Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-09-13
FelIow-Citizens OF the Senate
and House of Representative

FeIIow-Citizens OF the Senate
and House of Representatives
The act of the 23d of June, 1886,
regulating the deposites of the public
money, and directing the employment
of State, District, and Territorial banks
for that purpose, made it the duty of
the Secretary of the Treasury to dis
continue the use of such of them as
should at any time refuse to redeem
their notes in specie, and to substitute
other banks, provided sufficient num-
Der could be obtained to receive the
public depoSltes upon the terms and
conditions therein prescribed. The &C.
neral and almost simultaneous suspen-
sion Of specie payments by the banks
in May last, rendered the performance
oil his duty imperative, in respect to
those which had been selected under
the act and made it at the same time,
lmpracticable 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-
neys, 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 apprchcnd that the
suspension Of specie payments, increa-
sing the cmbarrassments before exist
ing in the pecuniary affairs ofthe coun-
try, would so far diminish the public
revenue, that the accruing receipts in
to the Treasury, would not with the
reserved five millions, be sufficient to
delray the unavoidable expense of the
Government, until the usual period for
the meeting Of Congress whilst the
authority TO call upon the States, for a
portion of the sums deposited with them,
was too restricted to enable the De
partmont to realize a sufficient amount
from that source. These apprehen.
aions 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
mercantile interest, in meeting Their ca
gagcments, induced them to apply TO
me, previously to the actual suspension
Of specie payments, for indulgence up
on their bonds for duties and all the
relief authorized by law was promptly
and cheerfully granted. The depend,
cnce Of the Treasury upon the avails
ofthcse bonds, 10 enable it to make the
dcpositcs with the States required by
law, led me in the outset TO limit this
indulgence 10 the first Of September,
but it has since been extended TO the
first of October, that tho matter might
be submitted 10 your further direction.
Questions were also expected to arise
in the recess in respect to the October
instalment Of these deposItes, requiring
The intcrposiion of Congress.
A provision Of another act, passed
about the same time, and intended TO
secure u faithful compliance with the
obligation Of the United States to salts.
fly all demands upon them in specie or
ITS equivalent, prohibited the offer Of
any bank note, not convertible on the
pot into gold or silver at the will Of
the holder; and the ability of tic Go.
Ncmmcnt, with millions on deposlto, TO
meet its engagements in the manner
thus required 10y law, was rendered We.
~ doubtful by the event 10 which
have referred.
Sensible that adequate provisions for
these unexpected eXigencics could only
be made by Congrcss-conynccd that
some Of them would be indisponsobly
necessary TO the public service before
'lc regular period Of your meeting
and dCsirous also 90 enable YOU TO ox-
tcIsc, at the earliest moment, your full
constitutional powers for the relief of
tue country, ! could not with propricty
avoid sublccllng you 10 the inconycni-
'ucc Of assembling ai as carly day as
lhc slate Of the popular representation
would permit. am sure that ] have
done but justice to your feelings, IN be.
hcErng that th.s Inconvenience viii be
ohccrluily encountered, in The hope of
rendering Your meeting conducive 10
the good ol tlc country.
During the earlier stages orthe re-.
,olutan through which $40 have lust
PASSED, much acrimonious discussion
arose, aud great diversity az opinion
existed, as 90 its real causes. This was
not surprising. The operations of ere.
dIt are So diversified, and the inhucn-
COS which affect ibcm SO numerous
uod often so subtle, that even impair.
ual and wc. informed persons are sci.
dem found 20 agree ia them. To in.