Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-09-14

would so far diminish the public revenue
that the accruing receipts into the Trea
,sury, would not, with the reserved fiv,
millions. be sufficient to delray the un
avoidable expenses Of the Government
until the usual period for the Us Getting o
Congress; whilst the authority TO cal
upon the States, for portion Of THE sum:
deposited with them, was too restrictee
TO enable the Department to realize suf
ficient amount from that source. These
Iapprebensiops have been justified by
subsequent results, which render it Ger
tain that this deficiency will occur, il
additional means be not provided by
Congress.
The difficulties experienced by the
mercantile interest, in meeting their en-
gagements, induced them TO apply to me,
previously to the actual suspension OF
specie pay ments. for indulgence upon
their bonds for duties; and all the relief
authorized by law was promptly and
cheeriully 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 oUtse: 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 depostes, requiring
the interposition of Congress.
A provision Of another act passed a
bout the same time, and intended to Sc
cure faithful compliance with the OBJ
| legation of the United States to satisfy
all demands upon them in specie or lis
equivalent, prohibited the offer of any
bank note, not convertible on the spot
into gold or silver at the will of the hol-
der; and the aSS:!ity G! Tia Government,
| with millions OH deposite. to meet its
engagements in the manner thus required
by law, was rendered very doubtful by
the event to which have referred.
Sensible that adequate provisions for
these unexpected exigencies could only
be made by Congress; convinced that
some Of them would be indispensably ne
cessary to the public service, before the
regular period of your meeting and de-
sirous also 10 enable you to exercise, at
the earliest moment, your full conslitu.
tiOnal powers for the relief of the coun-
try, could not. with propriety, avoid
subjecting you to the Inconvenience OF
assembling at as early day as the state
OF the popular representation would per-
nit. ] am sure that / have done but
justice to your feelings, in believing that
this Inconvenience will be cheerfully
encountered. in the hope of rendering
your meeting conducive TO the good of
the country.
During the earlier stages Of the revui-
sion through which we have just passed,
much acrimonious discussion arose. and
great diversity OF opinion existed. as to
its real causes. This was no: surprising:
The operations of credit are so diversifi-
ed, and the influences which affect them
SO numereus, and often so subtle, that
even impartial and well-informed per-
sons are seldom found TO agree in respect
to them. TO Inherent difficulties were
also added other tendencies, which were
by no means favorable 10 the discovery Of
truth. 1t was hardly to be expected,
that those who disapproved the policy
of the Government in relation to the cur
rencys would, in the excited state Of pub
lie feeling produced by the occasion, fail
to attribute to that policy any extensive
embarrassment in the monetary affairs of
the country. The matter, thus became
connected with the passions and conflicts
of party opinions were more or less af-
fecied by political considerations and
differences were prolonged which might
otherwise have been determined by an
appeal to facts. by the exercise OF reason,
or BY mutual concession. 1t is, howe
yer, cheering reflection, that circum-
stances of this nature cannot prevent a
community SO intelligent as ours from
ultimately arriving atcorrect conclusions.
Encouraged by the firm belief Of this
truth, | proceed to state my views, so
far as may be necessary to clear un-
Outstanding of the remedies feel it my
duty to propose, and o. the reasons by
which have been led 10 recommend
| them.
The history oil trade in the United
States for the last three or four years, at
(ords the most convincing evidence that
our present condition is chiefly to be at
tributed to over action in all the depart
UcutS vi ouSlneSS db ONef~dcliOh utii-
wing. perhaps, its first impulses from
autecedent causes, but stimulated to It's
obstructive consequences by excessive
issues Of bank paper, and by ether facil-
tiles for the acquisition and enlargement
Of credit. At the commencement Of the
year 1894, the banking capital of the u.
ldited States, Including that Of the ma
tionaf bank then existing, amounted te
about two hundred millions Of dollars