Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-09-14
FeNoc Cifi-ens of he Nenafe


The act Of the 23d Of June, lS:s6.
regulating the deposites Of the public
money, and directing the employment
Of State, District, and Territorial banks
for that purpose. made j; the duty OF
the Secretary Of the Treasury TO dis
continue the use OF such OF them as
should at any time refuse 10 redeem
their notes in specie, and TO substitute
other Banks. provided sufficient num-
Der could be established To receive the
public depoSites upon the terms and
conditions therein prescribed. The
general and almost simultaneous sus-
pension Of specie payments by the banks
in May last, rendered the perform ance
Of this duty imperative, in respect TO
those which had been selected under
the aci, and made il, at the same time,
impracticable TO employ the requisite
number OF others, upon the prescribed
conditions. The specific regulations
established by Congress for the depo-
site and safe-keeping Of the public mo-
MES. having thus unexpectedly become
imperative. | felt it to be my duty 10
afford you an early opportunity for the
exercise Of your supervisory power
over the subject.
Twas also led TO apprehend that the
suspension of specie payments. in
creasing the embaIrasSmen,s before ex-
listing in the pecuniary affairs Of the
country. would so far diminish the
public revenue, that the accruing re-
ceip,s into the Treasury, would not,
with the reserved five millions, be suf-
fcien: to deiray the unavoidable ex-
penses Of the Government, until the
uaual period for the meeting Z: Con-
gress whilst the authority TO call upon
the States, for a portion OF the sums
deposited with them, was too restrict
ed to enable the Department 10 realize
a sufficient amount from that source.
These approximations have been jus,i-
fled by subsequent results, which req
der il certain that the deficiency will
occur, If additional means be not pro-
vided by Congress.
The difficulties experienced by the
mercantile interests, in meeting their
engagements, induced them to apply
to me previously to the actual Suspen-
sion Of specie payments, for indulgence
upon their bonds for duties and all the
relief authorised bylawwas promptly and
cheerfully granted. The dependence
Of :he Treasury upon the avails o
these bonds. TO enable it to make the
deposiies with the States required by
law, led me in the outse. to limit thi!
indulgence to the first Of September
but IL has since been extended TO the
first Of October, that the matter nigh
be submitted to your farther direction
Questions were also expected to arise
in the recess in respect TO the October
instalment of those deposites, requir.
ing the interpositiOn Of Congress.
A provision Of another act, passed
about the same time, and intended tc
secure \ faithful compliance with the
obligation Of the United States, to sat.
isfy all demands upon them in specie
OF its equivalent, prohibited the offel
Of any bank note, not convertible or
the spot into gold or silver at the vii
Of tho holder; and the ability Of the
Government, with millions on deposile
10 meet its engagements in the man
ner thus required by law. Vas render
ed very doubtiulby the event 10 which
have referred.
Sensible that adequate provisions 70
these unexpected exigencies could on
" be made by Congress conyinceC
that some Of them would be indispen
SADLY necessary 20 the public service
before the regular period Of your meet
ing; and DESTROYS also 10 enable yoJ
90 exeTcise, at the earliest moment
your full constitutional powers for lh,
relief Of the country. ! could not. will
propriety, avoid subjeotiLg you TO th'
Inconvenience Of assembling al as ear
" . day as the state Of the popular re
presentation would permit. ! AIN sur,
that | have done but justice 10 you
feelings in believing that this ineonve
nienee will be cheerfully encountered
in the hope Of rendering your meetinl
conducive TO The good Of the country
During the earliest stages Of the revul
lsion through which We have jus; pass
cd. much acrimonious discussion arose
aud great diversity 81 opinion existed
az 90 its real causes This vas not sur
prising. The operations Of credit are 81
diversified, ADD the influences whieI
effect them 90 numerous, and often 81
subtle that even impartial and well-in
formed persons are seldom found 4
agree 10 respect 10 them. To inheTen
difficulties we're also added other ten
denotes, which were by no means "a
vorable ~ the discOyety Of truth !
was hardly 20 be expected that ,hos,
who disaPproved the policy Of the Go
vefnment IN relation 20 the currency
would, in the excited state Of publr
feeling produced By the occasion, fai
20 attribute 10 that policy any eXtensiy,
embarrassment IN the monetary affair
Of the country. The matter thus be
came connected with the passions ant
conflicts Of party opinions were NOR
oE less afec.e by political considers
tons and differences were prolonge,
which might otherwise have been de-
tsFmiued BY an appeal 10 facts. by M