n -a i tM wl'h, f.t
iac:.:ys c.
1 with th.i States as vcJ as
r'-l d:;r.cu!:::air-20ur.'.:rci cr.i
has few parrel'..:! incur 13
Your attention was, tt the last session,
L. rol,i:g as ti.ry cc; rra o t
J c" 1 are four.i t) 13 f J ar. I L
1.5 .
hvitcd to the ncccss;ty of additional i
- w rislitive urovisioas in respect to tha col-
cade public money. Ko law having beca then
..ed from matured, and cot understanding the pro
j U.2 report of cccdings of Congress as intended to be
, .rcwithprcsca- naU it becomes my duty eiiatabring
;fL2V127 CQCUiXWiiW, I L.3 SCSKCi U J ww www ,
it far cot one of our On that ocaasion, three nodes of per
L:l How they J .jo c-itc
what rrivilescs they shcs.d : rm, u.i
,t .t -"..''th'f's' ' :!..! act, as
In u-hat rc::ricticr.3 t!. ;uLi fee
.etr
r.e-
4
sub
ject, are questions
oa a previous cc-trton, i
Stitcs to dcei&. .Upon t
3 t..
which, J 1 1 c-bssivcd
I r.r to the
! etrrcisa cf then, the Ut. j ral Govern
mrnt pan have R'A TT.OtivC 3 CHCroach.
Its duty toward them is wj performed,
. h rrif im from le?is ' tin for their
special benefit, because s.th legislation
would viohta 1.3 spirit cf'the Constitu-
!-j.n it taiA no steps ti impair their
csd-besa, but so managers own stairs
rr rights, or
.rTuL ,.;jwi ,mn Kv the iNif Aft wiWic monft bv the ban)w
nAMArvtfMwt I nJ the discontinuance of use of suen
Not-percieving ia what manner any instituton?Jor tbd purpose referred to,
' v,m PvAiittvft n.ln'tfii cnWahiA nronstoRa for their aceoro
OI ine powers ci cu vj - - " , r- , , . . ,.
lone could be farther usefully employed p&hmcnt through the agency of public
ui bringing this unfortunate controversy officers. Considerms tHer opinions of
to a sausfactory termination, me sumeci i ootn nouses 01 ingress on uw twy wi
wm by my predecessor reierrearovoo proposuiorai a cvitau w"r"6
ress, as one calling for its mterposition. lire, in wbich I entirely concur, it is un
jfn accordance l wiih the dearly under- neccssary forme again torecur to theni
.i.ivM f tK I vn'!atnr. another In ineeto the last, vou have had an
wu vm --, i . " . ' 4r
fnTmal demand lor saUSiacuon tujOPPOriUnitT Hncc your aujuurumum, uui
been made upoatheMexicanGoTcrnrftcntoiavto
bv the continued Draeti
.....:i.a4 will tKmif. (m a care-1 ml nrwrattna ofsuchmrts of it as are
Art and deliberate cxanunation of their now in force, 5 but also to; discover
contents, and considering the spirit man- what should ever be sought for and re
ifostod bythfiiIciicaaGovcrniacnt,it garded -with the utmost deference the
lhat
OMUH M"" - IUUU19VIUW w V Jf
7K-!2vrr civ be vour decision. 1 be faithfully obeyed br the public ser
Ll H!y executed, cdnfident rant Since the measure ra question
..... ' .
itwill is chrrittenrca oy max iwas tutKniitco: to your-consiaeranon,
I r":-1 the whcls cittcr o ycur
cli:T d?.-:c::ate rct-ctio;.; coidldc.:!.? ho-
ir that sor.ie conclusion may by your
del. 'r"":'.Ts, wmcu, on uiB ouu uhu,
shall civc safety and stability to the lis
c:l eperatioas of the Government, and be
consist on the other, with the genius
of our institutions, and with the interests
and vir-hcs of the great mass w our con
Ktitucnts. . .' : -
It w zs nv hope that nothms would
occur to r.ake necessary, on this occa-
sion, any ajiusion w ui miu iuuuai
Dank, ihcre are circuinstanccs, now.
ever, connected with the present state of
its affairs, that bear so directly on the
character of the uovernmcni ana me
welfare of the citizen, that I should not
lie hr.!s is one of the most important
trut s riidod t CoagrjThe practi
cability of retaining Uw title and contr. !
