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THOMAS LORING, EDITOR AND PROPRIETOR. THE CONSTITUTION' AND THE UNION OF THE STATES THEY. MUST BE PRESERVED vol. y.- -NO. 215. RALEIGH, N. C. TUESDAY, DECEMBER 11, 1838. THREE. DOLLARS PER ANNUM. TER.UIS. TFitt NORTH CAROLINA STANDARD is published weeklv, at three dollars per annum payable half-yearly in advance; but it will be livin? at a distance, or out ol the State, to pay an entire year in advance. A subscriber failing to give notice of his desire to dis co .tinue at the expiration of the period for which he rrnv have paid, will be considered as having subscribed anew, and the paper continued, at the option of the Editor, until ordered to be stopped; but no paper will be discontinued, until all arrear ages are paid. ADVERTISEMENTS, not exceeding four teen lines, will be inserted one time for one dollar, and twenty-rive cents for each subsequent inser tion; those of greater length in proportion. If the number of insertions be not marked on them, they Tv-ill be continued until ordered out. Court Advertisements and Sheriff's Sales, will be charged ticenly-jice per cent, higher than the usual rates. A deduction of 33 percent, will be made to those who advertise by the year. Letters to the EJitor must come free of postage, or they may not be attended to MESSAGE OF THE President oS t!ie United Staters. Fellov-citizens of the Senate and House of Representatives : I congratulate you on the fa vorable circum stances in the condition of our country, under which you reassemble for the performance of your o file hi duties. Though the anticipations of an abundant harvest have not every where been realized, yet, on the whole, the labors of the husbandman are rewarded with a boantiful return; industry prospers in its various chan nels of business and enterprize; general health again prevails through our vast diversity of climate; nothing threatens, from abroad, the continuance of external peace; nor has anything at home impaired the strength of those fraternal and domestic ties which constitute the only guar anty to the success and permanency of our hap py Union, and which, formed in the hour of peril, have hitherto been nonorabiy sustainea through every vicissitude in our national affairs. These blessings, which evince the care and be neficence of Providence, call for our devout and fervent gratitude. We have not less reason to be grateful for ether bounties bestowed by the same munificent hand, and more exclusively our own. The preseut year closes the first half century of our Federal institutions; and our system differing from all others in the acknowledged, practical, and unlimited operation which il has for so long a period given to the sovereignly of the people has now been fuliy tested by expe rience. The Constitution devised by our forefathers as the framework and bond of that sj'Sfem, then un tried, has become a settled form of Government; not only preserving and protecting the great principles upon which it was founded, but won derfully promoting individual happiness and private interests. Though subject to change nnd entire revocation, whenever deemed made fl'iate to all these purposes, yet such is the wis uom of its construction, and so stable has been the public sentiment, that it remains unaltered except in matters of detail, comparatively unim portanf. It has proved amply sufficient for the various emergencies incident to our condition as a nation. A formidable foreign war; agitat ing collisions betwpen domestic and, in some res pects, rival sovereignties; temp'ations to inter fere in the intestine commotions of neighboring countries; the dangerous influences that arise in periods of excessive prosperity; and the anti republican tendencies of associated wealth these, with other trials not less formidable, have nil been encountered, and thus fur successfully resisted. It was reserved for the American Union to test the advantages of a Government entirely dependent on the continual exercise of the popu lar will; and our experience has shown that it is as beneficent in practice as it is just in theory. Each successive change made in our local in stitutions has contributed to extend the right of suffrage, has increased the direct influence of tin; mass of the community, given greater free dom to individual exertion, and restricted, more and more, the powers of Government; yet the intelligence, prudence, and patriotism, of the peo ple have kept pare with this augmented respon sibility. In no country has education been "so widely diffused. Domestic peace has no where so largely reigned. The close bonds of social intercourse have in no instance prevailed with such harmony over a space so vast. All forms of religion have united, for the first time; to dif fuse charity and piety, because, for the first time in the history of nations, all have been totally untrammeled, and abrolutely free. The deepest recesses of the wilderness have been penetrated; yet, instead of the rudeness in the social condi tion consequent upon such adventures elsewhere, numerous communities have sprung up, already unrivalled in