The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-12-22

mat they have been able TO graduate them on Sd
economical a scale. In the great and often unex.
pec'eu fluctuations to which the revenue il sub
leoted, 1t is not possible TO compute the receipts
beforehand with great certainty but should thew
diiter essentially from present snticipa,ions. and
the appropriations not much exceed the estimates,
40 ditilculiy seems likely to happen IN deirayinp
the current expenses with promplude and fidelity.
Notwithstanding the great en- barrassnients
which have recently occurred in commercial az
'airs and tic liberal Indulgence which, in conse
quente OF those enbarrassments, has been extend.
Cd to both the merchants aud the banks it is grail.
lying p be able TO anticipate that the Treasury
notes, which have been issued during The present
year, viii be redeemed aud that the resources Of
thc Treasury, alllIoui any resort 10 loans or in-
creased taxes viii prove ample ~ deiraying all
charges imposed on II during 1888
The Report Of the 5 cretary OF The Treasury
wt.i afford you more minute expedition of all
matters connected it'll the administration Of the
hHaHccs during the current year a period h. oh
fer the amount OF public MONEYS disbur.ed and
deposited with The Suites as VEL as the financial
difficulties encountered and overcome, has few
parallels 10 our history.
our attention was, % the laq, session, invited
70 the necessity Of additional legislative provisions
n respect 10 the collection, saie-keeplng. ard
transfer Of the pubic money. No law having
been then maturtd, and not understanding the
proceedings Of Congress as intended 10 be final il
bceomes ny duty again 10 bring the subject 10
your nnticc.
Ga that ccasion, three modes Of performing
his branch Of the public service we're presented
for consideration. These we're the creation Of a
national bank; the revival With notifications,
oi the dePoslte system est 5lished By the act of
tbs 23d OF June, le36, permitting tho use of the
pubic money b. the banks; and The discoutinu
auec Of tie use Of such institutions for the pur-
pose referred TO- With suitable provisions for their
accomplishment through the agency Of pubic Of.
hecrs. Consld ring the opinions OF both Houses
OF Congress on the tao first propositions a. ex.
dressed IN the negative, in which entirely copcur,
y l. unnecessary for M again TO recur to them
H. respect 10 The last, you have had an opporuui-
~ since your adjournment, not 0nlg 10 test still
urthcr the eXpeGlcucy Of the measure, by tie con
tiuued practical operation OF such parts of II "a
are now 10 force, but also 10 discover hat should
cstr be sought for and regarded with the utmost
deiercncc-tle opiaions aud wishes Of he people
The national Wills the supreme Lac Of the Rupub
lie, and On all subjects within the limits of cou.
~iituaoual pcs err, should be faithfully obe1e by
the public servant Since the measure in que,.
ton was ,ubnItted 10 your consideration, most Of
YOU have eu.n'ed the acvansg Of personal CON-
nuuicailon with your constituents. For in one
Safe only has an 81 ciian been held for the Ftder-
al Government; bat TIC early day at which II
tnak place, dcprlyes the measure under consider.
aon Of much OF the support II uighl otherwise
have derived from tie resui. Local elections for
State officers have, hoWesef, been held in several
81 the States, al which the eSp,dency OF the plan
proposed by The Executive has been more or lees
discussed. You viii, | sn confident, WELD 10
their results the respect due 10 every expression
o. the public voice. Desiring, however, TO arrive
at tralh ard Just view OF The subject in all It's
bearings, you !, III at tue same time remember,
hat Questions Of far deeper and more immediate
seal interest, than the fiscal plans OF the National
Treasury, were involved in the elections. Aoove
ll VIC canno, overlook the striking fact, that
here we're al the tsalu ia those States more than
me hrudred AID sixty millions OF bank capital, OF
" hch large portions were subject to actual forfeit
large portions upheld only by special
aud limited legislative iudulgenries-aud most Of
il, If not all, to greater or less extent, dependent
for continuance Of lis corporate existence upon
Inc will of the Safe Legislatures TO be then cho-
sen. Appfised of this circumstance you will
Judge whether It IS not most probabls that the Pc
,ular condition Of that vast interest in these
poets, the extent 10 which it has been spread
through all the ramications Of society, its direct
with the then pending elections, and
he feelings il was calculated to ntuse into The
,anyass, have exercised far greater inhucrce
iyer the result, than any vhich could possibly
lase been produced by conflict Of opinion Ia re-
,aeet 10 a question IN the administration OF the
General Government. more remote and far less
mpurtant in Ills bearings upon that interest,
| have found no reason to change my own opin.
on as T., the expediency of adopting the system
proposed, being perfectly satisfied that there will
le neither STABILITY nor safety, either IN the fiscal
ltfairs Of the Government, or IN the peouulary
transactions OF individuals aud corporations,
onr as connection exists between them, which,
ike the past, offers such strong inducements to
make them tne subjects of pal4Ica' agitation. In
iaed | am more than ever convinced OF the dan
rers 10 which the free aud unbiased exercise Of
,ollt,gal opInion-the only sure foundation and
aeguatd OF republican eyernmeut-would be
,sposcd by any further increase OF the already
,vergrown Influence OF corporate authorities |
,suuet, therefore, consistently with my views Vi
inty, advise a renewal ct a connection which cir.
'umSiances have dissolved.
The diScontinuance ut the nse Of State banks
or fiscal purposes ought not TO be regarded "a
Measure Of hostility towards those Institutions
Banks properly established aud conducted, are
tightly use al 10 the business Of the country, and
viii doubtless continue To exist IN the States, so
ong as they conform to their laws, and are found
o be safe aud beneficial. How they should be
,rcated, what privileges they should enjoy uuacF
What responsibility they should act and TO what
estric'ioos they should be SUBJECT are questions
which, as observed on previous occasion be-
oug TO the States TO decide. Upon their rights,
n the exercise Of them the General Government
AN have no motive TO encronch. It's duty towards
hem is we'll performed, whsn u re'falns trem le-
sislatng for their special benefit. beeauS" such le
lislation would violate the spirit OF the Constltn
ion, and be unjust 70 other interests; when II
axes no steps to impair their usefulness, but so
L.llLc II Tn. InInLnsl