,iiM,ii,iiirriiiWiiiiiUi --. in i- i ' i m ""l " ---i mini-J i-.il ----mwmpwmiwwniiiiwi ... -!-..- " : '.: : ' - : V : v ; : . a aa A; : a-T' aa-- v-:- a BYJOHf A. BACKHOUSE. -' ::..Aa , -,. .:,At-3Pi-vAnnnfe-,. ' s b w 8 e r n; -v. c-v ol:.xx i-x o: 3 7'" :''".";'' ; " ,v ' ,vr, K , v- , ,.- ' .' T'J:itgcgi . . 1 TliKlS ,. , .. The Sentinel i, published weekly at $3 per annum Nimble in advance. tlie numo:r, u , -s- ! g 2 mr sacn coniinuanvB. , . . . j .juiAfiiinfi until .u nrmmraira. a r, : J .Jf t the discretion of the Editor, .r r: ! r - I Uj- uii icucia m mo mmir, me tic 1 n"'1""' ' MESSAGE,,,, : FROM THE. , , PRESIDENT OF THE UNITED STATES. To THE TWO HOUSES OF CONGRESS, AT THE rnYlMENCEMENTi OFj THE "FIRST SESSION OF THE TWENTY-FIFTH CONGRESS. '"''V A fcl MxCitizeris of the Senate v 1 " ani House of Representatives : The act of the "23a of June,-1836 'regula- i'h'S"ihe deposites of the public money,. and itirfCimiC i!ic employ nieht of State;. District, .. , I Tp r ri t o r i al b a n k s f o r l h a t : p u r h s e. ma u e i-th duty of the t5ecretarv of t!i Treasury ,n fiisf.ontinuo the use of such of them as should snouiu in spe- J -it anviime refuse to redeem their notes cie, and to substitute nther hanks prbvidedii sufficient number coul.- be obtained to; receiy the public depositcs upon tne terms and con ditions therein prescribed , Thf ;enernl and almost simultaneous suspension of specie pay meats bv the banks in May last, rendered the performance of this duty imperative, in res 'pect to 'those which had bv en selected undel ihc act, and made-it, at;the s - me time;" imprac ticable to employ the requisite number of-others,- opon the prescribe:l conditions. The specific .regulations established by Congress for the ue post te and saie Keeping oi tne puo Uc moneys; having thus unexpectedly becomej inoperative, I fell it mv duty to aflbrd you an early 'opportunity' for the exercise of your su- Ticrvisorv nowt-ib uvci mr oudjeti. I was also lea to appreuenu mat tne suspen- slap of specie payments, increasing tne em- barrassments beiore existing in the pecuniary aftalrs of the country, wouhl .o far diminish .the puliUc levennc, that the accruing receipts into the Treasury, would not, with the reserv ed five millions, be sufficient to defray the un avoidable .expenses of the Government, until the usual period for the meeting o,f Congress; (whilst lite authority to call upon the State for a portion, of the sums deposited with them, was too restricted .to enable the DeparttricuT 1) realize a. sufficient amount from that sourcv Vjfse i pprehfiisions have been justified by u'equeut. results, which, render it certain i.Vju O.is iltficitncy will occur, if, additional i:rjans be not provided by. Congress. i The (iiCj.wil.ir.rs: expeiienced" Uj-thc i rtiercan- nrtcri'st, in 'meeting ;imir engagements. i ufuced them to apply , to me, prevkusly. to tru' actual suspension of, specie paynientsfor i.i lulgeMra upon the bpn ls for duties and all i!u relief authorized by law, was promptly and cheerfully granted. The. dependence of trie Treasury,', upon, the avails of these bonds, Ui enable it'to make the depositC3 with the States required by law, led me in the outset to limit ithis indulgence to the first of September but ii hus since been extended to the fir'st of Oc to iler, that the matter might be submitted foryour. nirisicr direction Questions were also expected to arise in the recess, in respect to the October instalment of those deposits, requiring the interposition of vjOiire?s rA provision of another act, passed about rue same time, and intended to secure a faith fill compliancelwith tlie obligation of theUn- Ueil btates, to satisfy all demands upon them Aiisjecic or its equivalent, prohibited the offer ol any bank note, not convertible on the spot into go Hi or silver at tile will ol, the holder ; aritlthe ability (of the Government, with mil lions on deposlte, to meet its engaiiements in the manner thu required by law, ivas render- eti verydoubttul by the event to which I have rcterred. V Sensible that adequate provisions for' these unexpected exigencies could only be made by Ungress; convinced thatiome'of them would pc indispensably necessary to the public ser vice, before the regular period of your meet -1 n.r, m , I . t : I . . - ' uiio ucsirous atso to enable you to exer- -ise, une earnest moment, your full consti vuuonai powers lor il rpi;f i l could not, with, propriety, avoid kubjecting you to the6; inconvenience of assemblinir at as -a..y a uayas the state of the ; popular reprel i . 