prosperity, general intelligence. internal tranquility, and the wisdom of their po- liiicai institutions, internal improvement, the fruit of individual enterprize, fostered by the protection of the States, has added new links to the confederation, and fresh rewards to provident industry. Doubtful questions of domestic policy have been quietly settled by mutual forbearance; and agriculture, commerce", and manufactures; minister toeach other. Taxation and public deb?, the burdensfwhich bear so heavily upon all other countries, have pressed with comparative lightness upon us. Without one entangling al liance, our friendship is prized by every nation; and the rights of our citizens are every where respected, because they are known to be guarded by a united, sensitive, and watchful people. - To this practical operation of our institutions, bo evident and successful, we owe that increased attachment to them which is among the most cheering exhibitions of popular sentiment, and will prove their best security, in time to come, SjV,"?1 foreign or domestic assault. This review of the results of our institutions, for half a century, without exciting a spirit of vam exultation, should serve to impress upon us the great principles, from which they have sprung; constant and direct supervision by the people over every public measure; strict for bearance on the part of the Government from exercising any doubtful or disputed powers;, and a cautious abstinence from all interference with concerns which properly : belong, and are best left to State regulations and individual en- lernrize. . . ...... Full information of the slate of our foreign af fairs having been recently, on two different oc casions, submitted to Congress, I deem it neces sary now to bring to your notice only such events as hove subsequently occurred, or are of such importance as to require particular atten tion. The most amicable dispositions continue to be exhibited by all the nations with whom the Go vernment and citizens of the United States have an. habitual intercourse. At the date of my last annual message, Mexico was the only nation which could not be included in so gratifying a reference to our foreign relations. I am happy to be now able to inform you that an advance has been made towards the adjust ment of our difficulties with that Republic, and the restoration of the customary good feeling be tween the two nations. This important change has been effected by conciliatory negotiations, that have resulted in the conclusion of a treaty between the two Governments, which, when ratified, will refer to the arbitrament of a friend ly power all the subjects of controversy between us gtowing out of injuries to individuals. There is, at present, also, reason to believe that an equitable settlement of all disputed points will be attained without further difficult or unnecessary delay, and thus authorize the free resumption of diplomatic intercourse with our sister Republic. With respect to the northeastern boundary of the United States, no official correspondence be tween this Government and that of Great Brit ain has passed since that communicated to Con gress towards the close of their last session. The offer to negotiate a convention for the ap pointment of a joint commission of survey and exploration, I am, however, assured will be met by her Majesty's Government in a conciliatory and friendly spirit, and instructions to enable the British Minister here to conclude such an ar rangement will be transmitted to him without needless delay. It is hoped and expected that these instructions will be of a liberal character, and that this negotiation, if successful, will prove to be an important step towards the satisfactory and final adjustment of the controversy. I had hopd that the respect for the laws and regard for the peace and honor of their own country, which has over characterized the citi zens of the United States, would have prevented any portion of them from using any means to promote insurrection in the territory of a power with which we are at peace, and with which the United States are desirous of maintaining the most friendly relations. I regret deeply, however. to be obliged to inform you that this has not been the case. Information has been given to me, derived from official and other sources, that many citizens of the United Stales have associ ated together to make hostile incursions from our territory into Canada, and to aid and abet in surrection there, in violation of the obligations and lawsof the United States, and in open disre gard of their own duties as citizens. This in formation has been in part confirmed by a hostile invasion actually made by citizens of the United States, in conjunction with Canadians and others, and accompanied by a forcible seizure of the property of our citizens, and nn application there of to the prosecution of military operations a gainst the authorities and people of Canada. The result of these criminal assaults upon the peace and order of a neighboring country have been, as wis to be expected, fatally destructive to the misguided or deluded persons engaged