Indianapolis Indiana Journal in Indianapolis, Indiana
16 Sep 1837

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Indianapolis Indiana Journal in Indianapolis, Indiana
16 Sep 1837

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Indianapolis Indiana Journal (Newspaper) - September 16, 1837, Indianapolis, Indiana Vol. , tuesday september 16, 1837. No. 797. A a. A Praia sue by dou<ulas8 a Imo . -�?�terms.�?$3 50 per Annisi in Advance for 52 numbers of Al g moiuhs�?s3 50 it the end of the volume. No Papor will be l Visconi irined unless at the Opidi ii of tie a publishers until Arnn Wiragos Are paid. Adv space occupied by 250 a wins a shall be a minted a Sci Are ii Thimig counted less than a Square ail Over a Square and less a Laii a Square and a half sail be counted a Square and a Hulf. One Dollar Square shall a Churg id for the first three Wber of insertion Iii and Twenty five cents it Nai insertion. A a Man a published by the Quarter or longer arged per Square for three months $6 icon the or a 10 per annul. Merchants. Druggists and others advertising by the or will be Cli arged for two squares 50 for , $-20 for a Luvirter of a column a �ft%25 for a Hal fun column. Cas t or three i of a column $50 fora Colum ii a go a pm an a deduction of 20 per cent will be mad else mints longer than a Quarter of a column when inserted by the Quot half year or year and not altered. All Advertis Niehls authorized by statute must be paid for invariably in Advance. Advertisements coming from abroad must be accompanied with the Cash unless ordered for publication by a brother publisher. The postage must be paid on All letters to the pub a pliers or Thev will not be taken out of the Post Onice. 1. Eoo Ira is on Adver president s message. Fellow Cit Isais of the Senate and House of representatives the act of the 23d of june i8j6, regulating the depo Sites of the Public Money and Dir acting the employment of state District and territorial Banks fur that purpose made it the duly of the Secretary of the Treasury to discontinue the Tise of such of Hera As should at any time refit so to redeem their notes in specie and to substitute other Banks provided a sniff Orient could be obtained to receive the Public Deposie upon the terms and conditions therein prescribed. The be ii nil Anil almost simultaneous suspension of specie payments by the Hanks in May last rendered the performance of his duty imperative in respect to those which had been selected under the act and made it at the same time i Iii practicable to employ the req Nishiie number of others upon the prescribed Ron it ii tons. The specific established by Congress for he do Posito and Quot Safe keeping of he Public moneys having thus unexpectedly become inoperative i Adt ii to be my duty to afford you an of for Unity for he exercise of your mixer visor Powers Over lie subject. 1 was also led to apprehend that the my = pension of specie payments increasing the mint before existing in the pecuniary affairs of the country would 80 far Dimiti Iise the Lublic Revennie. That the us Rivine receipts into the Treasury won id not with the res pts de five millions he suffice edit to defray Iho unavoidable expenses of the government until Tho a Nal period for he Metis of Congress whilst the authority to Call upon he states of a fat ortion of the sums Deposit cd with hem was too restricted o Nabie the depart no Rit to Rea ize a sufficient amount Frfd a that source. These apprehensions have Hee Quot justified by subsequent results Lii cd Render it certain hat his deficiency will occur if additional Means be not provi Deil by Cone Ress. I he difficulties exp Riem de by he mercantile interest in meeting their Eniti garments incl used them o a to me previously o the actual sushi pension of specie Payne ends for indulgence upon their h ads fur Durfie and All the re Iii by line by and cheerfully granted. The Dot Pendency of the Treasury upon he avails of these Bonds to enable it to make he Deposit s with he states required by Law led me in he outset to limit this ind Ultra nce to he first of september but it has extended to the first of october a that the matter might be submitted to your further direction. Questions were also expected o Rise in he recess in respect to the october instalment of Hose depo ites requiring the interposition of Congress. A provision of another act passed about the same time anti in exiled to secure a faithful compliance with the obligation of the United slates to satisfy All de minds upon them in a i Ecie or equivalent prohibited the offer of any Bank note not convertible on he spot into Gold or Silver at the will of he Holder and the ability of the government with millions on depo site to meet engagements in the manner thus required by jaw. Was rendered very doubtful by the a tent to which i have re erred sensible that adequate provisions for the a unexpected exigencies could Only be made by Congress con Vinced that some of hem Wou lil be indispensably necessary to he Public service before the regular Periord of your meeting and a desirous also to enable you to exercise at the earliest Momeni your full constitutional Powers Foi the Relief of the country 1 could not with propriety avoid subjecting Yon to he inconvenience of Assembly inst at As Early a Day a he state of the popular representation would permit. I am Are that i have done but Justice to your fee liners in Helies ing that this inconvenience will be cheerfully encountered in the Hope of rendering your meeting Ron Durive to the Good of the country. During