Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1837-12-23

led with the utmost deference---the opinions
and wishes Of the people. The national vii
lis the supreme law of the Republic, and on al
subjects within the limits of his constitutions
powers should be faithfully obeyed by the pub
lie servants. Since the measure in questio,
was submitted TO your consideration, most o
you have enjoyed the advantage of persona
Communication with your constituents. Fo
lin one State only has an election been held fol
1.-THE Federal Government; but the early day al
which it took place, deprives the measure un
der consideration of much of the support i
might otherwise have derived from the result
Local elections for State officers have, howev.
ef, been held in several Of the States, at which
The expediency of the plan proposed by the Elk.
ecutiye has been more or less discussed. You
will, am confident, yield to their results the
respect due to every expression Of the public
voice. Desiring, however, to arrive at truth
and a just view of the subject in all its bear
mgs. you will at the same time remember,
that question Of far deeper and more immediate
local interest, than the fiscal plans Of the Ma
aonal Treasury, were involved in those cleo
tons. Above all, we cannot overlook the stri-
| Ting fact, that there were at the time in those
States more than one hundred and sixty mill
ions of bank capital. of which large portions
were subject to actual forfeiture---othef large
portions upheld only by special and limited
Legislative indulgences---and most oft, if not
Iall. TO greater or less extent, dependent for a
continuance of its corporate existence upon the
will of the State Legislatures to be then cho-
sen. Apprised of this circumstance, you will
Judge, whether it is not most probable thatthe
peculiar condition of thatvast interest in these
respects, the extent to which it has been spread
through all the ramifications Of society, its d.
rect connection with the then pending cleo
lions, and the feelings it twas calculated to in
fuse into the canvass, have exercised far
greater influence over the result, than any
which could possibly have been produced by
aconflict of opinion in respect to a question in
the administration of the General Government,
more remote and far less important in its bear
ings upon that interest.
have found no reason to change my own
opinion as to the eypediency of adopting the
system proposed, being perfectly satisfied that
there will be neither stability nor safety, eth
er in the fiscal affairs Of the Government, or in
the pecuniary transactions of individuals and
corporations, so long as a connection exists
between them, which, like the past, offers such
strong inducements to make them the subjects
ofpolitical agitation. Indeed, am more than
ever convinced Of the dangers 10 which the
free and unbiased exercise of political opin-
ion---the only sure foundation and safeguard of
republican government---would be exposed BY
any further increase of the already overgrown
influence of corporate authorities---I cannot,
therefore, consistently with my views Of duty,
advise renewal Of a connection which cir
cumstances have dissolved.
The discontinuance of the use ofState Banks
for fiscal purposes ought not to be regarded as
a measure of hostility towards those institu-
TONS. Banks, properly established and con-
Quoted, are highly useful to the business ofthe
country, and will doubtless continue to exist
in the States, so long as they conform to their
laws, and are found to be safe and beneficial.
How they should be created, what privileges
they should enjoy. under what responsibilities
they should act, and to what restrictions they
should be subject, are questions which, as
observed on previous occasion, belong to the
States to decide: Upon their rights, or the
exercise of them, the General Government can
have no motive to encroach. Its duty toward
them is well performed, when it refrains from
legislating for their special benefit, because
snch Legislation would violate the spirit Of the
Constitution, and be unjust to other interests;
when 1t takes no steps 10 impair their useful
ness, but SO manages its own affairs as to make
it the interest ofthose institutions to strength
en- and improve their condition for the securi-
ty and welfare of the community at large.--
They have no right to insist on a connection
with the Federal Government, nor on the use
Of the public money for their own benefit. The
object Of the measure under consideration is,
to avoid for the future compulsory connec-
ton Of this kind. Itproposes to place the Ge-
neral Government, in regard to the essential
points Of the collection, safe-keeping and trans
shall relieve it from all dependence on the will
Of irresponsible individuals or corporations; to
Withdraw those moneys from the uses Of pri-
vate trade, and confide them to agents consti-
tutionally selected and controlled by law; to
abstain from improper interference with the Inc
dustry Of the people, and withhold induce
men,s to improyident dealings on the part Of
individuals; to give stability to the concerns
of the Treasury; to preserve the measures Of
the Government from the acknowledgements
es that flow from such connection, and the
banks themselves from the Injurious effects Of
a supposed participation in the political con-
flicts Of the day, from which they will other
wise find it difficultt to escape.
These are my views upon this importan
subject: formed alter careful reflection, and
with no desire but to arrive at what is most
likely 70 promote the public interest. They
are now, as they were before, submitted with
unfeigned Difference for the opinions Of others.
Itwas hardly to be hoped that changes, SO inn
portant, on subject SO interesting. could be