in them, and highly injurious to those in whoe be half they are professed to have been undertaken The authorities in Canada, from intelligence re ceived of such intended movements amontrour citizens, have felt themselves obliged to take pre cauuonary measures against them: have actu ally embodied the militia, and assumed an atti tude to repel the invasion to which they believed the colonies were exposed from the United States, A slate of feeling on both sides of the frontier has thus been produced, which called for prompt and vigorous interference, ir an insurrection exist ed in Canada, the amicable dispositions of the U, States towards Great Britain, as well as their duty to themselves, would lead them to maintain a strict neutrality, and to restrain their citizens from all violations of the laws which have been passed for its enforcement. But this Govern ment recognizes a still higher obligation to re press all attempts on the part of its citizens to dis turb the peace of a country where order prevails. or has been re-established. Depredations by our citizens upon nations at peace with the United Slates, or combinations for committing them, have at all times been regarded by the American Government and people with the greatest abhor rence. .Military incursions by our citizens into countries so situated, and the commission of acts of violence on the members thereof, in order to effect a change in its government, or under any pretext whetever, have from the commencement of our Government, been held equally criminal on the part of those engaged in them, and as much deserving of punishment, a3 would be the disturbance of the public peace by the perpetra tion of similar acts within our own territory. By no country or persons have these invalua ble principles of international law principles, the strict observance of which is so indispensa ble to the preservation of social order in the world been more earnestly cherished or sacred ly respected than by those great and good men who first declared, and finally established the independence of our own country. They pro mulgated and maintained them at an early and critical period in our history; they were subse quently embodied in legislative enactments of a highly penal character, the faithful enforcement of which has hitherto been, and will, I trust, al ways continue to be, regarded as a duty insepa rably associated with the maintenance of our na tional honor. That the people of the United Stales should feel an interest in the spread of political institutions 'as free as they regard their own to be, is natural; . nor can a sincere solici tude for tbe success of all those who are, at any time, in good faith struggling for their acquisi tion, be. imputed to our citizens as a crime. 7 With. the entire freedom of opinion, and an. un disguised expression thereof, on. their part, the Government has neither tberight, nor, J trust, the disposition to interfere; But whether the in terest or the honor of the United States require that they -should be made a party to any such struggle, and, by inevitable consequence, to the war. which is waged in. its support, is a .question which, by our Constitution, Is wisely left to Con gress alone to decide; ' It is, by the laws, alrea dy made criminal in our citizens to embarrass or anticipate that decision, by unauthorized mili tary operations .on their part. Offences of this character, in addition to their criminality as vio lations of the laws of our country, have a direct tendency to draw down upon our own citizens at large the multiplied evils of a foreign war, and expose to injurious imputations the good faith and honor of the country. As such they deserve to be put down with promptitude and decision. T . 1 . 1 -w O 1 . .! i cannot oe mistaken, i am conuueni, in counting on the cordial and general concurrence of our fellow citizens in this sentiment. A copy of the proclamation which I have felt it my duty to is sue,, is herewith communicated. I cannot but hope that the good sense and patriotism, the re gard for the honor and reputation of their coun try, the respect for the laws which they have themselves enacted for their own government, and the love of order for which the mass of our people have been so long and so justly distin guished, will deter the comparatively few who are engaged in them from a further prosecution of such desperate enterprizes. In the mean time, the existing laws have been, and will continue to be, faithfully executed; and every effort will be made to carry them out in their full extent. Whether they are sufficient or not, to meet the actual slate of things on the Canadian frontier, it is for Congress to decide. It will appear from tbe correspondence here with submitted, that the Government of Russia declines a - renewal of the convention of April, 1824, between the United States and his Impe rial Majesty, by the third article of which it is agreed thai ''hereafter there shall not be formed by the citizens of the United States, or under the authority of the said Stales, any establishment upon the northwest coast of America, nor in any of the islands