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The Madisonian. (Washington City [i.e. Washington, D.C.]) 1837-1845, September 02, 1837, Image 1

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The Mabisonian will be devoted to the support of
the principles and doctrine* of the democratic party, as
delineated by Mr. Madi-on, and will aim to consummate
that political reform in the theory and practice of the
national government, which has been repeatedly indi
cated by the general sutferage, as assential to the peace
and prosperity of the country, apd to the perfection and
perpetuity of its free institutions. At this time a singu
lar stale of affairs is presented. The commercial in
teresta of the country are overwhelmed with einbarrass
inont; its monetary concerns sre unusually disordered ;
every ramification ol society is invaded by distress, and
the social edifice seems threatened with disorganization;
every ear is filled with predictions ol evil and the mur
murings of despondency ; the general government is
boldly assailed by a large and respectable portion of the
people, as the direct cause of their difficulties , open
resistance to the laws is publicly encouraged, and a
spirit of insubordination is fostered, as a nresssry
defence to the. pretended usurpations of the party in
power; some, from whom better things were hoped, are
making the "confusion worse confounded," by a head
long pursuit of extreme notions and indefinite phantoms,
totally incompatible with a wholesome state of the
country. In the midst of all these difficulties and em
barrassments, it is feared that many of the less firm of
the friends of the administration and supporters of
democratic principles are wavering in their confidence,
and beginning, without just cause, to view with distrust
those men to whom they have been long attached, and
whose elevation they have laboured to promote from
honest and patriotic motives. Exulting in the anticipa
tion of dismay and confusion amongst the supporters of
the administration as the consequence of these things,
the op|?osition are consoling themselves with the idea
that Mr. Van liuren's friends, as a national party, ate
verging to dissolution ; and they allow no opportunity to
pass unimproved to give eclat to their own doctrines.
Thoy are, indeed, maturing plans for their own future
government of the country, with seeming confidence of
certain success.
This confidence is increased by the fact, that visionary
theories, and an unwise adherence lo the plan for aii
exclusive metallic currency have unfortunately carried
some beyond the actual and true policy of the govern
ment ; and, by impairing public confidence in the credit
system, which ought to be preserved and regulated, but
tiot destroyed, have tended to increase the difficulties
under which the country is now labouring All these
seem to indicate the necessity of a new organ at the
seat ofjjovemment, to be established upon sound prin
ciples, and to represent faithfully, and not to dictate, tiie
real policy of the administration.'and the true sentiments,
measures, and interests, of the great body of its sup
porters. The necessity also appears of the adoption of
more conservative principles than the conduct of those
seems to indicate who seek to remedy abuses by de
stroying the institutions with which they are found con
nected. Indeed some measure of contribution is deemed
essential to the enhancement of our own self-respect at
home, and to the promotion of the honor and credit of
the nation abroad
To meet these indications this undertaking has lieen
instituted, and it is hoped that it will produce'the effect
of inspiring the timid with courage, the desponding with
hope, and the whole country with confidence in the
administration of its government. In this view, this
journal will not seek to lead, or to follow any faction, or
to advocate the views of any particular dctachincut of
men. It will aspire to accord a just measure of sup
port to each of the co-ordinate branches of the govern
ment, in the lawful exercise of their constitutional
prerogatives It will address itself to the understandings
of men, rather than appeal to any unworthy prejudices
or evil passions. It will rely invariably upon the prin
ciple, that the strength and security of American insti
tutions depend upon the intelligence and virtue of the
Thk Madisomian will not, in any event, be made the
instrument of arraying the north and the south, the east
and the west, in hostile attitudes towards each other,
upon any subject of either general or local interest. It
will reflect only that spirit and those principles of mutual
concession, compromise, and reciprocal good-will, which
so eminently characterized the inception, formation, and
subsequent adoption, by the several States, of the con
stitution of the United States. Moreover, in the same
hallowed spirit that has, at all periods since the adoption
of that sacred instrument, characterized its dkpkncb
bv thb pkopue, our press will hasten to its support at
every emergency tluhsli.ill arise, from whatever quarter,
and under whatever guise of philanthropy, policy, or
principle, the antagonist power may appear.
If, in this responsible undertaking, it shall be our
good fortune lo succeed to any degree in promoting the
harmony and prosperity of the country, or in conciliating
jealousies, and allaying the asperities of party warfare,
by demeaning ourself amicably towards all; by indulg
ing personal animosities towards none; by conducting
ourself in the belief that it is perfectly practicable to
dilFer with others in matters of principle and of expe
diency, without a mixture of personal unkindnoss or loss,
of reciprocal respect; and by ? asking nothing that is
not clearly right, and submitting to nothing that is
wrong." then, and not otherwise, will the fulf measure
of its intention be accomplished, and our primary rule
for its guidance be sufficiently observed and satisfied
I his euterprize has not been undertaken without the
approbation, advisement, and pledged support of many
of the leading and soundest minds in the ranks of the
dernocracttc republican party, in the extreme north and
in the extreme south, in the east and in the west All
association of both political experience and talent of the
highest order will render it competent to carry forward
the principles by which it will be guided, and make it
useful as a political organ, and interesting as a journal
of news Arrangements also have been made lo fix the
establishment ujion a substantial and permanent basis
I he subscriber, therefore, relies uj.on the public for so
much of their confidence and encouragement only iii* the
fidelity of his press to their great national interests shall
prove itself entitled to receive.
