Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-09-16

Nnuauce and supervision, Of the banks that ma
be employed. The question is then narrowed {,
the single point, whether, in the ;ntermet.iat.
stage between the HQllection and disbursement; 0
the public money, Me agency Of banks is neces
saSy 70 avoid dangerous extension Of the patron
age and influence of TIE Executive? But 1t /:
clear that the connection Of tho Executive with
powerful moneyed institutions, capable OF minis
tering to the Interests Of men in points where
they most accessible 70 corruption, is less LA.
bic tn abuse, than his constitutional agency in the
appointment and control Of the few public officers
required by the proposed plan! Will the public
money, when in their hands, be necessarily ex-
posed 70 any improper interference on the par; OF
the executive? May it not be hoped that prl-
dent fear Of public Jealousy and disapprobat,on,
in a matter 50 peculiarly exposed 10 them, will
deter him from any such interference even III high
er motives be iouni Imperative? May not Con-
gross SO regulate, by law, the duty of those OH
GERS, and subject it 10 such supervision and publ
city, as to prevent the possibility Of any serious
abuse ON tho part Of the EXecutiyc! and is there
equal roo;l for such supervision and publicity IN
connection witt, banks, acting under the shield
of corporate imrnunities, and coniEtcd by per-
sons irresponsible to the Government and the peo-
pie? 1t il believed that consiiert &c and candid
mvestg cation Of these questions wiilresu!t In the
conviction, th1t the proposed plan IS far less Ina
bic to objection, on the score Of Executive pa
tronagc and control, than any bank agency that
has been, can be, devised.
With these views, leave 70 Congress the meas
mres necessary to regulate, in tho present euer-
gency, the safe keeping and transfer OF the pub
Iicmonevs. In the performance of constitutional
duty, have stated to them, without reserve, the
result Of my own reflections. The SUBJECTS OF
1Pcat inheritance, AMI which
scarcely expec, 10 be united in sentiment
arc in interest. II deserves fii AMI free dis
c,ission, and cannot fail to be benefited by dis
passionate comparison Of opinions. Well aware
myself Of the duty of reciprocal concession
mong tho coordinate branches of the Govern
nent, can promise reasonable spirit Of co-opc-
ration SD FIR rs it be INDUCED ia without the
sIrfen!cr of constitutional objections, which
believe to be well fo1ulod Any system that
NAV he adopted shoIll be subjected to the fullest
legi! prDyision - to leave nothing to the Exc
cutivc but what is necessary to the discharge OF
the duties imposed on him; ana whatever plan
may be ultimately established, my part shall
BE- discharged to give to il fair trial, and
the best prospect OF success.
The chiractcr OF the funds TO be receiy ed and
slisbursed in the Transactions Of the government,
likewise demands your most aref;il considera ton
There can be no doubt that those who framed
and adopted the Constitution having in ifnn,edi
ate view the Deprecated paper of the Conicdcra-
cy--of which five hundred dollars in paper were
mt times only equal to ono dollar in coin-intcn-
died to prevent the recurrence Of similar evils, 50
far least related 10 the transactions Of the
press powers to coin money, AMI 10 regulate the /!
value thereof, and OF foreign coin; they refuse to
give it power to establish corpo-- tions-the a. /
gents, then now, chiefly employed 10 create a
paper currency they prohibited the States from
making any thing but gold and silver legal ten
de- payment Of debts; and the first Congress
lire ID, by positive law, that the should
~ received in nothing but gold and silver.
Public cxgoncy at the outset OF the Govern
ment, without direct Legislative authority, led to
- ,t- ", tt,~
in admitted deviation from the law, at the same
pes.,i, a3 .,s.4las tho ox;zonov thu Sno-as-
~ Of the Treasury received their notes in pay
nent Of duties. The sole ground which the
prac ticc thus commenced, was then, or has since,
been justified, is the certain immediate, and con-
vcnicnt exchange Of sucl, notes for specie. The
Gov rnrncnt did indeed, receive the inconver;Ible
notes Of State banks during the difficulties of
md the community submitted without murnur
10 the unequal taxation AMI multiplied evils of
which such IA course productive With the
war, this Indulgence ceased, and the banks. were
obliged again to redeem their notes in gold and
silver. Tho Treasury; in accordance with previ-
BUS practice continued TO dispense with the cur
,cncy required by the act Of 1889. and took the
notes of banks in full conf Icnce of their being
,aid in specie demand; and Congress, toguard
lCnnst The slightest violation of this principle.
,av declared. by law, that il notes are paid IN
ne tr ,ns actions o. the Gov ernment it must be un-
Ter such circumstances to enable the holder to
convert them into specie without depreciation or
ielay.
% nv own duties under the existing laws when
me banks suspended specie payments, could not
loust Directions Immediately given to
,rcvent the reception into the Treasury of any :
hing but gold and silver or its equivalent; and
very practicable arrangement was made to pre-
erye the public faith, by similar or equivalent
'ayments 10 the public creditors. The revenue
rom lands had been for time substantially ,
o collected under the order issued by the direc-
ions OF my predecessor. The effects of that $
|or had been salutarv. and its forecast in re-
ard to the incre ssng insecurity of bank paper
ad become, apparent, TINT, even before the :
catastrophe, had resolved not II interfere with I
b operaiion-Congress is now to decide wheth- g
the revenue shall continue II be collected or
lUt
The receipts into the Treasury, Of bank notes, Q
ot redeemed in specie demand, will not, 9
resume, be sanctioned. 1t would destroy, with r
ut the excuse OF war public distress, tina; e
uali.y Of imports. and inlentity of commercial :
equation, which lie at the foundation of Con- Il
,deracy, and would offer to elch State direct l:
.mpfation to increase its foreign trade, BY de- :
the currency received for duties in its 4