Litchfield enquirer., 1838-12-13

immediately required for inc ordinary pub lie service, or for any pressing emergency and much by reducing the expenditures where the entire and immediate accomplish ment of the objects in view is not indlspen- sable.
 When we call to mind the recent and ex- treme endorsements produced by eXces- sive issues of bank paper, aggravated by the unforeseen withdrawal of much foreign caPl- tai, and the inevitable Arrangement arising from the distribution of the surplus revenue among the States as required by Congress; and consider the heavy expenses incurred by the removal of Indian tribes; by the militia ry operations in Florida and on account of the unusually large appropriations made at the last two annual sessions of Congress for other objects we have striking evidence, m the present efficient state of our finances ot the abundant resources of the country to fui- fil all its obligations Nor is it less gratify- ing to find that the general business of the community, deeply affected as it has been, IS reviving with additional vigor, chastened by the lessons of the past, and animated by the hopes of the future. By the curtailment ot paper issues by curbing the sanguine and adventurous spirit ofspeculation and by the honorable application of all available means to the fulflment of obligations, confidence
  and ease and facility secured to all the oper- ations of trade.
 The agency of the G0vernmen, in producing these results has been efirien, it's pow and mcnns permitted. Ky withholding from the States the de- pUse Of the fourth insialeni, and leaving several millions long credits with the banks principally i" one section of tue country, and more immediately be- neticai to u; and. the tme aiding the banks and meiciai communities tn other sections, by pospo"ina the payment of bonds tor duties io the amount of between oIr and five millions Of d"ilnrs; by an issue ot Treasury notes as a means to enahe
 the Government meet the consequences fiheiri iD- duIgencies; hut afording ni the time, tacili'es for remittance and exchange; and by steadily decl'n- ing 10 empoy general Repositories ofthe public rev enuea receive the "f all banks which re ius"
 to redeem them with species by these measures: "'d. ed by the favorable action of of tue banks, ana by the support and cO-opera,i"O "f large portion oi the community, we have witnessed aM early resump-
 lion ofspecie payments in great c"lnmercial cap-
 al, promptly followed in almos, every part of 'hc United States This result has been alike salntary l." the interests 0t agriculture, commerce, and man. ucures; t0 public morals, respect for the laws and that confidence between man and man whirhs so es- semlial in all our social relations.
 The contract between the suspension ot l6t4 anh ''at of 1857 is mos, striking Tue short uur"ii"" q" the latter; the prompt res,"raii"n Of business; 'ne evident benefits resulting f40U adherence by tue Government to the constitutional standard ot ya!ue
 instead of snnctionirg the suspension ny the r"cr'"i irre,er rmable paper; and ihc advaD@see derNrd from the arge an,ouu of sperc introduced in'" the cOnHiry previous to 1887, afford valuable 'lius'ra'rn oi the ir0e policy Ofihe Government n such crisis Nor ihe parison fail 10 rem"ve the imiress'"" that a national bank s necessary iN sNch emergrn- cies. Not only were specie payments resumed with out ils W hUl exchanges have alsn been m"re rar"- ly restored than when IL existed; thereby showing that private capital enterprise, and prudence are 'n' ly adequate these ends. On nll these p"n's expc' reoce seems |" have confirmed the views he'etoi'rr submitted to Congress. ... -l.
 We have heen saved the mnrtifca'ion 0f seeing 'he disiresses Of the community f,r the third tune se'zed aaien upon the cnnnry s0 dangerous nn tnsi,"' iion: and may also hope. ,ha ,he business oi '"- hivinals will hereafter he rrl'eved from the 'nj"r'"s effects of continued agitation of hai dis'ubtna suh- jec The limited inhnenre of n nn'i"m' b""k !" avering derangement in inc exchanges "f the co"n try, or iW compelling the resumption ni srrcie pay menis, ia not lees apparent than it's tendency '" increase inordinate speculation by sudden expansi"s and conraciions; its disposition o create lhn'c a"h em,rrassmpn for the emotion O' its own desiSns;
 it's interference with politics; and it's E. grehier row CT for evil than for good either in regard [" 'h" 'c" institutions or the operations nI Government 'seI'- What was in these respects but aprrrhem-.n or "l"h ion when national bank was hrsi esai'I'shed' now stands confirmed hy huMilianng rxperenre. The scenes through which have passed, c0nclusivrly prove how lii,le commerce, agriculture, m""uiac. lures, or finances require such M ins'''"o''' and what dangers are attendant on its power-a power trust never 10 be conferred by the American people upon their Government, and still lees upon ndisid"- als ponsble them for a unavoidable abuses.
 My conviction ofihe necessity "l further m legislative provisions for the sale keeping and disbursement ol the public moneys, and my opinion in regsid to ;hc measures best adapted io the accomplishment o ih"s" objects. have been already submitted to you" These have been sreng gthened by recent events; and n ti" full con, icon that time and experience must si'l further demonstrate their proprey, feel my duty with respectful deirrenre io the conflicting v'ews of others, again io invite y UT attention i0 them.
 With the exception of limited sums depos ed n the few hanks still employed under .l'r nct of 1856, the amounts rece.ved for duties. and with vcvy 'c""ss er"hle exceptions those "ccru"s from ''"ds also, have, since inc general suspension ofspecie pa! mens by the deposite banks been kept and .. "btrsed by the Treasurer, under his general legal powers sub. ject to the ruperinie nf the Secretary o th" Treasury. The pr"priry of defining more speci6ral- y, and of fregun,ing by law, the exercise oi this wide scope of Executive discretion, has bee" already sub. miiied 'o Congress.
 A change in the office of collector at one of nnr principal poris has brought in light dealea,nn of the gravcsi character, the particulars "f which will be laid before yon D special report srnn the Secretary oi the Treasury. Ny his report and the neco"pa"y- ing doc na, t will be that the weekly returns oflhe detaung officer apparently exhibiied 'hrn"gh- oU, faithful administration of ihe afairs in'ruMe'i his management. li, however, now appears that he need alsiraciing the public mOneys shortly a. his appointment. aud continued 0 dO sn, progress svely increasing the amount, for the term "f more than seven years. embracing portion oi the period during which the public moneys were deposited in the Bank of the United States. the whole of thai of the state haak deyosiie system, and concluding only his retirement iron Office after that system bad substantially failed, |" consequence oi the suspension
 The way in whic this dedication was SD long com cealet, and the steps taken to indemnify the U"ed States, far practicable nga"s, l"-s vii! also be presented to you. The case isO whtch imperative. iy claims the attention q" Congress and furnishes the sirongesi motive for he establishment of more se- were and secure aysem for the safe keeping nnd dis bWrsemeO, ot the public moneys, than any that has he seiofore existed ."
 H aeems proper, ai all events, that, hy an early en- ac,meni, similar to iIai of "hr: countries, the app- ra,ion of public mnney hv officer 0i G"ternn.e"i lo private uses, should he made felony and visited with severe and gnomnious punishmeS'. fhis is nl- ready. iU effect, the law |" respect 10 the mini, and has been productive of the most salulary results Whatever system is adopted, such an enactment would he wise as au inrprudcn, measure, since much of the public moneys mast, in their collection and n iimate disbursement. pass twice through lhe hands of pablic officers. in whatever manner they n'erme