Washington Gitv, D C. July, 183?"
" ?ou k?ow." ??i<1 a lawyer, to another, " that
Mr I can imitate your manner of speaking exactly
" He will show his wisdom," was the reply, ?? ,f he "will
use it altogether, and abandon hi * own." '
American Cotton ?The exports of cotton from the
l's tfl . I S35, a",0,,nt, d 10 8-D.OOO.OUO . m
18J6, to ?71,000.000 This is an mcrease of eo.n
merce, unprecedented in the history of the world.
Lorearnl Matrimony ?Love. l,ke our first parents
is. tn the beginning, imperishable a?d eternal but after
it finds the serpent has deceived, it becomes short-lived
Seasonable Adnce - A southern p,|)rr ?avs ,hi
" early rising, a short walk, and a cold bath, are th, "
of the greatest pleasures with which it ? iIOs?l,l, i
fin ? hot day. They g,ve a coolness to the | ' I '
calmness to the feelings, and a degree of health ,' I
v.tfor to the body for which all would do writ to sacr .
fi< c a few hours of broken slumber "
Political ehanKt -The follow,,was "the vole in the
a*hole district ,,, 183.-,. the IssMime Col John?,n ws.
opposed?Johnson 4.37?(James (W ) 1702?John
son s majority 3035 John
tlo'',FiTzt ,hr rw "rd"rr'8 c(m^
inajority * " C'CC,Cd ?V<>r "??* hundred
All railway applications to Parliament for charier,
must now be preceded bv depositing previously ten
-y r c*p""1the Ua"k01
From tKt Ruhmund Emjuutr.
The Washington Globe copied at leugth
the article signed " Cainillua" from the En
quirer, and at the name tune announced iu
intention tf " offering some remarks on it
hereafter." This was on the 11th inst. On
the 14th, the " Heply to Oamillus" was com
menced with the following:
" Shall ike Treasury or the Bank* hate Ike out oily
of ikt public money !"
?' A correspondent of the Richmond Enquirer, using
the signature of Csmillu#, in an elaborate tnajr, argues
J he propriety of couiwiMitg the trust of ibe National
Treasure with th* State Banks The direct reference Una
communication makes to the couiae of ihia pritU, in re
gard to the subject diacuased. invites a reply. We ahull,
therefore, iu aucceaaive articles, aa opportunity perimta,
recur to the paper oi Camillus, (which wo have puli
liahcd at full length,) and respond to such portions as
implicate th* views taken by the Globe. Preliminary to
the discussion, we must aet right some statements of
facts assumed by Camillua. Thia writer says :
" ' By a raeurrence to the columns of the Ololie, it will
he found, thujt when thia proposition [making the Treasu
ry the public depository] ?a* submitted to the House of
Kepresenliitivea by Mr. Gordon, it was most violeully as
sailed by that journal.'
" We have recurred to the columns of the Globe at
the date referred to, and can find nothing like au attack
on Mr. Gordon's proposition, which it is said ' tout most
violently assaileil by thai journal.' We have carefully
examined the editorial notices throughout the two ses
sions iu which the proposition was made, and have not
been ablo to discover any passage that can be relied on
to answer our present arguments, by the charge that
they are inconsistent with those pieviously,advanced by
" We call upon the author of Camillua, therefore, or
the Richmond V\ lug, which has repeated the charge, to
point out the paragraph in which we have 'violently at
tmltd' Mr. Gordon's proposiuon. We had no recollec
tion that Mr. Gordon had made such a proposition, until
the journal was recen.ly shown to ua by a friend. It
appears from his printed speech in the Register of De
bates, that it was first introduced by hint on the 20th of
June, 1834. The journals show that he again submitted
it on the 1 Ith of February, 1835 ; but at neither of the
epochs, 'when this proposition was submitted to the
House of Representatives,' do we find that 'it was
mutt violently assailed by that journal' (the Globe.)
We do not find, after the closest search, that we even
mentioned Mr. Gordon or the proposition.
" But we do find that which satisfies us we never
could have taken an objection to such a proposition
upon grounds' which render it inconsistent in us to ad
vocate it in the present state of things. Wc find that
we suggested it before Mr. Gordon himself proposed it
in Congress."
It will he seen by the foregoing, that the
Globe tails on Camiiins, to point out the para
graph in which it has assailed " Mr. Gordon's
proposition." I have too high an opinion of
the fairness of the conductor of that paper to
believe, that he could resort to a shallow sub
terfuge to parry off the charge mailt- by Ca
millus. Indeed, there is proof in the above,
that ho had no such intention ; for, he says,
referring to his search through the columns
of the Globe, for the alleged attack on Mr.
Gordon's proposition, '? but we do find that
which satisfies us, we never could have taken
an objection to such a proposition, upon grounds
which would render it inconsistent in us to ad
vocate it m the present state of things." This
declaration, it will be perceived, has reference
altogether to the proposition, whether emana
ting from Mr. Gordon, or from any one else.
It will also be perceived, that the Globe
claims the credit of having suggested it before
Mr. Gordon himself proposed it in Congress."