the earlier stages of he revulsion through a which we have in to passed ranch acrimonious discussion arose and or it i Verity of opinion , As to real causes. This was not surprising or. The operations of credit a get so diversified and he info i lances which diff it them so numerous and often so Subtle thai even impartial and Well informed Perser Are s-1-Rfom to agree in respect to hem. To inherent difficulties were also added other tendencies which and villages equally unproductive and at prices now seen to be greatly disproportionate to their real value the expenditure of immense sums in improve Zients which in Many oases have been found to be ruinous by improvident the diversion toothed pursuits of much of the labor that should have been applied to agriculture thereby contributing to the expenditure of Large sums in the importation of Grain from europ i an expenditure which amounting in i8?4 to about to inn and and fifty thousand dollars was in the facet two. Quarters of the present year increased to More than two millions of dollars and finally without Enuine rating other injurious results the Raj Iid growth among All lasses and especially in our great commit Jacial towns of luxurious habits founded too often on merely fancied wealth and detrimental alike to Ajjie Industry,.the resources and the morals of our people. It was so ii possible that such a state of things could Hng continue hat the Prospect of revulsion was pre to the minds of considerate men before it a tidally i Cliine. None , had anticipated severity. A concurrence o a Raisl oops map Unaie of themselves to produce such wide spread and calamitous embarrassments tended so greatly to Ager Avate them that they cannot bit Overlook Elf in considering Quot heir history. Among these May be mentioned As roast , be great loss of capital sustained by Ohr commercial Emporium in he fire of december i8j5�?a loss the effects of which were underrated at the time because postponed for a season by the great facilities of credit then existing the disturbing effects in our commercial cities of the transfers o the Public moneys require Elf by the Deposit Law of Hine i83c and he measures adj item by the foreign creditors of our merchants to reduce heir debts and o withdraw from the United Sta is a Large position of our specie. However unwilling any of our May heretofore have been to assign to these causes the chief instrumentality in producing the state of things the development subsequently made and the actual condition of other commercial countries must As it a seems to me dispel All remaining doubts upon the subject. It has since appeared that ,similar to those suffered by ourselves have been experienced in great Britain on the continent and indeed throughout the commercial world and that in other countries As Well As ill our own they have Heen uniformly preceded by an undue enlargement of the boundaries of Trade Groin fellas with us by unprecedented of the systems of credit. A reference to the amount of banking capital and the issues of paper credits put in circulation in great Britain by Banks and in other ways during i in years 1834, 1835, and 1836, will show in augmentation of the a a Aper currency there As Niueli Dis portioned to the real wants of Trade As in the l iced states. With this redundancy of the diaper currency there arose in that co intr a spirit of adventurous speculation Ein bracing to whole Range of human Enterprise. Aid was profusely Given to projected improvements Large investments were made in foreign and Loans credits for goods were granted with unbounded lil reality to in foreign countries and All the Means of acid hiring and employ ing credit were put in Active operation and extended in heir effects to every department of business and to every Quarter of the Globe the Retic Tiomi wus proportioned in violence to die extraordinary character of the ave Iii which preceded it. Tie Coni metical Community of Ireat Britain were subjected t j the greatest difficult Iep and their debtors in this country were not Only suddenly deprived of accustomed and expected credits but called upon for a minis which in the actual posture of things Hue could Only be made through a general pressure and at the most ruinous sacrifices. In View of these lads it would seem impossible for after truth to the conviction Dierof those operations of Tufic towards which it is desired to extend such Peculiar favors the various transactions Domestic exchanges Dwe operation and Utility. Jils of exe Iange drawn of to flyer Vinig actual in Pifalo from of. The entry to another or to Antici Djate the la it Peri actually to Rte a omitted. Bill amp of Are highly useful in the movements of Iradel and a deserve nil the encouragement which can no ully lie go yen to them. Another class May cup of ech Unge not drawn to Traus or actual <apiialsf3 on to credit of property transmitted hut to i Creato Foj Catious capital partaking at Onee like Eli la ter of notes Dou counted in Bank and of a m circulation and swelling the mass Olp Aper credits to a vast extent in the most objection file Niaz Ner. These Bill have formed for the last of w. \ cars a Large proportion of termed the Domestic excl Anges of the Coua Irr Ervig As tiie mining of usurious prolix and ing a in unsafe and precarious. Paper in of tia tie instead of being a it held ought to be by Tho Governa Ioil and tie pc it ple. Rinse i if i.