7. . - s.v Mini m nave done but lustice tn vnnri: . j" - V M V Lf 1. 1 Hill K 11 r 11 irktsv -1 n that tlutt . mi . . o "'"'ciict; win be cheerfully en countered, in the hope of rendering vonr , ms con iucive to the irood of ih n,. nrrnif lltra . l: unux mo earner SLno-p t ka. i? . though which we have-just passed, mn.h -w..u,ynious uucussion arose, and srreat diver ' t - w , - . i v .is icai causes. WBB not . filirnriainrr . " TK. : treuu are nn riivoreiHort .k.ia. wmcn anect them so numerous, aiid often so SUOtie, that e-n imni!d I , ujuiuai ouu Hcii-iuiurtneu persons are seldom found to agree in respect io hem. To inherent difficulties were also ahied other i-nrln,.;- .k:i. t.. 'neans lavorable tn thA.Hi.nA..t n. bs nardlv tn nvnoot.ri k4.u.. .. i i. ffthe Policy of the Government in rela ol ? n nh r 6 r!ienc would, in the excited state fail to Z, I ; s Proauceu by the occasion, u.io altrihiilo ia :!. : emhar Fuiicy any extensive SmS TKnlm the raonelarJrirairsot -untry. ihe matter thus h opiniona lhe Paswons and conflicts of party; Pinions were more or less affected by pblitil termin.A W1 raS'v otherwise have been de of r.." ' - . art,BB, o lactsv oy me exercise ho stance. .if- eennS "fleclion.v that circum- u,ceS Of this nil.... . lt 3Trivin,8,lnle',i8cnta8 ?urs ora ultimately aviDgat correct mniu- J.. - : - tauiiai nrevpni rnmi f bv the firm hpl!rv. 4.',i.'.-i.'..i;i .1. state my viewsVsn ft, m-Z kL .I " I . . ' t. " in. .xjjr uuiy.iu propose, and ol tue reasons by i.wiuuu x iiuve Deeir lea to recommend them. , ne lustprv of. trade in lhe United Slat fori;ine thsit tnree or four vears. affards the most convincing evidence that our nresenteon miuuu 13 cnjenj . to De attriouteU to, orcraction ,an mc ueuuriHienis 01 ousiness: an oer-ac Hon denvinfir, perhaps, its. firs! impulses from antecedent causes, but stimulated : to its des- iruciiye consequences bv excessive issues of bank paper, and by other facilities for the ac quisiuon and : enlargement of credit. , At the commencement of the vear 1834. the hank. ins. capital of the United Slates mclndino- thaof the 'national banlv 'then existing', amoun-. leu 10 about two hundred millions of dollars: wv uuu iiim's, men in circulation io about ninety-five mSEIionsiand the laansard discounts ol the banks to three hundied and twenlv-fonf millions; lietweeh that time and the first of January,' 1838, beiag the latest period to which accounts have been received.' our haiikiiWra- pifal was increased ip more than two hundred and fifty one millions; our paper circulation to J'hjirer:thaii one hundreI and forty milli the Joahs and discounts to tnore thahf ions, and four hun dred fand fifty-seven imillionsr. To this vast increase are to be added the many millions of creuu, acquired uy means ot foreisrn loans . V . . - contmcted by the States.and Slate institutions and,: above all, hy 1 the lavish accomodations extended bv; foreijrn dealers to our' merchants.' The 'consequences, of this redundancy of Cre dit and of the spirit of reckless stiecnlntimi en- ed by our citizens, estimated in March last at more , than; thirl v millions of : dollars: the gs- tension to traders m the interior of our coun try of credits for supplies, greatly beyond ihi wants of the people; .the investment of thirty- uine anu a nan millions or dollars lnunpro- ductive public lands, in the years 1835 and 193(, whilst in the preceding vear the sales amounted to only four and a half millions: the creation of debts, to an . almost countless amount, for real estate in existing or anticipa ted cities and villages, equally unproductive, and at prices now seen to have been greatly disproportionate to their real value, the expen diture of immense sums in improvements which, in many cases, hare been found to be r u i u o u sly im p r o v i d e n t," t h e 1 i v ersio a toother pursuits of much of the labor that should have been applied to agriculture, thereby contribute ting to the expenditure of large sums iu the asportation oi grain fiom Europe an expen diture which, amounting in 1834 to about t wo lundred and fifty jhousahd dollars, was, in tlie first two quarters ol tn present year, increased to more than two millions of dollars: and. inaliv, without enumerating other : injurious resol'tV, the rapi I growih ainonjr all classes, and especially in our great commercial towns, of luxurious haUits, founded too often on mere? y fancied wealth, and'dctrimenlal alike td the j nd us t ryi the resources and the morals of our people. 