Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-12-15

which my views of the Constitution and my
sense olduty 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, ] am not aware that any
one has been suggested, except that ofkeeping the
public money in the state Banks in special depos.
tie. This plan is, to some extent, in accordance
with the practice of the Government, and with
the present arrangement of the Treasury De.
partment; which, except, perhaps, during the
operation of the late deposite act, has always
been allowed, even during the existence of
National Bank, to make temporary use of the
State Banks in particular places for the safe
keeping of portions of the revenue. This dis.
cretionary power might be continued, if Con-
gross deem it desirable, whatever general sys-
TEN be adopted. SO long as the connection is
voluntary, we need perhaps anticipate few Of
those difficulties, and little of that dependence,
on the banks, which must attend every such
connection when compulsory in its nature, and
when so arranged as to make the banks fixed
part of the machinery of Government.
1t is undoubtedly IN the power of Congress so
to regulate and guard it as to prevent the public
money from being applied to the use, or intermn.
gle With the affairs, of individuals, Thus ar.
ranged, although it would not give to the Govern.
ment that entire control over its own funds which
desire to secure to it by the plan have propos-
ed, it would, it must be admitted, in great de-
gree, accomplish one Of the objects which has re-
commended that plan to my judgement-the sep.
araton of the fiscal concerns of the Government
, from those of individuals or corporations.
With these observations, recon.
mend the whole matter to your dispas-
sionate reflection, confidently hoping that
some conclusion may be reached by your
deliberations, which, on the-one hand,
, shall give 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 great mass of our con-
. stltuents.
1t was my hope that nothing would oc-
cur to make necessary, on this occasion,
r any allusion to the late National Bank
, There are circumstances, however, con-
nected with the present state of its affairs,
that bear so directly on the character of
. the Government and the, welfare of the
t citizen, that should not feel myself ex-
A cused in neglecting to notice them. The
charter which terminated its banking
.. privileges of the fourth of March, 1886,
continued its corporate powers two years
more, for the sole purpose of closing its
: affairs, with authority ''to use the corpo-
rate name, style and capacity for the
purpose of sliits for the final settlement
: and liquidation Of the affairs and acts OF
4 4, e ,lo 1
disposition of their estate, real, personal
and mixed. bnt for no other purpose or in
any other manner whatsoever" Just be-
y fore the banking privileges ceased, It's
effects were transferred by the bank to a
: new State institution the recently moor
porated, in trust, for the discharge OF the
E debts and the settlement Of lis affairs.
These provision, with OCCASIONAL enact
ments in behalf of special interests deem.
ed entitled 10 the favor of the government
have in their execution, produced results
e "a beneficial upon the whole as could
; reasonable be expected in matter so
,, vast, so complicated and so cxcting.--
, Upwards of seventy millions of acres have
/ been sold, the greater part of which is
believed to have been purchased for actual
: settlement. The population of the new
States and Territories created out Of the
e public domain. increased between 1900
= and 1880, from less than sixty thousand,
to upwards of two millions three hundred
1 thousand souls, constituting at the latter
: period about one-fith of the whole people
S of the United States. The increase since
S cannot be accurately known, but the
whole may now be safely estimated at o.
yer three & IA half millions of souls compo-
t sing 9 States, the representatives ofwhlch
3, constitute above one>third of the Senate,
d and one, sixth of the House of Representa-.
tves of the United States.
Thus has been formed body of free
r. aud independent landholders. with rapi
dty unequalled in the history Of mankind
, and this great result has been produced
without leaving any thing for future adj.
c iustment between the Government and its
: citizens. The system under which SO
much has been accomplished cannot be
/ intrincically bad and with occasional
: modification to correct abuses and adapt
e it TO the charges of circumstances, may,
l. think be safely trusted tor the future
! There is, in the management of such ex,
tensive interests, much virtue in stability,
| and although great and obvious improve.
e melts should not be declined, changes.
should never be made without the full est
examination and the cearest demonstra-
ton of their practical untllty.
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