The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-11-28

are confined to the narrow and exclusive purpose
OF relieving the wants Of Government.
The President says, that the regulations estab-
lished by Congress for the deposite and safe
keeping Of the public moneys have become in
operative by the suspension of payments by the
banks, and experimenting that the same cause
would so diminish the revenue, that the receipts
into the Treasury would not be sufficient to de-
fray the expenses of Governments and as qIes-
tons were expected to arise, respecting the Oc-
tobcr uRstalncnt of the dcposile to the Satesand
doubling whether government would be able to
pay its creditors in specie or its equiveant, ac-
cordng 10 law he ieIt it to be his duty to call
Congress together. These are the reasons for
calling Congress together. They are all the rea-
sons; and they all have exclusive regard to the
Government itself.
In the next place, let us see what measures
the message recommends TO Congress. In its
own language, the objects demanding its atten-
tior are
"Io regulate by law, the safe-keeping, trans
fer, and disbursement of the public moneys; to
lesguate the funds to he received and paid by
the Government; to enable the Treasury 10 meet
promptly every demand upon il; to prescribe the
terms of indulgence and the mode of settlement
to be adopted, as well in collecting from individ-
uuls the revenue that has accrued, as in with
drawing it from former repositories"
These are all the objects recommended par
licuIary to the care OF Congress- and the enumer-
alton of them is followed by general suggestion
that Congress will adopt such further measures
as may promote the prosperity Of the country.
This whole enumeration, it is obvious, is confin-
cd 20 tie wants and convenience Of the Govern
mCut itself.
Aud now, sir, let us see on what grounds it is
thai the message retrains from recommending
measures of gcnercl relief The President
slvS---
1T was not designed by the constitution that
the Government should assume the management
of domestic or foreign exchanges. 1t is, indeed,
YpG fp Inv loyy he
between the States, and to provide Il general
standard of value medium of exchange in
gold and silver; but it is not its province to aid
individuals in the transfer of their funds, other
wise than through the facilities afforded by the
Post Office Department. AS Justly might it be
called on to provide for the transportation of
their merchandise"
Aud again:
''ltthcrefore, refrain from suggesting to Con-
gress any specific plan for Regulating the exchan-
Is of the country, relieving mercantile embar
easements, or interfering with the ordinary ope-
rations Of fore On and domestic commerce, it is
from conviction that such measures are not
within the constitutional province of the Gener-
al Government, and that their adoption would
not promote the real and permanent welfare of
those they might be designed 10 aid"
The President, tAcn, sir,declines to recommend
GGy measure for the relief of commerce, for the
restoration of the currency, or for the benefit of
exchanges, on the avoWcd ground, that, in his
power of Congress. He is distinct
and explicit, and so far entitled to credit, He
denies broadly and fatty; that there is any au-
ihoriy in this Government to regulate the cur
rcucy and the exchanges beyond its of the
coin The question, then, is fairly stated 1t
cannot be misunderstood; and are now to
see how Congress, and what is much more mn
portun how the country will settle It,
Mr., President, if, in May last when specie
payments were suspended, the president of ones
Of The banks had called his council of directors
together, informed them that their affairs were
threatened with danger, that they could not col
ect their debts in specie, and might not be able
10 pay their creditors in specie, and recommends
I'd such measures as he thought their interest
required; his policy, in all this would have been
no more exclusively confined to the Interests of
lis corporation, than the policy of the message
: confined to the interests of this great corpora
ion of Government. Both in practice, therefore,
md principle, in reality, and ayowedly, the
ahundons the curreucyt to its fate.
It strrcndcis all care over it, declines all concern
,bou it, and dcnys that it has any duty connect,
I'll with il.
Sir, the question then comes to be this: Shall
me of the great powers Of the constitution,
,owcr essential to it, on any just plan ortheory
If government, a power which has been eXercis-
ii from the beginning, Il power absolutely ne
eRsary and Indispensable to The proper regula-
ions of the commerce ofthe country, be now
surrendered and abandoned forever? To this
,ont we have come, sir, after pursuing the "ex-
,eriment OF the late administration foffive years,
and from this point, am persuaded, the coun-
~ will move strongly, in one direction or anoth-
+. We shall either 60 to the gentleman
rom Missouri and suffer him to embrace us in
lis gold and silver arms, aud hug to his hard y
money breast or we shall return TO the long tried,
constitutional practice ofthe Gov
rnmeut
AS to the employment of the State banks, for
he purpose of maintaining the currency, and
nryng on the operations of exchange, GER
any never had any confidence in that system,
nd have none now.
! think the State banks can never furnish
Medium for circulation, which shall have uni
ersa credit, and be of equal value every where.
| think they have no powers or faculties (which
nm enable them to restrain their excessive issues
f paper.