Newspapers / Newbern Sentinel (New Bern, … / Sept. 16, 1837, edition 1 / Page 2
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disbursements of the the- public mo-j gency thai has been, pr can be devised." ; safety and eonvenieBettaccomplUliedlsayj.tj -ikese Views." I leave to Congress the ascnts in JViay last; a perwu wuk,U uum m 1 puuuw uiv; . - - 1 ....... . ; nmmcreiil intercourse, presented obsta-1 tnn dnt v- I have stated to them, Without re- ol. ... irre&ta anvtnat may do nereauer appreueuueu. itAPrt . . result oiYmV owttf renecuuns. 0.. t - .i- th.4 " " . t.s .1. The manner of keeping u" F""' -- -K?rr 1 of irreat imnortance. aud onft OB,wiui .tatedin theTeportei inecreo - - - lv,ln ,1 to he as u this branch of the. public service, . wiUioot any; material : - - - ,h rn.rmi branches of the pense.iThe extent of the business to be transacted Government, I can promise a reasonable spirit has already been statea ana in respect to me tmouai i 0 co-operation,, bo, ur as 11 can uu. of money with which theTofficers employed would bef iviihonttha surrender "of constitutional objec- cntrusteo at any one time, 11 appears inat, " . J tions. which I believe to be well founded. . Any balance pf five millions to be at ail times kept in the "" . - , .A.l K nhUtl that, deducting one million for the use of the raiut,&as- Jte.hsrifn if rh duties imnnscd ou him : and Burning the remaining four millions to be in the hands of whatever pian raa y be ultimately est ablished, wry one-nan 01 ine present uuiuucr oi uwi a. upr.- , t i. tion deemed more likely to correspond with the fact- own parvsu" us o umuu .u B., .y - hm ..,m in Tth K.nd. f Prh Mrmiid stilt be less than taif trial, ana uio uosiprosneci 01 success. J W - " ' . I 7 ' i the amount jof most of the bonds now taken from the I The character of the funds to be received and receivers of public money. Every apprehension, how-1 Brsed in the transactions of the Government, ever, on the subjeeitiier in respect to ine saiety ;o ikewise inlands your mast careful coiwWera the money, or; the faithful, discharge of these 'fiscal 4 .... ?. ; r , transactions, msy, it appears to me, be euectuauy re-1 ,n' . - 1 . , , , , , ; , moved by adding to the present means ot the Treasury , Tberu caa bo o doubt that those who framed me esuousnmeni oj law, ai .a lewimporiaai pomis, ui i c& auopcu me vunsiuuiiuu, uaving in tuiincutaic emces tor ine aeposue ana msDursemeni ui bucu f"'-i view tw depreciated paper oi tne tJontcderacy -tions of the public revenue as cannot, with obvious safe- five hundred dollars in paper were, at by them to the publiccre timesi only equal to one dollar 'in i coinintended ditor. Neither the amounts retained in their hands, nor to prevent ine recurrence ot similar evils, so lar ty and convenience, be left in the possession lectrag oQicers until paid over l thoe deposited in the offices, would in any ordinary! at last as related to the trans ictidns of tho i new condition of the revenue, be larger in most cases than I Government. They gave to Congress express mose oiten under me conu-or oi ooursing omcers oi , lQ CQ;n - d to regate the value the Army and Navy, and might be made entirely safe, PV u J . rttf.,,l , n by requiring such securities, and exercising such con- y.t ' - trolling supervision, as Congress may bylaw prescribe, give it power to establish corporations the i - : -r-:n- -i.i 1" LI. : i than nv hank a- .. . - . . ..jt.u-. ..i!..: I nnflH.nA. that tne necessary iransiers. wbh u iuv i cunve uuubko auu -y . ,:. i... an vail n n lu ui uiuu tc kuc u--'u- i .... . it i . . . - ' ... . i l . wuici vu.v- -r - .. . ... 1 rn.keeDins And al welfare and guard our national rights! rSnbf with 1 o sucn eniDarrassuicu- -uw; will this Government be always exposed, whilst it takes the moneys Taisethforrand iie' cessary to. the public service, ou ol the bands of Us own omcers, ana couverw iuw w . mere right of action against corporations en- irusieu wuii me paacoHvv " r ' such resuUs be elfectually guarded against in - . . I a . . . A v'.1v 'Ow.kAII.- & . i .... n n iit .-in r w iiiiit i r.i.ii" . fivowith nntrnl over the banks themselves, . : whether State or - National, that; Itnight " with Teason be objected W Oura is, probably, the onlv Government in the world that is liable, in the manatfement of its fiscal xsoncerus,' to like these. " But Ibis imminent risk is not the onlv danger attendant on the . surrender of the Dublie money to the custody ' and control of local corporations. ; : Though the bbiect is aid to the Treasury, its effect Tiiav be to introduce into the.operations Of the Government influences the most subtile, fonn- tled on interests the most selfish. ' - The uie bv the banks, for their own benefit, of the money deposited with them, has recei ved the sanction of the Government from the - commencement of this connection. ; The mo ney received from the people instead of being kepteill it is needed for their use, is, in conse quence of this authority, a fund on which dis counts are" made for the profit of those who happen to be owners of stock in the banks se lected as depositories. The supposed and of ten exaffsrerated advantages of such a boon will always cause it to be sought for with avidity. -1 will not stop.tojconsider on whom the patron age incident to it is to be conferred ; whether the selection and control be trusted to Congress ot to the Executive, either- will ; be subjected H 1 i.iIa ( n Awa fVkm tvnioh t h A 19 iracity of interest can' suggest. The banks, tinder such a system, are stimulated to make the most of their fortunate acquisition the deposites are treated as as an increase of capital ; loans and circulation are, rashly augmented ; ana, wnen tne puoiic exigencies I . : !ll..,1l ... 1 1 It a - mi tnents not provided for, nor foreseen. Thus banks that thought themselves most fortunate when the public funds ''were received, firiH themselves most embarrassed when the season of navment suddenly arrives. ' -r K- Unfortunately, too, the'erilsof the system re not limited to the banks. It stimulates a jTeneral rashness of enterprize, and aggravates the fluctuations of commerce and the cur Tcncr. This' result was strikingly : exhibited during the operations of the late deposite svstem, and especially in the purchases of pub Ji'e lands.' The order which ultimately direc ' ted the pay ment of gold and silrer in such -purchases greatly checked, but could not alto jretber oreVcnt, the evil. Specie fwas indeed ' jnore difltcult to be procured than the notes' vhich the banks could themselves create a .- pleasure ; but still being obtatQed. from5 them as a load,' and returned as 'a deposits, which they were again at liberty to Use, it only pas sed round the circle with diminished speed. This operation could not have been performed 3iad the funds of the Government gone into the Treasury to be regularly disbursed, land not into banks to be loaned out for their own profit while they were permitted to substitute for it a -. credit in account! ''' V ',-,-:';': " In expressing these, sentiments, I desire not no undervalue the benefits of a salutary credit no any branch -of enterprise. The credit be--s to wed on probity and indastryis the just re ward of merit, and an honorable incentive to further acquisition. .None oppose it who love their country and understand its welfare. But when it is : unduly encouraged -when it - is made to inflame the public mind with the temptations pf sudden and unsubtantial wealth -wheh it turns industry to paths . that lead sooner or. later to disappointment and distress it becomes liable to censure, and needs cor ' rection. '.'Far from helping probity and indus try, the ruin to which it leads falls most se verely on the great laboring. classes, who " are thrown suddenly outjof employment, and, by the failure of magnificent schemes never inten ded to enrich them, are deprived in a moment of their only resource. Abuses of credit -and excesses in speculation, will happen in despite . of the most salutary laws ; no Government perhaps can altogether prevent them ; but surely every-Government can refrain from contributing the stimulus that calls them into life. . Since, therefore, experience has shown, that to lend the public money to the local banks is hazardous to the oDerations ' of the' Government, at least of doubtful benefit to the institutions themselves, and productive of -disastrous derangement in the business and currency of the country, is it tne part ot wisaom again to renew the ; connection.4. ;- . ::X.