adjacent, to the north of 54 deg. 40 min. of north latitude ; and that in the same manner there shall be none formed by Russian subjects, or under the authority of Russia, south of the same parallel;" and by the fourth article, "that, during a term of ten years, counting from the signature oflhe present convention, the ships of both powers, or which belong to their citi zens or subjects respectively, may reciprocally frequent, without any hindrance whatever, the interior seas, gulfs, harbors, and creeks upon the coast mentioned in the preceding article. for the purpose of fishing and trading with the natives of the country." The reasons assigned for declining to renew the provisions of this article, are, briefly, that the only use made by our citizens of the privilege it secures to them, has been to supply the Indians with spiritous liquors, ammunition, nnd fire-arms; that this traffic has been excluded from the Russian trade; and as the supplies furnished by the United States are injurious to the Russian establish ments on the northwest coast, and calculated to produce complaints between the two Govern- ments, his imperial majesty mink's u lor me interest of both countries not to accede to the propositions made by the American Govern ment for the renewal of the article last refer red to. The correspondence herewith communicated will show the grounds upon which we contend that the citizens of the Unied States have, 'in dependent of the provisions of the convention of 1824, a right to trade with the natives upon the coast in question, at unoccupied places, liable, however, it is admitted, to be at any time extin guished by the creation of Russian establish ments at such points. This right s denied by the Russian Government, which asserts that, by the operation of the treaty of 1324, each par ty agreed to waive the general right to land on the vacant coasts on the respective sides of the degree of latitude referred to. and accepted, in lieu thereof, the mutual privileges mentioned in the fourth article. The capital and tonnage employed by our citizens in 'heir trade with the northwest coast of America, will, perhaps, on adverting to the official statements of the com merce and navigation o'the United States for the last few years, be deemed too inconsiderable in amount to attract much attention ; yet the subject may, in other respects, deserve the care ful consideration of Congress. I regret to state that the blockade of the prin cipal ports on the eastern coast of Mexico, which in consequence of differenee'between that Re public nnd France, was instituted in May last, unfortunately still continues, enforced by a com petent French naval forc and is necessarily embarrassing to our own trade in the gulf, in common with that of other nations. Every dis position, however, is believed to exist on the part of the French Government, to render this measure as little onerous ns practicable to the interests of the citizens of the United States, & to those of neutral commerce; & it is to be hop ed that an early settlement of the difficulties be tween France and Mexico, will soon re-establish the harmonious relations formerly subsist ing between them, and again open the ports of thai Republic to the vessels of all-friendly na tions. . . A convention for marking that part of the boundary between the United States and the Re public of Texas, which extends from tho mouth of the Sabine to the Red river, was concluded and signed at this city on the 25th of April last. It has since -been ratified by both Governments; and seasonable measures will betaken to carry it into effect on the part of the United States. The application of that Republic for admission into the Union, made in August, 1837, and which was declined for reasons already made known to vou, has been formally withdrawn, as will appear from the accompanying copy of the note of the Minister Plenipotentiary of Texas, which was presented to the Secretary of State on the occasion of the exchange of the ratifications of the convention above mentioned. Copies of the convention with Texa?, of n commercial treaty concluded with the King of Greece, and of a similar treaty with the Pern Bolivian Confederation, the ratifications of which have been recently exchanged, accompany this message for the information of Congress, and foruch legislative enactments as may be. found necessary or expedient, in relation to either of them. ' To watch over and foster the interests of a gradually increasing and widely extended com merce: to guard the rightSf of American citi zens, whom-business, or pleasure,, or other too lives, may tempt, into distant climes, and at the same time to cultivate those sentiments of mutual respecti and good , will which . experience Jias proved 'so beneficial, in international intercourse. the Government of the United States has deemed it expedient; from time to 'time, to establish di plomatic connections with different foreign States, by the appointment of representatives to reside wiihin their respective territories. I am gratified to be enabled to announce to you that, since the close of your last