�5 funds from Ace to place the government is on the same footing with the private citizen and May resort to the same Legal Means. It a do so through the medium of Bills drawn by us ii or purchased from ult a and in these operations it May in a manner undo unitedly constitutional v and Lesili Niath facilitate and exchanges of individuals founded on Rea i Ransa tit ions of Trade theek natio which this May he Dune and tie Best Means of Electr Ingn Are ii titled to the consideration. I this been by to lib Secretary of the to Masury and views will by submitted to yet i in his report. But it was not it signed by the Constitution that the Goven truent should assume the management of Doin Eslic and foreign exchanges. It is indeed authorized to regulate by Law the Commerce Between the states and to provide a general standart of Vahie or medium of Exchange j emn duty to in in Golgi or Silver but it is not province to Aid connection bet individuals in the Transfer of their funds otherwise than through the facilities alb need by the Post office department. As justly m Iglitz it be called on to provide for the transportation of their merchandise. These Are operations of Trade. I hey ought to be conducted by those who Are interested in them in the same Nii inner that the incidental did a cuties of other pursuits Are encountered by other hisses of citizens. Such Aid has not been deemed necessary in other countries. Throughout Europe tie Domestic As Well As the foreign exchanges Are carried on by private hous attempted proved unsatisfactory on each Success the patronage incident to it is to be conferred. Ive occasion the various Meas whether the selection and control be entrusted to Ferial a in thei r be which were adopted to facilitate or insure Congress or to tie executive either will be sub Quot of Triem co Tift ots in Cejp a. A a the last occasion in the year 1833, inject to appeals made in every form which the san a Tnp Layment of the state Banks was guarded i Lacity of interest can suggest. The Banks in Especial by in every Way Suhich experience and Der Sulci a system Are stimulated 16 make the caution could suggest. Personal Security was re most of their fortunate acquisition the deposits i tired far the Safe keeping and prompt payment Are tie aled As an increase of capital Loans and of the moneys to be received and full returns of j circulation Are rashly augmented and when the their condition were from time to time to be Public exigencies require a return it is attended made to the depositories a in the first stages the with embarrassments not provided for nor forseen. Measure was eminently successful notwitl>s4iul thus Banks that thought themselves most Forslu ing the Vii tent opposition of the Bank of the uni uate when the Public funds were received find the states and efforts made to Over j themselves most embarrassed when the season of throw Iti the selected Bat Dis performed with i payment said deity air Rivas. Do lit Amy without any embark sment to them i unfortunately the evils of the system Are not selves or the Community their engagements to Linsted to tie Banks. It stimulates a general rash the gov emment and the syn teen promised to be j Ness of , and aggravates the Llull unions useful. But when it became Neces a of Commerce ail the currency. This result was sary under the act of june. 1-s36, to withdraw strikingly Exi Zibitt a during the operations of the Fror them the Public Money for the purpose of Ati Imle specie ill i it i the Pur placing it in Arditi dial institutions.,-of of Transfer of Public Laius. The order wha Al Ulli ring it to the so Sites they i Fomil it in Many cases mately direct l thai a Layit sent of Gold an Ivlev inconvenient to comply with the demand of the j in such purchases greatly i necked but could not Treasury and numerous and pressing Applina a a a a together prevent the ?specie was in Ceil tons were made for indulgence or Relief. As the More difficult to proline than the notes which the instalments under the dept site Law become payable their own embarrassments and he necessity under which they Lay of curtailing their and calling in their , increased the general distress and contributed with other causes to hasten the revulsion in which at length they in Banks oui teems lives create at pleasure but still being obtained from them As a loan and returned As a Deposit which they were again at Liberty to use it Only round the Circle Wilh Speed. I Liis operation could not have been performed a t be funds of the government gone common with the other Banks were fatally in a the j Treasury to be regularly disbursed and these circumstances it becomes our sol fire whether there Are not in any Veen the Gover Mient and Banks of Issue evils of great magnitude inherent in very nature Quot and against which no precautions can effectually Guai d. Not into Banks to be loaned out for their own profit while they were permitted to substitute for it a credit in account. Iti expressing Iheson sentiments i desire not to undervalue the benefits of a salutary credit to any Branch of Ento prize. The credit bestowed on probity and Industry is the just Reward of Merit unforeseen a he organization of the govern i a tid an honorable incentive to further acquisition ment and in iced on the in Masury by Early Neces a none oppose it who love their country and in Sites the practice of employing Banks was in i Der Slaius is welfare. Jut Wii ii it is suddenly truth from the beginning More a measure of e Plum it is made to inflame the pub emergency than of sound policy. When we Start lie Mitula with Tenita Tiomi s of Quot sudden and Bunsub de into existence As a nation in addition to the Tantal wealth when it turns