The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-12-12


lists between them, which, like the past offers such
strong inducements 10 make them tho subjects OF
political agitation. Indeed | am moro than ever
convinced Of the dangers TO which the free exercise
of public opinion-the only foundation and
safeguard Of republican Government would be ex-
posed by any further increase OF the already over
grown influence of corporate authorizes cannot
therefore consistent with my views OF duty, ADVISE
a connection which circumstances have dissolved
! The discontinuance of the use of State banks
for fiscal purposes ought not to be regarded as
measure of hostility towards those INSTITUTIONS
Banks properly established and conducted, are high
! ly useful to the business OF the country, ana Will
doubtless continue TO exist in the States so long as
they conform their laws, and are safe ana pehen-
ciaI How thew should be created, what PRIV
Ieges they should ENJOY, under what responsibility
they should act and TO what restrictions they shoud
| be subject, are questions which as observed on
n previous OCCASION belong to tho states TO DECIDE
Jpon tboir rights or the exercise af them, the Gen
eral Government can have no motive TO encroacn
| lis duty towards them is well performed, when II
refrains from legslating for their special beneht
because such legislation would violate tho spirit OF
the Constitution, and be MUST to interests when 1t
takes no steps to impair their usefulness: put SO
manages its own affairs to make it the interest OF
those institutions to strengthen and improve their
cnndilion for the security and welfare of the COM
muntv at large. They have no right to insist on
connection with the Federal Government, nor on
the use of the public money for their own dement,
The object of The measure under consideration, is
TO avoid for the future n compulsory connection OF
this kind, 1t proposes to place The General Gov
eminent in regard to the essential points or the
collection, safe Keeping and transfer OF the pubic
money in a situation which shall elieve it from all
dependence on the will of irresponsible ndlvidu-
ais or corporations; to withdraw those moneys from
the Of private trade, and TO CONNIE tnem 10
| nrents constitutionay selected and controlled by
law to sustain from improper interference with the
industry of the people, and to withhold induce
ments to mprovident dealings on the part of indi-
viduals to give stability to the concerns of the
Treasury to preserve III. ,r5ssa.a: &C The Gov
ernment from the unavoidable reproaches that flow
! from such connection, and the banks themselves
from the injurious effects OF supposed Parhclpa-
ton in the political conflicts of the day, from
W hch they will otherwise find it difficult to escape.
These are my views on this important subject
formed after careful reflection, and with no desire
but to arrive what is most likely TO promote the
public interest. They are now, az they were be-
toro submitted with unfeigned Difference for the
opinions of others 1t was hardly TO be hoped that
changes so important, on a subject so interesting,
could be made without producing serious diversity
of opinion; but so long as those conflicting views
are kept above the influence of individual or local
interests; so long as they pursue only the general
dor such diversity is a benefit, not an INJURY 1T
majority OF Congress sec the public welfare in
different LIGHT and moro especially should they be
satisfied that the measure would not be sacceptabe
to the people shall look to their wisdom to sub
sttute such as may be conducive to the one, and
more satisfactory to the other. In any event, they
may confidently rely on my hearty cooperation to
the fullest extent, which my views ofthe Constitu-
''N IS obviously imporiaXw Io' P}8ir r su..,. -. m
public service, and to the business and quiet of the
country, that the whole subject should in some way
be settled and regulated by law; and, if possible
at your present session Besides the plans above
referred to, am not aware that any one has been
suggested; except that of keeping the public money
in the State banks in special deposite. This plan
is, to some extent in accordance with the practice of
the government and with the present Arrangement
OF the Treasury department; which, except, per-
haps, during the operation of the late depose act
has always been allowed, even during the existence
OF a National Bank, to make temporary of the
State banks, in particular Places for the safe keep
ing of portions of the revenue. This dscretona. |
ny power might be continued, if Congress deem it |
desirable, whatever general system be adopted So
long as the connection is voluntary, we need per-
haps anticipate few of those difficulties and little
OF that dependence, on the banks, which must at
tend every connection when compulsory in its ma
ture, and when arranged as to make the bank
hxeo part of the machinery of Government. 1t is
undoubtedly IN the power of Congress so to regu-
late and guard it as to prevent the public money
from being applied to ithe use, intermingled with
the affairs, of individuals Thus arranged although
1T would not give to the Government that entire
control over its funds which l desire to secure
to it by the plan have proposed, 1t would it must
be admitted, IN great degree, accomplish one of
the objects which has recommended that plan to
my Judgment the separation of the fiscal concerns
fthe Government from those ofindviduals or cor
poratlons. With these observations l recommend
the whole matter to your dispassonate reflection;
confidently hoping that some conclusion may be !
reached by your deliberations, which, on the one
hand, shall give safety and stability to the fiscal
operations of Government, and be consistent on
the other, with the genius of our institutions, and
with the interest and wishes of our constituents
1t was my hope that nothing would occur to make
necessary on this occasion, any allusion the late
National Bank. There are circumstances, howev-
err connected with the state of its affairs that bear
SO directly on the character of Government and The
welfare OF the citizens, that should not feel my
self excused in neglectiug to notice them. The
ehar d which erm1ated its banking privilege
the 4th OF March, 1886, continued its corporate
power two years more, for the sole purpose Of clos
ing its affairs, with authority "o use the corporate
name style and capacity, for the purpose of suits
for final settlement and liquidation of the affairs
and acts Of the corporation and for the sale and dis
but for no other purpose or in any other manner
csnssd ~, Just before the banking privilege
new state institution then recently incorporated, in
trust for the discharge ofits debts and the settlement
ofits affairs With this trustee, byauthorty of Con-
gress, an adjustment was subsequently made of the
large interest which the Government had in the
stock OF the institution. The manner in which a
trust unexpectedly created upon the act granting
the charter, and involving such great public inter-
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