session, these rela tions have been opened under the happiest au spices with Austria and the Two Sicilies; that new nominaiions have been made in the respec tive missions of Russia, Brazil, Belgium, and Sweden and Norway, in this country; and lhat a Minister Extraordinary has been received, ac credited to this Government from the Argentine Confederaion. An exposition of the fiscal affairs of the Gov ernment, & of their condition for the past year, will be made to you by the Secretary of the Treasury. The available balance in the Treasur, on the 1st of January next, is estimated at $2,7G5, 342. The receipts of the year, from customs and lands, will probably amount to S20.615.598. These usual sources of revenue have been in creased by an issue of Treasury notes of which less than eight millions of dollars, including in terest and principal, will be outstanding at the end ofthe year-. and by the sale of one of the bonds of the Bank of the United States, for $2,254,871. The aggregate of means from these and other sources, with the balance on hand on The 1st of January last, has been applied to the payment of appropriations by Congress. The whole expenditure for ihe year on their account, including the redemption of more than eight millions of Treasury notes, constitutes an aggre gate of about forty millions of dollars, & will still leave in the Treasury the balance before stated. - Nearly eight millions of dollars of Treasury notes are to be paid during the coming year, in addition to the ordinary appropriations for the support of Government. For both these pur poses, the resources of the Treasury will un doubtedly be sufficient, if the charges upon it are not increased beyond ihe annual estimates. No excess, however, is likely to exist; nor can the pos'poned instalment of the surplus revenue be deposited with the States, nor any considerable appropiiations beyond the estimates be made, without causing a deficiency in the Treasury. The great caution, advisable at all times, of li miting appropriations to ihe wants of the public service, is rendered necessary at present by the prospective and rapid reduction of the taiiff; while the vigilant jealousy, evidently excited among the people by the occunences of the last few years, assures us that they expect from their representatives, and will sustain them in the exercise of, tbe most rigid economy. Much can be effected by postponing appropriations not im mediately required for the ordinary public ser vice, or for any pressing emergency; nnd much by reducing the expenditures where the entire and immediate accomplishment ofthe objects in view is not indispensable. When we call to mind the recent and extreme embarrasinents produced by excessive issues of bank paper, aggravated by the unforeseen with drawal of much foreign capital, and the inevitable-derangement arising from the distribution of the surplus revenue among tbe States as re quired by Congress ; and consider the heavy ex penses incurred by the removal of the Indian tribes; by the, military operations in Florida; and on account ofthe unusually large appropri ations made at the last two annual sessions of Congress for other objects, we have striking evi dence, in the present efficient state of our finan ces, of the abundant resources of the country to fulfil all its obligations. Nor is it less gratify ing to find that the general business ofthe com munity, deeply affected as it has been, is reviv ing with additional vigor, chastened by the les sons ofthe pist, nnd animated by the hopes of tbe future. By the cunailment of paper issues; by curbing the sanguine and adventurous spirit of speculation; and by the honorable applica tion of all available means to the fulfilment of obligations, confidence has been restored both at home arid abroad, and ease and facility secured to all the operations of trade. . Tbe agency of the government in producing thse results has been as efficient as its powers and means permitted. By withholding from ihe States the deposits of the fourth instalment, and leaving several millions at long credits with the banks,. principally in one section ofthe country, and more immediately beneficial to it; and, nt the same time, aiding the banks and commer cial communities in other sections, by postpon ing the payment of bonds for duties to the amount of between .four and five millions of dollars; by an issue of treasury notes as a means to enable the Government to meet the conse quences of their indulgences; but affording, at the same time, facilities for remittance and ex change; and by steadily declining to comply afS general depositories of the public revenues, or receive the notes of all banks which refused to redeem them with specie: by these measures, aided by the favorable action of some of the banks, and by the support and co-operation of a large portion of the community, we have wit nessed an early resumption ofspecie payments in our great commercial capital, promptly followed in almost every part of the United States. This result has been alike salutary to the true inter ests of agriculture, commerce nnd manufactures; to public