Industry into paths burdens of the new government we assumed All i Ontl sooner or later to disappointment and the Large but honorable Load of Ilett which was the j a t a Coines liable to censure and needs Price of our Liberty but we hesitated to Wei Quot i i correction. Far from he Jiing probity and Indus is Otien if not generally without the assistance Down the infant into try of the country by Resor la of i Quot t Quot a which it , Falls most severely of Banks. Yet tiny extend through out distinct Sovereign ties and far exceed in amount the real exchanges of lie unit states. There is no reason wily our own May not be coir hinted in the p line manner with Estial cheapness and safety Certai Idy this Mig it lie if it were favored by Stluise most deeply interested and few can doubt that their own interest As Well As the the mint and assuming the remaining four millions to be in the hands of one half of the present number of officers a a supposition deemed More Likely to correspond with the fact a the sum in the hand of each would still be less than the amount of most of the Bonds now taken from the receiver3 of Public Money. Every apprehension however. On the subject either in respect to the safety of the Money or the faithful discharge of these fiscal transactions May it appears to me be eff Cut by removed by adding to the present Means of the Treasury the establishment by Law at a Evv important , of officers for the and disbursement of such portions of the Public Revenue As cannot with obvious safety and convenience be left in the Possession of the collecting officers until paid Over by them to the Public cafe a Dilores. Neit Lier the amounts retained irl their hands nor those deposited in the office would in an Ordinary condition of the Revenue be liar i r in cases than those often under the control if dish ing of the army and Navy and Mig it be made entirely Asafa by requiring such securities and exercising such controlling supervision As Congress May by Law press Ribe. The principal officers whose appointment would become necessary under this plan taking the largest number suggested by the Secretary of the Treasury would not exceed ten nor the indy Dit ional expenses at the same , sixty i Hoviland dollars a year. I Liere can be no doubt of the obligation of those who Are entrusted with the affairs of the government to conduct Rhein Wilh As Little Cost to the nation As is consistent Wilh the Public interest and it is for Congress and ultimately for the people to decide whet Lier the benefits to be derived from keeping our fiscal concerns apart and severing the connection Wlinich has hitherto existed Between the government and Banks offer sufficient advantages to justify the necessary expenses. If the object to accomplish is Dee Guetl important to the future welfare of the country a a cannot allow myself to believe Llinat the addition to Tiu Public expenditure of comparatively st Small an amount As will he necessary to effect it will be Obj Coteil to by the people. It will be seen by the report of the Post master general Iier Eveith communicated that the fiscal a concerns of department have been Success Ting to adequate taxation for the necessary reve on the great Labouring who Are thrown a fully conducted since May last upon the Princi nue. The facility Iris of Banks in return for the. Suddenly out of and by tie failure j pie of dealing Only in the Legal currency of the privileges they acquired were prom try Oil ered Schenick never in landed to enrich Anil perhaps too readily received by an Kinbar i ctn ate deprived in a inline it of Ali or Only re raised tre u3 during the Long continuance of Ai us of credit and excesses in spec a National debt and the intervening Kiili cuties of i ideation will happen in of the most Vaiuta a foreign War the connection was Conti tired from Quot Quot a Lau no cover Zinent perhaps can altogether motives of convenience general welfare of the would be promo Long since passed away Ted by leaving such a subject in the hands of those to whom it properly belongs. A system found but these causes have we have no Enier Ren cies that make Banks necessary to Aid the wants of the Treasury we have no Load of National debt can alls de on private interest Enterprise and Competition to provide for and we have on act tial Deposit a sincere alter truth to t be conviction j Yaj Fin Jujj of legislative grant.? or Regula Largo surplus. No Public interest therefore now a ii is by Law. Would rapidly Prosper it would be 1 requires the renewal of a connection Circum Irne irom tie influence of poetical ii upon the Complete Organiza extend the same exemption to Trade itself and it of out government the abundance four re if were by no Means Favorale to the discovery of Ruth. It was hardly to be expected tha. Fhone who i a proved the of 1 he government in relation to the currency would in the excited state of a Mihlic f. Eling produced by the occasion fail to utter shiite to that policy any extensive embarras.