Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1839-04-11


an essentia! guarantee OF good government
Let tho Government receive its dues in
whatever constitutes the actual par currency
OF the country, and then il will he interest
ed IN watching over and guarding the sound
ness oil that currency. One OF the strongest
considerations, in my mind, in favor OF con
iinuing 10 empty The fiscal agency al the
State Banks is that through that connection
the Government may exert a powerful and
salutary influence on the condition of the
general currency, which, as being one of the
highest interests of the community, ought iu
be primary care of Government, So far as
ii has power to act upon it, either directly or
incidentally.
! have thus, under the encouragement Of
your request thrown out the general heads
OF reflection, which have brought INV mind
( TO decided preference for the system of ifs.
cal agency introduced by Gen. Jack son aud
Mr.. fancy, with such notifications as sub.
sequent experience may have shown 10 be
useful. cannot promise myself that they
will be OF much value 10 you but they will
serve, al least, IN show my respect for the
wish you have done me the honor 10 ex-
| press'
After this early and unequ,ocal expression
OF my opposition 10 the Sub Treasury
scheme. no principle even oipariy allegiance
(atleast as avowed by honorable men) could
have required me 10 suppress and belle the
solemn and recorded convictions of my un
dersanding, and to support the measure of
the President, when he subsequently deter
mined 10 recommend il, and 10 stake the for
tunes Of his Administration upon il. My
letter TO the President, though written mn-
der circumstances which precluded full ex-
animation Of the question in all its relations,
yet presented, II will be seen, many OF the
objections 10 the Sub Treasury scheme,
which were afterwards reiterated and more
! fully developed by me in my place in the
Senate. Ii was, however, con fined to theft
nanciat view fthe subject las that was The as
pect in which il was most likely 10 be regar-
ded in the deliberations of the Executive
But the political objections TO il are even OF
a graver character, The proposition TO put
the whole revenue of the country under the
absolute control of The Executive, by com
hitting it TO host of agents appointed by
and dependent upon him, is essentially a
question of public liberty. II was so regar
ded by the late administration, when through
| its official organ (the Globe,) the same
scheme in 1885 was denounced as iraugh,
with the most alarming dangers "by enlar-
| ging executive po,rer and putting in lis hands
the means OF cOrruptiOn"-as transferring
! the public money "directiy ia,oihe palms of
Executive agents, the friends and partiZans
OF the President, instead of keepingit on de-
Posite in Bank, whence it cannot be drawn
for other than public purposes, without Gers
tain detection" and thus exposing il 10 be
pIundered by hundred hands, where one
cannot now reach it," A scheme thus
characterized and characierizedwith irresis,.
lille truth, is every thing that is dangerous,
idemoralizing, and anti-republican and
while | retain these convictions of lis char
acter, should be IA traitor to my country,
Gar worse than being traitor to my party,
as am accused of being,) il could give il,
directly or indirectly. the slightest support.
And for refusing 10 make the declaration
that | will "sink or swim" with an admins
traIon which has thrice openly urged and
still continues tG urge this scheme upon tbs
country, (witness the Presidents las, annual
message 10 Congress although il has been
i've several times, IN one shape or another,
rejected by the Representatives OF the Feo>
pie, my name is hung up in the isbIes Of
prescription, and am pursued with the eX
terminating cry of party vengeance.
| ! have however. 1T seems, one other offence
/ to answer for. During The late session OF
! Congress, ] felt il my duty 10 submit
certain resolutions, enquIring in'o some re-
cent transactions between the Treasury De-
partment and The Bank Of the u. s which
had terminated IN renewal OF the fiscal con-
necti0n between that institution and the
Government, under which near five millions
OF The public money had been deposited in
the Bank-the balances on deposle in the
Bank avergiRg during period Of i've months
from two 10 three millions Of dollars, and
that too, al time when the whole Of ihe
residue Of The money in The Treasury, with
the exception OF what was in the MAT: was
. slated by The Secretary OF the Treasury him-
self In have been sometimes less than $780,
coo J" it,moreover, appeared tina, The Bank
of The U. ). was to he The general fiscal a
gent OF The government, ~ Transferring and
/ pa; ing these large amounts al various points
throughout The Ubion from Boston TO New
Orleans and from Norfolk 10 ST. Louis. -
When the hostile relations lately existing
between The government and this institution
were considered, and when il was recolec-
ted what long and arduous conflict had
been maintained between them on the sub
jec, Of the public heposites-to find il again
employed as the depository and fiscal agent
of the government by the very admnisfra-
ton which had declared "uncomproDsiug
hostility" 20 il, was certainly calculated 10
excite Especial wonder" and seemed 10 me
no, only to justify, but TO demand invesriga>
| ton.
! This appeared 10 me The more necessary
! from the new and startling doctrine set forth
io the Presidents Message at the COM
meDcemeDl Of The session. in connection too
vita his renewed recommendation Of The
sub.treasury scheme, that Banks should "be
used or nor' in the financial operations oil
the government, as the Executive might de-
l.