1 ' '-;''rv; . .. It was so "impossible that such a state of things could "long continue,' that the" prospect of revulsion wa3 present to the minds of con siderate men before it actually came.. None, however, had correctly anticipated its severity. A concurrence of ; circumstances' inadequate of themselvei to produce such wide-spread and ' calamitous embarrassments, tended so to aggravate " them, that 'they "cannot be overlooked in considering their history. Among these may be mentioned,' as most pro mine nt, the great' lossof capital sustained by our? commercial emporium, in the fire of De cember, 1 835 it loss, the ci effects ' of -vhich ivpfo nnilrr9tit .it iftA timo. lfnnA'nnatnmi. ed for a season bv lhe great facilities of credit then existing; the disturbing cfledtSi in our commercial cities, 01 tne iransiers of tne puonci moneys required by the deposite law of June, 1836 and. the measures adopted by the foreign creditors of our merchants to reduce their debts, and to withdraw from the United States a large portion of our specie. " However. unwilling any of our citizens may heretofore . have been to assign to those. causes the chief instrumentality, in producing ; the present .state'of; things,1 the developements subsequently, made, and, the actual condition of -other commercial countries, rnust ? as it seems to me, dispel all remaining doubls upon the.subject.i It has.' sine? appeared that evils, similar to those, suffered by . ourselves, .have been experienced in Great Britian, on the continent, and indeed throughout the ;com meicial world; and that, in other. countriest as well as in our own, th y have been, uniformly preceded by an undue, enlargement of the boundaries of trade, prompted, as with us, by unprecedented expansions of the : credit sys tem.. A reference to the amount of banking capital, and the issue of paper cret'its put in circulation in Great Britian, by banks, and in other . ways, during the years 1S34, 1833 and 1D.30, Will sno.W an augmeuiauoii oi uie paper currency; there, as. much disprbporlioned,lo the real wants of .trade in the United States. With this: redundancy of the papr currency, there arose in that country also a spirit "of ad venturous speculation,, embracing, tne fwnoi ra'iiiCot human enterprifC. A 'it vas proiuseiy gi veh to projected improvements; large invest- ments were made in foreign stocks ana loans; credit? for goods were granted with unbound- and all the means of acquiring and employing credit Were put in aclive operalion, and exten ded 1 n tlie i r effects to, every department of bu siness, and to every-Quarter of the giooe The reaction was proportioned in its violence to the extraordinary characier of the events which preceded iti." The eommercial commu nity "of Great Britain were subjected to the greatest difficulties," and their debtors in, this country were hot onlv suddenly dennv o accustomed and expected credits,' but callodl lure of. things, here 'could - onlv "b mVf mrougn a general pressure, and - at the rnost ruinous sacrifices. -' ( 'In view of these facts,1 it would seenr imrjos sible for sincere inquire i" after truth to Resist the cohvietloft, that! the causes of the revulsion in both countries have 7 tieeh substantially . tlie same. ' Two natiohs.'the most commercial in the world, enjoying butSrecehtly thehighest degree of apparent prosperity and-maintaining with. each other the closest relations, arc sud denly, in a time of profound peace, and with out any great riaiionaldisaster,arrested in their career and plunged into a state of embarrass ment and distress. In both countries we have witnessed the samelredundaneyilof paper f rdo ney and other facilities i et credit the same spirit of speculation ; the same partial succes ses ; .the same difficulties and reverses, aud at 1 e nlh, nearly ill e sam e io ver akelrni n g ; catas trophe. 