Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-12-15
FRIDAY, DECEMBER rs, 1887.

On that occasion, three modes Of performing
this branch of the public service were presented
for consideration. These were: the creation
OF anaional bank the revival with modlfca.
tons, OF the deposic system established by the
act OF the 23d of June, 1886, permitting the use
OF the public moneys by the banks, aud the dis
continuance of the use of such institutions for
the purposes referred to, with suitable provisions
tor their accomplishment through the agency Of
public officers. Considering the opinion of both
houses OF Congress on the two first propositions
as expressed in the navigative, in which entire.
~ occur, 1t is unnecessary for me again to rocur
to men, In respect to the last, you have had an
opportunity since your adjournment, not only 10
test stiIl further the expcdicncy of the measure
by the continued practical operation of such
parts OF 1t as are now in force, but also to dis
cover-Wh1t should ever be sought for and re-.
garded with the utmost delerence--,he opinions
and wishes of the people. The nation will is
the supreme law OF the Republic, and, OH all
subjects within the limits of his constitutional
powers, should be faithfully obeyed by the public
servant. Since the measure IN question was
submitted to your consideration, most of you
nave enjoyed the advantage of personal commu.
nicatlon with your constituents. For one State
only has an election been held for the Federal
Governments but the early day at which it took
place, deprves the measure under consideration
OF much OF the support II mig IN: otherwise have
derived from the result. Local elections for
State officers have, however, been held in sever
al States, at which the expedency of the plan
proposed by the Executive have been more or
less discussed. You will, | am confident, yield
to their results the respect due to every expires.
sion OF the public voice. Desiring, however, to
arrive attruth and a just view OF the subject in
all Its bearing, you will at the same time remem.
Der, that questions of far deeper and more i'm
mediate local interest, than the fiscal plans of the
National Treasury, were involved IN those cleo
TONS Above all we cannot overlook the sri.
king tact, that there were at the time in those
States more than one hundred and sixty millions
OF bank capital of which large portions were
subject to actual forfeiture-other large portions
upheld only by special and limited legislative
gcnces-and most OF it, if not all, to a
greater or less extent, dependent for a continu-
ance OF its corporate existence upon the will oil
the State Legislatures to be then chosen. Ap.
prlsed OF this circumstance, you will Judge,
whether tits not most probable that the peculiar
condition OF that vast interest in these respects
the extent to which it had been spread though all
the qualifications Of society," its direct connection
with the then pending elections, and the feelings
it was calculated to infuse into the canvass, have
exercised far greater influence over the result
than any which could possible be produced by a
conflict IN opinion in respect to question in the
administration Of the General Government, more
remote and far less important IN its bearings
upon that interest.
have found no reason to change my own o.
plnion as to the expediency of adopting the sys
ten proposed, being perfectly satisfied that there
VIII be neither stability nor safety, either in the
fiscal affairs OF the Government, or in the pc.
cun,ary transactions OF individuals and corpora
tons, so long as connexion exists between
them, which like the past, offers such strong in.
ducements to make them the subjects of political
agitation. Indeed, am more than ever con-
vInced of the dangers to which the free and un.
biased exercise of political opinion, the rny
sure foundation and safe. guard otrepubcan gov
ernment-woud be exposed to any further in
crease of the already over-grown influence OF
corporate authorities. cannot, therefore. con.
slstently with my views OF duty, advise renew.
al ola connection which circumstances has dis.
solved
The discontnuance of the use q state Banks
for fiscal purposes ought not to be regarded as a
measure of hostility towards those Institutions
Banks, properly, established and conducted, are
highly useful TO the bus ness OF the country
"l'' VIII e1p'uue ~ eA'S' !" 'ns states
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ar, anu 10 "hnt restrictions ,hey should be
su"!G.'' are q"es''p'S WHICH, Us observed on
rrc'Iou' ocoas,o"'oe'ong 10 'ne states TO uec'de
cPo" VET r'lh's' or me exercise OF them' the
'e"ei"' uoVe'h"'eh' can nave no '"ot!Ve 10 en-
cl"aeh us uu.y toward mem Is wen perform
~ Wnen 1t retfa'hS 'ro'h legslatlne Tor 'heii
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inst in other ;ntcrcsts. Whom II ,oI s' NJ s,on,
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