Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1837-09-16
- We6gA1y AGoeoessS" o. -
MS SAGE
sassa q The GATED 0eoeoe
49, n Ceasress II ths commence
e-H ~ sessions Of Ss Tse"fy.ehA

AGss -
- ef Coasress Il ths e'""e.ee-
x1s ~ session Of Gs 7se"'y,tfA
AMusfd Ne Sessss
AHs Of Rep's'eseas''es;
nj Sfsoa Of Juss, 1896, regulating the
- public money, and directing the
~a r 6nse, District, and Territorial
p suppose, made il the duty OF the
!, ~ Treasury 10 discontinue the use
- . should At any time refuse TO
se - sssssi u specie, and to substitute 9th
= -;1ei . sufficient number could be
> Geaes;ss the public deposites upon the
~ editions therein prescribed. The
s.a eAnne simultaneous suspension OF
= -. n the banks in My last, rem
Of this duty imperative,
hsse which had been selected under
.s' ~. srisade Il, at the same time, impracti-
49,. ~euulsy the requisite number Of others,
EGpcss bad coalitions. The specif:
= s;s ~sahishsd by Congress for the dePo-
: le - hespis4 u the public moneys, hav
49,. unespectejIv become imperative, felt
e r. - asey 70 sff,ed you an early opportuDi-
81 = - ssssciss a your supervisory powers
M. dpsd v aPprehend that the suspension
I N - ssynsafs, Increasing the emb,rrass-
- - esDeieg in the pecnniiry afIirs Of
= eru1vv. ~ % fas diminish the public rev.
Z -. 40 - seesuisg receipts into the Tre1s-
v~N N, vith 10 reserved five millions,
800 3 dsfsy tho unavoidable expenses
: - 0esennsoa, until the usual period for the
aesair e Csagfcss; whilst the authority TO
- - Shses, foe . portion Of the sums de-
- ~ lAsm, Was too restricted to enable
nosnnsat to realize a sufficient amount
n 1T seirce. These apprchensions have
n isi6ejby subsequent results which rcn'ier
- that this deficiency viii occur, If addi
niasass b not provided by Congress.
- 66eulties experienced by the mercantile
naun, y mectisg their engagements, induced
- y sepAy 10 me, previously 70 the actual sus-
sniss 4 spscis payments, for inl,leencc upon
Aea AsUds l1s duties; AMI all the relief au,ho-
I|izea bv ssw ~ pmmptly AMI cheeruly grant,
a. Tbsdspssdeaes e the Tre,s,ry upon the
|vsib e khsW bnsts y enable it to make the
spHlU via 10 States required by law, led me
tAesutsst - limit this Indulgence 10 the first
S1poo6es, but u his since been exten1ed to
y ~ g October, tht the n,,tter might be
dGM5 y your further direction.
- were also expected to arise in the
ynDoespect II the October instrument Or s'','vo
49,, requiring the inferposition OF T. 'ngrcss.
II lNwision Of another act, P1ssed about the
= Gme, and INTENDED 10 secure faithful COM
iaes With the obligation Of the U. States, to
lly IN deman1s upon them in specie or its
quivalsss. prohibited the Offer Of any ban! nrtc,
asssvsrs;hss - tho spos into gold or sii~ee at
y viii II Tho holder; and the ability Of the Cow
nsst With millions on dcpositc, to meet it~
sesaenis II the manner thus required bv
-, " rssdered very doubtful by the event
n ueicA have referred.
ess1als that adequate provisions for these un-
gD ezigcncies could only be made bv Con
Qsos snvinccd that some Of them would be in
6kly necessary 10 the public service, before
tsa1R period Of your meeting; and dcsiron,
- 6oable you to exercise, ut the earliest mo
hssb ysss fail constitutional powers for the re.
II 4 - country, could not, with ProPrietv
md ~ eeting you to the Inconvenience OF as
ssn6tag q - early day as the state Of the pop
slas agpssasasation would permit. lam sure thai
hsso dbas bat issticc to your feelings, in he
heus Int this incOnv enicncc will be chcerf'iil,
esessatesed, u the hopo Of rendering your meet
= eoaaucivs to the good Of the country.
Dsr'ng the earlier stages Of the revolution
erouGh which We have j 'st p.ssci, much acr'mo
nsss discsaio0 arose, AMI great diversity OF oP'n
0esistsd, a. to its real causes. This was M
WFsiss. The operations Of credit arc SO di
1usu, AMI often 81 subtle, TINT even imp,r
aot vell-infbrmo1 persons are seldom fo''n
eQse IN respect IN them. To Inherent diff
- vsse also added other tendencies, which
SDlyao means favorable to the discovery q
-. Il vas h,r1Iy to be expcctcd, TINT thos
an&nPproved tho policy Of the Government
Nalaa 70 the currency, would, in the excite
as& V,blic feeling pro1uccd BY tho occasion
10 a,trib,te - TINT policy anv extensive err
e1sss1ent IN tho monetary aff,irs Of the corr
". Ia m,tter this became connected wit
@parns ana conflicts Of purity: opinions wer
- = less affected bv political considerations
esnercnces were proiongcd which might OIL
.se A,ve beeu determined bv an appeal
" Ne sssrcisc Of reason, or nv mutual cor
=, however. y cheering reflection
eseumseanccs q this n1turc cannot prevcr
ssty soistsIIiccnt ~ o'irs, from utim,t'
m$ % correct conclusions. Encourage
eeIsef Of this truth, proceed to stat
% tar n nav he necessary to n Giles
adieg At the remedies I feel it nv dui
s, and Of the reasons by which hay
. recommend them.
a STORY u trade in the United States {;
0ree or Eo,s years, affords the mist col
N: svSjeEce that our present con lition
y b be attributed to over-,csr, in all II
sents Of business. an ove--,ction derivin
its 6rst impulses from anscce lens cause
ssaalated to lis destructive consequences I
-. issues Of b,nk paper. AMI BY other {
- fos the acquisition and enlargement
~ 1s. Al the commencement of the year lS3
.sses'.9 capital Of the United States. inclu
us Z the National Bank then existing.
o'so 70 about two hmm tired millions Of dola
sns nases then in circulation to about nil
mlis'ns; AMI the loans and discounts OF I
10 three hundred and twcntv-folr milli"
-: mat time ami the first Of January, Ia: