Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1837-12-14

mercial affairs, and The liberal indulgenc,
which, in consequence OF these embarras
ments, has becn extended 10 both the ner
chants and the hanks, i. is gratifying To b'
able 10 anticipate that the Treasury notes
which have beer, issued during the present
year, will he redeemed, and that the resour
ces OF The Treasury, without any resort I,
loans or increased taxes, will prove ample
Tor deiraying all charges imposed on II du'
ring 1888.
The Report of the Secretary Of the Treas
ury will afford you more minute exposi
tion OF all matters connected with the adj
ministration of the finances during the cur
rent year period which, for the amount
Of public moneys disbursed and deposited
with the STATES, as well as the financial diff
hculties encountered and overcome, has few
parallels in our history
! Your attention was, at the last session, in
yited 10 the necessity Of additional legisIa-
tive provisions in respect 10 the collection,
SAFE keeping, and transfer OF the rit5iic mo-
| ney- No law having been then matured,
and not understanding The proceedings of
Congress as intended 10 be final, il becomes
my duty again 10 bring the subject TO your
| notice.
| On that occasion, three modes of PERFORM
ing this branch OF the public service were
presented for consideration. These were
the creation of National Bank; the revival,
| with notifications, OF the deposile system es.
tablished by the act of the 23d o: une, 1886,
permitting the use of the public moneys by
the banks; and the disconiinuance of the use
OF such institutions for the purpose referred
TO, with suitable provisions for their accom-.
plishment through the agency Of public Of
| hcers. Considering the opinions OF both
Houses of Congress on the two first propo-
sitions as expressed in the negative, in which
l entirely concur, il is unnecessary for me
| again 10 recur 10 them. Ia respect TO The
| last, you have had an opportunity since your
adjournment, not only 10 test still further the
eXpediency Of the measure, 10y The continued
practical operation Of such parts of il as are
now ia force, but also 10 discover-what
should ever he sought for and regarded with
the utmost deference--lbe opisions and wish.
es of the people. The national will is the
supreme law of the Republic, and on all sub
JeCts within The limits OF his constitutional
powers, should be faithfully obeyed by the
public servant. Since the measure in ques-
ton was submitted TO your consideration,
most OF you have enjoyed the advantage OF
personal communication with your coustitu-
ents. For one State only has an election
been held for the Federal Government but
the early day at which il toek place, depriveS
the measure under consideration ef much oil
the support it might otherwise have derived
from the result Local elections for State
officers have, 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, l am
confident, yield 10 their results the respect
due TO every expression OF the public voice.
Desiring, however, 10 arrive al truth and
just view ofthe subject in all its bearings.
you will al the same time remember, that
questions OF lar deeper and more immediate
local interest, Than the fiscal plans of the
National Treasury, we're involved in these
elections. Above all, we CanDo, overlook
The striking fact, that there were at the time
in those States more Than one hundred and
sixty millions OF bank capital, ofwhich large
portions were subject TO actual forfeiture
other large portions upheld only by special
and limited leg islative induIgences- and most
of II, u not all, To f. greater or less extent
| dependent for Continuance ofits corporate
existence upon the will Of The State LegisIa-
lures TO be then chosen. Apprised of ibis
circumstance, you will indigo, whether il is
not most probable that the peculiar condition
| OF that vas! interest in these respects, the ex-
tent 10 which il has been spread through all
| the qualifications OF society, lis direct cons
Dectien with the then pending elections, and
| the feelings ii was calculated 10 inluse into
the canvass, have exercised far greater in.
tiuence over the result than any which could
| d
opinion Iii respect 10 question in the adj,
mipisIraIion of the General Government
more remote and far less important; in its
bearings upon that interest
have i0und no reason 10 change my own
opinion as 10 the expectancy Of adopting the
system proposed, being perfectly satisfied
| that there will be neither stabIlity nor safe.
! ~, either in the fiscal affairs of the Govern.
inent, or In the peCuniary transactions Of in
| diyIduaIs md corporations, SO long as n con-
nection exists between them, which, like the
past, offers such strong inducements 10 make
/ them The subjects of political agitation. In.
| deed, am more than ever convinced Of the
dangers 10 which the free and unbiased eX-
ercise of political opinion-ihe only sure
foundation and safeguard uf republican g0v~
ernmehi-wouid be exposed by any turtle.
| increase Of The already overgrown influence
Of corporate authorities | cannot, there,
fore, consistently with my views Of duty, ud
wise renewal Of a connection which circun~
stances have dissolved.
The disContinuance of The use Of Stale
banks for fiscal purposes ought not 10 he re.
garded measure Of hostility toward those
Institutions Banks, properly established
and conducted, are highly useful TO The busi-
ness Of the country, and will doubtless con
tinue TO exist in She States, 90 long as they
conform 10 their laws, and are found TO he
safe and beneficial. How they should be
created, what privileges they should eni~y,
under what responsibilities they should act.
and TO what restrictions they should be sub
Ject, are questions VI bich, as observed on
previous occasion, belong 10 the States TO
decide. Upon their rights, or The exercise
OF them, the General Government can have
no motive 10 encroach. lis duty toward them
| rs well performed W hen II refrains frnr, Loo.