On the 18th inst. the Globe, in noticing an
article in the Charlottesville Republican, savs:
" We have examined our files twice over for the de
nunciation of the scheme alluded to, and have not been
able to find it. We are satisfied, for reasons already
given to the public, that we could never have expressed
the views imputed to us If. however, such a sentiment
is uttered in the editorials of the Globe, no matter from
what hand, wc should be glad if the Charlottesville Re
publican would give us a reference to it. We think the
author of Camillas hat been misinformed on this point,
and will do us justice."
Fortunately, after much enquiry and trou
ble, I have obtained access to a file of the
Globe, for the year 1834. In examining its
columns but once " over," I have found that
which 1 view as an overwhelming " denun
ciation of the scheme alluded to and which,
in my humble judgment, renders the Globe
obnoxious to the charge, that its present ar
guments are " inconsistrut with those previous
ly advanced."
In September, 1831, twenty-six citizens of
Richmond, addressed to .Mr. Leigh a letter,
enquiring " the true meaning" of a certain
passage of one of his speeches in the Senate,
und his " future course" towards the iiank of
tin* United States.
On the 30th of September, 1834, the Globe
commenced its strictures on the letter which
Mr. Leigh wrote in answer, from the first of
which, I make the following extract. It was
headed thus:
" Senator Leigh has written a letter for publication,
which has been ushered forth in the Richmond Whig,
with a view ot explaining the awful alternatives of sup
porting an unconstitutional bank, or something more
unconstitutional, presented to Virginia by one of his
speeches in the Senate. If any one on reading it, can
come to any other conclusion, than that this dignitary
intends to vote ultimately for the re-establishment of the
Lulled States Hank, organized essentially as it now is,
as a depository of the public moneys, and for no other
pliHeor substitute whatever, his perceptions are different
from ours. Mr. I.eigh does indeed say?
"'In my opinion, the frnmer* of the Constitution had
no thought of uny bank agency whatever. State or Fede
ral, either lor facilitating the operations oi' the Treasury,
or for regulating the currency ; and, that to administer the
Government in the true spirit of the Constitution, and
according to the intention of its founders, the Treasury
ought to fie divorced from all connection with banks, Slate
or federal.'
'? \\ hat then ? W hv the public moneys, from the
time of their receipt to'the time of their disbursement,
amounting, as they often do, to ten or twelve millions
of dollars, must remain m the hands of individuals ;
appointed by the /'resident und removable al his uill }
And this comes from a man who has leagued with
scores of others to denounce the President as a usurper
and contemner of the Constitution arid Laws, because
he claimed for the Executive the custody of the public
monev 111 a much more limited sense ! lie has never
claimed that it should be in the actual keeping of Exe
cutive oflicers. but only that it must be at their credit,
| and within their control under surh restrictions us Von
a'rest nuty impose, in some bank or batiks, or other
places ol depositc. But Mr Leigh thinks, that accord
ing to the 'true spirit of the Constitution,' it ought to
be kept in their pockets, chests, or vaults, where they
can approach it every day, and use it without the checks
of warrants drawn, countersigned, registered and re
corded, and passing through many bands, without
which, not a dollar can now be touched by any public
! officer, not even the President himself! We do not
i agree with Mr. Leigh in the opinion, that it was the
| intention ol the Constitution to leave with the Execu
j tive this most dangerous control over the public
I moneys ll wc did, not having the flexible political
?onscience of this wise Senator, we should be obliged
to insist, that, on this subject, also, the Constitution
should lie restored to its original meaning, and the un
aui lorized const ructions which have Ireen engrafted
upon it Kipped off. But Mr Leigh feels himself under
no such necessity. Thus docs lie excuse himself for
abandoning his reading of the Constitution on this point,
via : *
" 'At the same tims, I have no expectation that this prin
ciple will ever be acted on lt? f?i| ?trnt Tho fn^n<N
of the Stale Bunk*, the friend* of ? National Bunk, and
the nupiiorUri of Executive claims to power, will com
bine against it; and the nation, most p??bt?bly, will never
agree, that the immenee *um* veariy paid in for revenue,
?hall, between the time of collection and the time of dis
bursement, be wholly unemployed and unproductive.
" If Mr I?eigh ha* reference to the friend* of Presi
dent Jackson, when he s|>eaks of the ? supporters of the
Eiecuuve claim* to power,' he may be aaaured they will
to a man be united Mfimxtt any such monttrous accumu
lation of power oeer the public money, which nick a plan
CUTIVE. Aud we venture to allege, that had auch a
suggestion come Iroui Gen. Jackson, it would have been
rung through the Old Dominion wiibthe reiterated falae
hoods about the Proclamation and the Protest, a*
conclusive proof of all the aspiration* which have been
charged to the Hero of Orleans ! ' See, (they would
say,) have he wishes to put the publu: money dircctly
into the I'ALMS of hi* friends and par,i:an*.
iattend of keeping it on itepotUe in Bank*, whence
it cannot be drawn for any other than public pur
pose* without certain defectum.' In tuck a cast* we
.kould feel tkat tke PEOPLE HAD JIJST CAUSE
FOR ALARM, and ought tn five their most watchf ul
attention to BUfh an effort to ENLARGE EXLCJJ
MEANS OP CORRUPTION. And are these the
principles upon winch Mr. Ijeigli exacts to return to
the Senate from the land of Jefferson1"
In th? ttaine article; I finil the following :
Alluding to Mr. Leigh, the Globe said, 44 H?