-.;',: It is Vue that snchl an .agency is in many ' respects convenient to the Treastlry, but it is not indispensable. JV, limitation of the expenses of the Government to its actual wants, and of the re venae to those expenses, with convenient means for its prompt application to the purposes fcr which-it wm raised, are the objects which we should seek to accomplish.: The collection, safe keemn?. transferand disbursement of the public mo ney can, it is believed, be well managed by oScers : of - the Uovernment. , its collection, and to a great extent, ' its disbursement also, have indeed been hitherto con ducted soley 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 t pay it in snch portions and at such times as the Tresn ry shall direct. , ; -:v' - Surely banks are not more able than the Government to secure the money in their possession against accident, violence, or fraud. The assertion that they are so, must assume that a vault in a bank if stronger than a vault in the Treasury ; and that dirpctors, cashiers, and clerks, not selected by the Government, nor under its control, are more worthy of-confidence than officers selected from the people and responsible to the Government; - ofScera bound by official oalha a.nd bonds for a faithful performance oi their duties, and constantly subject to the supervision of CongressJ; V:A 1 Y f ' The difficulties of transfer, and the aid heretofore lerr dered by banks, have been less than is usually supposed. The actual accounts show that by far the larger portion of payments is made within short or convenient distan , ceS from the places of collection ; and the whole num ber of warrants issaed at the Treasury in the year . 1 834 a ear, the ' leadtu of which? will: it is believed. jiBbrd a safe test for the fulore fell short of five thou tiaad, or ah ivertge of less than one daily for each State; in the city of New York they did not averages Borataaa lwo aay,-fmna ai uxo city of Washington a heavy loss, the . purposes f Ibusiness. ; With' important objectwill, without doubt.be perform- eacil succeeaing uay ine meiHiiic .uiiyivjr u tu. , i creases ; by somd it is hoarded iu tne natural j in tne mean time, it is our duty to provide all fear ..that, . once r patted. wuh, . it canoot .be re-j the remedies against a depreciated paper curren- ulaced : while by others it is diverted Irom.its cy which: the Constitution enables us to afford. - - - - - - - . oi ill rrs ' srv ' . - more legitimate uses, tor the sake ol gain, anouia i tie l reasury uepartmont, on several lormcr Congress sanction this condition of things by occasions, has suggested tho pi oprieiy and tra makine Irredeemable paper fm6ney receivable portance of a uniform law concerning bankiupt- in payment ot puotic oues, a temporary cupck io cies oi corporations, ana otner oankers. lliro a wise and salutary policy will,' in all probability, the instrumentality of such a Uw, a salir.ary ho converted into its absolute destruction. " "4' check may doubtless he, imposed, on. the issues of It is true tliat bank notes actually convertible PaPr money, and an effectual romedy given to into specie may be received in payment of the the citizen m a -.way, at once equal in all parjts of revenue! without Jieing liable'to'alf these objec- l!,e Union, and fully authorized by the Conjjtitu- tions,:. nd t'liat suchcburse-mayto sbmei. u??- H- . H . , n-AM-no iisrt ivtftiinl rnntpnicnffl r an object 1 "t; indulgence granted by Executive autho- always to be considered whe.e it does not co.ftl.ct "J Py,he..t of bonds for duties has been with the principles ot our Uovernment, or tne" - -y..b .....tu aie general wcliaof the country. If such notes ef,l5fratfntif1ose obl.gutiorts -would subject ?re received, and always under circum- v .. "r;""""- pi "Ul t" only -were The principal officers whose appointments would , be come necessary under this, plan, taking tho largest number suggested by the secretary of the treasury , wonld not exceed ten ; nor the additional expenses, at the same estimate, sixty thousand dollars a year. . There can bo no doubt of the obligation of those who are entrusted with the affairs of Government, to conduct them with as little cost to the nation as is consistent with the public interest; and it is for Congress and ultimately for the people, to decide whether the benefits to Je derb ved from keeping our fiscal concerns apart, anJ severing the