Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-15
,rs,nENT,s MESSAGE.

he act OF the Nou " .
e ,h S denosites of the public money, and
"~ the employment of State, District,
u Tn, r;,orial Banks for that purpose,
!, The duty OF the Secretary Of the
70 discontinue the use Of such Of
' ~ should at any time refuse to redeem
vas in specie, and to substitute other
wv ~,oyided a sufficient number could
- = ,ned 10 receive the public deposites
O' 'Ia ,srms and conditions therein pre-
y The general and almost simulta-
.S .osuension of specie payments by the
~ NAV last, rendered the perform
n his duty Imperative, in respect to
~bich had been selected under the
,"J made it, at the same time, imprac-
"a ~ employ the requisite number Of
Wv mon the prescribed conditions. The
e.J regulations established by Con-
!. for the deposite and safe keeping Of
nublic moneys, having thus unexpected
rcome imperative, ] felt TO be my duty
asrd YOU an early opportunity for the ex-
,rs Of your supervisory powers over the
was also led to apprehend that the sus-
sion of specie payments, increasing the
h,,rassmenls before existing in the pc
p;,rv affairs of the country, would so lar
p;uish the public revenue, that the accru-
receiUs into the Treasury, would not,
h ,he reserved FIVE millions, be sufficient
d.Iav the unavoidable expenses of the
bverpmeut until the usual period for the
p,ting of Congress; whilst the authority
:. co upon the States, for a portion Of the
ms deposited with them, was too restrict
10 enable the Department TO realize a suf-
lent amount from that source. These APP
Extensions have been justified by subse-
emf results which render it certain that
Is deficiency will occur, if additional
cans be not provided by Congress.
The difficulties experienced by the mer-
hnile interest, in meeting their engages
ksnts, induced them TO apply to me. previ-
|usly to the actual suspension of the specie
|ayments for indulgence upon their bonds
b duties; and all the relief authorized by
bw was promptly and cheerfully granted.
The dependence OF the Treasury upon the
! walls Of these bonds, to enable il TO make
he deposites with the States required by law,
led me to the outset to limit this indulgence
b the first of September, but it has since
been extended to the first of October, that
|he matter might be submitted 10 your fur.
|heI direction
Questions we're also expected TO arise in
|he recess in respect TO the October install.
neul Of those deposites, requiring the inter
position of Congress
provision of another act, passed about
|he same time, and intended TO secure faith
|hl compliance with the obligation OF the
United States, 10 satisfy all demands upon
them in specie or its equivalent. prohibited
The offer of any bank note, not convertible
on the spot into gold or silver at the will o
The holder and the ability of the Govern
neut, with millions on deposite, to meet it:
in the manner thus required
BY law was rendered very doubtful by ths
erenl 10 which have referred.
Sensible that adequate provisions for these
unexpected exieencies could only be made
BY Congress; convinced that some Of then
would be indispensibly necessary to the pub
lie service, before the regular period Of You
meeting; and DESTROYS also 10 enable you t,
exercise at the earliest moment. your full
Constitutional powers for the relief of tn,
country, l coul not with propriety, avoi'
'uclecllng you to the Inconvenience of as
sssmOng at as early day as the state @
Inc popular representation would permit.
insure that | have done but Justice TO you
feelings in believing that this Inconvenience
Will he cheerfully encountered in the hope Q
rendering your meeting conducive, to tn
good OF the country.
, During the earlier stages Of the revulsio
through which we have just passed. muc
acrimonious discussion arose, and great d
'e'slly Of opinion existed as to its real caus
y This was not surprising. The opera
OOns oil credit are so diversified, and the il
nuences which affect them so numerous, an
,D s so subtle, that even impartial and wei
u'otmed persons are seldom found TO agre
% respect 10 them. TO inherent difficultie
we're also added other tendencies, whic
y we're by no means favorable to the discover
/ y me truth, 1t was hardly to be expecte
u Sa' those who disapproved the policy ofth
in relation to the currency
"Ou'u IN the excited state of public feeling
p I by the occasion, fail to attribute
;ua, pollcy any extensive embarrassment
- ,o. ,ae monetary affairs ofthe country. Th
a'"er thus became connected with the pa
nuns and conflicts Of party; opinions wei
lure i"" or less affected by political considers
~" 'Uus and differences were prolonged whic
"'gn' otherwise have been determined b
y !. appeal to facts, by the exercise Of reaso
= ny mutual concession. 1t is. however,
tu:eeflng reflection, that circumstances
n,', nature cannot prevent a community i
negligent as ours from ultimately arIivin
\ correct conclusion Encouraged by II
-" belief Of this truth. proceed to sta
~ views. so far mo ~ 10 paoaoonru IN