says, ' 1 will never vote for any measure
whatever tliat will tend to increase the pa
tronage, power, ami influence ot the Execu
tive.'0 We are glad to hear this, because it is
a declaration that he will not vote for the
wtlil anil dangerous scheme he has himself
Again, says the Globe, in the same article,
44 Mr. Leigh knows that the President himse|l
is opposed to the project which he ascribes to
his supporters." 44 They (the friends ol the
President) looklo gold and silver as a general
currency?to restrictions by the States upon
the circulation of small notes?the deposite
of the public moneys in the State Hanks, un
der the regulations established by Congress?
and to those Banks to carry on in future the
domestic exchanges of the. oountry for the ac
commodation of the Government und the peo
These are the sentiments uttered in the
44 editorials of the Globe," 44 from what hand,"
1 know not. They probably did not obtain
the endorsement of President Jackson, be
cause, 1 find, by the same paper, that he did
not return tf> Washington from I ennessee,
until the latter part of October.
In pursuing iny ? researches still farther in
the Globe, I have found the proposition of
Mr. Leigh commented upon more than once,
after Gen. Jackson's return to Washington;
and from the setnt-ojjicial character which the
articles carry on their face, leave little if any
doubt in my mind, that they received his con
currence and approbation before they were
published. '
The.following is from the Globe ol the 15th
November, commenting on Senator Leigh's
speech 44 delivered at the dinner given to him
at Petersburg, on the 15th October last:"
41 We appeal to every frank, single-hearted Virginian,
who has read this speech, to tell, if he can, what course
his Senator intends to pursue, as the Representative ol
Virginia, in relation to the Bank of lite United States,
and the future de|K)8itories of the public moneys 1 Docs
lie intend to regulate by law the de|w>sites in the State
Banks ? Or docs he intend to propose and adhere to
his new plan of subdividing the Treasury, and creating
a multitude of Treasurers to keep the public moneys!
Or does he mean to vote to re-establish, in some shape,
.the Bunk of the United States^ We think it will per
plex the inost clear sighted of his constituents to per
ceive, amidst tin; fog of this speech, the path which the
honorable Senator proposes to tread.
" The onlv question which is likely to be presented
to Congress at the next Session is. whether the depo
sites of public money in the State Banks, shall be regu
lated by law, or left as it now is, to Executive direction.
Yet, upon this question, the Virginia Senator is totally
silent ! While he tilts at men and things with the vulor
aud judgment of a Don Quixotte, he carefully avoids the
real question which he will have to encounter in the Se
nate. Whether be will vote to curtail the power of the
Executive in this rcspect, as the President has once re
commended, and proliably will again, or whether he will
have every thing us it is, he does not condescend to in
form the people of Virginia. He certainly leaves them
f to infer, as we shall presently perceive, that he is whol
ly averse to the employment of the State Banlts, and
will oppose all legislation which tends to settle the
! question and render the present system permanent.
| '? What, then, will he do ! He declares to us explt
I citly what sort of a system of depositories, according
! to Ins opinion, the Constitution intended, and delineates
j its features in the following passage, viz :
" Let a general Treasury office be established at the
seat of Government, under the management of a I reusu
! rer, and local Treasury offices established in each of the
States, an many us should lie convenient, under the man
agement o'f Assistant Treasurers; requiring l*>nd and se
i eority from the Treasurer and Assistant Treasurers, for
| the faithful performance of their trust?let the revenue be
deposited in these offices, as it should t>c collected give
i power to the Secrelarv of the Treasury to remove rcdun
I dant funds from one office t" another, where convenience
! should require them to lie disbursed?give |?wer to the
! Treasurer to draw w arrants oil any office he should think
i proper, guarding the power by suitable and efficient
checks?make it embezzlement and lehmy in nun w ilfully
to issue say warrant, except under authority of law, at the
! bidding of any peraon whatever ; and in;ikc it embezzle
ment and felony in any Assistant '1 reasurer, to use for his
own purposes, lend toothers, or pay away any money, ex
cept to warrants drawn by the 'I reasurer, in due lorm of
| law."
" This is the notable plan by which Senator Leigh
would diminish the |iowcr of the Executive over the
I depositories of public money! InstemNif suffering the
t President to appoint one. Treasurer, as he does now , he
I would have him " appoint us many as should be eonve
i nient " Or if the appointment were taken out ol the
hands of the President, with the concuireiice of the
Senators, it must be vested in the Head of the I reaau
ry Department, fo be inade without their concurrence.
1 And when apfioiiited. these officers must necessarily be,
i as all other Executive officers now are, subject to re
i moval at the will of the President. . Mr. Leigh attacks
the < 'onstitlltion itself, when he controverts these ]iosi
tiona. lis we shall hereafter show. And these 1 reasu
rcrs, all appointed bv the President, and removable at
i his will, w ith all the public money in their actual pos
] session?in their pockcts, desks, trunks, and vaults
are, in the opinion of Mr Leigh, the constitutional de
positonca of the public moneys, in preference to the
State Banks, which guard the public treasure as they
do their own, over which the President has no control,
( and to one Treasurer, who, instead of having the money
1 in Ins actual possession, cannot possibly get a dollar of
it into his own hands, for any other purposes than to
pay his own salurv and ordinary office expenses. It is
fortunate for (ienetal Jackson, that he does not enter
tain Mr Leigh's opinions If he had suggested such a
system, what peals of patriotic" indignation would have
burst from eloquent.Senator* sgainst the usurper and
tyrant, who desired to get the million* of the Treasury
r??n the tcry h inds of Ins partisans and parasites !
