The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-09-16
IIlASSAGB
FRON THE
Preafdepnt az fI,e TT. Sfafes.

and House Of Representatives.
The act ofthc 23th Of June, 1896, regu-
latlng the deposites of the public money, &
directing the employment Of State, District
and Territorial banks for that purpose,
made II he duty Of the Secretary of the
Treasury to discontinue the use of such cf
them as should at any time refuse to redeem
their notes in specie, and to substitute other
banks, provided sufficient number couId
be obtained to receive The public deposltes
upon the terms and conditions therein pre-
scribed. The general and almost simulta-
neous suspension of specie payments by the
banks IN May last renderd the performance
oil tins duty imperative, in respect to those
which had been selected under the act; and
made IT, at the same time, impracticabIc to
employ the requisite number of others, up
on the prescribed conditions. The specific
regulations established by Congress for the
deposite and safe keeping of the public mo-
neys, having thus uhexpecdy become in
operative, | felt it to be my duty to afford
you an early opportunity for the exercise
OF your supervisory power over the subject.
was also led to apprehend that the sus-
penslonof specie payments, increasing the
embarrassments before existing in the pc
cuniary affairs of the country, would so far
diminish the public revenue, that the accru-
ing receipts into the Treasury would not.
with the reserved five millions, be sufficient
70 delray the unavoidable expenses of the
government, until the usual period for the
meeting of Congress; whilst the authority
to call upon the states, for portion of the
sums deposited with them, was too restric-
ted to enable the department to realise snf
iclent amount from that source. These
apprehensions have been justified by sub
sequent results, which render it certain that
this deficiency will occur, if additional
means be not provided by Congress.
The difficulties experienced by the rer
camille interest, in meeting their engage
ments' induced them to apply to me, previ-
ously to the actual suspension of specie |
payments, for indulgent upon their bonds |
Tor duties; and all the relief authorized by
law was promptly and cheerfuly granted. |
The dependence Of the Treasury upon the !
aVails OF these bonds, to enable il to make |
the depositeS with the states required bv
law, led me in the outset to limit this indui- |
gence 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
ue recess In respect to the October install
ment OF these deposltes, requiring the inter-
position of Congress.
A provision of another act. passed about
ihe same time, and intended to secure 4
faithful compliance with the obligations of
ule United States, to satisfy all demands
upon them in specie or its equivalent, pro-
mott the offer of any bank note, not conver-
uole op the spot into gold and silver at the
WIZ OF the holder; and the ability of the
government, with millions on deposite, to
meet It's engagements in the manner thus
required by law, was rendered very doubt
lul oy the event to which have referred. ;
Sensible that adequate provisions for these
unexpected exigencies couli only he made
oy Congress; convinced that some of them
would be lndlspensably necessary to the (
PUBIC service before the regular period of
your meeting; and desirous also to enable
you 10 exercise, at the earliest moment, your
iull constitutional power for the relief orthe
could not, with propriety, avoid
supjectlng you TO the Inconvenience of
assembling at as early day as the state of
ihe popular representation would permit.
! am sure that have done but Justice to your ,
feelings, in believeing that this inconveni-
ence viii be cheerlully encountered, in the ,
nope OF frendering your meeting conclusive
TO the good of the country.
During the earlier stages of tha revoIu-
aon through which we have lust passed, I
much acrimonious discussion arose. and !
Teat diversity Of opinion existed, as 10 its +
real causes This is not surprising.-The +
operations Of credit are so diversified, and :
lhe influences which affect them so numer :
pus' and often so subtle, that even impartial f,
ana Wen informed persons are seldom found {
10 agree IN respect to them To inherent {
l!fhcultles were also added other tenden- S
sles, which were by no means favorable to
'he discovery of truth. 1t was hardly to be I
expected, that those who disapprove the c
policy of the government, in relation to the G
mrrency would, in the excited state of
,lollc feeling produced by the occasion, {
all TO attribute to that policy any extensive :
Embarrassment in the monetary affairs of