morals, respect for the laws, and that confidence between man and man which is so essential in all our social relations. The contrast between the suspension of 1S14 and that of 1837 is most striking. The short duration of the latter; the prompt restoration of business; the evident benefits resulting from an adherence by the Government to the constitution al standard ol value, instead of sanctioning the suspension by. the receipt of irredeemable paper; and the advantages derived from the large a mount of specie introduced into the country pre vious, to 1837, afford a valuable illustration of the true, policy of the, Government in such a crisis ; nor can the comparison f til to remove the impression that a national bank is necess ary in such emergenencies, ;Not only : were specie payments resumed without its aid, but exchanges have : also been more rapidly res tored than when it existed ; thereby showing-, that .private : capital,- enterprise, and pru dence, are fully, adequate to these nds.' O avail thse points experience seems to have confirmed the views heretofore submitted to Congress We have been savedrthe mortification of seeing the distresses of the community for the third time seized on tot; fasten upon the country so danger ous an institution; and we mialso hope that the business of, individuals wjlj hereafter be, re lieved from the mjuripus .effects of : a continued agitation of that disturbing subject. The limi ted influence of a national bank in averting de rangement in the exchanges of the country, or in compelling the resumption ofspecie pay ments, is now not less apparent than its tenden cy to increase inordinate speculation by sudden expansions and contractions ; its disposition to create panic and embarrassment for ihe promo tion of its own designs;. its interference with politics ; and its far greater power for evil than for good, either in regard to the local institutions or the operations of Government itself. What was, in these respects, but apprehension or opin ion when a national bank was first established, now stands confirmed by humiliating experi ence. The scenes through which we have passed conclusively prove how little our com merce, agriculture, manfactures, or finances, re quire such an institution, and what dangers are attendant on its power a power, I trust never to be conferred by the American people upon their Government, & still less upon individuals not responsible to them for its unavoidable abuses. My conviction of the necessity of further legis lative provisions for the safekeeping and disburse ment of the public moneys, and my opinion in regard to the measures best adapted to the "ac complishment of thoseobjects, have been already submitted to you. These have been strengthen ed by recent events; and, in the full conviction that time and experience must still further de monstrate their propriety, I feel it my duty, with respectful deference to the conflicting views of others, again to invite your attention to them. "With the exception of limited sums deposited in the few banks still employed under the act of 183G, the amounts received for duiies, and, with very inconsiderable exceptions, those accruing from lands also, have, since the general suspen sion of specie payments by the deposite banks, been keptanddisbursed by the Treasurer, under his general legal powers, subject to the superin tendence of ihe Secretary of the Treasury. The propriety of defining more specifically, and of regulating by law, the exercise of this wide scope of Executive discretion, has been already submitted to Congress. A change in the office of collector at one of our principal ports, has brought to light a defal cation of the gravest character, ihe particulars of which will be laid before you in a special report from the Secretary ofthe Treasury. By his re port and the accompanying documents, it will be seen that the weekly returns ofthe defaulting officer apparently exhibited throughout, a faithful administration of the affairs entrusted to his man agement, It, however, now appears that he commenced abstracting the public moneys short ly after his appointment, and continued to do so, progessively increasing the amount, for the term of more than seven years, embracing a portion of the period during which the public moneys were deposited in the Bank of the Uaited States, the whole of lhat of the State bank deposite sys tem, & concluding only on his retirement from of fice, after that system had substantially failed, in consequence ofthe suspension ofspecie payments. The way in which this defalcation, was so long concealed, and tbe steps taken to indemnify the United States, as far - as practicable, against loss, will also be presented to you. The case is one which imperatively claims the attention of Congress, and furnishes the strongest nrotive for the establishment of a more severe and secure system for the safe-keepiHg and disbursement of the public moneys than anythat has heretofore existed. It seems proper, at all event, that, by an early enactment, similar to that of other countries, the application of public money by nn officer of Government