COnfr.il
nisucn txteusive . uomaiui in
Getiera Ciovirnment, and at the
same time admitting the Tinitorivi
embracing them into the Fcdtrti
Union as coiciuila wub the cri,,
- al States, Was Mnousiy double j U
uld j "many of our wi$eir9U(etmen.'' All
Icared that tnty wouiu i becomt ,
trr: I mn witihvnf. For cce State OnlV
VV -m,mjw - m WW.WWwi w.n .. w 4
Tha liljr.ee ia th-s Trcarjnr cn the has an election been held for the Fcdcr-
rst'd ";cfJtsu:.rrpi:n,wasforty4iTe al Govcrnmeri; but the early day at
r.;. ..-.j r -3 lzl tr.4 sixiyigii l which tttoox place, depnves mcmca.
thccrnl ."..iHtni::J end twcry-lhree ere tsder consideration of much of the
-t--f T re;n:r ts cur-T lie tres-1 vTri it mi ht othcrwire have derived
i-:V.r frc:.; i-l sources, bclud tie fron tha rcsalVj Loed elections for
zzQZ' Treasury notes niuea, are cs- cheers have, Lo".vcrer, occn new
ril at twetv-threc tr.iL:ens i -j
f.ufJired and cicety-ciao thoasaaJ
- hutdd and chty-one doHrrs, ccr,
tc Irjg g reate of tisty-r;e r ; ""i
. . .
jhh ir.-.ou-t, ahcut tirty-tve ri-eas,
17, o tdrcl arJ et-hty-caa thousand
V..::2 tur.drci and siitycae d;!!ars wfj
j.ivc be:a expended at the end cf the
year on apprcpriatioas made by Co
and the residue; aroocatir-! to
: '-v.f.xf'-TtZkoa too hundred and
c: ' 'y-rcvcD lhcrusaad one bodred and
f '--jhrce doilars. will be the nominal
t--.::a itjs Treasury ea the t tf
J rr next But ef that sum, only
c: . :a', t-.ty-hvc u;ousasa lour
hi-1 ;i and ciccty-ciht dollars is coa-si'L-anxdlatdT-availalla
(or.
.. ti ..'...nr.: i m
poruas of it which ill be for some
: Titcd wiAthe States, and dua from
r.rnpf ivr.rsi:e banks, lheoctaus
irpca this subject will be found b the an
Jz report of the Secretary tf the Trca
sury. 'fha amount cf Treasury cctcs,
m.s it vl iI be necessary to issue during
-theyeir .cd account cf thc:3 TurJs te
jr unavailable, wi3, it b reposed, not
xceed four and a cau rnens. n
?ceaa;i rrcper, ia the ccniiya cf the
-T-.w tn have tlie estimates ca a3
W SI .. A. ak.. .
ia levcrrj cf tie f:a:es, ai wuica ine
cmcdlacy tf t!.e i a r reposed by the
Excc:.tive Us been mere cr less discuss-
1 tTaxgrSflcnlt.yid.l . to
their remits the reject du3 to every ex-
rrcssioacf . the puluc voice. Dsudagi
Lwiivcr. ta emte at truth rr.i a last
view cf the subject, 'ia eII ill fccarL"-s,
you .wi3 at the . nnz tme remCEihcr,
that c-":tiofts cf ht decrr; and mere
mf?sfiLatc local interest, tr.aa ine l.rcai
lans cf the National ; Treasury,' were
z as 1 j'.v as prac!i::,!3l i.h-
tats. 11a Depirtmca were, therefore,
i.i rrcraretl.:1rci:tir.atesacccr.
