Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1837-12-13


condition of the country, to have the esti-
mates on all subjects made as low as prac-
ticable, without prejudice to any great pub
lie measures. The Departments were.
therefore, desired to prepare their estimates
accordingly; and | am happy to find that
they have been able to graduate them on so
economical scale. In the great and otter.
unexpected fluctuations TO which the revenue
is subjected, it is not possible to compute
The receipts beforehand with great certainty;
but should they not differ essentially from
present antlclpations, and shopld the ap-
preparations not much exceed the estimates,
no difficulty seems likely to happen in de-
frayIng the current expenses with prompt
tude and fidelity.
Notwithstanding the great embarrass-
ments which have recently occurred in
commercial affairs, and the liberal indul-
gence which, in consequence Of those en-
barrassments, has been extended both to the
merchants and the banks, it is gratifying to
be able to anticipate that the Treasury notes,
which have been issued during the present
year, will be redeemed, and that the re-
sources of the Treasury, without any resort
TO loans or increased taxes, will prove ample
for detrayIng all charges imposed on ii dur
ing 1888.
The report Of the Secretary of the Treas
ury will afford you a more minute exposition
OF all matters connected with the admins
tration Of the finances during the current
year; a period which, for the amount of
public monies disburseG and depo sited with
the States, as we'll as the financial Difficult
ties encountered and overcome, has few
parallels in our history.
Your attention was, at the last session,
invited to the necessity of additional egi )
latlve provisions in respect 10 the collection,
safe keeping, and transfer of the public
money. No law having then been matured,
and not understanding the proceedings OF
Congress as intended to he final, it become
roy dGty again 10 bring the subject 10 your
notice.
On that occasion, three modes Of per
forming this branch Of the public service
were presented for consideration. These
were, the creation Of national bank: the
revival, with notifications, Of the deposite
system established by the act Of the 23d OF
June, 1896, permitting the use Of the public
moneys by the banks; and the discontinue
| ance of the use of such institutions for the
purposes referred 10, with suitable provis.
ions for their accomplishment through the
agency Of public officers. Considering the
| opinions Of both Houses Of Congress on
the two FIRST propositions as expressed in the
negative, in which entirely concur. it is
unnecessary for me again TO recur to them
In respect 10 the last, YOU have had an eD-
portunity since your adjournment, not only
to test still. further the expediencv Of the
| measure, by the continued practical opera
| ton Of such parts of it a are now in force
| but also 10 discoVer-what should ever be
| sought for and regarded with the utmost
deference-the opinions and wishes Of the
| people. The national will is the supreme
| law OF the Republic, and, on all subjects
within the limits Of his constitutional pow
ers, should be faithfully obeyed by the pub
lie servant. Since the measure in question
/ was submitted TO your consideration, mos
OF you have enjoyed the advantage of per
sonal communication with your constitu
ents. For one State only has an election
been held for the Federal Governments; bu
the early day al which it took place, de
prives the measure under consideration o
much Of the support it might otherwise
have derived from the result. Local cleo
tons for State officers, have, however, beer
held in several Of the States, at which thu
expediency Of the plan proposed by 1ht
! Executive has been more or less discussed
You will, I am confident, vielJ to their re
suits the respect due to every expression O
the public voice. Desiring, however, to ar,
rive at truth and just view Of the subjec
In all Its bearings, YOU will at the same time
remember, that questions Of far deeper a1C
more immediate local interest, than the ifs
cal plans Of the National Treasury, were
Involved in those elections. Above ALL w,
cannot overlook the striking fact, that Their,
were at the time in those States more thar
one hundred and sixty millions of banl
capital, of which large portions were sub
Ject to actual tOrtelture-other large portion!
upheld only bv special and limited legiSla
tive northumberland most of il, if not all
10 greater or less extent, dependent for
continuance Of its corporate existence upol
the will of the Stale Legislatures to be ther
chosen. AppriSed Of this circumstance
you will Judge whether ii is not most prob
able that the peculiar condition Of that vas
! interest IN these respects the extent to which
it has been spread through all the ramifica
tons of society, its direct connection will
the then pending elections, and the feeling,
it was calculated to infuse iuto the canvass
have exercised a far greater influence owe
the result, than any which could possbI,
have been produced BY conflict OF opinion
in respect to question in the admnistra
ton Of the General Government, more re
mote and far less important in its bearing
upon the interest.
have found no reason to change nv ow,
opinion as to the expediency Of adoptin,
the system proposed; being perfectly salts
fled that there will be neither stability no
safety, either in the fiscal affairs Of tn,
Government, or in the pecuniary tranSac
tons Of individuals and corporations, s.
long as connection exists between them
which, like the past, offers such strong in
ducements TO make them the subject 9
po!itical agitation. Indeed, am more thai
, ever convinced of the dangers to which tn
free and unbiased exercise of poIitica
opinion-the only sure foundation and safe
guard Of republican government-would b