Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-09-11
3Ith COmgress.

AZ Arms In the House, present 2Z1-Jamcs Il
Polk elected Speaker by 8 maj-Polk ll6, John
Bell 1903, scatterng5. Walter S Franklin elected
clerk, LAG votes out of209.
Tuesday Sept. 5.-The President communicated
the following MESSAGE
Fellow Citizens ofthe Senate,
and House Of Representatives:
The act oil the 23d of June, 1886, regulating
the deposites Of the public money, and dhec;-
ng the employment OF State, District and Ter
ritorial banks for that purpose, made il the
duty Of the Secretary of the Treasury TO dis
coutinue the use Of such of them, as should,
at any time,S refuse to redeem tle. notes in
specie, aud subs itute other banks, provided
sufficient number could be obtained TO re-
teive the public depositcs, upon the forms and
condltions lherein prescribed. The general,
aud almost simultaneous suspension OF specie
payments,by the banks in May last, rendered
The performance Of this duty imperative, in
respect 10 those which had been selebted' Dh-
der the act, and made 1t at the sand lime, i'm
practicable to employ the requisite numncr Of
others, under the prescribed conditions The
specific regulations, established by Congress,
for the deposite and safe keeping Of the public
moneys, having thus Unexpectedly become
imperative, felt it TO be my duty to afford you
an early opportunity for the exercise Of your
supervisory powers over the subject.
was also led to apprehond that the sus-
pension of specie payments, increasing the
embarrassments before exlstlngin the pecunia-
ry affairs OF the country, would so far diminish
the public revenue, that the accruing receipts
into the treasury would not, with the reserved
five millions, be sufficient 10 pay the unnvoid-
able expenses Of the Government, until the
usual period for the meeting Of Congress /;
whilst the authority to call upon the States for
portion Of the sums deposited with them was
too restricted 10 enable the department to re-.
alize sufficient amount irem that source
These Apr, tensions have been justified By
subsequent results, which render it certain that
this deficiency will occur, If additional means
be not provided by Congress.
The difficulties experienced by the mercan
tile interest, in meeting their engagements,
induced them TO apply TO me, previously TO the
actual suspension of specie payments, for in
diligence upon their bonds for duties; and all
the relief authorized by law was promptly and
checrfully granted. The dependence of the
Treasury upon the asalls of these bonds, to
enable it 10 make the dcpostes with the States
required by law, led me, in the outset, 10 remit
this indulgence 10 the LIST Of September; but it
has since been extended 10 the 1st Of October,
that the matter might be submitted TO your fur
lher consideration.
Objections were also expected TO arise, in
the recess, in respect TO the October install
ments Of those deposltes, requiring the inter-
position OF Congress.
A provision Of another act, passed about the
same time, and intended TO secure a faithful
compliance with the obligations OF the United
States to satisfy all demands upon them in
specie, or its equivalent, prohibited the offer OF
anybank Dotc not convertible on the spot into
GOLD or silver at the will Of the holder and the
ab ility oil the government with - millions
ON deposte, TO meet its engagements in the
manner thus required by law, was rendered
very doubtful by the event to which have re-.
lerred
Sensible that adequate provisions for these
unexpected exgencies could only be made by
Congress; convinced that some OF them would
be indispensably necessary TO the public SER
vice before the regular period OF your meeting;
and DESTROYS also to enable you 10 exercise, at
the earliest moment, your full constitutional
powers for the relief of the country, could
not with propriely, avoid subjecting you to the
Inconvenience Of assembling at as carly day
as the state OF the popular representation
would permit. am sure that have done but
Justice 10 your feelings in believing that this
Inconvenience will be cheerfuly encountered,
in the hope of rendering your meeting condu-
Give 10 the good of your country.
During the earlier stages Of the rovulsion
through which we have passed, much acrmo-
Nous discussion arose, and great diversity OF
opinion existed as to its real causes. This was
moi surprising. The operations OF credit are
so diversified, and the influences which affect
them SO numerous, and often so subtle, that
even impartial and well informed persons,
are suldom found 10 agree respecting them.
To inherent difficulties, were also added other
tendencies, which were by no means favorable
10 the discovery OF truth. 1t was hardly to be
expected that those who disupprove the policy
Of the Government in relation 10 the currency,
would, in the excited state OF public feeling
PRODUCED by the occasion, fail TO attribute to
that policy any extensive embarrassment IN
the monetary affairs oil the country. The mat
ter thus become connected with the passions
and conflicts OF rarty;. opinions were more oil
less affected by political considerations; ano
differences were prolonged which might other
wise been determined by ON appeal TO facts
by the exercise of reason or by mutual conces
sion. 1t is however cheering reflection, thai
circumstances OF this nature cannot prevent Q
community so intelligent as ours, from ulti
mately arriving at correct conclusions. En-
couraged bv the firm belief Of this truth, pro
coed 10 state my views, SO far as may be ne
cesary to a clear understanding OF the RENE
dies feel it my duty TO propose, and OF the
reasons by which have been led TO recon-
mend them.
The history of trade in the United States fol
the last three or four years, affords the mos
convincing evidence that present condition
is chiefly to be atIrbutodto over action in al
The departments of business-an over actor
deriving, perhaps, it's first impulses from ante
cedent causes, but Stimulated 10 It's DESTRUCTIVE
consequences by over issues OF bank paper, :
by other facilities for the acquisition and en-
largement of credit. At The commencement
of the year 1881 the banking capital .of the U
States, including that ofthe national bgnk thel
existing, amounted 10 about two hun4ed mil
Inns of dollarc. the hank notos then IL cIrcu