connection which has hitherto existed between the Government and banks, offer sufficient advantages to justify the necessary expenses. . If the object to be ac complished is deemed important to the future welfare of th country, I cannot allow myself to believe that the ad dition to the public expenditure, of comparatively ao small an amount as will be necessary to effect it, will be objected to by the people. -It will be seen by the report of the Pest-master Ge ricral, herewith communicated, that the usual affairs of that Department have been successfully conducted since May last upon the principle of dealing only in the legal currency of the United States, and that it needs no legislation to maintain its credit, and facilitate the management of its coacerns ;.the existing laws being, in the opinion of that officer, ample far those cliectfl Difficulties will dob!ess be encountered, for a sea- eon, and increased services reouired from the public uncuosinH ; euco are usuawy inciueni to me com mencement of every system, bat they will be greatly lessened in the progress ot tts operations. . The power and influence supposed to be connected with the custody and disbursement of the public money, are topics oh which the public mind is naturally, and, with great propriety, peculiarly, sensitive. Much has been said on them, in reference to the proposed sepa ration of the Government from the banking insti tutions : and surely no one can object to any appeals or animadversions on the subject, which are consistent with facts, and evince a proper respect for the intelli gence of the people. If a Chief Magistrate may be al lowed to speak for himself, on such a point, I can truly say, that to me nothing would be more acceptable, than the withdrawal from the - Executive, to - the greatest practicable extent, oi all concern m tne custody, and disbursement of the public revenue ; not that I would shrink from any responsibility cast upon me by tha du ties of my office, but because it is my .firm belief, that its capacity for usefulness is in no degree promoted by the possession of any patronage not actually necessary to the performance of those duties. But) , under our present form of Government, the intervention of the Executive officers in the custody and disbursement of the public money seems to be unavoidable ; and before it can be admitted that the influence and power of the Executive wonld be increased by dispensing with the agency of banks, the nature of that intervention in such an agency must be carefully regarded, and a 'compari son must be instituted between its extent in the twS cases. v ; V"Y.. . ' 'V ' .r .v..;: amlv four. The diScatties fly lessened (jtj cf eota agents, then is as now, chiefly employed to ere ate a paper cirrency ;t they prohibited the States from making any thing but gold and silver u le gal tender ii payment of dobts; and the lirst congress drectud, by positive law, tint the re- enue should be received in nothing but gold and silver, -t c I Public exigency at the outset of the Govern ment,1 withiut direct legislntive authority, led to the use of tanks as fiscal aids to the Tronsurv. In admitted deviation from tho lawat the same period, and under the same exigency, the Secre tary of the Treasury received their notes in pay nient of dutc s. The sole ground on which the practice, this commenced, was then, or hassincr, been justifieJ, i the certain, immediate, and con venient exclange of such notes for specie. The Governraen did indeed receivt? the i icbitvcrtihle notes of Sate banks during: the difficuhres of war; ,aod te community submitted without u murmur to .tie unequal taxation anu ruuiupiieu evils of wlicV such a course was 'productive.' With the flar. this' indulgence ceased, and the banks were oblijcd again to redcenijllit ir noies iri gold and iilver. Tho Treasury," in' accord ance with liritvious nractice, colmnued to-dis penso with the currency rtXuircd by the act o 1789. andv took tho notesof banks in full confi dence of tliBir beingpai'l in specie on demand and Congress, to guard against the slightesl vio lation of this brruciplft; nave declared, by law t h a t i i f n ot e sTa r e p a i d n t h e t r a n s a c t i o n s o f t h e Governniant, it must be under such circuuistan asto enable the holder to convert them into stauces