i " But Mr Leigh gives some excellent reasons why
the ('onstitntion must temain. as it ever has been, a
de?d letter on this interesting subject. They are as fol
lows, viz :
"Mr. L. had said, he hud no hopes that it would he
adopted, because the friends of the Stale Banks?the
friends of a National Bank the friends of the Executive
claims to |K>wer over the Treasury?would all l>e opposed
to it and liecause the nation would not lie content to give
j up the profits of the sum paid in for revenue, as active
1 capital, in the interval between the Collection and disburse
ment, and let it lie idle and unproductive ; and he might
have added, that the expense ol such an establishment
would l?e as strenuously urged iwainst it as if Congress
were not disposing of surplus revenue, to the tune of mil
lion*, at every *en*i?>n.
I " And he might hsve added, that he was probsblv the
only man, from the tune the Treasury scheme of the
Constitution was conceivcd, down to the year 1834,
who ever imagined that such an organisation of the
1 reaaury waa required by that inatmment, or would be
uaetul, politic, or aafe -And yet we now aee the
(?lobe claiming the crettii of having auggcated it, " be
fore Mr. Gordon hunaelf propoaed u in Cougrwa."
From an editorial article in the Globe of
the 18th November, I extract the following :
"Like Mr. I,cigh hunaelf, he (ilie Frcaident) believ
ed the 1 reaaury Department auaceptible of an enlargr
inenl, though not ou the aamu plan, ao aa to afford all
the neceaaary tiacal aid to the Government, and at the
aauie time render eaaential service to tlie commerce of
the country, liut he never made a recommendation
even of Ikul?he only threw out a few tugreittoiu, for
the canaideration of the Congreaa and the People?am]
we do not doubt, hia loug aiuce loat all deatre, if any
he had, to aee rfny such acheme adopted It waa only
thought of aa a tuhtlitule for the prevent hank, and he
la now aatialiod, that nu tubtltlule ta nti rttaiu or eitte
dunl." ' ^
1 wo days after putting forth the ahovy j
views, tin; Globe recurs again to the saunk'
subject, when it thus expressed itself agidrift,
the plan of Messrs. Gordon and Leighfund-,
their Sub-Treasury system. M And doeajfijr !
Leigh conceive, that the power of the Axe-*;
cutivnover the public money would be dtXfo
i*hed> if in lieu of one Treasurer, us at pr&
sent appointed by the President, with thS;
concurrence of the Senate, who cannot hitn
sell touch a dollar ol the public money while
in his legal custody, a ' principal Treasurer,'
and ' as many assistant Treasurers as might
be found convenient,' were substituted, ap
pointed by the President alone, or the head of
the I rcasury Department, who should hold
all the millions of the Treasury in their actual
possession 1?Says Mr. Leigh, 'the obvious
effect ol the scheme would be, lo take the
public 1 reasure out ol the custody and con
trol ol the President.' On the contrary, it is
as palpable as the sun,*that the effect of the
scheme would be to bring the public Treasure
much nrarer the actual 'custody and control
ol the President' than it now is, AND EX
W bile copying the foregoing extracts front
the Globe, 1 have been struck with utter
amazement at the entire change of doctrines
which that journal has undergone in the short
space of less than three years. The doc
trines of that day arc now totally repudiated.
Now it has become the sturdy advocate of a
scheme which, it then said, Mr. Leigh might
bo assured the friends of president Jackson
would, " to a man, be united against," viz.
" any such monstrous accumulation of power
over the public money, which such a plan
would throw into the hands of the Execu
tive." 1 he Globe has now become enam
ored with the plan, which, then it announced,
would cause it to " feel that the people had
juxt cause far alarm, and ought to give their
most watchful attention to such an effort, TO
CORRl PTION." Now, the Globe advo
cates a system similar in every particular
with the one which it then condemned; he
cause, in addition to its other overwhelming
objections, it believed it would place the pub
lic treasure in jeopardy, "and expose it to be
plundered by a hundred hands, uhvrc one can
not mm touch it."
In the views put forth by the Globe in
1834, 1 most heartily concurred. I saw, or
thought 1 saw, all the dangers which the
Globe predicted by the adoption of the
scheme proposed by Mr Leigh. W hat has
since otcurred, to lead to such an entire aban
donment of its former doctrines on the part
ol the Globe ; and its leading advocacy of
the dortrines which it then repudiated ; and
the inuleraiit spirit which it manifests to
wards tkose who do not show a willingness
to turn i similar somerset, 1 am at a loss to
discover It has been.well said, and the
maxim h a true one, " Men may change, but
Princtplts can never changeIt is true that
we havt had a change in the Executive; but
with th.tf change, it cannot be that there has
been a change of principle. Indeed, the pre
sent Exscutive has on more than one occa
sion solemnly declared his intention of carry
ingout the principles of his predecessor. It
cannot le, thai he is the advocate of a scheme
which would lead to "such monstrous ac
cumulation of power over the public mo
ney which such a plan would throw into the
ha'nds o' the Executive." By whom, and
for what purpose, has a plan so full of danger
been brought forward now, and with such ve
hemence urged for the adoption of the peo
ple 1 thote very people, who, in 1831, could
have " ji?t cause for alarm,," and who were
invoked "to give their most watchful attention
to such an effort to enlarge Executive power,
and to put in its hands the means of corrup
tion." By what magic art, has a scheme so
iraught with the evils and dangers of the most
imminent character in 1831, been bereft of
them so entire, as to become not only peifectly
free of danger, but in 1837 to be urged as
the only panacea which is to cure all the evils
with which the country is alllicted ? Had I
been told in 1831, that the doctrines held by
the Globe at that day, and which were re
sponded to, and received the approbation of
the whole democracy of the nation, would, in
1837, he repudiated by itself, or, as Lord
Castlcrcagh sriid, that the Globewould have
" turned its bark on itself,'" I should have
been as ready to believe at that time, a pre
diction, that in 1837, the course of nature
would have changed ; that the tides would
have changed their order of flowing and ebb
ing, or that the sun would have changed the
order ol its diurnal course.