-L7-'r. cai 1 am !.:;; y ta Cl that they
r-r aLhs to rrs.Jita thera ca to
a
-ncatrrical a seal-
ofica uactrpctcJ Ljctuaaws to v.:.:c.i
uhe revenue is rJ jected, it is rxtp;:
He to corrputa the rcccis tcf;rJ.i
i:hrrcatccrtaL":ty; but thc::!i they
imtdltlr essentially from rrcse:.t crici
rations, and shou" J f.e r-rr-rr
sot much exceed t'-3 c:tir r.
calty seems llcly ta I:- .:i : j t'
4r.2 the currcr.t crpcn.;j v.. . :
tndeaadUelty.
f4 J-S F-.V3 rcc ' -rrf. I ta
fr.r.a vl
fccAtI.jr
involved la those ebctions. Above all,
we, cannot overlook the strifes foct,
thai there were ft tl9 time h those
Statei more than cr.e hundred cad sixn
millions of Jbanx capita!, cf wiich Jirge
rertirrarwcre suhieet to, actual i.:, ;t-
rra other IarMrjcjrtloriSUDhcli crJytv
Fpccial and limited legislative iadu;cn-
ccs-aad most of it, it not an, to a greaf
tcr or less extent, dependent far a coa
tintnnce of its . corporate existimcc jupon
the will cf the Stale Leslaturw to be
then chosen. Apprised of this circura-
ri l j . :.
. J .
raostproballa that the peculiar eowh
tion cf that fast istercst ia these res
tcsx. the extccl to which it has been
sp read throcgh a3 the ramiSealiottS of
society, its carcct connection wim ine
thfsn ridis?cicctios.ana ins iccuncrs
I - - n - . . . . V . ..
it w.tj r!.-LLitcd to lrdusc into tnc can-
rast Lave evereifod a far creator influ
ence ever tha result, than any which
cctii jwssllly have been produced by
rr.r...:rz oi cu mtrn in iocn u s
: : . . . . ..'
e-iestsoa in tac admimsmtion o: me
General Government, more remote and
far fos important in itt bearings upon
CSCIteiacssy cut so manage p w u vaw
nm in m&ke it the iatcrest a those tastitu-
Uons to sircsnnea ana improve meur
cenainon tor ine sccuxkji wm wu
nf Aw rfttntmnnit tkrPi ThV have
nn ntrht to insist on a ccemcction with
MW -n- . -
thA lViral Governmcnthor on the use
of the oublic money for tilirownbeneCL
Thftobieet of the measuri under consia
eration is. to avoid for til future a com
pulsory connection of tbJ kind. It pro
poses to place tne ucneia I uovernmcni,
in regara to. uw esscaiu pu v ,
i1?ftfttinn - safa.kccmns?.4na transfer of
the nuUic money,ia a ituahoa wmch
. .ji .. .. ... . .
shaU relievo it trow an eepenaance on
tho nzorimsnfinsibU individuals or
corporations; lo vithdrajf wose moneys
from tne use ft pnvaie sraac, sua wn
fl.lft thm t.iTer.t eonstiutionally sclec
ted and coctrSled by lav to abstain from
improper interference with too industry
of tne people, and wttnuwa wauccmciua
to improndc it dealincson the part of
individuals t give stabity to the con
cerns cf thcjTrcasur-; lo preserve the
measures of uV Gor$mcnt from the
unavoidable ! reproaches that flow from
such i connlcuon, and thc banks them
erlra from the injurious etTcctsof a sup-
nnnvt nnrti'rination in the political con
flicts of the diy. frorn which they will
othcwisefmdudiMt "
TKma mv vnvkinon this irnpor-
tent subject; formed after careful reflec
tion, and with no desirt but to arrive at
what is most Biely to pfemote the public
interest Tbcj are rww, as they -were
before, snbmitusd witli unfeigned defer-
ence for the opinions of otners. it was
hardly to be hoped tnat enanges so im
portanti ;on a itihject so interesting,
could, m nme wjtnooi pvoaucwz ?
. 9' . ..Im sm ma Lamm a m
foc v.ft1fltin?;virwi are kert almve
ths ir.Sucnce of dividual or local in
terests; so long aV their pursue only the
general gooa, . ana etc iusuusjcu rui
moderation ari candf , such diversity is
a benefit, not an iurt. If a majority
nfrnnpTcss see the Jublic welfare in a
different light; and iore especially if
they should be sausfi it uat the measure
a It LI. .v at..
