Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-12-13

H $500 81 ~ ~ NJ w
anticipate that the Treasury notes.
which have been issued during the
present year, will be redeemed, and
mat the sources of the Treasury.
without any resort to loans or increased
taxes, will prove ample for defraying
all charges imposed on il during 1898.
The Report of the Secretary of tho
Treasury will afford you a more mi.
mute exposition ofall matters connected
with the administration Of the finances
during the,currefIt year; a period which,
Tor the amount Of public moneys dis.
bursed and deposited with the States.
as well as the financial difficulties en-.
countered and overcome, has few par.
alfels in our country.
Your attention was, at the last session.
invited to the necessity of additional
legislative provisions in respect to the
collection, safe.keeping, and transfer Of
the public money. No law having
been matured, and not understanding
the proceedings of Congress as intended
10 be hnal, II becomes my duty again
TO bring the subject 10 your notice.
On tha occasion three modes ofper-
forming tbisIbranch ofthe public service
were presented for codsideration These
were: the creation Of anational bank
the revival, with notifications, Of the
deposIte system established by the
act of the 23d o fJune, 1896 permitting
the use Of tho public moneys by the
banks and the disconlinuance of the
use OF such institutions for the purpose
referred 10, with suitable provisions for
their accomplishment through the @
cy Of public officers. Considering The
opinions of both Houses Of Congress-
on thetwo first propositions as expressed
IN the negative, in which | entirely
concur, II IS unnecessary for me agnin
to iocur to them. In respect to the
last you have hsd an opportunity since
your adjournment, not only to teste
still further the expediency of the
measure, by the continued practical
operation of such parts oft as are now
in force, but also to discover-wbat
should ever be sought for and regarded
with the utmost d~eference-the opini.
ons and wishes of the people. Tho
national will is the supreme law of tho
Republic, and, on all subjects within
the limits of his constitutional powers,
should be faithfully obeyed BY the
public servant. Since the measure
IN question was submitted to your
consideration, most Of you have enjoy.
ed the advantage of personal communi.
cation with your constituents. For
n State only has an election been
held for the Federal Government buf
the early day at which 1t took place
deprlyes the measures under consiIcra-
ton of much of the support it might
otherwise have derived from the result.
Local elections for State officers hive
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 at truth, and a just view of
the subject in all lis bearings, you will
at the same time remember that cues
tlons of far deeper and more Immediate
local interest, than the Fiscal plans of
the National Treasury, were involved
in those elections. Above all we
cannot overlook the striking fact, that
there were al the time in those States
more than m hundred and sixty mil.
lions Of bank capital, OF which largo
portions were subject TO actual forfeiture
other large portions upheld only by
special and limited legislative indulgen.
ces--and most of il, if not all TO a
greater or less extent, dependent for a
continuance Of its corporate existence
upon the will Of the State Legislatures
to be then chosen. Apprised Of this
circumstance, you will judge whether
il is not most probable that the peculiar
| condition Of that vast interest in these
respects, the extent TO which il has been
spread through all the qualifications Of
society, lie direct connection with the
then pending elections, and the feelings
il was calculated to infuse into the
canvass, have exercised a far greater
influence over the result, than any
which could possibly have been produ-
ced by a 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 10 reason to change
my own opinion as to the expediency
Of adopting the system. proposed, being
perfectly satisfied that there will be
neither stability nor safety, either in
the fiscal affairs ofthe Government, or
in the pecuniary transactions Of indi-
viduals and corporations, so long as a
connection exists between them, which,