The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-07


nineiynine thousand hundred and cighy-one dol
lars constituting an aggregate OF sixtynine millions
four hundred and sxty-egh thousand FIVE hundred and
four dollars OF this amount, about thirty five millions
two hundred and eighty-one Thousand three hundred
aud sixty dollars will have been expended at the
end OF the year on appropriations made by Congress
and the residue, amounting thirty -four millions one
. hundred aud eghty-seven thousand hundred and
fory-three dollars will be the nominal balance in the
| Treasury on the first Of January next But of that
sum- only million eighty-6ve thousand four hundred
and ninety-egbt dollars is considered Immediately
available for, and applicable public purposes Those
portions Of il which will be for time unavailable
consist chiefly Of deposited with the States and
due from the former deposite banks The details upon
this subject will he found in the annual report of the
Secretary OF the Treasury. The amount Of Treasury
notes, which II will be necessary TO issue during the
year account Of those funds being unavailable will
III supposed, not exceed -four and half millions. II
seemed prop.r the condition ofthc country to have
the estimates all subjects made as low as practical
bic, without prejudice TO any great public measures
The Departments werc therefore, desired to prepare
their estimates accordingly, aud am happy TO find that
they have been able to graduate them SO economical
scale In the great and often unexpected Quotations
TO which the revenue is subjected ii not possible 10
compute the receipts beforehand with great certainty
but should they differ essentially from present anti.
cpations, and should the appropriations not much
coed the estimates, difficulty likely 10 happen
N deiraying the current expenses with pronpude and
fidelity
Notwithstanding the great endorsements which
have recently occurred in commercial affairs and the
liberal indulgence which, consequence these embar-
rassments has been extended 10 both the merchants
and the banks il is CRAFTY be able anticipate that
the Treasury notes, which have been issued during the
present year. will be redeemed and that the OF
the Treasury without any to loans increased
taxes, will prove ample for deayng all charges impos
cd on it during 1888.
The Report Of the Secretary OF the Treasury viii az
fOrdyo n more mi uta nf
neced with the administration Of the finances during
the current year period which. for the amount Of
public moneys dsbursed and deposited with the States,
well the financial difficulties aud over
come, has few parallels in our history.
Your attention was, at the last session. invited 10 the
necessity Of additional legislative provisions in respect
10 the collection, saie-keepng, aud tnEser Of the pub
lie money. No law having been then matured, and
not understanding the proceedings Of Congress in
tended be final becomes my duty again 10 bring the
subject to your notice. b..
/ On that occasion, three modes OF performing this
branch Of the public service presented for consde
ration These the creation Of National Bank
the revival with notifications Of the deposte system
established by the Of the 23d Of June, 1886 permit
ting the use Of the public by the hanks and
the dscontnuance Of the Of such institutions for
the purposes referred to- with suitable prov isons for
their accomplishment through the agency Of public Of
fcers. Considering the opinions Of both Houses Of
Congress- the two first propositions expressed in
the negative, in which entirely concur it is
sary for to again to to them. In respect to
the last, you have had opportunity since your ad
ournmen only TO test still further the cxpedency
the measure by the continued practical operation OF
such parts Of in force, but also to discover
what should ever be sought for and regarded with the
utmost deference-the opinions and wishes of the
people The national will is the supreme law Of
the Republic and all subjects within the limits Of
his constitutional powers, should be faithfully obeyed
| by the public servant. Since the measure in ques-
ton was submitted to your consideration, most Of
| you have enjoyed the advantage Of personal COM
munication with your constituents For one State
| only has an election been held for the Federal
| Government; but the early day at which IL took
place deprives the measure under consideration of
/ much Of the support it light otherwise have derived
from the result. Local elections for State officers
have however been held in several of the States al
which the expediency of the plan proposed by the
Executive has been more or less discussed. You
will am confident, yield to their results the re-
spect due to every expression OF the public voice.
Desiring, however, to arrive at truth and Just view
of the subject in all its bearings, you will at the
same time remember, that questions OF far deeper
and more immediate local interest than the fiscal
plans of the National Treasury, were involved in
those elections. Above all, cannot overlook the
striking fact that there were at the time in these
States more than one hundred and sixty millions of
bank capital, of which large portions were subject
to actual forfeture-other large portions upheld on
" by special and limited legislative indulgences-
and most of it, il not ALL to greater or less extent
dependent for continuance Of its corporate exist
ence upon the will of the State Legislatures TO be
then chosen. Apprised of this circumstance, you
will Judge whether it is not most probable that the
peculiar condition of that vast interest in these re-
spects the extent TO which it has been spread through
all the ramifcations Of society, its direct connection
with the then pending elections, and the feelings ii
was calculated to infse into the canvass have exer
cised far greater influence over the result, than
any which could possibly have been produced by
conflict of opinion in respect TO question in the
Administration of the General Government, more
remote and far less important in its bearings upon
that interest
have found no reason to change my own opinion
the expedency of adopting The system proposed,
being perfectly satisfied that there will be neither
stability nor safety; either in the fiscal affairs of the
government or in the pecunary transactions of ndi-
viduas and corporations, SO long as connection
exists between them, which like the past offers such
strong inducements to make them the subjects oil po-
iiticaf agitation Indeed am more than ever con-
| vinced Of the dangers to which the free and unbi-
assed exercise of political opnion-the only sure
foundation and safeguard of republican government
would be exposed by any further increase of the
already overgrown influence ofcorporate authorities
| cannot therefore, consistently with my views of
duty advise renewal of a connection which cir
cumstances have dissolved
The dscontinuance of the use Of State Banks for
iscaipurposes ought not to be regarded as measure
of hostility toward these institutions. Banks, properly
established and conducted, are highly useuto the bu
siness of the country, and will doubtless continue TO
exist inthe States solong they otheirlaws
and are found to be safe and beneficial. How they
should be created what privileges they should enjoy,
under what responsibilities they should act and TO
what restrictions they should be subject are questions
| which, as observed on previous occasion, belong
to the States decide Upon their rights, or the ex-
| ercise of them, the General Government can have
no motive TO encroach Its duty toward them is well
performed when refrains from legslatng for their
special benefit, because such legislation would VIC
late the spirit of the Constitution, and be unjust TO
other interests; when IL takes steps to impair their
usefulness but manages its affairs as to make
the interest Of those institutions strengthen and
improve their condition for the security and welfare
| Of the community at large. They have no right to
insist on connection with the Federal Government,
nor on the use Of the public money for their own