allowing their early presentation for pay ment and if, at short and fixed pi riods, they were converted into specie, to he kept by the officers of the Treasury, some of the most sen ous obstacles to their reception would perhaps be removed. To retain the notes in the Treh- sury would he to renew, under another form. the loans of public money to the banks, and the evils consequent thereon. i , j . It is, however, a mistaken j impression, that any large amount of specie is required for public payments. Of the seventy or t!igiitv nullions ow estimated to be in the country, ten niilloits would be abundantly sufficient lor mai ournost provided an accum-jlation of a ; large amou revenue, beyond the necessary wants of llie vjo- ernment. be hereafter urevented. . If Iu tbest considerations be ndded the facilities wlikli will arise from enabling ,lhe , Treasury lo satisfy tint public creditors, by its drafts or noti s received in payment of the public dues, it may be safely assumed that no motive of convenience to the citizen requires the reception of b.mk paper. . To say the refusal of " paper money by the Government, introduces an unjust discrimina tion between the currency received by 'itnud' that used by individuals in their ordinary af fairs, is, in my judgement, to; viaw itfn a very erroneous light. The Constitutioniroliibits the States from making any thing else but gold and silver a tender in the paymenrof debts, and thus secures toeverv citizen alright to demand pay ment in the legal currency. I To provide bv law that the Government will oulv receive its dues in gold and silver, is noi to coCfer on it any peculiar privilege; but merely to place u on an equality the citizen, by reserving to it a light secured tJ him by the constitution. It is doubtless fori this reason that the principal has been sanctioned by successive laws, from the time of the first Congress under tho Constitu tion down to the last. Such precedents never objected to and proceeding from such sources ces Jsoecie wimoil uenreciaiun or ueiay. AY - Or .mu i"n liitir 11 n rl n r I h fl pxisiint I,iiV4 when the banks suspended specie payments: could not doubt. Directions were immediately given to prevent the reception into the Treasury of any thing iut gol I and silver or Us equivalent and every practicable arrangement was made to preseryethelpublic faith, by similar or equiva lent pay menu to tho public creditors. Tht re venue from tinds had been , for some time- sub stantially so collected, under the order issued by the directions! of my predecessor. v The effects of that order, iiad been so salutary, and its foie cast in fegar to increasing insecurity of bank paper had become so apparent, that, even before the catastrophe, I had resolved not to interfere with its operation. Congress is now to decide whether, the revenue Shall continue to he so col lected or not. The receip sinto ihe Tjcasury, of hank nolcs, not-redeemed in specie on demand, will not,' 1 presume, be sanctioned. It would destroy, with out the excttid of war or public distress j that equality of imports, and identity of commercial regulation, wlucli lie at the found ition of our Confederacy, Und would offer to each State a direct temptation 13 increase its foreign trade, by depreciating the currency received lor 'duties in its ports. Sdch a proceeding would, also, in a great degree, .frustrate the policy so highly che rished, of infusing into our; circulation a larger proportion of tho precious metals; a policy, the wisdonr of which, none can doubt, though there may be different opinions as to the extent to which it should be carried. It& results liHvi al ready been too auspicious, and its success Is! too closely interwoven with the future prosperity of the country.' to permit us far a moment to con template its abandonment. -We have seen under its influence, our specie augmented beyond eigh ty millions ; pur coinage increased so as to make that of gold amotint, between August, 1834, and December, 1836, to ten millions of dollai s ex ceeding the whole coinage at the mint during the thirty-one previous years. - The prospect of fur ther improvement continued without abatement, until the moment of r the suspension of specie payments; - This policy has now indeed been suddenly, checked, but is still far from being