1 he most material dirteience between the results in the two countries has xjnly Ibeea that with us there has also occurred ita extent sive derangement in the r fiscal affairs 'of the I Federal and State Governments, occasioned by the suspension of specie y pay ments Vy - the banks.. - i ;.l'Vaij " iauii-iu ' JMv ' The history of these causes and 'effect, in Great Britain and the vUnitedf Stales' i; Sub stantially the. history of the - revulsion, in all other commercial countries..: ' ' u ' v ---Vi The present and visible elTectsof these cir cumstances on the operations, of then Govern ment, and on the industry, of the people, point out the objects which call for vour immediate attention. "--",' . ?x "r? . They are to regulate byiaw thk safe-keep- ing, transter, ana aisDursemeni, oi tne public moneys ; to designate the funds lobe received and paid ly the Government; to enable the Treasury to meet promptly every djrnand upon lo prescribe the terms of indulgence, t 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 depositories, and to devise and adct such fur ther measures, within the coristitu ional com petency of Congress, as will be bes calculated to revive the enterprise and fji j. pmote tlie prospeyitV of the country. V " For the deposite, transfer and dii ursement, of the revenue, National and State lauks have always with temporary and limited xceptiuns, been heretofore employed but, although ad- vocalcs, of each system. are still lobe found, it is an parent th at the events of: tie last few months havc greatly augmented lie desire, long existing among the'people ofthe United States,' to separate the fiscal operations of the Government from those, of individuals or cor porations. :." "'Ji '. -: .'- -:'' Ajl-X :--l'-T Tf Agtrirt, t-era4 national balijU, oa ;b lEcal agent, would be to disregard the popular will, iwice soeranly and unequivocallv expressed. On no question of domestic policy is there stronger evidence that! the sentiments of a large majority are deliberately fixed,; apd,-I cdnnot concur "with those who think they see, in re cent events, a proof that these sentiments are, or a reason that they should be chaigedr ' Events, similar in their origin and character have heretofore frequently becuned, . without producing any such change ; and the lessons of experience must be forgotten, if tve suppose that the present overthrow of credit " would have been prevented by the existence of a na-j liunat oanii. i ruiientss iu cAttssoe , issues has ever been the vice of the banting system a vice as prominent in National asih Stater insti tutions.' This propensity is as subservient to the advancement of private interests in the one as in the other; and those who direct them botti being principally guided.. by the same views, and influenced by the sam motives,will be enuallv urged to stimulate extra vagance of enierpiise by improvidence of tredit. - How Istrifeingly is this conclusion sustaineu Dy , ex nerience." l ne uanK pi tne unueu oiaies, wiw mi I. -V.t fT.. !...! J. . J - I.I thetvast powers conferred on it by Congress, did not or could not prevent fortner and simi- ar embarrassments; nor has the;stiliy greater strptierth it has been said to possess, under - its present: charter, enabledit,in the existing e a , mergency,- to check other institutions, or even to save itself. -In great Britain, where.; it has beetreeUr the. same causes have i jbeea atten ded with the -same effects, a national bank, pos sessing powers far greater than are asked; for by the warmest aavocdtes oi sj;cn an- lusuiu- tion here, has also pioved unable Lto prevent an undue expansion of credit, andUjhe evus that now. from it. :nor can i unu any- tenauie ffround for the reestablishmeut el a uatiohalVtions ofthe country have lately been exposed. bank, in the derangement alleged at present to exist in the domestic exchanges of the a coun-i try, or in the facilities u may ue capaoie 01. ai- . ..r. ,.rm iipm a I inniiirn in van ta (res oi in is sort were anticipated when the first JJank rof UtUIMK tllVUI. i i the United States was created tney wereegar? ded as incidental accommodations j not - one which' the Federal Government' wasibound or could be called Opon, to furnish. iThis accora- mouation is now, iimeu'i uuer mc jojiac i uu many years, demanded from it as among us first duties ; and an .omission to aid and regu late commercial exchange, . is treated as ground of loud and serious