The Ripley transcript. (Ripley, Miss.) 1837-18??, 1838-01-04

no steps to impair their usefulness, but 30 manage
its own affairs as to make it the interest Of those
institutions TO strengthen and improve their condl-
ton for the security and welfare of the community
at large. SO 9 H
They have no right Ito insist on connection
with the Federal Government. nor is the use Of the
public money for their own benefit. The object q
the measure under consideration is, to avoid for
the future compulsory connection Of this king, 1t
proposes to place the General Government in re-
gard to the essential points of the collection, safe
keeping, and transfer of the public money, in si-
ltuaton which shall relieve it from all the depend
ence on the wlof irresponsible individuals or cor
lporations to withdraw these moneys from the use
of private trade, and confide them to agents con.
stitutioraly selected and controlled by laws to abb
stain from improper interference with the industry
lof the people, and withhold inducements to mpro.
lvident dealings on the part ofindviduals; to give
stability to the concerns Of the treasury; to pre-
serve the measures of the Government from the
unavoidable reproaches that flow from such con-
nection, and the banks themselves from the inju.
rious effects ola supposed participation in the pc.
ltical conflicts of the day, from which they will O.
therwise find it difficult to escape.
These are my views upon this impt rtant subject
form after careful reflection, and with no desire
but to arrive at what is most likely to promote the
public interest. They are now submitted with
unteigned Difference for the opinions of Others II
was hardly to be hoped that changes so important
on subject so interesting, could be made without
producing serious diversity of opinion; but SC
long as those conflicting views are kept above the
influence of individual or local interests; so long
as they persue only the public good, and are dis.
cussed with moderation and candor, such diversi.
ty is benefit, not an injury. fla majority ofcon.
gress see the public welfare in different light
and more especially if they should be satisfied that
the measure proposed would not be acceptable to
the people, shall look to their wisdom to substi-
tute such as may be more conclusive to the one
and more satisfactory to the other. In any event
they may confidently rely on my hearty co-opera-
ton to the fullest extent, which my views of the
Constitution and my sense of duty will permit.
1t is obviouly important to this branch of the
public service, and to the business and quiet of the
that the whole subject should in some way be set
tied and regulated by daw; and if possible, at your
present session, Besides the plans above referred
to, am not aware that any one has been sugges-
ted except that of keeping the public money in the
State Banks in special deposite.-This plan ia, to
some extent, in accordance with the practice Of the
Government, and with the present arrangement of
: the treasury Department; which, except perhaps,
during the operation of the late deposte act has
| already been allowed, even during the existence
; ot national bank, to make temporary use of the
State Banks, in particular places, for the safekee-
png OF portions of the revenue. This discretiona-
ry power might be continued, if Congress deem it
desirable, whatever general system be adopted.
So long as the connection is voluntary, we need
perhaps anticipate few of those difficulties, and lit
tie ofthat dependence on the Banks, which must
attend every such connection when compulsory in
its nature, and when so arranged as to make the
banks fixed part of the machinery of Government
1t is undoubtedly in the power of Congress so to
regulate and to guard it as to prevent the public
money being applied to the use, or intermingled
with the affairs Of individuals. Thus arranged
although it would not give to the Government that
entire control over it's own funds which desire to
secure to it by the plan have proposed, would. if
must be admitted, in greet degree, accomplish
me OF the objects which has recommended this plan
the separation of tie fiscal concerns of the Go.
vernment from those of individual corporations
4 With these observations recommend the whole
matter to your dspassionate reflections confident.
: ly hoping that some conclusion may be reached by
your deliberations, which, on the one hand, shall
give safety and stability to the fiscal operations Of
the Government, and be consistent on the other.
with the genius of our institutions and with the
interest and wishes of the great mass of our const
tuents. .
1t was my hope that nothing would occur to
make necessary, on this occasion, any illusion to
the late National Bank. There are circumstan-
ces, however, connected with the present state of
its affairs, that bear directly on the character of
the Government and the welfare ofthe citizen. that
should notfeel myself excused in neglectng to
notice them. The charter which terminated its
banking privileges on the fourth of March, 836.
continued its corporate powers two years more. for