Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-12-18


the limits Of his constitutional powers, should be
faithfully obcyed by the public servant. Since
the measure in question was submitted to your
consideration, most of you have enjoyed the ad- !
vantage of personal communication with your
constituents. For one state only has an election |
been held for the Federal Government; but the |
early day at which it took place, deprives the
measure under consideration of much of the sup
port il might otherwise have derived from the re-
suit. Local elections for states officers have,
however been held in several of the states at
which the expediency Of the plan proposed by
the Executive has been more or less discussed.
You will, am confident, yield 10 their results
the respect due to every expression of the public
voice.
Desiring however, to arrive OF 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 in
volved in those elections Above all, we can
not overlook the striking fact, that there were at
the time in those states more than one hundred
and sixty millions Of bank capital, of which large
portions were subject TO actual forfeiture-other
large portions upheld only by special and limited
legislative ndulgencies-nnd most Of it, if not all,
to greater or less extent, dependent for contin
uance of lis corporate existence upon the will of
/
Of this circumstance you will Judge, whether it is
not most probable that the peculiar condition of
that vast interest in these respects, the extent to
which it has heen spread through all the ramifoa-
tons of society, its direct connection with the
then pending elections, and the feelings it was
calculated to nfuse into the canvass, have eXer-
eised Far greater influence over the result, than
any which could possibly have been produced by
n conflict of opinion in respect to a question in
the administration Of the general government,
more remote and far less important in its bearings
upon that interest.
have found no reasons to change my own o.
pinion to the expedency of adopting the sys-
TEN proposed, being perfectly satisfied that there
will he neither stability nor safety, either in the
fiscal affairs of the government, or in the pecuni-
airy transactions of individuals and corporations,
so long as n connection exists between them,
which, like the past, offers such strong induce
ments to make them the subjects of political agi-
/ tation.--Indeed, am more than ever convinced
of the dangers to which the free and unbiased
exercise of political opinion-the only sure found
alton and safeguard of republican government
D would be exposed by any further increase of the
already overgrown influence OF corporate author
tiles ! cannot, therefore, consistently with my
views of duty, advise renewal Of connection
/ which circumstances have dissolved
I for fiscal purposes ought not TO be regarded as
q measure of hostility towarde those Institutions
= Banks, properly established and conducted; arr
highly useful to the business of the country, ant
Y will doubtless continue to exist in the States, 81
Q long as they conform to their laws and are fount
to be safe and beneficial. How they should b.
z created, what privileges they should enjoy, 'un
g der what responsibilities they should act, aad
d what restrictions they should be subject ar
= questions which, as | observed on a previous oc
: casjon. belong 10 the states to decide. Upo
/ their rights, or the exercise Of them; the Genera
@ Government can have no motive to encruacf
# Its duty toward them is well performed, when
refrains from egisating for their special benefit
H because such legislation would violate the spir
n of the Constitution, and be uni us to other inter
:. ests; when it takes steps TO impair their use
d fuIness but so manages its affairs to max
= il tina interest of those institutions to strenghe
e and improve their condition for the security an
IF welfare of the community at large They hay
ID no right to insist a connexion with the Feder
r Government, nor on the use of the public none
,, for their own benefit.
The object of the measure under considerable
10 is, TO avoid for the future a compulsory oonne,
j. ion of this kind. 1t proposes TO place the gener
err government in regard to the essential points
ct the collection, safe-keepng, and transfer of II
L. public money, in situation which shall relic,
" il from all dependence on the will of irrespons
y BILE individuals or corporations to withdraw thol
n moneys from the uses of private trade, and COZ
pr fine them to agents constltutlonally selected
10 controlled by law; TO abstain from improper int
IN ference with the the industry of the people,
ut withhold inducements TO improvident dealings
he the part of individuals; TO give stability TO Il
re concerns of the Treasury; TO preserve the mea
to ures of the government from The unavoidable r
m proaches that flow from such connection, al
en- the banks themselves from the injurious eliec
is of a supposed participation in the political CO
ITS Acts of the day, from which they will otherwi
ey find it difficult TO escape.
IS, These arc my views upon this important su
ed iect; formed after careful reflection and with
en- desire but 10 arrive at what is most likely TO pr
IL mote the public interest. They are now, as thu
were before, submitted with unleigned deferen
ITS for the opinions of others. 1t was hardly TO
al hoped that changes so important, a sub ect
Sc interesting, could be made without producing
NJ serious diversity of opinion; but so long as tho
Is conflicting views are kept above the influence
IS individual or local interests; long they pu
he sue only the general good and are discussed wi
re- moderation and candor, such diversity is a ben
10 fit; not an injury. IL majority of Congress S
Tor the public welfare in different light; and mo
ng especially if they should dissatisfied that the mes
ure proposed would not be acceptable 10 the pc
Try pie; shall look to their wisdom TO suhstitr
all such as may be more conducive to the one, n
lie more satisfactory TO the other. In any eve
III, they may confidently rely on my hearty coop,
nd alton to the fullest extent, which my views of
nal Constitution and my sense of duty will permit.
:" II is obviously important to this branch of
public services and to the business and quiet