ovcrthrnwn. Amidst all conflicting theories, one position is undeniable i- the precious metals will invariably disappear when ' there ; ceases to be a necessity for their use, as a circulating medium. It '"was in strict accordance with this truth' that whilst,- in the month of May last, they were evc- b-Lry wltere seen, and were current for all ordinary towurposes, theyldis'appeare'd from'circulaiion' the moment tne payment oi specie was rerusea uy the banks,- and the commanity4 tacitly agreed to dispense with its employment. - Their place was supplied by a currency exclusively of paper, and, in many cases, of the worst dcrcrlption. Alrea dy are the bank notes now in circulation greatly depreciated, and they fluctuate in value between one placo and another ;' thus diminishing ' :i nd making uncertain the worth of property and the fricevof labor,', and frtling to subseryi except at tizens to great sacrifices, und believing that n temporary postponement could be made without ceriainiy of ultimate payment, 1 did not hesitate to comply with the request that was made of ine. The terms allow d are, to the full extent, ;is li beral is any that are io be found in the practice of the Executive, Department. It remains for Congress to decide ivhethrr a further postpone ment may not .with, propriety be allowed, and, if so, their legislation upon the subject is respect fully invjted. , , Z .. The report of the Serretary of llie Treasury.; ill exhibit the condition of these debts ; tho ex- . r tent and effect of the picsent indulgence; the pro- uautH resuu oi us luriner extension on uit siaie ol llie T reasury and every oilier fact neccssarv to a full consideration ofthe subject. Simitar in for- I maiion is cemmuntcated in regail lodch dtpo sitories iif tho public mones as are indebted tu itie oovei rnietii, in oraer mat ongiess may ' also adopt tho propei measures in legard tu them. t ': X The receipts and expenditures for the fust half ol lite year, and an estimate of those To the tesi due, will be laid before )ou by the Seciclary of the Treasury. ; In his report of Dei ember las:, it was estimated that the currei.t receipis uuukl fill short of the expenditures bv about three mil lions f dollars. It will be seen ihat the diflerenco wijl be much greater. This is to be auiibuted nut imlir tit tlis iirriiri-itnrii 4 mai-ita ' if iiil..a. vyuiuatmaaiuiuia hi UUAIUtTda UI IllfJ VOtllUlV than those v hich went then predicted, and, cou- seq ienuy, a gieaier uiiitiiiuiion lit U.e iLVenue, but also to the fact that the iippropiiaijuiis t x ceeded, by, nearly six niillions, the amoniit w:hiJi wa asked f.i in the s imaie then submitted, The sum necessary, for llm tervic of the eai be yond the; jpi obable receipts, and llm amount which it was iiitended shoulJ be itseivcd in the Tie.asuiy'at the commencement u-flhu-3'car, will be about six millions. If ihe Whole of iho iSuser .- ' 1 11 L . 1 . .1 affored a dicisivo an&wer to the imputation of eu u'"'n ot iio once app,.,,i to ine outer, uAruiiunuici, uui iuui luiljiuio ur Jim im jji 111 u;u inequality or injustice. Bm?,: in' fact, the measure is; one of restiiclion," not of favor. To forbid the public agent n re ceive in payment any other than' a certain kind ofmOneyl-is.f to TfLfuSi llim nJJrlagrollon wi c.nw. i by every citizen.? It uiay be j left tu those '.who have the management of their own transactions, to. make their own terms ; but ix such discretion should be given to him who acts merely as an gent of the people, who is to collect hat the v The revenue can only be collected by bulcers appointed by the President, with the advice and eonsent of the Senate. The public moneys, in the first : instance, must, therefore, in all ca$es pass through hands selected by the Executive Other officers appointed in the same wayt or, as in some cases, by the President alone, most also be entrusted with them when drawn for the purpose of disbursement. It ii thus seen ttiat, even when banks are employed, the public funds must twice pass through the hands of Executive of&cers. Besides this, the head of the Treasury Department, who' also' holds his office at the pleasure of the President, and some other offi cers of the same department, must necessarily be invested with more or, less power injhe selection, continuance, and supervision; of