Among some of the statements of the Globe,
to " set right some statements of facts assum
ed by CamiIlus," it says, referring to the pro
position made by Mr. Gordon and repeated by
Mr. Leigh, ihat " tee find that ire suggested it
before Mr. (iordon himself proposed it in ( 'on
gress." It would thus appear, the Globe now
lavs < laim to originating the scheme, which
when introduced to the public by Mr. Leigh, I
it showered such torrents of abuse upon.?
I he mind ol the Gluhe must be strangely
given to vacillate; lirst, to frame and bring
forward a scheme; then to turn and abuse it,
and ? barge ii|*in it every thing that is corrupt
and dangerous; and then, to adopt and nurse
the same scheme, and recommend it as both
perlect and pure. 1 have no little curiosity
to see how the G|ohc is to reconcile to it
Hell its own inconsistent ies.
I he Globe of the 16th, in answer to Ca
millus No. 2, has the following:
" We recur to these proceedings, to show that both
parties concurred in (he policy of the President, which
looked to the use of the constitutional currency in the
buatiit'M of ilw Government. 'l'hai bw dt?i|(n ?u on
deratood at the time, aa we liavk recently represented
?I, it manifest by a remark made by Mr Gordon in tlie
House of Representatives in supfiort of lua proposition,
and which no friend of lite president controverted, an
appears from the report
" It waa aaid to be the opinion of the president, (aaid
Mr. Clordon.) that it was extremely desirable the reve
nue of the U. Stale* should lie collected in specie, and
not in paper ; and lit connection with winch opinion the
House had heard a new name applied to specie ; it had
been called ' Jackaon money.' He now called u|ion all
who were in favor of ' Jackaon money,' In go triih kim
ttt Muy/wri of the old faahiontd coutliluhunal notion of
a hard muniy Covernttetil "
Now, i? it not singular, that if the presi
dent at lltat time entertained the policy of " a
hard mom y /(aver nine tit," but one til Ins great
majority of friends in the House of Repre
HtMitaUU^eould ho found voting in favor of it!
>?^QAu' tTiSKoo friend of the president " con
sktement made by Mr. Gordon;
,but, as we ^?vo\hown by extracts from it,
"Th^^Jlobe eofferyvLrted the plan ol Mr. (lor
'don'iLul^itUjftinjAilar force and ability.
I lirftie GloMoHthu 15th in the first num
ber olr)| "rpjjiy \l Camillus," I find the fol
t" /'Bdt the nl^jiwlmttcd ?o by Mr Cordon ia much older
oifigu^^ffuin The two inoal enlightened |hjw
era ol TUTope? Englsr.d and France?keep tlicir trea
suriea independent of bank* Gen. Hamilton himself
pru|H>acd ihu plan of establishing office* in the different
states, aa places of deposit!) and disbursement, before
hia darling idea of a' National Bank and the corrupt
funding system took possession ol his mind. \\ e have
noticed Mr. Gordon's proposition not to give him a bor
rowed plniiuge, but as an et>U)p|?el to that portion of
the opposition who, having once espoused it, would now
denounce it as dangerous to liberty, because adopted by
the Democracy."
It is not without deep surprise, that I fintl
the Globe referring to the "enlightened jiowers
of Europe" for a precedent lor the enlightened
Government of the United States to lollow,iu
conducting the fiscal affairs of the Nation.
The English and French nations do indeed
" keep their Treasuries independent of
banks." These systems were adopted co
evally with the commencement of the Govern
ment of each of those kingdoms. Why were
they adopted ? Why have they been con
tinued ever since ? Doth have arisen from
the necessities of the case. In neither of those
countries have the same facilities ever exist
ed of banks established in every place, where
the convenience of the Government requires
agents to collect and disburse the public reve
nue ; which are presented through their agency
in ours. Those nations have, from necessity,
been obliged to continue their original plans
without reform, in this age of improvements,
with all the corruptions which they introduce
and maintain. But were it otherwise.it must
be manifest, that a system which would an
swer well in eac h of those kingdoms, the ter
ritories of either of which are limited to an
extent not twice that of a number of our single
states, would not answer; and could not be
adopted and carried into successful operation
in a territory, so widely extended as our
Republic. The Globe perhaps is not aware,
that in France, all the offices of Sub-1 reasu
ries are farmed out, and that a system ol cor
ruption mid speculation is practised to an alarm
ing extent, and almost under the view ol the
Government. Can the Globe desire to see
such a system introduced into the fiscal affairs
of the United States ? As limited as the king
dom of France is, upwards ol one hundred
thousand men are employed at this time in the
collection and disbursement ol its revenues,
under the system which now prevails there.;
and which, according to the Globe, is the en
lightened one of one of the most enlighten/d Go
vernments of Europe. And why did Gen.