I sht'I Lclio their wisdonftb
stibst;tu?e ftich as tiiy ba more condu
cive to the one, and Me satisfactory to
the otlier. In any cfent, they may con
source of discord, and many carried
their apprcher siona so far as to see -in
them the feeds of a future disso
lution of the Confederacy. Uut hap.
nily our exneritncfi has airraid
twlmysclfcxcuscdia wjglceting tono- quitt, in a great
The position, at one time awumtd
that the admiiir. of new sutti
into the Uiioti on ttie same footing"
with the original feuirs, was iiicom
patihte with a rjghTrsoil'ib the
Unittd hltes, aiul operated m
tico menu The charter which termin
ated its banking privileges on the fourth
01 Aiarcn, icwo, conunuca s-guriwiri
powers two years morcr for the solo pur-
pose 01 Closing US anairs. wjui uukij
"to .jasQ tne cofporate name, style and
capacity, for the purpose of suits for a
nnai seiuemcni uquiaauon v ui ui-
fairs and sets of the corporation, awl,M! surrender thireof; notwithstanding
the sale and disposition of their estate, the terms of the compact by which
rcaL rrsonal and mixed, but for nootli-hhe;r adm;MIOI1 w.s d,BlLfIfi ln.
real personal a
er WJWS been wUly abtad-
soever. Just before the banking pnv- o. ...... ,
iteget ceased, its effects were transferred?
by the bank to a new State institution old States, all now agree thit iBe
then recently incorporate!, in trust, for - right of sil Ltu the publ ic lands re
the discharge of its debts and the settle-1 mains in the Ftderil Government,
iiiciH oi m iui wuj miuh,i vj tnu . mai inese lanus constitotM
authority cf Congress, an jnt comm0ll property, tolbcdispod
stockofmeinjtitution. Themanncr ia Jf tlra,old andncw. Acquiescence
which a trust tiaostiectcdly created upon ; i this just priueiple by the people
the act granting the charter, and in vol- 'of the new States has naturally pro
ring luch great public interest, has been ' rooted a dinpoiilioi to adopt the
necutcdL would, under any circumstan- Li i ; k, M l
K I till BIBB IFVfBBB W .ft. Ill W U IP 1
ces, be a Ct subject of inquiry; but much ;luUic lands. A policy wkieh
more docs it deserve your attention, . . . . . ii;,.,! ,v ' V
s, mtM. iKa r-Wrti nf nh. , hould be limited to the mere ob
ligations to which the authority and Jcct of ,ein8 lhe ,aJdf ft"' lho S1
credit of tho United Statei have given ' test possible aura of money, with-
i!.u TkaiwAvmn fi!1wl am nnur I Atll tSiI.er riinctrlf rtittnnt
nearly at an e U
mai uw irusiuc a sui nwciuw iw ' cot.trarr. It il t?f nenllv rnnirdI
B B . B . . ...
iruu wniiu me tnoae oi uisposjiion
b ' . . '.. n . .
I lave found no reason to change' my
.-.... T - -
fdently fcly ra my faarty co-operation to
th : fullest cxtcrt; w!cn. my views oi uws
Cc:..titutioa aid tty sense cf duty will
nrrrr. t
It is u. i: - :mr;ir.t to C'.i branch
of the public kvrt.ee, aad tha business
ana quiei oi ir.e cotntry, usifw irs
fkLw !iMt.f U. tWnA tt-sv til irrtlltfJ
and regulated by n anil, if ootfiUc,
at vmir nrcsem cession, ucsiacswo i iw
ftbnve naTc'tn:ifm-iiot aware tiiat
any one has been suggested, except that
of keeping the pu money ia the State
in iirrLil dcpoflte. This plan ii
in mm ettettf. h aecordance'with tl
practice of the t-overnmcnt, ana witn
. .
the present arranicmeni oiuw i reasry
durinn: the opetaioti of tlie late l
r.i m
act nas al way s
nng the cxistei
to make a ft
own ej r.wn as w me expejuency ci
do t'rgtlic -stem proposed, being per
f. e!v natisficd that there will be neither
. i c
'.....-a crt.. . ! ts
t.- r ' to cr ::r atl t, .t
i r:;rry r.,t:3, v.hichiavc been t
tned durlr- the ir :. .tycar.wUl bur."