complaint. -Such results only serve to exemplify the constant desire.amongoaieof bur citizens.lo enlarge the powers ofthe Government and extend Us. con lrol to subiects in which it should io interferei They can ne ver justify the crealipn of an - in stitutipn to promoie.such objects. . Qn the con trary, they lustly excite among tne community a more diligent inquiry into. the character of those operations ol trade,, towards '.which it is desired to extend such peculiar tavors'. .ur- ... j.ne.various trausamiuu wuiu uo mv name of domestic exchanges, differ essential ly in jneir nature operation arid utjlily ,-One class of themTconsists of rbillsj ofj, ex?hanger drawii; for Tthe purpose oC ,lransierring2aclual capital from one part of the country, to anoth er, of to arilicipale the proceeds, of. property actually transmitted. Uills 01 mis uescnption a nd. we! 1 deserve all the enc'o uragemen t Vhich cart rightfully be given lo them." .Another class is ;made.up of. bills f exchange,-notlntwn to - - --.t yajJHai,uuf un tne creaiiTH pro perty iransmitteVlhut'to 'reafAffUt?:hnV'r!n. ite1? partaking a uiscouuieu in DanK. and of bank nniM In o ri- lation, and swellin v ih to a vast exient in a most objectionable rrran ner. i iTliese bill have formed far'Ati Uct rm years, a, large portion of what are termed the wv,u, cant cjcnanees ot ine country, servirxr as -he means of usurious prjfit and constituting the most unsafe and precarious tianpr in e.irrn. JatlOft. IhlS -snecies' of-traffirli inlAnl nf a . - . . . ' I 1 - - bein g u pheld, o ugh t to be d iscoun tenahced by footing the privare citizen, ami ma resort la thf.'Mmn legal means. It rriav:do So thrrf the urn of bills drawn by itsftlfV of purchased froinoth- ers v and in those operations it mayin a man ner undoubtedly constitutional and legitimate. facilitate and assist' exchanges of individuals founded oil real transactions of trade. LThe ex ten to which : this r in ay be done, and the best iiivaua i ciicuuug ii, are eiiiuicu to tue tuiiesi cbisidration-C T bestowed by the Secretary of the Treasury, and his views will be submitted to you in his reports i ' V But' it was hot designed by the Consti to lion tna t tne uo vera m e n t s h o u Id ass u m e th e m an agemeht of domestic or foreign exchange. . It is indeed authorized to regulate by "law ; the commerce between the States and to provide a general standard of value, or medium of ex4 change in gold, and silver i but it is not its pro vince Id aid individuals in the transfer of their funds, otherwise than through, the facilities af- lorded. by the ; Post Utiice Department. As justly might it be called on to provide for the transportation of their, merchandise. These are operations of trade. They ought to be coifducted by those who ara interested in them, ih the same manner that the incidental difficul ties of other pursuits" are encouuiered by other classes of citizens. Such aid lias hot be deemed j Tieccssar riiV? other countries -Throughout Europe,' the dotr estic as well as the foreign exchanges are carried ou by private houses, often generally, without the assistance of banks, i Yet they extend throughout distinct sovereignties, and far exceed in amount " the i real exchanges of the t United - States JThere is no reason why our own may not be conducted in the same manner; with equal cheapness and safety. Certainly this might be accomplished if it were favored by those most deeply interes ted ; and few can doubt that their own interest, as well as the general welfare of the country would be promoted by leaving such a subject in the hands of those to whom it properly belongs. : A system founded on private inter est,"enterprise and compelion without the aid of legislative grants or "regulations by Iawj would rapidly prosper ; it would be free from the influence of political agitation, and extend the same exemption f. to. trade, ? itself ; and .it would put an end to those complaints of neg lect, partiality, injustice and oppression, which are the unavoidable results of of interference by the Government, in the proper concerns ol" individuals! All former attempts of 4the Go vernment to carry its legislatiou, in this res pect, further "than was designed ' by the Con stitution, have in the erid proved injuriousiand have served only toconyincethea great ; body ofthe