=ment in the monetary affairs of the country. The matter thus became Cori nested with the a ions and conflicts of party opinions were More or less Aire Ted by political Crin Sidera tons and differences were prolonged which i might otherwise ivc been by an Appeal to by he exercise of reason or by i Putnal Concession. It is however a Cheerin reflection that Circum Tan Ces of this nature cannot prevent a Community so intelligent As ones from Nui mately arriving at Correct conclusions. Encouraged by the firm be if of this truth i proceed Ltd to state my views so far As May be necessary to a Clear understanding of the remedies i feel it my duty to propose and of the reasons by which i have been led to recommend them. The i Ory of Trade in the United state Ifor the last three or Footit year affords the most convincing Evi thence that our in s no condition is chiefly to to attn bated to Over action in All the departments of in Over action deriving perhaps first impulses from Utec edut causes hut stimulated to consequences by excessive issues of Bank Pap a and by other facilities for the acquisition and enlarger nent of credit. At the commencement of the year 1�34, the banking capital of the United Stales including that of the National Bank then existing amounted to about two Hundred millions of dollars the Bank notes then in circulation to about ninety five millions and the Loans and i amounts of the Banks to three Hundred and Twenty four millions. Between that time and the 1st of january ir36, being the latest period to which accurate accounts have been received on banking can ital was increased to More than two inn dried and fifty one millions our paper circulation to More than one Hindre Ltd and forty millions and the Loans and discounts to More than four Hundred and fifty seven Mif Lions. To this vast increase Are to be added the Many million of credit acquired by Means of Foreith Loans contracted by the states and state institutions and above All by the lavish accommodations extend cd by foreign dealers to on merchant. The consequences of this redundancy of credit and of the spirit of reckless speculation eng it n lured by it were a foreign debt contracted by our citizens estimated in March last at More than thirty Mihi of Doi Lars the sex fusion to traders in the Interior for country Coj Rhelta a supplies greatly Beyonta the wants of top people thirty nine Ami a half Mirons o of a a u c Tive Public , in the 183stimjs36, the preceding a Earth sales by Aruti half Neil Lionie coca tits Isleb tfx countless a or cities same Crim Merciol in the world enjoying but highest degree of apparent Proiti purity and a if stain ing with each Oiher Limo closest a it Dai ions Are suddenly in a time of profound peace and without any great National disaster arrested their career and j lunge l into a state of embarrassment and distress. In both countries we have the some redundancy of paper Money and other facilities of credit the same spirit of speculation the same partial successes the same difficulties and reverses and at length nearly the same overwhelming catastrophe. The most material difference Between the results in the two countries has Only been that with us there has also occurred an derangement in the fiscal affairs of the Federal and stale govern ints occasioned by the suspension of specie payments by the Banks. The history of these causes and effects in great Britain and the United Stales is Sunan tally the history of the revulsion in All other commercial countries. The present and visible ? of these circumstances on the operations of the government and on the Industry of the pimple Point out the objects which Call for your immediate attention. They Are to regulate by in the Safe keeping Transfer and disbursement of the Public moneys to Des guale the funds to be received and paid by the government to enable the Treasury to meet a promptly every demand a onit to inscribe the terms of indulgence and the Mode of settlement to be adopted As Well in collecting from individuals the Revenue that has accrued As in withdrawing it from former , and to devise and adopt such further measures within the constitutional competency of Congress will be Best calculated to revive the Enterprise and to promote the Prosperity of Tho country. For the Deposit and disbursement of the Revenue. National and state Banks have always with temporary and limited , been heretofore employed but although advocates id Quot each system Are still to he found it is Aji Parent that the events of the last few months have greatly augmented the desire lung exit a tug Union the people of the United states to separate tie fiscal operations of the government from Liliose of individuals or corporations. Again to create a National Bank As a fiscal agent would be to disregard the popular will twice sole Siudy and Une ulivo Paliy . On no question of policy is there stronger evidence that the sentiments of a Large majority Are deliberately and i cannot concur with those who think they see in recent events a proof that these sentiments arc or a reason that they should be changed. Invents similar in their origin and character have hereto lore occurred without producing any such change and the of must to for gotten if we Suppi fre the Jire sout overthrow of credit would have been prevented by the existence of a National Bank i Rone Noss to issues has Ever been the vices of tie ii asking system b vice As prom ment in National a it in state institution s. This propensity is As subservient to the advancement of private interests in tiie one As in the other and those who direct them both being guided by the same views and ind fenced by the same motives will be equally ready to stimulate extravagance of Enterprise by in Providence of credit. How strikingly is this conclusion Saa failed by experience. I he Bank of tiie United states with the vast Powers conferred on it by Llong rese did not or could not prevent former and similar a nor has the Eikill greater strength it has been said to possess under present charter enabled it in the existing emergency to Check other institutions