Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-09-20
MESSAGE
FROM THE

MLOSAOL
FROM THE
PRESIDENT OF THE UNITED STATES
To the tco Houses Of Congress at the CON-
mencement Of the first session Of the
Tsoenty:jgtM Congress.
Fellow Citizens of the Senate
and House Of Representatives.:
The act of the 23d of June, 1885, regu.
lating the deposits of the public money,
and directing the employment of State, Dis
trict, and Territorial banks for that purpose,
made il the duty of the Secretary of the
Treasury to discontinue the use of such of
them as should at any time refuse to redeem
their notes in specie, and to substitute 9th
er banks, provided sufficient number of
them could be obtained to receive the pub
lie deposites upon the terms and conditions
therein prescribed. The general and al
most Simultaneous suspension ofspecie pay
ments by the banks in May last, rendered
the performance of his duty imperative, in
respect TO those which had been selected
under the act; and made il, at the same
time, impracticable to employ the requisite
number of others, upon the prescribed con-
ditions. The specific regulations estab.
lished by Congress for the deposit and
safe keeping Of the public moneys, hav-
ing thus Unexpectedly become inopera-
tive, felt it to be my duty to afford
you an early opportunity for the exer-
else Of your supervisory powers over the
subject.
was also led to apprehend that the sus-
pension OF specie payments, increasing the
embarrassments before existing in the Pc
cuuiary affairs of the country, would so far
diminish the public revenue, that the accru-
ing receipts into the treasury would not,
with the reserved five millions, be sufficient
to defray the unavoidable expenses of the
Government until the usual period for the
meeting of Congress whilst the authority
to cali upon the states, for a portion of the
sums deposited with them, was too restrict
ed to enable the Department to realize
sufficient amount from that source. These
apprehensions have been justified by sub.
sequent results, which render it certain
that this deficiency will occur, if addi-
tional means be not provided by Congress.
The difficulties experienced by the mer.
camille interest, in meeting their engage
ments, induced them to apply to me, pre-.
viously to the actual suspension of specie
payments, for indulgence upon their bonds
for duties and all the relief authorized by
law was promptly and cheerfully granted.
The dependence OF the Treasury upon the
avais of these bonds, TO enable it to make
the deposits with the states required by law,
led me in the outset to limit this indulgence
to the first September, but it has since been
extended to the first Of October, that the
matter might be submitted to yonr further
direction.
Questions were also expected to arise in
the recess in respect to the October install.
ment Of those deposits, 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 obligation OF
the United States, to satisfy all demands
upon them in specie or its equivalent, pro.
hibited the offer of any bank note, not con.
vertible on the spot into gold or silver al
the will of the holder; and the ability Of
the Government, with millions on depos.
it, to meet its engagements in the manner
thus required by law, was rendered very
doubtful by the event to which have re.
| ferred.
Sensible that adequate provisions foi
these unexpected exigencies could only be
made by Congress: convinced that some
OF them would be indispensibly necessary
to the public service, before the regular pc.
Rod of your meeting; and DESTROYS also
to enable you to exercise, at the earlies
moment, your full constitutional powers fol
the relief of the country, l could not, will
propriety, avoid subjecting you to the in
convenience of assembling at az early O
day as the state of the popular representa-
ton would permit. | am sure that have
done but justice to your feelings, in believ
ing that this inconvenience will be cheer
fully encountered, in the hope of rendering
your meeting conducive to the good of the
country.
During the earlier stages of the revulsor
through which we have just passed, mucl
acrimonious discussion arose, and great di
versity of opinion existed as to its real eau
ses. This was not surprising. The ope
rations of credit are so diversified, and thu
influences which affect them so numerous
and often SO subtle, that even the impartia
and well informed persons are seldom
found to agree in respect TO them. To in
herent difficulties were also added tenden
cies, which were by no means favorable t
the discovery of the truth. 1t was hardl
to be expected, that those who disapprove
the policy of the government in relation t
the currency, would, in the excited state {
public feeling produced by the occasion
fail to attribute to that policy, any extensiv
embarrassment in the monetary affairs c
tee country. The matter thus becam
connected with the passions and conflicts {
party; opinions were more or less affecte
by political considerations and difference
were prolonged, which might otherwis
have been determined by an appeal to fact
by the exercise Of reason, or by mutu'
concession. 1t is, however, cheering n
Election, that circumstances Of this natur
. cannot prevent community so intelligeI
{; as ours, from ultimately arriving at CORES
conclusions. Encouraged by the firm b
lief of this truth, proceed to state m
views, so far as may be necessary TO
clear understanding of the remedies | fe
m n