Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-09-16
{ MESSAGE


To The foo Houses Of Congress, al the COM
mencement Of the first session Of the itoen'
fy Jyfh Congress.
Feiio,o Citisens If the Senate
and Houseof Representatives.: ..
The act Of 23d of June, 1886, regu-
lating the deposites Of the public money,
and directing the employment Of State,
District, and Territorial banks for that
purpose, made it the duty Of the Secre-
tary of the Treasury to discontinue the
use of such of them as should at any time
refuse to redeem their notes in specie,
and to substitute other banks, provided
sufficient number could be obtained to
receive the public deposites upon the
terms and conditions therein prescribed.
The general and almost simultaneous
suspension Of specie payments by the
banks in May last, rendered the perfor-
nance of the duty imperative, in respect
to those which had been selected under
the act; and made it at the same time, inn
practicable to employ the requisite num-
Der Of others, upon the prescribed con-
ditions.-The specific regulations estab-
lished by Congress for the deposite and
safe keeping Of the public moneys, hav-
ing thus Unexpectedly become inopera-
tive, felt it to be my duty to afford you
an early opportunity for the exercise Of
your supervisory powers over the sub
Iject.
j was also led to apprehend that the
suspension of specie payments, increa-
sing the embarrassments before existing
in the pecuniary affairs of the country
would SO far diminish the public reve-
nue., that the accrulng receipts into the
Treasury, would not, with the reserved
five millions, be sufficient to defray the
unavoidable expenses of the Govern
ment, until the usual period for the meet
ing of Congress; whilst the authority
to call upon the States, for portion OF
the sums deposited with them, was too
restricted to enable the Department to
realize sufficient amount from that
source. These apprehensions have been
justified by subsequent results. which
render it certain that this deficiency will
occur, if additional means be not provi-
ded by Congress.
The difficulties experienced by the
mercantile interest, in meeting their en-
gagcments, induced them to apply to me,
previously to the actual suspension oi
specie pay ments, for indulgence upon
their bonds for duties and all the relief
authorized by law was promptly and
cheerfully granted. The dependence
Of the Treasury upon the avails Of these
bonds, TO enable it to make the deposites
with the States required by law, led me
in the outset to limit this indulgence to
the first of September, but it has since
been extended to the first Of October,
that the matter might be submitted to
your further direction.
Questions were also expected to arise
in the recess, in respect to the October
instalment Of those deposites, requiring
the interposition of Congress.
A provision of another act, passed
about the same time, and intended to Sc
cure a faithful compliance with the obi
cation Of the United States, to satisfy
all demands upon them in specie or its
equivalent, prohibited the offer of any
bank note, not convertible on the spot
into gold or silver at the will of the hold
err; and the ability of the Government,
with millions on deposite, to meet its en-
gagements in manner thus required by
law, was rendered very doubtful by the
event to which have referred.
Sensible that adequate provisions for
these unexpected exigences could only
be made by Congress convinced that
some Of them would be indispensably
necessary to the public service, before
the regular period Of your meeting
and desirous also to enable you to exer-
else, at the earliest moment, your full
constitutional powers for the relief of
the country, ! could not, with propriety,
avoid subjecting you to the inconven-
ience OF assembling at as early a day as
the state of the popular representation
would permit. | am sure that ! have
done but justice to your feelings in be-
lieving that this Inconvenience will be
encountered, in the hope of
your meeting conducive to
the good of the country.
During the earlier stages of the re-
vulsion through which we have just
passed, much acrimonious discussion
arose, and great diversity Of opinion ex-
isted, as to its real causes. This was
not surprising. The operations Of cred
il are so diversified, and the Influences
which affect them SO numerous, and oft
an SO subtle, that even impartial and
well informed persons are seldom found
to agree in respect to them, To inhe-