V.ecrr.cd, tr.l tl.at Ct resources of, t!..
"Trea'-Ty, without anyjesortto loans cr
r-T-ae i taxes, will prove amjl3 for de-fravL-j
a3 charges bnposcd on Uuring
.It -1.
X-1 Report, of the fcccretary cf the
Treasury will tSr J you a m;r miaate
- ' ' - tti -1 r fa r Mr-'f-lff J with
ft.-.! ilitywr, safety, cither ia tlie fiscal
r.'"Jrs of the Government or b the re-
ciliary ; transactions of - individuals
and cornorations. so lor.? as a connee
tina exists between them, which. like
tha rtst ofTrs such stroni Inducements
to make them the subjects of political
agitation, Indcch, I am more than ever
p.t mvinced of tho dan??crs to w hich the
free and unbiassed exercise of political
opinion the only suro foundation and
sa!i;ia ol republicaa government
would t3 exposed by any further in
crease of the already overgrown influ
ence of corporate a uthorities. I cann(t
fncfpf re, co.i' ! :tc;.t!y with my yjewtof
:y, aa visa a rar.cwai oi a conicuon
f t . ' l... M
wluch circumrtanccshai'e disilvcd.
Thfidisfftnimfianceof the U.;2 of ttatc
basks for fiscal purposes ought not to be
lliL-iiica tf tC-s Z-Ti: dsirj ijful to tia" fcoSs cf Ihacuistry, cad
i
1 UU
allowed, eve
a r National Hank,
fti?e cP
pUecs,! r t.3 sat;
fif flirt r-vr I
Owcr mr'.t L! cw
A deem
tTtem be a ptcd.
:;ratle,
banks, in panic
keeping fporti
inisoiscrc;iaa
tchatawr fciierj
So long as t?4 eTBicction is .Ijatarjr,
we need pcrliap? Anticipate f. . cf Ciose
difCculiics, and ICcol that c
. ii Kfil-c wrlil -K must at:
V.I UW MM -.! - "rf
such conocctioti then cor.ruery u its
f.!ffi ruf whA mo arrartsd as t
make the bsaksatiiea pan oi w bki
clitBcry of (j
rnent i It is uadouht
cdly in the wclen Congress to rega
iitcuvt goaraPH
cancelled tho outsUnding cotca of the
oana, out nas reissuca, w uij
the third of March. 1823.
the note which have been received by
11 19 a vasi anwuuu tm;muM$ w us
own ofTirial statement, so late as the first
of October last, nineteen ttofiths after
Uw bankinj privilcees nven by the cliar
tcr had expired, it hadundcr its control
.... A " c . . m.
uncancelled notes ot the late ilant of
the United States to tho amount of twenty-seven
millions five hundred and sixty
one thousand eight hundred and sixty-
six dollar; of wmun six millions one
hundred and scvcnty.five thousand eight
hundred and sixty-one dopari were in
actual circulation, one million four hun
dred and sixty-eight thousand six hun
dred and twenty-seven dollars ai oiaie
knnlt ftmne.es. and three millions two
thousand three hundred and ninety dot-
Iars in transitu,- thus showing mat up
wards of ten millions and a half of the
notes of the oM bank were then still kept
outstanding. The impropriety of, tins
procedure is obvious? it being tho duty
of the trustee to cancel and not to put
forth the notes cf an: institution, r whose
concerns it had tiadcrtakcn to wind up.
If the trustee has a right to reissue these
notes bow, 1 can sac no reason why it
may not continue to do so alter me ex
piration of the two -earf,!As ...bo f ooe
rniiiii uani finite Diuxi m couisu kj
inordinary, the prohibitary clause of
me cnarror ayoyccaoica was noi.acom-
t w - . ... . :.i
crovision for enforcing lb nor have we
any general law for the prevention of
, Cut it is cot in this view of the subject
thm that ycur Interposition is required.