to private uses, should be made a felony, and visited with severe nnd ignominious punishment. This is already, in effect, the law in respect to the mint, and has been productive of the most salutar' results. Whatever system is adopted, such an enactment would be wise as an independent measure, since much of the pub lic moneys must, in their collection and ultimate disbursement, pass twice through the hands ol public olhcers, in whatever manner they are in termedialtly kept. The Government.it must be admitted, has been from its commencement com- narativelv fortunate in iheir respect. But the appointing power cannot always be well advis ed in its selections, and the experience of every country has shown that public officers are not at all limes proof against temptation. It is a duty, therfore, which the Government owes, as well to the interests committed to its care as to officers themselves, to . provide every guard a- gamst transgressions of this character that is con sistent with reason and humanity. Congress cannot be too jealous of: the conduct of those who are entrusted, with the public money; and shall at nil times be disposed to encourage a watchful discharge of this duty. If a more di rect co operation on the part of Congress, in the supervision of the conduct of the officers entrust ed with the custody and application ofthe public money, is deemed desirable, it will give me pleasure to assist in the . establishment of any judicious and constitutional plan, by which lhat object may be accomplished. You will, in your wisdom, determine upon the propriety of adopting such a plan, nnd upon the measure necessary to its effectual execution. When the late Bank of the United States was incorporated, and made the depository of the public moneys, a right was reserved to Congress to inspect, at its pleasure, by a committee of that body the books and the proceedings of the. bank. '-'" Inoneof theStates whose banking institutions are supposed to rank among ihe first in point of stability, they are subjected to constant examina tion by commissioners appointed for that pur pose, ana much of the success ot us bankingsys tem is attributed to this watchful supervision. The same course hs also, in view of it bene ficial operation", been adopted by an ' adjoining Sia?e, favorably known for the care it has always bestowed upon whatever relates to its" financial concerns..'! submit to you consideration wbeth er a committee of Congress might not be profita bly employed in inspecting, at such intervals as might be deemed proper, the aff urs and accounts of omcers entrusted with the custody of the puMic moneys. ' The frequent performance of this duty might be nude obligatory on the committee in respect to those officers who have large sums in their possession; and left discretionary in. respect to othersi ' They might report toHhe Executive such: defalcations as were found to exist, ' with a view- to" a prompt removal; from office 'unless the default xrtii satisfactorily accounted" fof J and report, alsv to Congress, at the commencement of each session, the result of tjieir examinations and proceedings. It does appear . to mo that with a subjection of this class of public officers to ihe general supervision ofthe Executive, to ex aminations by a committee of Congress at pe riods of which they should have no previous notice, and to prosecution", and punishment as for felony for every breach of trust, the safekeep ing of the public monvs, under the system pro- Dosed, mieht be placed on a surer foundation than it has ever occupied since the establishment ofthe Government. The Secretary of the Treasury will lay before you additional information containing new de tails on this interesting subject. To thess I ask your early attention."- lhat it should have given rise to great diversity of opinion cannot be s sub ject of surprise. After the collection and custo dy of the public' money nd been lor so many years connected with.' and made subsidiary to. the advancemtnt of private interests, a return to the simple and self-denying ordinances of the Constitution could not but be dimcult. liut time and free discussion eliciting the. sentiments ofthe people, and aided by that conciliatory spirit which has ever characterized their course on great emergencies," were relied upon for a satisfactory settlement othe question. Already nas this anticipation on one important pomi at least the impropriety of diverting public money to private purposes been' fully realized. There is no reason to suppose that legislation upon lhat branch ofthe subject would now be embar rassed by a difference of opinion, or fail to' re ceive the cordial support of a large majority of our constituents. Ihe connection which for merly existed between the Government . and banks, was in reality injurious to both, as well as to the general interests of the community at large. It aggravated the disasters of trade and the derangements of 'commercial intercourse, and administered new excitement and additional means to wild and reckless speculations, the dis appointments of which threw the country into convulsions of