The Ripley transcript. (Ripley, Miss.) 1837-18??, 1838-01-04

have been issued, during tue PfoScHt ycur, VIII
be redeemed, and that the Of the treas
ury, without any resort to loans or increased tax
es will provide amply for defaaying all charges i'm
posed on it during 1888. - IA
The report of the secretary of the treasury will
niord you minute exposition of all matters con-
nected with the administration of the finance dur
ing the current year; period which, for the am
cunt of public monies disbursed and deposited with
the states, as well as the financial difficulties en-
ccuntercd and overcome, has few parallels in our
history. EehR
Your attention was, at the last session, invited
10 tire necessity of additional legislative provisions
in respect to the collection, saie-keepng and trans
fer of the public money. No law having been
matured, and not understanding the proceedings
ofConrrsss rs intended to be final, it becomes nv
duty again to bring to bring the subject to your
notice. -.s.- -..r
On the occasion, three modes performing this
branch Of the public service were presented for
your consideration. These were: the creation of
national bank, the rival, with notifications of
the deposte system established by the Esd June,
1886, permitting the use Of the public mpnies by
the banks: and the dscontinuance ofthe use of
such institutions for the purpose referred to, with
suitable provisions for their accomplishment thro'
the agency ofpubic officers. Considering the O.
pnions ofboth Houses of Congress on the two first
propositions expressed in the negative, in which
entirely concur, it is unnecessary for Inc again to
recur to them. In respect to the last, you have
had an opportunity since your ad journment, not
only to test still further the expediency of the mca-
sure, by the continual practical operation of such
e. I,.I.
what should ever be sought for and regarded
with the utmost deference--the opinions and wish
es of the people.
The national will is the supreme law of the Re-
public and, on all subjects within the limits of his
constitutional powers, choud be faithfully obeyed
the public servant. Since the measure in ques
ton submitted to your consideration, most of you
have enjoyed the advantage personal commune
cation with your constituents, For in one state
only has an election been held for the Federal
Government; but the early day at which it took
place, deprives measures under consideration of
much ofthe support it mi ght otherwise have deri-
we'd from the result. Local elections for state Of
fcers have; however, been held in several of the
states, at which the expediency of the plan propo-
sed by the Executive has been more or less discus
suits the epect due tie every expression of the
public voice. Desiring, however, to arrive at
truth, and just view of the subject in all it's bea-
rings, you will at the same time remember, that
questions of far deeper and more immediate local
interest than the fiscal plans of the National trea
sury were involved in those elections. Above all,
we cannot overlook the striking fact, that there
were at the time in those states mode than one
hundred and sixty millions of bank capital, of
which large portions were subject to actual forfeit
ture-other large portions applied only to special
and limited legislative indugencies-and most of
it, if not all, to greater or less extent dependent
for a continuance of its corporate existence upon
the will of the next Legislature to be then chosen
Apprised of this circumstance, you will Judge whe-
Their it is not probable that the peculiar condition
of that vast interest in these respects, the extent
to which it has been spread through all the ramii.
cation of society, its direct connection with the
then pending elections and the feelings it was cal
culated to nfuse into the canvass, have exercised
far greater influence over the result than any
which could possibly have been produced by con.
tiict Of opinion in respect to question in the adj
mjnistraton Of the General Government, more re-
mote and far less important in it's bearings upon
that interest.
have found no reason to change my own OPT.
mons as to the expedency of adopting the system
proposed, being perfectly satisfied that there will
be neither stability nor safety, either in the fiscal
affairs of the Government, Cr in the pecuniary
transactions of individuals and corporations, SO
long as connection exists between them, which,
like the past, offers such strong inducements to
make them the subject ofpolitical agitation, In
ded am more than ever convinced of the dangers
to which the free and unbiased exercise of politi-
cal opinion-the only sure foundation and safe
guard Of republican government-would be expo
sed by any further increase the already over
grown influence of corporate authorities. can
not therefore, consistently with my views of duty,
advise renewal of a connection which circum-