the banks that may be employed. The question is then r.ar rowed to the single point, whether, in the inter mediate stage between the collection and dis bursement, of the public money,-the agency of banks is necessary to avoid a dangerous exten sion of the patronage and influence ofthe Execu tive ! But it is clear that the connection of the Executive with powerful, moneyed institutions, capable ,of. ministering to the interests of men in points where they are mosj. accessible to corrup tion, is less liable to abuse, than his constitution al agency in the appointment and control of the few public officers required by . the proposed plan T "... Will ; the public raaney, when in their hands, be necessarily exposed to any improper interference on the part of tho Executive 1 'May it not be hoped that a prudent fear of nnhtie Jealousy and disapprobation, in a matter so no-! cuiiariy exposed to them, will deter bim from any such interference, even, if higher motives be lounu inoperairvej jaay not Congress so regu lale. by la w, the duty of those officers. ject it to such supervision and publicity, us lf u.ovoui me uossiuuiiy 01 anv senohs ahufi an the part ofthe ExeCattve ? c And is there' equal room for such supervision and Dublicitv in'a r.on- 1 nection with banks, acting nnder.the shield of corporate immunities, and conducted by per sons irresponsible to the Government and the people T It is believed that a considerate and herstofore existing are, moreover,! 03 nd,d lnT.esiigaiion of theso questions will re- by an increase 10 toe. cheapness! and fa. I suit in tne conviction, that the proposed plan is Siatueautw j.ana ic-may, pe sssertwiThJ lar-lert Jtablc to objection, on thvvWra of Exe- w . ; II. .1 . iaw renuires. hdu iu iiav iiiu a imji 0111 iiiioos ii : 1... ; . t . 1 iiiuuiii uv iuuiis or liicrbrisuu lii.iiimii Treasury, as s. u rns most expedient, for the u.,o of the mii.t, and to meet contingencies, tho sum needed will bo ten millions. In making this i-stiinalu, the rect ijus nrt cjI culaied on the supposition of some fuitbei exten- :"L r.i - ? t i . ii.'. siori .01 me lauuigence grantea m: tho 1 ann t 01 oonus lor amies, wnicn will stlt ct ti:e amount ofthe revenue for the present ear to tLetxient of two t nd a half inillioiils'. " ud lo pi o( ft makes. Vhn bank notes are redeemed on de mand, there is then no disci iminatiun in reality, for the individual who receives them may, at his option, substitute ihe Specie for them; lie takes them from convenience or choice.- VInn they are not so redeemed, it will scarcely be contended that their receipt and payment, by a public officer, should be permitted, though none deny that right to an individual ; if it were, ihe effect would be mostif)j,iriot: to the public, m.kx their officer could make none of rhosu arrange ments to meet or guard again's the depreciation, which an individual is at liberty to do. Nor can inconvenience to the community be alleged as an objection to such a regulation. Its object and motive are their convenience and welfare. If, at a moment of simultaneous and unexpect ed suspension by "the banks, jit adds something to the many embarrassments of that proceeding, yet these are far overbalanced by its direct tc dency to produce a wider circulation of gold and silvor, to increase the safety ' of bank paper, to improve the general currency, .and thus m pin Vent altogether such occurrences, and the other and far geater evils that attend them. ; U may, indeed, be questioned whether it is not for the interest of .the banks thehisclves that the Government'sliould not receive their paper. They would be conducted with more caution, and on Sounder principles. ': By using specie on ly in its transactions, the Government would create a demand for it, which would, to a great extent, prevent its exportation, and, by keeping it in circulation, maintain a. broader and safW basi Tor the paper currency. Thai the banks would thus be rendered -more sound, and the community more Safe, cannot admit of a doubt. The foregoing views, it seems to tne, do but fairly, carry out tho provisions of the Federal Constitution in relation to the currency,2 as fir as relates to the public ievtmuek At tho time that instrument was framed, there were but three or four banks in the United States; and had the extension of