Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1838-12-22

ness; the evident benefits resulting
from an adherence by the government
10 the constitutional standard Of value,
instead of sanc.ioning the suspension
by the receipt OF irredeemable paper;
and the advantage derived from the
large amount Of specie introduced into
the coaa.ry previous to 1881, afford
valuable illlslra.ionof the true policy
Of the government in such a Crisis
Nor can the comparison fail to remove
the impression that a NATIONAL bankis
necessary in such emergencies. MOI
only were specie payments resumed
withoutis aid, Blu. exchanges have also
been more rapidly restored than whan
it existed, thereby showing chat priya.c
capital, enterprise, and prudence are
fully adequate to these ends. On all
these points experience seems 70 have
confirmed the views heretofore submit
ted 10 Congress. We have boon saw
ed the modification OF seeing tho dis
tresscs of the community for the third
time seizsd on TO lastcn upon the coun-
try so dangerous an institution; and We
may also hope that the business ofindi-
viduals will hereafter be relieved from
the injurious effects Of a continued arr
talon Of that disturbing subject. The
| limited influence Of q nationa! bank in
avering arrangement in the exchang-
es Of the country. or in compelling the
resumption of specie payment, i now
not l>s' apparent Than it, tendency to
increase inordinatc SPECULATION by sud-
den expansions ana contraction; it> dis
position 70 create panic and cmbarrass-
ment for the promotion Of It's own de-
signs; lis interference with politics; sand
It's far greater power Tor evil than iot
good. either in regard to the local in
sitnhons or the operations, Of govern
ment it>elf What was in these re-
speets but apprehension or oninion,
when a national bank was established,
now stands confirmed by humiliating
"The scenes through which we have
passed conclusivcly prove ow little
our commerce, agriculture, manufactu.
res or finances, require such an institu-
ton, and what dangers are attendant
on its powcr-a power, trust, never
10 be conferred BY the American peo-
pie upon their Government, and sill
less upon individuals not responsible to
them for its unavoidable abuses.
'sMy conviction Of the necessity ola
further legislative provision for the safe
keeping and disbursement Of the pub
lie money. and my opinion il regard
to the measures best adapted TO the ac-
complishment Of those objects, have
been already submitted 10 you. These
have been strengthened by recent
events; and, in the full conviction that
lime and experience must still further
demonstrate their propricty, | feelit my
duty, with respectful reference to the
conflicting views Of others, again to
invite your attention to them.
"With the exception Of limited sums
deposited in the few banks still en-
played under the act of 1886, the a.
mounts received for duties, and, with
very inconsiderable exceptions, those
accruing from lands also, have since
the general suep ension Of specie pay
ments b. the depo.itc banks, becn kept
and disbuised by the Treasurer, under
his general legal powers subject to the
superintendent Of the Secretary cf
he Teeasury. The p opriety OF d f.
ming more specifically, and Of regulat-
ing by laws, the exercise of this wide
scope OF Executive discretion has been
already submitted to Congress"
The message goes on to speal, Of the SAFE
keeping of the public moneys--of losses
sustained, and recommends to Congress
the propriety of making the application Of
the same 70 private uses, felony, and pun
ishable as such; also, that COMMITTEES Of
Congress night be appointed to examine
into the affiirs and accounts Of officers in
trusted with the public moneys;
"The Secretary ofthe Treasury wrlTIay
before yon additional information contain.
ing new details on this interesting SUI
lcct. To these ! ask yoir early attention.
That 1t should have given rise to great d.
verslty OF opinion cannot be a sibiect Of
SURPRISE. After'the collection and custo-
dy 4 the public 1ipncys had been far SO
manyyears e's,g sd with, md made sab
sldary %, tho sg1ncement Of private in
terests, return to'the simple and seIcle-
nying ordinancos ofthn constitution coula
not be difficult. But time and free dis.
euss'on oiiciiiag thasentiments oftho pod,