " intend to intimate that this
end had not lieen attained hy the late administration, or
to cast any censure ujion the late or present President."
I may take the liberty to add, that I have been from the
beginning a friendly supporter of the late and present ad
ministrations, and that I am at present upon a perfectly
harmonious and friendly footing with the present Presi
dent and part of his cabinet, and that I have been able
to perceive no disposition manifested on their part to dis
courage the establishment of the Madisonian.
More particularly in respect to my designs permit me
to add, that in reference to the present prostrate condition
of the country and the derangements ol the currency 1 am
ardently anxious to reconcile as much as possible the
many conflicting opinions Which are seemingly tending
to distract the Republican party in relation to particular
measures of policy designed for relief. I will not disguise
the fact that in this condition of things, which call for the
exercise ol all our prudence and caution, 1 um op|Kised to
untried and dangerous schemes, and to all excesses and
innovations going beyond that kind of reform Which was
advocated by Gen. Jackson in Ins message of *835, and
by Mr. Van Buren in Ins letter to S'nerrod Williams, as
best calculated to promote a practical lie return in the
management of the public revenue and in the general cur
rency of the country to the constitutional standard.. I
would advocate a reform of the State Institutions by en
larging their specie basis, excluding from circulation all
notes under 10 to 20 dollars, and imposing such other
restrictions as cxperiei.ce has proved to be necessary.
As Mr. Van Buren remarks, those institutions are so in
corporated with all the interests of the country, that they
cannot be easily overthrown?upon them the whole credit
system of the country now reposes?a system which 1 am
prone to think has emphatically made New York the
Empire State, and her great city the renowned Commer
cial Kinporium of the nation. The annihilation of such
a system, or the substitution of any measures calculated
to enforce such a metallic circulation as would in effect
exclude these institutions from existence, would lie sur
rendering, as I believe, our advanced civilization, and a
revolution of the most desolating character,'sacrificing
all classes of society to those who live upin stipends anil
interest. To preserve the faith pledged in the legislation
which gave these institutions existence, and not to allow
abuses which may be corrected, operate their overthrow
and repudiation, is ill part what we mean by pursuing a
Conner native course Some of those who are prejudiced
against these institutions, and those who are agitating
then destruction, nnd other extreme notions, and who pro
fess to belong to the republican party, it. seems to me do
not represent the true policy of tlie Government or of the
party, nor are their measures, countenanced as 1 fear they
are, by presses holding positions to give authority to their
views, calculated cither to promote our own self respect,
or enhance our credit abroad.
They seem calculated to retard the re-establishment of
confidence and trade, and'thc re-organization of those in
stitutions which give it life and animation. My desire
would be to adhere to the original laud marks, to the re
publicanism ol our lathers, and to check the downward
tendency to radicalism which has been indicated in differ
ent parts of the country,-in shapes sufficiently alarming, I
apprehend, to arouse every patriot, and indeed every indi
vidual who lias any stakes in society, to prompt and effi
cient action, in view of the dangers which thus threaten
even the social compact. It is in this view, generally,
hoping to enlarge the sources ol information, and to incul
cate prudence and moderation in our counsels, and dignity
in our conduct, that we would contribute our humble aid
in promoting the credit of the nation abroad, aud its pros
perity at home, supporting the administration in good
faith, endeavoring to promote its success and preserve
harmony and union in the republican ranks, and without
wishing to interfere in any manner with the laliors and in
terests of others engaged in the same great cause. In all
this we seek to In' tried only upon our merits. Time will
not permit me at present to lay more lully, as I .would
wish, my ''designs and intents" before the committee.
Flattered by the notice which the committee have been
pleaded to take of my paper ; assure them that w ith senti
ments of the highest consideration, it will always give me
pleasure to co operate with that highly useful and patrio
tic Ishly in all proper [Kilitical measures, designed to ad
vance the great cause, iu which we arc all engaged, and
the general prosperity of the country.
1 hiive the honor to l?e,
Very respectfully, your ob't scr't,
Thomas Allen.
Washington, August 10, 1337.
THE CREDIT SYSTEM.
If the credit system, with all its capabili
ties, its adaptation to our wants, its tried and
satisfactory results and its manifold advan
tages over any anil all the measures that have
been proposed, itt substitution for it, will be
correctly understood and proptirly appreciated,
wo are quite sure that the ubusrs ?f the
system, which are remedial, would never be
permitted to operate its total overthrow and
repudiation. Any other mode of transacting
the vast business of this country, would be an
rrpciimmt, and the comprehensive and un
limited operation of any such experiment
necessarily involves consequences too serious
to hazard. It would not bo like an experi
ment upon a small scale, which, in the event
ol ils failure would be limited in its consequen
tial evils. Any experiment operating upon an
area as broad as our whole country, reaching
to every quarter of the world where our com
merce extends, and involving every interest
of society, should never l>e hazarded but from
necessity; for in the event of tu failure, no
thing lew than wide-spread derangem.nfc^mi
ruinous consequeaces would ensae; * Suoh
an experiment must necessarily rest .upon
vague abstractions and speculative theories.
It is therefore the province of wisdom, to con
sult the ancient and familiar paths w? have
travelled, and repose upon those we have
found to be safe, contenting ourselves to cut
ofl and close up those that have been found
to be useless and dangerous.