or even to save itself. In great Britain where it has been seen the same causes have been attained with the same effects a National a Ink possessing Powers far greater than Are asked for by the warmest advocates of such an Here has also proved unable to prevent in undue expansion of credit and the evils that loss from it. Nor can 1 lindane tenable ground Lor the re Essahli Limoni of a National Bank in the derangement alleged at present to exist in the Domestic exchanges of the country in the Filici Lipics it May to capable of affording Thoni. Although advantages of this sort were anticipated when Ifica first i3ank of the United states wus created they were regarded As an incidental it one which the Fedoruk a Over Rilent was bound or could be called upon to furnish. This accommodation is now indeed alter the of not ii any years demanded from ii As among duties Ami Uii omission to Aid and regulate commercial Exchange is treated is a ground of loud and serious ,t.�? such results Only serve to the constant desire among some of our citizens enlarge Tho Power of the government and extend control to subjects with which it should not interfere. They can never justify the creation of an Insixi fusion to effect such objects. On tha contrary they justly excite a Mon the Community a More diligent inquiry into a he prevent them but surely every government refrain Fiorin contrib mating the Sti Nijiu i that them into life. Since the refuse exp Crince has shown that to lend the Pulitic to Ney to the local Banks is hazardous to the operations of the govern nent at least of doubtful Benefit to the institutions themselves and prot Active of disastrous derangement it the and currency of the country is it would put an end to those complaints of neglect so tucks the general Harmony Wirich prevails ii i a in of Quot Wisdom Agai to renew the connect lion Pai tial to injustice and oppression which i Are i a Quot it n the Dii Terent slates and Wilh foreign pow the unavoidable results of interference by the go ers nil enable now to select the system most Cive to the Public welfare. Should we then by verment in trip proper concerns of individuals. A former attempts on the part of the govern ,. Ment to carry legislation in Titis respect fur next the Treasury Fos a fourth time the local ther than was designed by the Constitution have j Hanks it can Only be under a conviction that past in the end proved injurious and have served Only i a ii docs have Arisen from accidental not inherent to convince the great body of the people More defects. And More of the certain dangers of blending Pri a danger Dii l Udo if not impossible to he avoid vate interests Wilh the operations of Public Busi-1 ded in such an arrangement is made strikingly eve Ness Anil there is no reason to Supi Ose that a re j id it in the very event by which it has now been petition of them now Didd be More successful. Heated. A sudden act of tiie links entrusted it cannot be concealed that there exists in our with the funds of the people deprives the Treasu Community opinions and feelings on this subject by without Paull or Agency of the government of in direct opposition to each other. A Large pot the ability to a a creditors in the currency h True that such an Nii ency is in re a insistent with the Constitution and most Condu i pm ets convenient u tie Treasury but it is not Tion of them combining great intelligence activity and Ini Nence Are no doubt sincere in their lie Lief that the operations of Trade ought to be assisted by such a connection they regard a National Bank As necessary for this purpose and they Are disinclined to every measure that does not tend sooner or later to the establishment of such an institution. On the other hand a majority of the people Are believed to be irreconcilable opposed to that measure they consider such a concentration of Power dangerous to to Weir liberties and Many of them regard it As a violation of the Constitution. J his collision of opinion has doubtless caused much of the embarrassment to which the commercial transactions of the country have lately been exposed. Hanking has become a political topic of the highest interest and Trade has suffered in the conflict of parties. A speedy termination of this state of things however desirable is scarcely to be expected. Pc have seen for nearly half a Century that those who advocate a National Bank by whatever motive they May be influenced constitute a portion of our Community too numerous to allow us to Hope for an Early abandonment of their favorite plan. On the they have by Law a right to demand. This no fluctuation of Commerce could have produced if the Public Revenue had been collected in the Legal currency and kept in that form by the Oitice Sof the Treasury. The citizen whose Money was in Bank receives it Hack since the suspension at a sacrifice in amount whilst he who kept it in the Legal currency of the country and in his own Possession pursue without loss the current of his government Ini listens i a. A limitation of the expenses of the govern nent to actual wants and of the Revenue to those expenses with convenient Means for prompt application to the purposes for which it raised Are the objects which we should seek to accomplish. Thu collection safekeeping Transfer and disbursement of the Public Money can it is believed be Well managed by officers of the government. Its collection and to a great extent disbursement also have indeed Lieen hitherto conducted solely by them neither National nor state Banks when employed being required to do More than keep it safely while in their custody and Transfer and pay it in such and at such times As the Treasury shall direct. Surely Banks Are not More Able than the gov crime Otto secure the Money in their Possession against Accident violence or fraud i he assertion that they Ace so must assume that a vault in a Bank is st Roniger than a vault Iii the trea sury and thai directors Cashiers and clerks not Selec placed in the situation of the former is involved Ted by the government nor under control Are in embarrassments it could not have Suff red had it pursued the course of the i he Embar-ra.