panic, and all but produced vio lence and bloodshed. The imprudent expan sion of bank credits, which was the natural re sult of the command of the revenues of the Slate, furnished the resources for unbounded license in every species of adventure, seduced industry from its regular and salutary occupations by the hope of abundance without labor, and deranged the social Slate by tempting all trades and pro fessions into the vortex of speculation on remote contingencies. The same wide-spreading influence ' impeded also the resources ofthe Government, curtailed its useful operations, embarrassed the fulfilment of its obligations, and seriously interfered with the execution of the laws. '. Large appropria tions and oppressive taxes are the natural conse quences of such a connection; since they in crease the profits of those who .are allowed to use the public funds, and make it their interest that money should be accumulated and expendi tures multiplied. It is thus that a concentrated money power is tempted to become an active agent in political affairs, and all past experience has shown on which side lhat influence will be arrayed. "We deceive ourselves if we suppose thai it will ever be found asserting & supporting the rights of the community at large, in opposi tion to ihe claims of the few. ' In a Government whose distinguishing char acteristic should be a diffusion and equalization of its benefits and burdens, the advnniage of - in dividuals will be augmented at the expense of the mass of the people. Nor is it the nature of com binations for the acquisition of legislative influ ence to confine their interference to the single ob ject for which they were originally formed. The temptation to extend it to. other matters, is, on ihe contrary, not unfrequently too strong lo be resisted. 1 he influence in the direction of pubuc utfairs, of the community at large, is, therefore, in no slight danger of being sensibly and injuriously affect ed by giving" to a comparatively small, but very efficient class,' a direct and exclusive personal in terest in so important' .a' portion of : ihe legisla lion of Congress as that which relates lo tbe cus tody of the public moneys. If lawsjicting upon -private interest cannot always be avoided, they should be confined within . the narrowest limits. . and left, wherever possible, to the Legislature of the States. When not thus, restricted, they lead to combinations. 'of 'powerful associations, foster an influence necessarily selfish, and turn tbe fir. course of legislation to sinister ends, rather than to objects that advance public liberty, and pro mote the general good. ... .;, TJie whole subject now rest with you, and I cannot but express a hope, that, some definite measure will be adopted ni the present session.- It. will not, am sure, be deemed out of place for me here to. remark, that the declaration of my views in opposition to the policy of employ ing banks as Repositories .of the Government funds, cannot justly be construct as indicative of hostility, official or personal, to those institu tions, or to repeat, in ihis form and in connec tion with this subject, opinions which I have uni formly entertained, and on all. proper occasions expressed. , Though' alwa3s . opposed to their creation in the form of exclusive privileges, and as ns a State magistrate aiming by . appropriate legislation to secure the community against" ihe consequences of the'ir occasional mismanage ment, 1 have yet ever wished to see them pro tected in the exercise of rights: conferred - by law, and have never doubted their utility, when properly managed, in promoting ihe interests of trade, and, through that channel, the other inter-, ess of the community. .To the General Gov ernment they present themselves merely a Stale, insiituti'ins, having, no . necessary! connection with its legislation or its administration. Like other State establishments, they may be used or not in conducting ihe affairs of ihe Government, as public policy and the general interests, of the Union may seem to' require. .The only safe or proper principle upon which. ;their intercourse; with the' Government can be regulated,, isthat which regulates their intercourse with the ; pri- vate citizen the ' conferring of mutual benefits. . When the Government can accomplish n finan cial operation better with the aid. of, ,the banks than without, ft should be at liberty toeek that aid as It would the services of h private banker, or other capitalists qr agents, giving the prefer ence to those' wHb'will serve it on ihe best. terms. Nor can there ever exist an interest, in the ,offi , cers of the General Government, da such, indue- -in them to embarrass ! 'or annoy the State banks, any more than to incur the bostilityof any other. , class of State institutions," or of' private citizens. It is not in the'nature of things that. hostility to ,. hose institutions dan' spring from this-spurce, or any opposition to '.heir course of busincw, except J
The Weekly Standard (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 11, 1838, edition 1
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