peoplempre'andjnpre of the certain dangers oi blending private interests with the operations of public business t ahd there is no reason to suppose that a repetition of them now would be more successful. " ' !' . t It cannot be concealed that there exist in our community, opinion and. feelings ' on this subject ing direct opposition to eacholher, A large portion of them, combining- great in- iplliffpnrp firtivitv and influence, are no doubt sincere in their belief that the operations'- of dauceof our resources,;the general harmPny ' trade ought to be assisted by such a conncc- which prevailsewaen the different Stales lion; they regard a national bank as necessary and with foreign Powers, all enable us now to for Us purpose, aud they are disinclined lo select the system most consistent with the every measure that does not tend, sooner or la- Constitulionj i.and .most conducive t to , the te'r, to the establishment of such aiiJnsiitu- public welfare.:, Should we,' then, crhnect the tion. On the other handa majority of the Treasury for a fourth time with the local people are believed ;5 to be irreconcilably op- banks,it can only 1 be under a ' conviction that posed to lliat measure; they consider such a past failures have arisen from accidentaiy not concentration of power dangerous to their li- inherehW defects." . . . beraesvandrnany of them Tegard it as5 viola- ; A danger,.difficult, if not impossible, to sb tion of the Constitution This collision of o- avoided in such an arrangement, is made stri pinion has ; deubtlesi., caused much 'of the em- kingly evident in the very 5 event by which it barrassmeni to which the commercial transac- has now been defeated." v A ' sudden act of the oanKtng nas Decome a pomicai topic 01 vne highest interest,andtrade has suflered in he . . -0w . . - ; searceiy .io ue; cxpecteu.-' e nave seen ior nearly half a century that those who. advocate national Ifnnk. bv whatever motivc;thev mav h inflnenced. constitute a portion of our com- ... - m unity too numerous to alloiv us to hope for n t-arlr abandonment of their favorite plan, on the other hand, they must indeed form an erroneous esiimate of theintelligence and temper of the American people, who suppose that they have continued," on slighrpr insul- ficient grounds, their persevering i opposition to such an institution-, or that they 1 can be in- duced hy pecuniary pressure, or by any other combination of t circumstances to ' surrender principles they have so long and so inflexibly lnaintained. Aja AA -vl D My pwn views of the subject are unchanged. They hive been repeatedly andf uureservedlyofaccpramodaiing tnetr transactions to such a jinhaiineeJ lo my leilowCitizens. wno, wun luiiicatasiropuc. :; . . 1 , t': 'vt.a knowledge of : them, conferred upon me' the the On hiorhpRt offices tif the Govern menl. - tlie last, of these occasions, I felt it due to the nannlA in Bnorize them distinctly, that, in the ,nnt f mv election. I would not be able to operate in the re-eslablishmehtof a national ir- V m Uou .,ni;,nonli I liavaiiinn nnlvl oanti. : . otuuiusuwi , to add the expression of an increased cony ic tion; that the re-establishment of sucft a uans, beneficial purpose promised by jts advocates, would, impair " therightful supremacy of , the popular.wil); injure the ; character and xlimin ish the influenca of our. political svstem; and brjng; once, more into existence a concentrated moneyed, power, :iiostiJe ? to the A spirit and threatening the permanency, of our republican institutions.", -. -;lr . .t. i .Local -bauks have been employed.-forthe deposite and distribution of the, revenue, at all times, partially, and,on three different occa sions exclusively;' first, anterior to the; estab lishment pf tUp 3ank of the;U; States; second ly, in the interyal between the terniiuation :ot that institution and tbb i charter f 8 succes sor; and .thirdly, during the .limited .period wnicft has now. so. abruptly closed. - l he con nection thus, repeatedly; attempted, proved un satisfactory on each successive occasion not withstanding the,, various measlirep: which. were; adopted t: facilitate or insure its successT- On . the last occasion, in the ryear 1 833, the employment, of the Stale banks was guarded m every way i which experience and catHion cpuld - suggest. 