Tha United Elates, in scttlini? with the
be money urn
orktcnSaiU
vidaals.";r;.lftis
would not rf.et
;ndned i!
t-i i
4,- t1n.vn" - ! I'.-
cutiro coutfl ovi b owa Lz !j r-.-.:
Idesiro ti seed? t? it by th? fha I
have projK :4H Til, ilnurt la ad
mitted, ta i rtit degree, accct; li:h
one of tht olisca wluch has rctcom
mended Uit planjo tny judgment tlie
Fnarationu the iscal Ccr.ccrns'fcf tl.e
Govcrcmrii fromlhor cf Individuals cr
trustee i for t'icir stock, bavg withdrawn
their funds from their forcer direct lia.
bHityto thFcTc2Itors of.tSo dld"bank7
vet notes cf tha institution continue to be
sent forth in lis namc,and apparently up
on the authority cf tho United Statca
nn , . B.Ji.L .t'. .
inouransacuon connccicu wun uio cin
rloyrocnt of the bills of the tld bank are
cf vast cxtcut; and shou! 1 they result
unfortnnatcly, tlie r interests of indi
viduals inay be deeply compromised.
Without undertaking to decide ho.? far,
or m what form, if any, tho trust could
be mada liibla for notes whicli cor.taio
co obligation ca its piart; tr the old lank
for such as aid put in circulation aHef
tlie expiration cf its charter, and with
out its nutliorify; crthc Goverr;mcr.t for
indemnity, in ca.:3 of Jos?, the questioa
,Ud r :s it. c;i upc.i yotrr considerat
ion, wL:her it is coasister.t. with duty
-""l -i cn tta nan of tho uov-
and r
crnmei.f,ta wiv-csstlus proceeding with
out a sin;; c: rt to arrest it ;
T.a r, ort cf t;e i;ommissioncr ot
tha GencrU Lnnd OlHcc, which will be
lii.! before vou bv the Secretary cf tlie
Treasury, will thow how tho afairsnf
fSfBtr.tT. Vtvn lawn rn-!!Ctcd forL'ifi
adooted bv the Government, thould
always be a prudent one, yet its
4 a..t
leading ooject ougnt to be the early
settlement and cultivation of the
lands soldi and that it should dii
COunUnsnce, if it cannot pre rent,
the accumulation of large tracts iu
the fame bands, whicli mutt neces-
anly rturd the growth of the new
butes, or entail upon tacm a de
pendent tenantry, and its attend
evils. r -
A Question embraciot each im
portant interests And so well cal
culated to enlist tot feeltif of the
people in erery quarter of the U
nion. has very naturally fiven rbc
to numerous plans Tor tee improve
ment of the existing system. Tke
distinctive - features of the - policy,
that has faith erto prevailed, are, to
dispose of the public lands at mod'
crate prices, thus enabling a great
er number to enter into coapetitioa
for their purchase, and accoapliih
ing a double object of promoting
their rapid settlement by the pur
chasers, at tbii sime time in
creasing the receipts of the Tros-
crji to sU ror cash, , thereby pre-
yenung tne uis.uruing wuucmvo .v
a large mass of private cititeai in
j-ejtcditoJhe government. vh
they nave a votes in controlling; to
bring then into market no faster
tbtn good lands are supposed to w
wtnted for f improvements, tbertoy
creventicf the accumulation of bra
tracts in tew nanas; suo iv vr
the proceeds cf the les to the gtn
era! purposes of the Govern"01,
thus dloinishlng the tmount to be
raised frca tht people of tfce States
by taxstisa; ino giyine each Sute
Its pcrticn cf the beneats to bede
rived frca this comsoa, fund in
tnsnaer the cost quiet-; and it
fame time, perhsps, the most tm,
tble.thst cift be devised fMl
provisiosf, with occasional enact
ment in behalf of special interests
deemed entitled to the fsvor ef W
Oovernment,1iaveV in their execu
tion, produced results 'esMOefina
wpott the whole ss coum rrvu.-x,
be expected in soittter -so vasiL
ccmpficated; ind so exeitmg. W
wards 6( seventy i millions
bsve been 8oldrthe greater psrtW
wdiich is bclicved to have bnOf
chased, for tstsil, sett!: stst, r 1 "
( (Conffnt'eicnitftwJJ'l
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