Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-09-14

ItTOAl the I0feS1GeftG " ttc CHftt" o1o1e'
10 lie tuo Houses of Congress al the
commencement Of the first SESSION o. the
TwentyJJ1h Congress.
Eelloao citizens ofthe Senate
and House Of Representatives:
Tie act of the 2Sd of juno, 1886, reg
ulating the dcpositos Of the Public Zion
ey, and directing the employment OF
State, District, and Territorial Banks for
that purpose, made it the duty of the Sec
retary of the Treasury to discontinue the
use Of such of them as should at any time
refuse to redeem their notes in specie,
and to substitute other banks, provided a
sufficient number could be obtained to re-
ceive the public deposits upon the terms
and conditions therein prescribed. The
general, and almost simultaneous sus-
pension of specie payments by the banks
in May last, rendered the performance
of this duty imperative, in respect to those
which had been selected under the act,
and made it at the same time impractical
Bile to employ the requisite number OF 9TH
ers, upon the prescribed conditions. The
specific regulations established by Con
gress, Cor the safe keeping OF the public
moneys, having thus unexpectedly become
imperative, felt it to be my duty to at.
ford you an carly opportunity for the ex-
crcise Of your supervisory powers over
the subject: ------
I was also led to apprehend that the
suspension of specie payments, lncreas-
ing the endorsements before existing
in the pecuniary affairs Of the country,
would so far diminish the public revenue
that the accruing receipts in the Ireasu'
nv. would not, with the reserved five mil
! lions, be sufficient to defray the unavold
able expenses of the Government, unit
the usual period for the meeting OF Cong
ress: whilst the authority to call upon the
States, for u portion Of The sums deposit
ed with them, was too restrictedto enable
the department to realize sufficient a
mount from that source. These appre
tensions have been justified by the sub
seouent results which render II certain
that this deficiency will occur, II addi
tional means be not provided by Cong.
ress. So,
The difficulties experienced by the mer
camille interest, in meeting their engage
ments, induced them TO apply to me, pre-
yiously to the actual suspension OF sPe
cie payments, for indulgence upon thell
bonds for duties; and all the rellet au
thorized by law was promptly and cheer
fully granted. The dependence OF the
Treasury upon the avails OF these
bonds, to enable it to make the deposiie;
with the States required by law, led me
in the outset to limit this indulgence 1f
the first Of September, but it has since
-been extended to the first Of October,tha
the matter might be submitted to YOU
further direction. :.
Questions are also expected to ailse II
the recess, in respect to the October IN
stallment of those deposites, requiring th'
interposition Of Congress. u,
A provision Of another ct,passed apou
The same time, and intended 10 secure
faithful compliance with the obligation Q :,
the United Statos, to satisfy all demands
upon thom in specie orits equivalent
nrobibited the offer of any bank note, no
Convertible on the spot into gold Or sll
Yer at the will of the holder; and the abll
ity Of the government, with millions OF
deposite, to meet its engagements IN the
manner thus required by law was rem
dered very doubtful by theeven to whicf
i have referred.
d Sensible thai. adequate provisions fol
the unexpected exigencies could only DC
made by Congress; convinced that some
afthen. would be indispensibly necessary
to,ho public service, tesore the regular
period of your meeting; and desIrous al a.!
- Is enable YOU 10 exercise, at tho earll'
est moment, your full constitutional pow,
ers for the relief Of the country, could
not, with propriety, AVOID suplee'lng you
70 the Inconvenience OF assembling at as
early a day as the state Of the popular
rsoryesentation would permit. ! am sure
<hat I have done bui justice to your feel
;n4s. Ia believing that this Inconvenience
.si|l bc cheerfu,ly counteracted, in the
b6pe Of rendering your meeting condu-
sipo 10 the goodiof the country.
During the earlier stages of the reyul-
sion through which We have Just passed,
much acrimonious discussion arose, and
4 cycnt diversity Of opinion existed, as to its
5sal. causes. This was not surprising
srba operations Of credit are so diversified,
and the influences which effect thom SO
numerous, and often so subtle, that even
Y ;;,,,,;artiaf and we'll informed persons are
seldom found toagree in respect to them.
20 inherent difficulties were also added
1 other tendencies, which were by,no means
favorable to the discovery OF truth. 1t
1jas hardly to be expected that those who
aisapprpyed Of the policy Of the govern