Litchfield enquirer., 1838-12-13

sng Sy'en m attributed t0 ths watchui supervision. The sH'ne eourpe has RlsO, iO view of s hen. 6ciaI operation, been adopted by an arioiniag SaIe nvOr- Hy known toT ihe iI has aways bestOwe ed upon whatever Tela'eS to iis 6nancisi concerns.
 rnlImIi Co yOaT consideration ss neither n commit1ee Of COWgTess might not be pr06taIly employed in iu- apectng, such intervals mieh he deemed prOprr the affairs and accounts of oficers in'rused wI the custody Ol the public moneys. The frequent perform of this duty might be made obligatory on the committee iO respect those Ofcera who have large iu their pOsessiOn, and left discretionary tn res PecI lO others They might report tO Ihe Executive such deIalcaiiOns were GOuRd Co exist, with view to a prompt removal from office, unless the default satisfactorily accounted for; and report also, Cong Tess, at the commencement of eneh session. the result of Iher examinations aud proceedings. lI does appear that, with snlgec'i"n Of this clAss of public oficerA .he general supervision of the Exec utiVe, tO examinations by committee Of Congress at periods of which they should have previous notice, and prosecution and punishment for IeloOy for every breach of trust, the safe keeping oi the public mOnpys, under the system pr' posed, might he placed a (nundaiinh than t hae ever occupied since the establishment Of the Government.
 The Secretary oCthe Treasury will lay before you additional information containing new details On this
 interesting subj jec TU these ask your early atten-
 ton. That u should have given rise great diSersi- Iy of opinnn cannot tTe subject of surprise. After
 Inc collection and custody "f the puhIic moneys had been for maMy years connected wiIh aud made sRb sidary 10, the advancement of private interests
 turn the simple and sell. denying ordinances ot Ie constitution could but be dificuli. Bul time and free discussion elicINg tho sentiments 0f the people,
 
 characterized their coarse great emergencies, weie relied upon tnr satisfactory settlement of tue qurs- iiom. Already hns this anticipation, one important point at leas--ihe impr"prir'y D: diseriing public money 10 private pmrpOses-,een fully realized.
 There is no reason to suppose that legislation upon
 that branch of the subject would now be embarrassed by difference of opinion, fail to receive the cordi- al support of large majority of our constituens.- The connection which formerly existed between the Government and banks was in reality injurious to bo,h well to the general interests of the com munty at large It aggravated the disasters of trade and the derangemens Ot commercial intercourse, and administered new excitement and additional means towld and reck less speculalions, the dsappOntmens ot which threw the country into convusons and pan ic, and all but produced violence and bloodshed The imprudent expansion of bank credits, which was the natural result of the command ot the revenues o the State, furnished the resources for unhounded license in every species of adventure, seduced industry from whou and y the state by tempting all trades and professsons into the vortex !,. of speculation on remote contingencies
 , The same wide-Spreadng influence impeded also the of the Government curtaied its useful operations embarrassed the fuhiment of it's obi. gaons, and seriously nerered with the execution cf the laws. Large appropriations and oppressive taxes are the natural consequences of such connection, since they increase the profits of those who allow cd to use the public funds, and ma ke it their interest that money should be accumulated and expenditures multiplied. It is thus that concentrated money pow: CT s tempted to become active agent in political at- fairs, and oll past experience has shown on which side that influence will he arrayed Wcdeceive our selves if suppose that it will ever be found ing and supporting the rights of the community at large, in opp'sition to the claims of llle few.
 In Government whose distinguishing chn cterisiic should be diffusion and equalization of it's benefits and burdens, the advantage of individuals will be augmented at the expense of the mnss of the people. Nor is 1t the nature of combinations for the acquisition of legislative influence to conne their interference to the single object for which they originally form ed The temptation to extend it to other matters, is, sisted. The influence, in the direction of public af. fara, of the community at arge is, therefore, in slight danger of being sensbIy and iniurousy affect ed ny giving to compnra,ive!y small, but very eff so important portion of the egis!at o Congress that which relates to the custody of c public moneys. dvosd hn:s bs hs est limits. and Jeff, wherever poss blc, to the lesa- lures of the States. When not thus restricted, they lead te combinations of powerful nssocations ost:r course Ot legislation to sinister ends rather than objects that advance public liberty, and promote the general good.
 The whole subject now rests with you, and cannot but express hope that some definite will be adop'e!d, at the, present session,
 It will not, am sure, be deemed out of place for me here to remark that the declaration of my views in opposition to the policy of employing banks as de- posories of the Government funds, cannot justly he construed asndicave of hostility, official ar personal. to those institutions; or 10 repeat in this torn and n connection with this subject. opinions which have uniformly entertained, and on all proper occasions expressed Though always opposed to their cresten
 
 magistrate, aiming by appropriate legislation to secure the community against the consequences ot their DC. casonal msmnnagement have yet ever wished to see them procctedin the exercise oi rights conft cd by law, and have never doubted their utility. when properly managed in promoting the interests ot trade, and through that channel the other interests of the sent themselves merely State institutions having no necessary connection with its legislation or its nd minstrntion. Like other State esablishements. they may he used or not in conducting the affairs of the Government: as public policy and the general inter- esis of the Union may seem to require. The only sate or proper principle upon which their intercourse with the Government can be regulated, is that which regulates their intercourse with the private citizen the conferrin "f mutual benefits.
 When the Government can accomplish a financial operation better with the hid of the banks than with. out it should be at liberty to seek that aid il would the services of private banker other capitalists agents, giving the preference to those who will serve on the best terls. Nor there ever exist ln- terest in the officers of the General Governnent, as such inducing them to embarrass or annoy the State hanks any more thnn to incur the hostility o my oi!- CT class Of State insuons, or o private citizens. It is not in the nature of things that hostility to those in- sutons can spring from this source, or any opposl- or obscs o and attempt to usurp powers not conferred upon them, or to subyert the standard of value established by the Constitution. While opposition to their regular ope- rations exist in this quarter resistance to any attempt to make the Government dependant upon them for the successful administration of public af fairs is matter of duy as trust ever will be, of inclination m matter from what motive or consdera. ton the attempt may originate.
 is more than just to the banks to say, that, in the late emergency, most of them firmly resisted the strongest temptations to extend their paper issues, when apparently sustained in a suspension of specie payments by public opinion, even though in some ses invited by legislative enactments. To this honor. able course, aided by the resistance of the General Government, acting in obedience to the constitution and laws of the United States te the introduction of an rredeemable paper medium, may be attrbuted.in cy a sound state, and inc business of the country to its wonted prosperity. The banks have but to inue in the safe course and be content n their General Government, and to derive from it all the rrolection and benefits which t bestows on other