The system of credit is coeval with our
government; it has been incorporated with
our institutions', fashioned our mode of busi
ness, is interwoven with all the transactions
of society, and is suited to the genius of our
people. It awakens enterprise, it encourages
emulation, it rewards industry, and it filled
up the va?t vacuum inseparable from our con
dition when we stepped into existence feeble
and needy, and has been our current and ne
gotiable endorser ever since. It connects
the past, the present and the future by so
many ties, that it cannot be exterminated
without a ruinous revulsion in all the impor
tant interests of the country and fearful em
barrassments to the government.
Examining dispassionately the operation
of this useful agent upon the general and pro
gressive prosperity of the country, we are
forced to admit that it has achieved more for
us than has fallen to the lot of any other na
tion. With but a few and transient interrup
tions, our course has been a continuous flow
of prosperity aud happiness.
In the short space of half a century we
have become the second commercial cntiojfaq
of the world?our agriculture and manufac
tures have reached a maturity that has given
us wealth and exemption from all foreign de
pendences?our population ha3 quintupled?
- wo have embraced within our policy the dis
tant regions of.the south-west and west, and
brought into the confederacy thirteen states
in addition to the " old thirteen." We have
paid ofl' the debt of two wars, amounting to
nearly two hundred millions of dollars?in the
great system of internal improvements, wa
are subduing both time and space, adding
countless millions to our wealth, and binding
by a thousand indissoluble ties the unity of
our federal compact. In all the elements
that make a nation great, we have taken rank
with the, first powers of the world. It is
quite certain that these wonderful results
have been principally aided and accelerated
by the credit system we have practised.
But if this system is the curse of modern
times as some absurdly charge it, it is quite
strange that the people of the United States
have not before been notified of the baneful
qualities and dangerous society of a monster
they have cherished as the great lever of
their power for the last fifty years. If on the
one hand it has opened our canals, built our
rail roads, established our schools, extended
our commerce, subdued the wilderness, set
our factories in motion, built our cities and
villages, and in a thousand ways ameliorated
and advanced the condition of the people, and
rendered us great, powerful, and glorious as a
nation, where, on the other hand can be traced
| any very afflicting or enduring mark of the
ravages of the system in the character of a
curse ? The human system occasionally suf
fers in consequence of some excess or in
temperance. Abuse of the credit system may
have in a few instances produced disorders
of the country, but they are less the fault of
the system itself than of its accusers, and
they are never of overbalancing or permanent
importance.
The system was first adopted in England
in the reign of William and Mary in 1693,
and has existed up to this time under various
modifications. It. commenced a new era jn
the history of British power and resources.?
It has made England the first commercial
and manufacturing nation as well as the first
naval power of the world?it has made her
the banker of nations?it has enabled her to
subsidize nearly all Europe, and to preserve
the political balance of power long and often
endangered?it gave her deliverance in the
darkest hours of her adversities, and enabled
her to paralize the arm that meditated her
fall and subjugation, and built up for her a
commanding moral influence that is respected
wherever the light of civilization has reached.
She is therefore immeasurably in advance of
the nations of Continental Europe. Unaided
by this system, the most prosperous of theso
nations have moved with a tardy pace, whilst
others have retrograded to the lowest stage
of poverty and degradation. They saw
in this system an enemy to the reign of
proportion as it gave wings to enterprise and
awakened the slumbering energies of a be
nighted people. To obviate it therefore, they
adopted a metallic currency in some parts and
a mixed currency, base and unsound in oth
ers, as being most certain to perpetuate and
exalt the order of the patricians and fortify
the power that rules.
A system of credit is a system of confij
dence. In an unmixed metallic currency, tho
laws of trade must be for the most part those
of the freebooter and the robber. Tho
holder of commodities trusts them not out
of his sight until the hard purchase mo
ney is paid into his hand in coin. With one
hand he holds upon his goods and with the
other grasps the metallic equivalent. Tho
laborer must have his hire in advance; con
tracts are out of tho question, and plighted
faith is unheeded and contemned. Tho op
erations of trade, of art, of manufacturing and
producing must be limited to.the amount of
coin in hand, and no representative of its va
lue can be used as an auxiliary to extend
those operations. No faith is given to tho
moral force of a promise to pay, or to the law
that enforces its execution. In an unmixed
currency, specie answers but a single purpose,
while in a mixed system it secures a double
and many times a treble office, and the com
munity are just as secure. In a system of
credits the basis of many fortunes are laid,
and many improvements successfully carried
on, in the time occupied by a barbarian in
collecting a fo.w dollars in coin. Two na
tions, side by side, of equal strength, condition
and resources, the one adopting a pure nie
talic currency and the other a mixed system
of coin and credit would very soon exhibit tho
striking contrast of the two systems. It ia
perfectly obvious, that from the moment of as
suming such a position, tlie nation adopting
the mixed currency would have double the
power, and therefore would be at once able
to subjugate the other. It is to this powerful
system that the United States are so much
indebted for all they are, and all they hope to
be. In a sound and healthy state, which le
gislation is capable of giving it, it is one of
the most important and indispensable institu
tions of Our country and entirely essential to
our commercial pror?peri?y. It is becoming