Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1837-09-13

corporate immunities, aud conducted
| by persons irresponsible TO the Govern
ment and the people, 1t is believed !
that a considerable and candid Inyesti' |
CATION Of these questions will result IN
the conviction, that the proposed plan
is far less liable to objection, on the
score Of Executive patronage and con-
troll, than any bank agency that has
been, or can be, devised.
With these views, leave to Con.
gress the measures necessary to regu-
late, in the present emergency, the sale
keeping and transfer Of the public mo-
neys. In the performance of consttu-
tionaI duty, | have stated to them, with
out reserve, the result Of my own re-
nections. The SUBJECT is of great I'M
portance; and one on which we scarce
| ly expect to be as united in sentiment
as we are in interest. 1t deserves a
4 full and free discussion, and cannot iail
to be benefited by dispasslonate CON-
parison of opinions. Well aware my
self Of the duty Of reciprocal concession
among the co coordinate branches oil the
Government, | can promise a reasona-
Bile spirit of cooperation, 50 lar as IL
can be INDUCED in without the sufren'
der Of constitutional objections, when
believe TO be we'll founded. Any sys-
tenn that may be adopted should DC
subjected to the fullest legal proyls'
f ion, so as to leave nothing to the Tx
ecutive but what is necessary to the
discharge ofthe duties imposed on him;
and whatever plan may be ultimately
established, my own part shall be so
discharged as TO give ii fair trial, and
the falIest prospect of success.
The character of the funds 10 be re-
ceived and dsbursed in the transactions
, of the Government, likewise demands
your most careful consideration.
There can be no doubt that those who
framed and adopted the Constitution,
having in immediate view the deprecla-
ted paper of the neutrality-suspicious.
five hundred dollars in paper were, at
times, only equal to one dollar IN com,
intended to prevent the recurrence ol
similar evils, SO far at least, as related
to the transactions Of the new Govern
ment. They gave TO Congress the ex-
press power to coin money, and to reg
ulate the value thereof, and OF foreign
coin they refused to give 1t power to
establish corporations-the agents, then
as now, chiefly employed TO create
paper currency; they prohibited the
States from making anything but gold
and silver, legal tender in the pay
mcnt ofdebts; and the first Congress
directed, by positive law, that the rev.
enue should be collected in nothing but
gold and silver.
Public exigencv at the outset of the
Government, without direct legislative
authority, led to the use Of banks as ifs
cal agents oGthe Treasury. In admit
TED deviation from the law, atthe same
period, and under the same exigency,
the Secretary Of the Treasury received
their notes in payment of duties. 1 he
sole ground on which the practice thus
commenced, was then, or has since
been justified, is the certain, immediate
and convenient exchange ofsuch notes
for specie. The Government did in
deed receive the inconvertble notes OF
State banks during the difficulties OF
war and the community submitted
without a murmur to the unequal taxa
ton and multiplied evils Of which such
a course was productive. With the
war, this indulgence ceased, and the
banks were compelled to redeem their
notes in gold and silver. The Treas
ury, in accordance with previous prac-
tice, continued to dispense with the cur
rency required by the act Of 1889, and
took the notes of banks in full conil-
dence of their being paid in specie on
; demand; and Congress, to guard a.
5 gainst the slightest violation oil this prn-
. ciple, have declared, by law, that If
S notes are paid in the transactions Of the
Government, it must be under such cir
o cumstances as TO enable the holder to
S convert them into specie without depre-
. citation or delay.
c OF my own duties under the existing
e laws, when the banks suspended specie
e payments, could not doubt. Dlrec-
n tons were Immediately gwen to prevent
= the reception into the Treasury OF any
e thing but gold and silver, or its equlva-
: lent; and every practicable arrange
ment was mace to preserve the public
g faith, by similar or equivalent pay
d ment to the public creditors. The re.
c venue from lands has been for some
It time substantially so collected, under
e the order issued by the directions Of
= my predecessor. The effect of that
e order had been 50 salutary, and its fore.
y cast in regard to the increasing insecu-
$ rity of bank paper. had become so APP
= parent, that, even before the catastro-
4 phe, | had resolved not TO interfere in
=. It's operation. Congress is now to de-
q | eide Mhpi her the rnunnnn chnu cnntll,