'in Personal h security was ?re- quired far, ; , the safe-keeping -.and " r prompt payment . of the moneys ;, to be received, and full returns of their condition were, from lime to time,: to be made 1 by the; depositories. In the j&rst stages, the measure was eminenil.y successful, notwithstanding the violent oppo sition of the Bank of the U.. States,' and - the1 unceasing efforts made to overthrow it.; The? selected-banks: performed - with fidelity, . and- withbut any embarassment to themselves or to the community, ..their engagements : to the' Government, and the system promised ;.to be permanently, useful.. But- when it became necessary, . under the . act ol June, isjb, to withdraw from bem the public money, for the purpose of placing it in additional institutions, or of transferring it . to the States, they found t, in many cases, inconvenient to.comply with the demands: of the Treasury, and numerous and pressing' a pplications were made for in dulgence or relief ,, As the instalmens tinder" the deposite law become payable, ...their own. . embarrassments, and the necessity under which. they, lay of curtailing their discounts andcal- mg in their debts,-, increased the general distress, and contributed, with other causes, to hasten the revulsion in. Svhich, at length, they in common with the other banks, were fatally involved. , ,:- - . .. A , '' . .' . Under? these circumstances, j U ; becomeai our solemn duty to inquire whether there are hot, in any connection, between the Govern- ment anu oanus pi issue, vus ot great uiagui mde, inherent in its . very .nature, and against which no precautions can effectually guard: , Un foresee n x i n the Organization of the j Go Vernmenn and forced on the Treasury by ear ly necessities, the practice of employing banks, was In truth, from the beginning, more, a mea sure f of ; emefgfencyl; than of scund policy. When we started into existence as a nation, in addition to the burdens of the new Govern ment, we assumed all the large but honorable -i load of debt which was the price of our liber -ty; but we hesitated to weigh, down the infanf industry ofthe country by resorting to ade- -quale taxation forv the necessary , revenue. The facilities of banks, in return for . the pri vileges they acquire, were promptly offered, and pernaps too - reaauy receivea oy an em- barrassed Treasury.; During the long contin uance of a national jdebt,, and .-the intervening' difficuilies, of a : foreign war, the connection, was continued from . motives of convenience; but these causes have long since passed away,. ' We have r ho emergencies , that .make banks . necessary to aid the wants ,t of the ; Treasury; we have no load of national debt to provide for, and we have.' oh actual deposite a large surplus. No public interest, therefore, idovr requires the renewal ot a connection that circumstances have, dissolved.; meci The complete organization of our , Government, the abhn- banRs intrusieu wun tne iunus pi me peopier jucpiic h, iu.,( a&uw - fof tne- uovernment, 01 tue; aotiity 10 pay us l-V - ... .:, . . t l 1 ' i uuciuatiuui ui uuiuiuvji u. v j. uicu, it tne puDiic revenue uau uceu cuuectea in the legal currency, and kept in that form bv. Uiei.omcer pi ine 1 reasury. me - citizen l . - - '.t . m . . mi ... - whose money was la bank receives it back, since the suspension, at a saennce in jts amount; whilst he" who .kept it in the . legal currency, and in ais own possession, pursues without . loss, the . current or his business, The Governmeit; placed in the situation of; former, is involved in embarrassments it couldV not have suffered had it pursued the corar5e pf- the Jatter. . These embarrassments arr niore- over, augmented, by those saluiary and just laws which forbid'- it . to use a de preciated i currency, ana, oy so oomg, ta from tho Government the ability which indir iduals have 1 !v! A system which cany in a time of profound peace, when there Is ft largr. revenue laid byl thus suddenly prevent the application and thff I use of the money of the r. eonte; in thp manner col and for the objects the v Hirtod "nnfL bewise; but who car 4 thinkVl without painful" rpflftCtlon. that. UB'T'.il'ir' .11. i 1 J 2i . T-r -- . .ucr, ii., mo came, un.ioreses; - eventstnaghtt h'C; Vefallen us in the midstol a war. ami en from us, at the moment when -. f. s if I. --f I A 1 1, .1' n I" I I 1 i A t I