Hamilton propose the "establishing of offices
in the different States or plat es of deposite
and disbursement?" It was, because, at the
time he made the proposition, there were not
established in the United States more than
two banks. The necessity of the case led to
his making the - proposition. It was lor the
same reasons, that the States in which no
bank was established, kept the moneys be
longing to the Stale in the hands of their own
officers. Such was the case until very re
cently, with the State of Missouri; but 110
sooner was a bank established and put in ope
ration, than the moneys of the State were de
posited 111 it lor safe keeping and disburse
ment. This, however, 1 state on information
upon which I rely.
It would appear by its own showing, that
the plan which the Globe claims as having
suggested before (>cn. Gordon, is equally " a
borrowed plumage!" as that of the General.
In regard to the position now assumed by the
Globe as a reason for noticing Gen. Gordon's
proposition, I should think the violence with
which it assailed that proposition, as made
manifest in the extracts which I have given
Ironi its editorials, should operate nun li more
powerful upon itself "as an estoppel to its
now advocating the same scheme, than upon
" that portion oj the Opposition who having
once espoused it, would now denounce it as
D A Nti K ROUS TO t.lllKKTV." . _ _ ^
Most of the objections urged by " Cainillus'
against tlu; Sub-treasury scheme are backed
by the quotations from the Globe. Certainly,
those of the most vital importance to the na
tion, sui li as, " The public money will be un
safe"?"It virtually surrenders the. rtJRSK to
the Executive"?"// will enlarge the patronage
of the Federal Government
The only apology which I can conceive
that the GIoIkj can urge for abandoning its
doctrines oi l 834, and advocating those which
now till its columns, is in the suspension of
specie payments by the Hanks : A measure
forced upon them by the? unparalleled revul
sions, which have taken place in almost every
country m Christendom during the year. 1 he
same thing occurred in this country on
a former occasion, and while State Hanks
were employed as depositories of the public
moneys; and yet there w as not anything at
tempted then like what we have lately wit
nessed, a hue ami cry raised against them for
the pur|H>se eventually of immolating tlietn.
No one doubts that some of the Ranks have
acted imprudently and perhaps unjustifiably.
Hut, shall that call for the indiscriminate con
demnation of all ? For the errors and mis
conduct of a few individuals ol a community,
where could be found anything to justify the
sacrifice of the whole body ?
The Secretary of the Treasury, now one ol
the cabinet, iu his supplemental report in 1W34,
became the advocate of the deposite Hanks
which suspended specie payments in 1814: he
defended them, and even declared that they
did not thmfuil. The circumstance of their
suspending then did not in his opinion dis
qualify them from again becoming the deposi
lories of llie nation's treasure. Why should
it now, h ltea they sliall have resumed the
payment of specie ior the demands upon theai T
When the nation has all the facilities at its
hand, for the collection and disbursement of
the public revenue, afforded by the employ
inent of the State Banks, 1 can see no good
reason why a new and 44 untried expedient"
should be resorted to, attended with all the
dangers charged upon it by the Globe ia 1834 ;
besides the enormous expense which it must
impose on the National Treasury in carrying
it out.
I have been u firm supporter of Gen. Jack
son'a Administration and his great prominent
measures. I defended the reatoval of the de
posiles?llie Protest?the Veto of the Bank
iiill?and the Specie Circular, to the utmosj
of my feeble abilities ; but 1 am not yet pre
pared now to turn about and advocate the
adoption of a plan which 1 believe carries
with it all the objections and dangers appre
hended bj the Globe in 183-1. VVith the
Globe I agreed then. 1 have seen no cause
to change iny opinion since. On the contra
ry, the more the subject has been discussed
of late, has but led to increase my conviction
that the Globe was right then, and wrong now.
Entertaining these views, I should consider
myself guilty of an unwarrantable DERE
KS r principle, were I now to adopt, and be
come the advocate of views and doctrines,
which, in 1834, I repudiated. Until I am
convinced T was in error then, I cannot do it.
From Mk. V an Bubkn's Menage to the Legutature
of Sew York, in IHti'J
The question as to the renewal of the bank charters
which ?r<; about to expire, will deservedly receive your
early anil most deliberate attention. I do not think I
deccivc myself in believing that it must become the im
portant business of your session, tl|>on a wise and suc
cessful disposition of which, its credit with the people
and usefulness to the state, will materially depend.
Having for many years ccased to have an interest in
those institutions, and declined any agency in their
management, I am deeply conscious of my want of that
sort of information, which is so important in forming an
intelligent and safe opinion on the subject. I hus im
pressed, I should have contented with simply bringing
the subject to your notice, did I not feel bound to com
municate freely and unreservedly, with those with whom
it is my duty to act on a matter of such vast magnitude
to our constituents.
Of the forty banks now in operation in the state, the
charters of thirty-one expire within one, two, three and
four years; but chiefly within two and three years.
