Lexington union. (Lexington, Miss.) 1838-18??, 1838-12-29

uuClnn lNCSc TcsuitS has oSeh ~
as its powers and means permitted. by
withholding from the States the deposlle OF
the fourth instalment, and leaving sevcrel
millions at long credits with the banks,
principally in one section Of the country,
and more Immediately beneficial to 1t;
and, at the same time, aiding the banks
and commercial communities in other sec
tons, by postponing The payment OF bonds
for duties to the amout OF between tour
and five millions of dollars; by an issue OF
Treasury notes as means to enable The
Government to meet tho consequences oil
their indulgencies, but aflordlng, at the
same time facilities for remittance and eX-
change; and by steadily declining to en-.
ploy as general repositories of the public
revenue, or receive the notes Of all banks
which refused to redeem them with specie;
by these measures, aided by the favorable
action of some Of the banks, by the support
and cooperation of large portion OF the
community, we have witnessed an early
resumption of specie payments in our great
commercial capitol, promptly followed III
almost every part of the United states,
This result has been alike sautary to the
true interests Of agriculture, commerce,
and manufactures; to public morals, res
pect for the laws, and that confidence be
tween man and man which is 50 essential
in all our social relations.
The contrast between the suspension Of
1914 and that Of 1888, is most striking.
The short duration of the latter; the prompt
restoration of business; the evidenbenef's
resulting from an adherence by the Gov
eminent TO the constitutional standard OF
value, instead of sanctionirg the snspen-
sion by the receipt Of Irredeemable paper;
and the advantages derived from the large
amount Of specie introduced into the coun-
try previous TO 1887, aford valuable H.
lustraton Of the true policy of the Govern.
mcnt in such crisis. Nor can the com
parison fail to remove the impression tina,
q national bank Is necessary in such emer-
gencies.-Not only were specie payments
resumed without its aid, but exchanges
have also been more rapidly restored than
when it existed; thereby showing that PIT
vate capital, enterprise and prudence are
fully adequate to these ends. On all these
points experience seems to have confirmed
the views heretofore submitted to Congress.
We have been saved tie modification
Of seeing the distresses of the community
for the third time seized on to lasten upon
the country so dangerous an institution;
and VIC may also hope that the business Of
individuals will hereafter be relieved from
the Injurious effects of continued agitation
of,hat disturbing subject. The limited in
nuence of q national bank in aver'ing de-
rangcment in the exchanges of the coun-
try, or in compelling the resumption Of
specie payments, is now not less apparent
then its tendency to increase inorlinate
speculation by sudden expansions oad COZ
fractions; It's disposition TO create panic
and embarrassment for the promotion of its
own designs; its interference with politics
andits far greater power for evil than for
good, either in regard to the local institu.
tons or the operations of Govermentitself
What was in these respects but aprrehen-
sion or opinion when a national bank was
first established, now stands confirmed by
humilIating experience. The scenes
throug which we have passed concnsively
prove how little our commerce., agrlcul'
turc, manufactures, or finances, require
such an institution, and what dangers arc
attendant on its power--a power, trust
never to be conferred by the American peo
pie upon their Government, and still less
upon individuals not Responsible to them
for its unavoidable abuses.
My conviction of the necessity Of fur
Their legislative provisions for the safe
keeping an Disbursement of the public mon
eys, and my opinion in regard to the meas
ures best adapted 10 the accomplished o
those objects, have been already submitted
to you. These have been strengthened by
recent events; and, in the full conviction
thattime o. experience must still further de
monstrate their propriety, feel it my duty
with respectful difference to the conflicting
views of others, again to invite your atten
lion 10 tnem.
With the exception oflimited sums depos
tied in the few banks still employed under
the act Of 1885, the amount received fol
duties, and, with very inconsiderable ex
ceptions, those accruing from lands also
have, since the general suspension of spe
Gle payments by the deposit banks. beer
kept and disbursed by the Treasurer, un
der his general legal powers, subjest to the
superintendance Of the Secretary of the
Treasury. The propriety ofdefining more
specifically and Of regulating by law, the
exercise Of this wide scope of Executive
discretion, has been already submitted tc
Congress.
A change in the Office Of collector al
one of onr principal ports, has brought te