Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1837-12-13


the spirit of the Constitution, and be unjust
to other interests; when it takes no steps to
impair their usefulness, but so manages its
own affairs as to make it the interest of
those institutions TO 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 o. the public
money for their own benefit. The object of
The measure under consideration is, to avoid
for the future compulsory connection of
this kind. 1t proposes to place the General
Government, in regard TO the essential points
or the collection, safe-keeping, and transfer
of the public money, in situation which
shall relieve it from all dependence on the
will Of irresponsible individuals or corpora
tons; to withdraw those moneys from the
uses of private trade, and confide them to
agents constitutionally selected and con-
trolled by law; to abstain from i'm proper
interference with the industry Of the peo-
pie, and withhold inducements to IMPROVE
dent dealings on the part Of individuals !;
TO give stability 10 the concerns Of the treas
ury ; to preserve the measures of the Gov
eminent from the unavoidable reproaches
that How from such connection, and the
banks themselves from the injurious effects
|. OF supposed participation in the political
conflicts Of the day, from which they will
md 1t difficult to escape.
These are my views CpOn this important
SUBJECT formed after careful reflection, and
with no desire but 10 arrive at what is most
likely TO promote the public interest. They
are now, as they were before, submitted
with unfeigned Difference to the opinions of
, others. 1t was hardly TO be hoped that
mn ant Infn
, estlnC, could be made without producing
serious diversity Of opinion; but so long
as those conflicting views are kept above the
influence of individual or local interests :;
: so long as they pursue only the general
r good, and are discussed with moderation
and candor such diversity is a benefit, not
an INJURY. II majority Of Congress see
; The public welfare in different light, and
: more especially if they should be satisfied
! that the measure proposed would not be
: acceptable to the people; shall look 10
their wisdom TO substitute such as may be
; more conducive 10 the one, and more salts
factory 10 the other. In any event, they
may confidently rely on my hearty cooper
alton to the fullest extent, which my views
, OF the Constitution and my sense Of duty
, will permit
| 1t Is obviously important TO this branch Of
, the public service and to the business and
quiet Of the country, that the whole subject
should in some way be settled and regulated
: by law; and, if possible, at your present
session. Besides the plans above referred
. to- au not aware that any one has been
suggested, except that of keeping the public
money in the State banks in special deposite
e This plan is, to some extent, in accordance
t with the practice Of the Government, and
with the present arrangement Of the Treas
p ury Department; which, except, perhaps,
s during the operation of the late deposite
act, has always been allowed, even during
the existence of a National Bank, to make
a temporary use Of the State banks, in par
/ tiCular places, for the safe keeping of por-
: tons of the revenue. This Discretionary
: power might be continued, il Congress
deem 1t desirable, whatever general system
il be adopted. So long as the connection is
= voluntary, we need perhaps anticipate few
# OF those difficulties, and little of that de-
: Pendence, on the banks, which must attend
: every such connection when compulsory in
n ITS nature, and when so arranged as to make
e the banks fixed part Of the machinery Of
e Government. Its undoubtedly in the pow
. er OF Congress SO TO regulate and guard ii
= as to prevent the public money from being
# applied to the use, or intermingled with the
: affairs Of individuals. Thus arranged, a.
I thou5 it would not give TO the Government
q that entire control over its own funds which
4 desire TO secure to it by the plan have
: proposed, it would, it must be admitted, in a
p great degree, accomplish one Of the jects
o which mas recommended that plan to my
o judgment-lhe separation of the fiscal con-
n ! Germs of the Government from those Of
/ individuals or corporations.
J.. With these observations, l recommend
: the whole matter to your dispassionate re-
!, Election; confidently hoping that some con
clusion NAV be reached by your delibera-
y ! tons. which, on the one hand shall Give
n safety and stability to the fiscal operations
- Of the Government, and be consistent on the
, ! other. with the genius Of our institutions.
!, and with the interests and wishes Of the
i great mass of our constituents.
It was my hope that nothing would oc-
i cur 10 make necessary, on this occasion,
b any aIuson to the National Bank
; There are circumstances, however, con-
;, nect"d wiki the present state of its affairs.
. that Lears so directly on the character of
n the Government and the welfare of the
: citizen, that should not feel myself ex-
: cused in negIecting TO notice them. The
5 charter whi:h terminated it's banking
privileges on the fourth Of March, 1887
n continued its corporate powers two years
: more, FIR the sole purpose Of closing it's
" affairs. with authority "to use the ccrpor-
e ale name, style and capacity, for the pur-
: NOSE Of suits fer final settlement and H.
o nuidotion of the affairs AMI acts ofthe COR
I, noTa,ion, and for the sale and disposition
= Of their estate, real, personal and mixed,
d but for no other purpose or in any other
u manner whatsoever" Just before the
Al banking privileges ceased, its effects were
E. transferred bv the bank to a new State in
.e sitniion then recently incorporated. in