Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-12-15


lie revenues, or receive the notes of all banks |!
which refused to redeem them with specie: bv |
these measures, aided by the favorable action of
some of the banks, and by the support and co-ope-
ration OF large portion OF the community we
have witnessed cary resumption of specie |
our great CONNIE rcial capital. prompt
Nv followed IN almost every part of the L. States.
This result has been alike salutarv the tue in
tcresis of agriculture, commerce and manufac- |
lures; to public morals, respect for the laws and
that confidence between man and man watch is so
essential to all our social relations.
The contrast between the suspension Of 1914
and that of 1887 is striking. The short du-
ration of the latter the prompt of bu-
siness; the evident benefits resulting from an ad-
herence by the Government to the constitutional
standard of value. instead Of sane toning the sus-
pension by the receipt of irre3eemable paper and
the advantages deriv ed from the lar e amount of
specie introduced into the country previous TO
1897, afford Il valuable illustration of the true poll
cv Of the Government in such a crisis; nor can
the comparison fai, to remove the impression that
a national bank is necessary in such emergencies.
Not only were specie payments resumed without
its aid, but exchanges have also been more rapid
ly restored than when it existed; thereby showing
that private capital. nerprise and prudence, are
fully adequate 10 these ends. On all these points
experience seems to have confirmed the views
heretofore submitted to Congress. We have been
vod the modification of seeing the distresses of
the community for the third time seized on to fas-
ten upon the country SO dangerous institution;
and we may also hope that the business of indi-
viduals will hereafter be relieved from the iniu-
rious effects of a continued agitation OF that dis
turblng subject. The Limited influence of ma
tional bank in averting arrangement in tho ex-
changes of the country, or in compelling the e.
SUMPTION OF specie payments, is now not less ap
parent than ITS tendency TO increase inordinate
speculation by sudden ansions and CONTRACT tons;
IT'S disposition to create panic and embarrassment
for the promotion of its own designs; its interfe-
renee with politics. and its far greater power for
evil than for good, either in regard to the local
institutions or the operations of Gov it.
self What was, in these respects, but apprehen-
sion or opinion when a national bank frs,
established, now stands confirmed by humilatng
experience. The scenes through which we have
passed conclusively prove how little our commerce.
agriculture, manufactures, finances, require
such institution, and what dangers attend
ant on its powcr-a power, ] trust, never to be
conferred by the American people upon the Gov
erEmenf, and still less upon ndiv iduals not respon-
sible to them for its unavoidable abuses.
NV conviction of the necessity of further legis-
atve provisions for the safe keeping and disburse-
ment Of the public moneys, and nv opinion in E.
gard to the measures best adapted to the accom-
pishment of those objects, have been already
submitted TO you. These have been strengthen
ed by recent events; and, III the full cow lotion
that time and experience must still farther demon
strate their propriety, Ifee it my duty, with re
spectful Difference to the conflicting views of 9th
ers. again to invite your attention to them.
With the exception Of limited deposi,e,
in the few banks still employ cd under the act O
1886, the amounts received for duties, and, witt
very inconsiderabie exceptions, those accrun
from lands also, have, since the general suspension
of specie payments by the deposite banks, bee
ken. and dsbursed by the Ttessu1s g gnas5 b
dence of the Secretary Of the Treasury. TIL
propriety Of defining more specifically, and Of re
;. gulailng by law, the exercise of this wide scop
S Of Executive discretion, has been already sui
e mitted to Congress.
d A change in the Office Of collector at one
n our principal ports, has brought to light def,lc
ID ton OF the gravest character, the particulars
10 which will be laid before you in a special repo
10 from the Secretary of the Trcasurc. By this r
he port, and the accompanying documents, i, will
g, seen, that tho weekly returns of tho deE,uliir
y officer. apparently exhibited throughout, fahf
IL administration of the affairs entrusted TO his
or agcmen'. 1t however. now appears, that he cor
p menccd abstracting the public moneys short
IS, after his appointment, and continued To do so,
MS gresslvely increasing the amount, for the term
he seven years. embracing portion of the peri
during which the public moneys wcro deposiu
rv in the Bunk Of the IT, States, the whole of that
IN the state Bank deposite system, and conclud
Up OILY on his retirement from office, after that s,
es, tenn had substantially failed, in consequence OF /
be suspension Of specie payments
W. concealed, and the steps taken to indemnify I
al United States far practicable, against 10
it'll will also be presented to you. The is O,
ms which imperatively claims the attention Of Cc
a gress, and furnishes the strongest motive for
On, establishment Of more severe and secure syst
'ns for the safe keeping and disbursement of the pr
ne lie moneys, than any which has heretofore exis,
pd 1t seems proper at all events that early
sy, acmeni similar to that Of other countries, the
ur- plication of public moneys by officer OF q
lev eminent, to private uses, should be made felo
ain and visited with severe and ignulninious puni
nv. ment. This is already, in effect, the law in
ria spect to the mint aud has been productive Of
,ry most salutary results. Whatever system is ad
md ted, such ciment would be wise as an in
en- pendent measure, since much of the public m
cts evs. their collection and ultima disbursene
pass twice through the hands of public officers
me whatever manner they are intermediately k.
, of The Government, it must be admitted, has b
it'll from its commencement, comparatively forum
ita- in this respect. But the appointing power can
of be always we'll advised in its selections, and
red experience of every country has shown, that p
lie officers not at all times proof ga te
the tation. 1t duty, therefore, which the Cove
t Of ment owes, well TO the interests committe,
the its care, to the officers themselves, pro,
cts, every guard against transgressons of this cha
th,4s IL