The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-16

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great staples, there would be large reduc-
ton from the amount Of our foreign exports,
which il is important to encourage, with a
view to satisfy the heavy balance against us,
| and the reduction of which can alone remove
| the demand for specie.
| Impressed with the soundness and import
ance of these general views, venture re-
| spectfuIly 10 recommend to the General As
| sembly, to relieve the banks from the penal
ties and disabilities incurred by them, and to
authorize, for limited period, the suspension
of specie payments. The measure is earn
estly desired by large portion Of the COM
munity; il will have the effect of re-esiablish-
ing confidence, and must sensibly mitigate the
severity OF the times. The currency, if it can
be changed at all, and il be wise TO attempt it,
can lie changed with safety only by slow, and
measured alterations Injustice, as wei as
great loss, must attend any sudden and radi-
cal attempts at alteration. Al the same time
that the banks are relieved from their disa-
biities, and continued in the enjoyment Of
their corporate privileges, great care should
be taken to guard against abuses, and to Sc
cure the resumption of specie payments at the
earliest possible period. The extension Of
4
ments, should be carefully avoided The
longer the suspension continues, the greater
will be the difficulty in recovering from it,
and the more we shall be in danger Of per-
manently disordered and progressively depre-
ciating currency. 1t is matter of great
moment to the. public, and it is important to
the banks, if they would preserve their credit
with the community, to guard against dis
ordered and deprecated currency, and there
is no security against the mischief but by
rigid fulilmcnt of their duties under the laws,
by the payment Of specie.
| have endeayorcd with brevity and frank
ness to communicate my views on the present
perplexing state Of public and private affairs.
They arc submitted with diflidence, and with
the profoundest respect for the intelligence and
patriotism Of the General Assembly. We have
but one object in view, to cherish and defend
the prosperity of our common country; and
now that her prosperity has suffered transit
tory gloom, let all minor divisions be forgotten
in hearty and united devotion to her true
and permanent welfare.
This season of the year when it may be
unsafe for many OF you to remain here longer
than may be absolutely required TO mature
acts for the relief of the banks There may
be other reasons why the session should not
be protractcd-no good can arise from agitat-
ing the public mind by proposing new plans
of relorm-evi may. There seem to be no
settled opinions on many branches of the sub
ject-congress is about to meet-it may be
important to hear what they have to propose,
The General Assembly will rcassembe at the
next annual session, prepared to act with
| urp IalIharatinn W hoya hoe
afforded to see in some measure the results
Of the present state Of things will therefore
submit no, other subject for your consideration,
and know of none which may not with pro-
priety be postponed.
i DAVID CAMPBELL.
Executive Department, June l2h, 1887.
From the Charlottesville, va) JeRersonian Republican.
We publish the following letter from Major
Garland, which we received in answer to a
query of ours, on the propriety of calling a
meeting of the people, with view TO obtain
their opinions respecting National Bank,
&c. We do not know whether the Major in
tended that we should publish it. Neverthe-
less, as we can see no evil that will result
from its publication, we give it to our readers,
and we are glad TO perceive that our Repre-
sentative does not embrace the ultra doctrines
of either party, and we hope that majority OF
the members of Congress will entertain SINH
lar sentiments, and be disposed to act for the
healing of the nations wounds, and not probe
them deeper, and thereby 'endanger not only
prosperity, but our very existence.
LIVINGSTON, July 81, 1887.
My Dear Sir: Having no disposition to
withhold from my constituents, collectively or
individually, any opinion which entertain in
relation to any matter affecting the public in
terest, | respond to your inquiry with great
I pleasure.
It's not upon slight or trivial occasions that
the expression of public opinion in primary
assemblies of the people should be sought or
given, for this would destroy its efficacy. But
it should be reserved for those great and i'm
portant occasions when its expression will
exert salutary influence upon the councils
of the nation, and secure an adherence to the
Constitution and wisdom in its measures.
That the proprcty of establishing another
National Bank, will be agitated in the next
Congress, as it now agitates the public mind,
cannot be doubted. The indications arc too
strong to be mistaken. From the great politi-
cal eXcitcments which this question has here
toforc created, and will again create, and from
the constitutional difficulty attached to it, |
regard il as one of the most important and diff
fcult questions which can be presented to the
consideration of the American people, and am
therefore decidedly of opinion that it is one OF
those questions which in the beginning should
occupy their attention and elicit an expression
Of their opinion.
As the representative Of this Congressional