Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-12-14

the creation OF national bank the revival,
with notifications, of HE deposite system es-
tablshed by the act of the 23d OF June, 1886,
permitting the use of the public moneys by
the banks; and the discontinuance of the use
of such Institutions for the purposes referred
TO, with suitable provisions for their accom-
plsiImcnt through the agency ottbe public Of
ficers Considering the opinions Of both Ilou-
SEES Of Congress on the two first propositions
as expressed IN the negative, in which en-
tirely concur, IT Is unnecessary for me again
to recur to them. In respect TO the last you
have had an opportunity since your edjourn-
ment, not only to test still further the expe
diency of the measure, by the continued prac-
tical operation of such parts of it as are row
in force, but slso TO dlscvver-what should
ever be sought for aud regarded with the Ut
most deiersnce-the opinions and the wish
es of the people. The national will ID the
supreme law of the Republic, and, on all sub
jects within the limits of his constitutional
powers, should be faithfully oSeyed by the
public servant. Since 'ae measure in ques-
ton was submitted to your consideration, most
of you have enjoyed the advantage Of person
al communication with your constituents
For one State only has an election been held
for the Federal Government; but the early
day at which it took place, deprivcs the mea-
sure under consideration OF much of the sup
port II might otherwise have derived from the
result. Local elections for State officers
have, however, been held in several of the
States, al which the expedency Of the plan
proposed by the Executive has been more or
less discussed. You will am confident,
yield to their results the respect due to eve
ry expression of the pubic voice. Desiring,
however to arrive at truth and just view Of
the subject in all its bearings, you will at the
same time remember, that questions of far
deeper and more immediate local interests,
than the fiscal plans of the National Treasu-
ry, were involved in those elections. Above
all, we cannot overlook the striking fact, 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
u actual forfeiture-oth"r large portions up
held only by special and limited Legislative
ulgcncics-and most Of il, if not all, to u
greater or less extent, dependent for q con-
innance of It's corporate existence upon the
will of the State Legislatures to be then clo-
sen. Apprsed of the circumstance, you will
Judge, whether il is not most probable that the
peculiar condition Of that vast interest in
these respects, the event to which it has bee
spread through all the ramifcaions OF socic-
~. its direct connection with the then pend
ing elections, and the feelings it was calcu-
lated to infuse into the canvass, have rXcrcis-
ed q far greater influence over the result, han
any which could possibly have been produc-
ed by conflict of opinion in respect TO a
question in the administration Of the General
Government, more remote and far less i'm
portant in its bearings upon their interest.
! have found no reason to change my own
opinion as to the expediency of adopting the
system proposed, being perfectly satisfied
that there will be neither stability nor safety,
either in the fiscal affairs of the Government,
or in the pecuniary transactions of indlvldn-
ala and corporations, so long as a connection
exists between them, which, like the past, Of
fers such strong inducements to make them
the subject Of political agitation. Indeed, !
am more than ever convinced of the dangers
to which the free and unbiased exercise OF
political opinon-the only sure foundstio"
anI r-Lj:a"u. government
would be exposed by any further increase OF
the already ovcrgrown influence of corporate
authorities. ! cannot, therefore, consistently
with my views Of duty, advise a renewal Of a
connection which circumstances have dissolv.
ed.
The discontinuance Of the use Of State
banks for fiscal purposes ought not to be re-
garded as n measure ofhostiliiy towards those
institutions. Banks, properly established and
conducted, are highly useful to the business
oftbc country, and will doubtless continue to
exist in the States, so long rs they conform
to their laws, and are found to be safe and
beneficial. How they should be created, what
privileges they should criny, under what re-
sponSibllites they should act, and 10 whai re-
strctions they Sholld be subject, are ques.
tons which, as observed on previous oc-
casion, belong to the States to decide. Upon
their rights, or tho exercise Of them, the Ge-
neral Government ca n have no motive to en-
croach. Its duty towards them is we'll per.
formed, when it refrains from legslating fo
their special benefit, because such Legislation
would violate the spirit of the Constitution
and be unjust to other interests, when it take
no steps to impair their usefulness, but 81
manages its own affairs as TO make it the in
terest Of those institutions TO strengthen ant
improve their condition for the security anC
welfare of the community at large. They
have no right TO insist on connection will
the Federal Government, nor on the use o
the public money for their own benefit. The
object of the measure under consideration is
to avoid for the future a compulsory conncc
tion of this kind II proposes to place the
General Governments, in regard to the essen
tial points Of the collection, safe keeping ,ant
transfer Of the public money, in situation
which shall relieve it from all dependence OF
the will ofirresponsiblc individuals or corpo
rations; to withdraw those moneys from thu
uses Of private trade, and confide them to a
gents constitutionally selected aud controle
by law TO abstain from improper interference
with the industry of the people, and Withhold
inducements TO improvident dealings on tn
part Of individuals /; to give stability TO tn
concerns Of the Treasury to preserve th
measures Of the Government from the una