From the best information that can be derived frotn the
returns made bv the banks, whoso charters are about to
expire, their collective capital actually paid in, amounts
to fifteefi millions of dollars ; and the debts due to thein,
to inore than thirty millions. The debts due from these
institutions to the community, including their stock
holders, may be safely estimated at about the same
amount. _
As to the propriety of making a final disposition ot
the whole subject at the present session, there appears,
so far as I can learn the public sentiment, but one opi
nion The injurious consequences that may be justly
apprehended from delay, seem to have impressed every
nnnd, and to have produced a general expectation that
the solicitude so properly felt upon this grave matter,
will be relieved by your early decision.
Should your opinion correspond w ith this view of the
matter, a question will arise as to the course which
ought to he pursued under existing circumstances. The
difference between that question in the present condi
tion of things, snd what it would be if you w ere called
upon for the first time to lav the foundation of a banking
system for the state, will readily occur to yon What
might in that case be expedient, may now, from the
length of time which the present system has been m
operation, and the tendency which all pecuniary con
cerns have, to conform themselves to existing regula
tions, lie found very difficult, if not impracticable.
To dispense with banks altogether, is an idea winch
seeins to have no advocate ; and to make ourselves
wholly dependent ujion those established by Federal au
thority, deserves none !
If these arc correct views, the only alternative would
seem to be, between a renewal of the charters of the
sound part of the existing banks, or to anticipate"the
winding up of their concerns by tlie incorporation of new
institutions. .
In support of the latter course, the idea of a Mate
Hank,w ith a<? many branches as public convenience would
require, has been very properly thrown out for public,
consideration. If bv a State Bank is intended an insti
tution to be owned by a State, and conducted l>y its
officers, it would not seem to require much knowledge
of the subject to satisfy us, that the experiment would
probably fail here, as it has elsewhere The reasons
for this apprehension are so cogent in their nature ; so
constant in their operation, and of such ready occurrence
to intelligent minus, that I shall not detain you by stat
ing them.
Experience has shown that banking operations, to
be successful, snd consequently beneficial to the com
munity. must be conducted bv private men, upon their
own account. A Stafe Bank, with branches established
upon the same principles, in other respects, as the pre
sent institutions, and in which the state should stand as
a private stockholder onlv, would probably better sub
serve the interest intended to be promoted by the es
tablishment of banks, than the present system ; and if
the question was a new, and in all respects an open
one, would doubtless have many advocates But we
cannot close our eyes to the difficulties and pecuniary
embarrassments that must result from suddenly stopping
the operations of so many and such long established in
stitutions. Of the thirty millions that are owing to
them, the principal part is probably due from merchants,
manufacturers, and other laige dealers in their vicinity ;
but they in turn, have their demands against persona
pursuing similai business in the country, and those
again must look to their customers ; thus embracing all
classes of society, in the liability to contribute towards
a general settlement. The amount due from the banks,
especially all that portion which consists in bills issued by
them, would be found scattered through the whole com
munity. .
From even this superficial View of the subjcct, ic
must be evident to all reflecting minds, that the pecu
niary convulsions that must result from a compulsory
close of these extensive concerns, w ould be neither
in its degree, or transient in its duration. \ ou will,
am convinced, concur, with tne in the sentiment, that a
responsibility of so serious a character, and so feaitul III
its lHjssihle consequences, should not be incurred on
slight grounds, or from motives of expediency in the
least degree questionable. Of the inducements to such
a step it is your right and your duty to judge ; and I
sincerely hope, as I firmly believe, thst your constitu
ents will, ill the end, have reason to rejoice, that a trust
so sacred has been reposed in hands so deserving
If you ? hould decide in favor of renewing the charters
of those banks, whose solvency and present capacity to
discharge all their duties, shall, after a ngid and impar
tial scrutiny, be found free from doubt, it will become
necessary lo ronnitlrr the condition upon which the new
grants ought to be made.
The policy heretofore pursued, of requiring the pay
ment of a large bo nun to the State, or the performance
of some specious service, as the price of bank charters,
is condemned by e*|>erienee A statement of the inju
rious consequences that have re suited from it, cannot
lie nrcessary The unbiassed judgment of all observing
and thinking men, must concur in regarding it as an
expedient, from which no good has resulted Its tend
ency has been, and must always 1m-. to weaken the aecu
nty of the public in those institutions, for the perform
ance of that m which the public interest mainly consists
?the faithful redemption ?( their paper hager to obtain
a charter, ami stimulated by the golden harvest in view,
thev arc most hlK-ral in their promises If.these promises
arc'not performed, the capacity of the bank to redeem
its paper is impaired, and the consideration that surh
incapacity is caused bv the exaction of the government,
not (infrequently leads to unreal dividends snd fraudu
lent advances of the stock, in the first instance, and to
disreputable failures in the end : fsllures by which those
rlasses of the community, who stand most m need 01
the protecting care of a good government, are usually
the principal sufferers. .... . ?
Strongly impressed by these considerations,
spectfully suggest the propriety of making all the? con
ditions you prescribe, refer rxrlutirely to the ssfety snd
stshihtv Of the institution .
IIk. conceded difficulty of effct.ng thst great object,
through the mcsn. proposed, should not deter us from
the Sttempt In all our deliberations upon tins subject,
we should keep constantly m view lhe nnj^rlsnt con
siderstion, thst the iclweney of ike Unke, *nd th

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