-= .? Are moreover augmented by those Sal Giorc worthy of Confidence than officers selected from the people and responsible to the government of cers bound by Oli Ocial oaths and Bonds Lutary and just Laws which forbid it to use a de-1 Lor a i faithful performance of their duties and con Preci ated currency and by so doing take from Stanlly subject to the supervision of Congress the government lbs ability which individuals the Diin incl Tieti of Transfer and the Aid hereto have of accommodating their transactions to such fore rendered by Hanks have been less than is a catastrophe. Usually the actual accounts show a system which can in a time of profound that by fir the larger portion of pay tents is made peace when there is a Large Revenue Laid by thus within Short or convenient distances from the suddenly prevent the application and use of the place of coi Recti a and the whole number of Mone of the people in the manner and for the objects they have directed cannot be Hvisc but who can think without painful reflection that other Liand they must indeed form an erroneous under it the same Munfor Een events might have estimate of the intelligence and temper of the a i befallen us in the midst of a War and taken from Merican people who suppose that they have con a us at the moment Wien most wanted the use of tinted on slight or Isuf Lucienl grounds their persevering opposition to such an or that they can be induced by pecuniary pressure or by any other combination of circumstances to surrender principles they have so Long and so inflexibly maintained. My own views of the std decl Are unchanged. They have been repeatedly and unreservedly announced to my fellow citizens who Wilh Lull those very Means which we treasured up to promote the National welfare and guard Wiir National rights to such embarrassments and to such dangers will ibis government be always exposed whilst it takes the Moi is for and necessary to the Public service out of the hands of own officers and converts them into a Mere right warrants issued atthe in tie year 1834 a a year tin results of which will it is believed afford a Saf lest for the future fell school of five thousand or an average of less than one daily for each slate in the City of new York they did not Avera re Niobe than two a Day and at the City of Asby Egton Only four the Here Tuff e Are moreover daily , by an increase in the cheapness and i Ai Mility ii5 and it May be any Levaul with Ron Fidance the necessary Transfer., us Well As the safekeeping and disbursements of Itie Public moneys can be with safety and accomplished throng i the agencies. United Stales and that it needs no. La if la Tion to maintain credit and Facini Italie the management of concerns la a existing Laws being in the opinion of that dirt car ample for Tho a objects. Dillick idries Wili doubtless be for a season and services required from the Public functionaries Sacii Are usually incident to the Comien Cement of every system but they Wil be greatly lessened in the Progress of operation.-. I he Pov Vejr and influence supposed to be con Nec cd Wilh inc Cus Toily disbursement of the Public Money Are topics on which the Public mind naturally and Wilh great propriety peculiarly . Much has been said of them in Rel Orenco to the proposed separation of tha govern Vieni from the banking Iriski Tutins and surely not one can object u airy appeals or Anima versions on the subject which Are con i stunt Wilh facts and evince a proper respect for Tho intelligence of the people. If a chief Magis it trate May be allowed to speak for himself on such a Point i can truly say that to me nothing would be More t acc table 1 hat the withdrawal fun the executive to the greatest pro clip Abl exit us of do concern in the and of the Public Revenue not that i would shrink from any responsibility cast upon me by the duties of Iny office but because it is my fit a belief that capacity for usefulness is in no degree promoted by Tho Possession of any patronage not actually necessary to the perform Roach t f duties. But under our present form of government the Inte Ventu it a of the executive officers in the custody and disbursement of the Public Money seems to be Navo Itable and before it can be admitted tha. The influence aau Power of the executive would be increased by disc sin Ltd with the Agen y of Banks the nature of that int Erver Ion ill such an Agency must to care Fadly regarded and a comparison must be instituted big tween extent in the two cases. Tho Revenue can Only be collected by officers appointed by the i resident with the advice Ami consent of Lii Senate. Tho Public moneys in. The ? instance must therefore in All cases pass through selected by the executive. Other officers appointed in the same Way Oral in some cases by the i resident alone must also be Wilh them Nhen drawn for the purpose of a a Burse nut. It is Titus seen that Everi when Banks Are employed the Public funds a test twice