the banking system, and the evils growing out of it, been foreseen, they would probably have been specially guarded against. Tho same policy which lod to the pro hibition of bills of credit by ilia States, would. doubtlesv in that event, have also interdicted their issue as a currency in any other form. -The Constitution, however, contains no such pro hibition ; and since the Sates have exercised, for nearly half a century .Hhe " power to regulate the business of banking, it is not to be expected that it will be abandoned. The whole matter is now under discussion before the proper tribunal tbe people of the States. Nover before has the pub lic rrflnd been so thoroughly awakened to a pro pet sese of its importance ; never has the Sub ject in all Jts; bearings, been submitted to so searching' an inquiry; ; It would be distrusting the intelligence and virtue ofthe people 10 doubt the speedy and efficient adoption of such mea sures 6f reform as the public good demands.. All that can Rightfully be done by tho Federal Go vernment to promote the accomplishment of that 1 Here are now in the Treasury 'nine millions threeiun- dred and sixty seven thousand two hundred and foui teeen dollars, directed b the act uf the 23d of June, 1826, to be deposited with the jSi.ties ii October next. This sum, if so deposited, will be subject, under the law, to be iccalletl if needed, to defray existingxappropriaiions : and as ii is' now evident tint the whole, or ihe piincijal part of it, w.ll be wauled for tl.at' purpose, ii appears niosT proper that li.e deposite should be vitl!ielj. Until ihe amount can be collected fi oni the b uiks, Treasury notes may be temporarily issued, to be graJually ledeiiitd as 11 is receivea. I am aware tint this course may be productive of inconvenience to many ofthe States. ' Help ing tpohthe acts of Co.tgress which held out to : ti'em Hie strong probability, if not the certainty, of receiving this iustalmeiil, they have in sonio instances adopted measures wiih which jts' reten tion may seriously interfere. That such a con dition, of things .should have occurred, is much to be ref retted. Il is not the least among the un fortunate results of the disiSteis of the times ; and it is for Congress to devise a fit teuiedy, if ther be one. The money being indispeitsablo to the wants of the Treasury, it is diffici-li to -conceive upon what principle of justice or expe diency its applicalioa lo that object can be avoid, ed. To' recall any portions of the sums already deposited with the Slates, would be more incon venient and less efficient. To buiden the coun try with increased taxation, when tht re i in fact a large surplus revenue, would be unj ist and u.i wiso ; to raise nunuys by loans under 1 such circumstances, and thus to commence a new na- tional debt, would scarcely be sanctioned by the a " : 1 ." The plan pioposed will be adequate to all our fiical operations, duiing the remainder of tbe year. Should it be adopted, the Treasury, aid ed by the ample resources of the country, will be able to discharge, punctually, every pecunia ry obligation. For the future, all that is needed will be that caution and forbearance in appropri ations which the diminution of the revenue ie qnires, and which the complete accomj!iliiTient or great forwardness of many expensive national . undertakings renders equally consistent with pru dence and patriotic liberality. I he preceding suggestions and recommenda tions arc submitted, in the belief that their adp tion by Congress will enable the Executive '.De- , partment to conduct our :; fiscal concerns success, so , far as their management has been committed to it. Whilst the objects and means proposed to attain them are within it- constitutional powers and appropriate duties they will at the same; time, it is hoped, by their necessary operation, affoid essential aid in tbe transactioa of individual concerns, abd tiius 10 relief to the people at large in a form adapted to the, nature of our Government. Those who loo to the action of this Government for specific sto to the citizen, to relieve -embarrassments arising from losser by.rtttilsioos in commerce and crej
Newbern Sentinel (New Bern, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 16, 1837, edition 1
2
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