Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-12-20

Sos'"h" them III the exercise Of, the most ri
GID economy. Much can be effected b,
PostponIng appropriations not imnediatel,
required for the ordinary public service
or 'or any pressing emergency; aud mucl
Dy reducing the expenditures where the en-
ure ana Immediate accomplishment of The
4 oojccts IN view is not indispensable.
! When we call TO mind the recent and
extreme embarrassneuts produced by ex-
cessive issues Of bank paper, aggravated
oy the unforeseen withdrawal of much TO-
'e'gh capital; and the inevitable derange-
"ient arising from the distribution of the
surplus revenue among the Sta,es as re-
| CURED ny Congress-; aud consider the
heavy expenses incurred by the removal OF
Indian tribes; by the military operations in
Florida; and on account of the unusually
large appropriations made a, the last two
annual sessions Of Congress for other oh
Jects, we have striking evidence. in the pre-
sent efficient state Of our finances, of the
abundant resources ofthc country 10 iuj6l
all It's obligations. Nor is it less gratifying
10 ind that the general business of the
community, deeply affected as it has been.
Is reviving with additional vigor, chas,ened
by the lessons Of the past; aud animated bv
the hopes of the future. BY the currail,nent
oiPaPer issues: by curbIng the sangune and
adventurous spirit of speculation; and bv
the honorable application Of all available
means to the fulflment toiobiiga,ions, con-
fldcnce has heel restored both at home
and abroad, and ease and facility secured
10 all the operations of trade
Inc agency Of the Governmen, in pro-
ducinS these results has been as efficient as
Its powers aud means premi,,ed. By
withholding from the States the deposite OF
the fourth instalmenl, and leaving several
millions at long credits with the banks,
Principally IN one section nf the country.
and more Immediately beneficial TO it: aud
al the same time; aiding the banks aud
commercial communities in other seclious,
ny postponins the payment of bonds for
uuties To the amount OF between four and
1--WE millions OF dollars; by IN issue of Treas
ury notes as means 10 enable the Gov
efn'hent to meet The consequences OF their
induiSences; but atfordinS,ut the same time
facilities Tor remittance a. exchange, a. by
steadily declining to employ AS general de-
positories oi the public revenues. or receive
the notes OF all banks which refused 10 re-
ueein III specie; by these measures, aided
oy sne favorable action Of some Of the banks,
Witnessed an early resumption of specie
payments IN our great commercial capital,
promptly followed in almost every part Ol
the United States. This result has been
alike satutary To the true interests OF agrl-
culture, commerce aud manuiaci ures; 10
puoiic morals, respect Tor The laws, and that
confidence between man and man which
Is 81 essential III all our social reiaiIOns.
The contrast between The suspension -
1914 aud that OF 1897 Is most striking The
shor duration of the latter, the prompt
| restoration Oi business; the evident bcne-
nts resulting from au adherence by the
| Government to the constitutional standa Il
oi value; instead ol sancllOnlng the suspcn-
! sion by the receipt oi irrcdeeniable paper;
| and the advantages derived from The large
| amount OF sp, Gle introduced into the coun
try previous to 1887. afford Il valuable III
iustrat,on ot the true poilcy oflile Govern
ment Ill such Il crisis; nor can the compari-
son iail 10 remove the impression that Il
national bank Is necessary III such elner
gcncies. Not only were specie payments
! resumed without its AID. hut exchanges
have been more rapidly restored than whcn
II existed; thereby showing that private
capital, enterprise and prudence are fully
adequate to these ends. On all these poIuls
! experience seems To have confirmed TN
views heretofore submitted 10 Congress.
We bave been SAVED the uIOrliiicaliOn OF
seeing the dIstresses III ihc community Tor
the third time seized on 10 iasien upon the
| country 50 dangerous an institution, and
we may also hope tnat The business oi indi.
viduuls will hereafter he relieved tro.n the
injurious effects OF ii continued agitation I"
that disturbing subject. The limited in,
| duence OF a national bank IN avcr,ing de
ra cement in The exchanges q. the country
or in compelling the resumption of specI.
payments, is now moi less apparent thar
its tendency 10 increase inDrdlnatc spccu
lotion by sudden expansions and contrac
tiOns; It's disposition TO Gre ate panic and EN-
barrassment for the promotion of ITS owl
designs; its interference with polillcs; ant
its far greater power for evil than for goo,
either in regard to the local in>tIiut ons o.
the operations Of Government itself. Wha
was, in these respects, but apprehension u
opinion when national bank was tirs
established. now stands confirmed b,
hum,liat,ng experience. The scenes thr,
winch we have passed, conclusively prove
how little our commerce. agriculture, maj
ufactures, or finances, require such an IN
stitutiOn, and whaI dangers are atteDdaii
, on its power-a powor; | trust, never 10 b'
+ conferred by the American people uPol
their Government, and still less upon III
divduals not responsible to them for 1t
: unavoidable abuses.
3 My conviction of the necessity of furthe
legislative provisions for the saie-kecpin
and disbursement Of the public moneys
' aud my opinion in regard TO the measure
: best adapted 10 the accomplishment q
= those objects, have been already submilte
$ TO you. These have been strengthened b.
: recent events;and, lin the full conviction thu