pais the it Nirh the hands of executive Riffi cars. Besides this the head of the Treasury department who also holds his office at the plea sure of the or Psi tent and some other officers of same department must necessarily be Iveste it i with More or. Less Power in the a election it Ontarl dance and the Banks that May be employed. Fhe question is then narrowed to the single Poir a whether in the intermediate stage Between the collection and disbursement of the Public Money the Agency of Banks is necessary to avoid a dangerous Extension of the patronage and influence of the executive a but is it Clear dial tht3 Cotine Loii of Tho with pow of action against corporations entrusted with the Possession of them. Nor can such results to i a Fri Eising officers. This opinion has b Cion in la Ione cd institutions capable of ministering knowledge of them conferred upon in the two incl rally guarded against in such a system Willi i degree confirmed by actual experience since to it Quot it he of men in Points where they Are highest offices in the government. On the last of out investing the with a control Over the Visconti Fiance of the Hanks As fiscal agents a Quot a st accessible to corruption is less liable to a guest these occasions i Felt it due to the people to apprise them distinctly that in the event of my election 1 would not be Able to co operate in the re establishment of a National Bank. To these sentiments i have now Only Load the expression of an increased conviction that the re establish Mentor Sacii a Bank i any torm whilst it would not accomplish the beneficial purpose promised by advocates would impair the rightful supremacy of the popular will injure the character and diminish the influence of our political sys teen and bring once More into existence a concentrated moneyed Power hostile to the spirit. The Hanks themselves whether stale or National that might with reason be objected to. Ours is probably the Tody government in the world that is liable in tie management of fiscal concerns to occurrences like these. Dui this imminent risk is not the Only danger attendant on the surrender of the pid Lic Money to the custody and control of local corporations. Though the object is Aid to the Treasury effect May be to Intro Duc. Into the operations of the government influences the most Subtle Foundell on interests the most selfish. The use by the Banks for their own Benefit of and threatening Tho j permanency of our Rej publican the Money deposited with them has received the in3tuulu a 3.local Banks have or Ltd employed for the Deposit and distribution of the Revenue at All times partially and on three different occasions sex ii Stively first Anterior to the establishment of the first Bank of the United states secondly in the interval Between the termination of that institution and the charter of successor and thirdly during the a invited period which has now so abruptly closed. The connection thus repeatedly Sanction of the government from the commencement of the connection. Tho Money received from the people instead of being Kejs to till it is needed for their use is in consequence of this authority a fund on which discounts Are made for the profit of those who happen to be owners of Slock ill Tho Banks selected As depositories. The supposed and often exaggerated advantages of such a Boon will always cause it to be sought for with avidity. I will not a top to consider on whom in May last a period which from the Quot be than his constitutional Agency in the up. Ments in commercial Intercourse presented Obsta ointment and control of the few Public office re cles As great As any that my be hereafter approx required by the pro posed plan a will the Public a i Money in in car hands be to. The n Anner of keeping the Public Money Smice a a i it proper interference on the part of the sex that period is fully stated in the report of the ecu Tive May it not be Bop ii that Prudenc Secretary of the Treasury. That officer also far of Public jealousy Anil disapprobation Quot in a suggests the propriety of assigning by Law i h utter so peculiarly exposed to them will deter certain duties to listing estab-1 pm from such Interior care even it i Heimo Lish Hents and of hers which Vith the Modi ves be found inoperative May not fictions and Safe guards referred to by him will regulate by Law the duty of those officers and he thinks enable the department to continue to subject it to such supervision and publicity As to perform this Branch of the Public service without prevent the possibility of any serious i it i use. 0u. Any material addition either to their number or the part of ? and is there equal Rooni. To present expense. The extent of the Busi or such supervision and publicity m a connect Ness to be transacted has already been stated Anil Tion with Banks acting Mider the shield of Cor in respect to the amount of Money with which Porste immunities anal conduct a a the officers employed Yould be any responsible to the government Fri one time it Appeal that ass uitting a balance of l it is believed that a considerate and Caridi Nivea five millions to be at All times kept in the trea ligation of these questions. Wilu it in. In sury and the whole of it left in Tho Hantis of the , that the proposed i collectors and receivers the proportion of each objection on the so pro of be Viive wild exceed an average of thirty thousand Dol a and control than any Bank Agency thai Nas Lars but that deducting one million to the use of or can . L

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