The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-19

,resen contracted sta sfter they have resumed and
particularly II the circumstances to which have alluded
and others Of obvious character are likely to require
further their part very few indeed Of the
benefits which have been anticipated from return 10
specie payments win be realized Though they DIS
charge their obligation in the legal currency Il they con-
tnue reduce their discounts, or u they do not gradn-
ally expand the public will not be essentially relieved
The aboIDg classes will look in vain for their accustom-
toned employment most kinds Of agricultural pro-
ducts will decline in price our manufacturing establish
ments cannot be put in successful operation various
| branches OF mechanical business will be deprived OF
wholesome degree Of encouragement; trade VIII con-
Time ia present depressed condition: the disorders
Of the currency will be bu. partially removed, and the
immoral practices which spring from such disorders VIII
| be but partially remedied
| Ii is confidently believed that the inerposiiion Of
the credit Of the State emergency shall arise
| lmperously demanding resort 10 such a measure,
would give success to the efforts makingto correct
the numerous evils which have arisen from the present
deranged vated Of currency, and sppearsto
that such would be its effects there should De no ne
station on the part The legislature applying the reme-
| dy The benefits OF such interposiilon would be
general nasmnch as would contribute IN no neon
siderable degree TO relieve almost all branches oil busi
ness from depression and all classes OF our citizens
from the Inconvenience nseparable hom the use OF
| an irredcenlable aud deprecated paper
To avoid the creation al new stock Tor the express
purpose of being loaned the banks for long period,
recommend that the Commissioners OF the Canal Fund
be authorized 10 stock, which It IS now certain
will become necessary within few years, for the en-
arpement Of the Erie Canal and the completion OF the
/ Black River and Genesoe Valley canals demanding ITS
use to the banks requiring Of them the most ample Sc
curity for the punctua payment OF the interest," and the
reimbursement OF tho principal from time TO time, as
| the money may be wanted in the progress Of these
\ works.
! The amount necessary for the completion OF these
works. will exceed tho which may be required, m
any event. sustain state institutions against hos
tile attacks from whatever quarter they may come, ana
enable them grant such assistance VIII lnygorate
all branches Of industry call forth the energies oil the
| State, and give onward movement TO It's business
concerns Although intelligent merchants and bankers
OF opinion that will not probably be necessary TO
the credit OF the State yet il may be otherwise,
and the exposition Of the views and policy OF
the Bank Of the United States increases the apprchen-
sions that crisis will arise in which tho credit OF the
| State 10 some extent may be required, With view
Of making ample provision for any such exgency, /
respectfully recommend that authority should be gwen
in the manner suggested TO Issue stock for the conem-
plated purpose to the amount OF six eight millions OF
dollars. This recommendation does not it will be per-
ceved propose the creation OF new stock, and eventual
~, II need be- the raising Of money expressly for sus-
tanning the banks IN the measure OF resumption and re-
eyng from their present depression the business con-
OF the people, but il suggests for these highly I'M
porant purposes, that the moneys which it is known
will be required for the public works already authorized
by law, should be raised short time before they are
wanted for expenditure. II is by means certain that
il will be necessary TO the power hereby recon-
ended to be vested in the Commissioners OF the Canal
Fund.- but the consequences which would result to the
State at large in the contingency which might re-
qnrc its exercise should happen, would be extreme
y injurious that deem it expedient that the measures
herein suggested, OF similar character,
| should be adopted. ".%"@
A new interest is in my opinion given the subject
have presented and much force is added TO the con-
sderatons in favor OF the measure have recommend
ed by the OF conduct which il the avowed IN
ten,ion of the United States Bank Of Philadelphia to
pursue in relation to the resumption Had the determ
nation TO oppose return to specie payments, and the
bold avowal Of the policy Of maintaining irredeemable
issues come from any other quarter they would have
caused much less surprise and regret This institution
has capital of thirty five millions Of dollars, and pos
scsses by the terms Of its charter much than the
ordinary banking powers and privleges--it has its
agencies and long established business connections in
almost every State in the Union- enjoys an extensive
credit, only in this country, but in Europe; and Its
resources derived from this consideration alone, are
immense 1t most confidently relies, appears by the
language Of its President upon the subserviency of the
banks Of all the States, except New York. falling into
It's views, and cooperating with in carrying them into
effect. When this formidable power,-l believe | am
warranted in saying this formidable combination pow
ers-is arnyed against the measure OF resumng specie
payments, and has become the open champion OF the
suspension policy, and the advocate of ireGeemabe
currencywhen 1t is publicly announced by the Presl
dent Of the United States Bank-the central power, as
it may be called of confederation Of banking institu
tons-ha tho uncertain period of resumption must be
delayed until the accomplishment Of certain pecunary
operations and political objects which distinctly
Swallowed forth IN his ettcrthere very strong rea-
son TO fear that the banks OF this State will be per-
mit,ed pursue the which they have resolved
to take without encounterng than the intrinsic diff
| fcutes Of the measure
am confidently persuaded that vast majority, If
not almost the entire mass OF our constituents are OPP
posed to- and will expect their representatives and pub
lie luncouaries resist, the policy put forth BY the
! United States Bank, Of continuing the issue Of an
rredeemable currency In the division which will
spring from the extraordinary position taken upon this
subject the people Of this State, and its banking nsttu
tons, WILL trust be found among the friends and sup
porters of a sound CURRENCY currency equivalent in
value to the legal Standard and will be arrayed against
the policy of continuing the issue OF irredecmable paper
To carry out their in relation to this subject, TO
sustain institutions IN the measure OF resumption
and put an end TO the evils of debased circulating
medium cannot doubt that they will approve OF the
nterposition by the Legislature, in the manner have
suggested, or in any other efficient manner that may
be devised. Viewing this subject IN reference to the
present posture of pccunary AFFAIRS to the embarrass
ment in which almost all branches Of business arc in
rolved and especially in reference TO the attempt, by
formidable money power to prolong the suspension of
specie payments beyond tho period imposed by necess
y, believe the present must be generally regard
ed as one in which it is 81 the duty Of the State
stand forth in its strength, and by the Of its credit
and the sanction of its name, TO shield its institutions
and its citizens from harm" am ready to cooperate
with the other departments Of the government in every
proper effort that shall promise such result.
w. l.. MARCY.
| EXECUTIVE CHAMBER,
| Albany, April II, 1888.
| cIrppENcV