Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-15

sThe safety ofths public funds and the interest OF
the people generally required that these operations
should Do checked; and became the duty OF every
branch Of tho General and State Governments 20
adept all legitimate and proper means to produce 'nc'
sautary effect Under this view of my duty o-
rected the issuing of the order, which will be aio Pc
fore you by the Secretary of the Treasury requiring
payment Of the public lands sold to be mace IN spe
Gle, with exception until the 18th OF the preseh.
month in favor of actual settlers. inns hcasLo nos
produced many salutary consequences IL checked
the career of the Western banks, and gave mem al
ditional strength in anticipation Of the pressure
which has since pervaded our Eastern as Wen as the
European commercial cities. BY preventing 'Ae ex-
pansion of the credit system II measurapy cut on Inc
means Of speculation and retarded us progress IN
monopelizing the most valuable OF the puDhc lands.
1t has tended TO save the new States from nom
resident proprieiorshpo of the greatest obstacles
10 the advancement OF new county anu u,e pros
pery of an old one 1t has tended 10 keep open the
public lands for entry by emigrants at government
prices instead of their being compelled 10 purchase
Of spectators at double or trsple prices ana Is
conveying into the interior large sums III SILVER ana
gold there TO enter permanently INTO The currency OF
The country and place it on irner foundation. IL
is confidently believed that the country will find, ia
the motives which indHced that order and the happy
consequences which have ensued, mucn 70 commend
and nothing 10 condemn.
II seen that he again calls the attention Of Con-
gress the currency of the country alleges that II
was apparent from the whole context OF the constl-
tuition as well the history OF the times that gave
birth TO it, that il the purpose of the convention
establs h acurrency consisting OF the precious me-
tails; mpatcs varlabeness and liability TO aordnate
contraction and expansion to the existing paper sys
TEN, and denounces bank issues, as being an uncer-
tain standard. He felictates himself upon the dan
gers which have been obvlated by the overthrow of
the Bank ofthe u S. but declares that little has been
yet DONE except to produce salutary change in pub
lie opinion towards restoring to the country the sound
currency prorided for in the constitution will here
say, passing that all this cutlery about the precious
metals gold and the constitutional currency has been
put forth delude the people and TO the precious
metals as an instrument to break down the banking
Institutions OF the States and TO thus pave the way
for the ultimate establishment of great Government
Bank. In the present advanced state OF civilization,
in the present condition OF the commerce of the world,
and in the actual relations of trade and intercourse
Between the different nations of the world, 1t is per-
fecty chimerca to suppose that the currency of the
United States should consist exclusively, or prnci-
pay, of the precious metals
In the quotations which have made from the last
annual messag e of Gen. Jackson, he speaks of the
extension of bank credits and the issue OF bank
paper in the operations upon the sales public lands.
In his message of only the preceding year, the vast
amount of those sales had been dwet upon with Pc
cuiar complasance as illustrating the general pros
perty of the country, and as proof of the wisdom
OF his administration. But now that which had been
announced as blessing Is deprecated as calamity.
Now his object being 10 assail the banking nstltu-
tons of the States and to Justify that fatal Treasury
order which shall hereafter have occasion TO notice,
he expressed his apprehension of the danger to which
we exposed of losing the public domain, and get
ting nothing for il but bank credits He describes
mnutcly, the circular process by which the notes of
the banks passed out of those institutions to be
poyed in the purchase OF the public lands, and re-
turned again them in the form Of credits TO the go
vernment He forgets that Mr.. Secretary fancy, to
reconcile the people of the United States to the da-
ring measures of removing the public deposites, had
stimulated the banks to the exercise of great beraty
in the grant of loans. He informs US, in that mes
sage that the safety of the public lands and the nte-
Of the people generally required that these copi
issues of the banks should be checked and that
the conversion of the public lands into mere bank
credits should be arrested. And his measures to
cemplish these objects was that famous Treasury or
der, already adverted TO. Let pause here for mo
msnt, and contemplate the circumstances under
which it was issued. The principle of the order had
been proposed and discussed in Congress. But one
senator, far as know, in this branch Of the Lee
glslature, and not solitary member within my know
ledge in the House OF Representatives, was in favor
of IT, And yet in about week after the adjournment
of Congress, the principle, which met with no coun
tenanee from the legislative authority, was embodied
in the form of Treasury edct, and promulgated un
der the executive authority to the astonshnent of the
people of the United States!
II we possessed no other evidence whatever of the
hostility of President Jackson to the State banks of
the United States that order would supply conclusive
proof Bank notes, bank issues bank credits were
distrusted and denounced by him. II was proclaimed
to the people that they were unworthy OF confidence.
The government could no longer trust IN their
rty And at moment when the banking operations
were extended and stretched to their utmost tensions
when they almost toitenBg and ready to fall for
the want OF that metallic basis on which they all rest
ed the executive announces its distrust, issues the
Treasury order and enters the market for specie by
a demand Of an extraordinary amount to supply the
means OF purchasing the public lands II the sales
had continued in the same ratio they had been made
during the previous year, that is at the rate OF TWEEN
ty-four millions per annum this unprecedented de-
mand created by goyernmenttor specie must have cx-
hausted the vaults Of most of the banks and produ-
ced much sooner the catastrophe which occurred in
May last. And what il most exuaordlnary, this wan
ton demand for specie upon all the banks OF the COM
mercial capitals, and in the busy and hekly peopled
portions Of the country, was that 1t might be trans
ported into the wilderness and after having been used
in the purchase of public lands deposited to the
dit of the government in the books Of western banks
in some Of which, according TO the message, there
were already credits TO the government greatly be-
yond their immediate means of payment" Govern
ment therefore, did not itself receive, rather did
not retan the very specie which II professed TO de-
mand as the only medium worthy Of the public lands.
The specie, which was so useessly exacted, was
transferred from one set of banks TO the arrangement
of the commerce and business OF the country, and
placed in the vaults Of another Of banks in the
terror forming only those bank credits to the govern
ment upon which President jackson placed 20 slight
a value.
Finally, when Gen. Jackson about to retire
from the cares of government, he favored his country
men with farewell address The solemnity OF the