Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1839-04-01

polite that WHEN the specie in the country a.
mounted To eighty millions Of dollars. tie use Hour
or five millions for efe,1ing Treasury payments.
which would be Immediately thrown again into
common circulation, would not iniure the Banks.
nut would add to the Stability Of the currency that
the increase Of Executive patronage inIhc appoint
mcn OF the lew add r,hnal officers necessary ~ car
~ tho system into successful epera'ion, would be
more than ooun'ctbalnnced by drpriving the Pres-s
dent OF the political influence he exercised over
league OF Deposi,c Banks their officers. directors and
Stockholders and in shor, that The circumstances
OF the times were all favorable permanent sepa,
ration OF the Treasury from the Bank institutions
OF the county for di' solution Of the connection be-
tween our political and trading interests (; and ior
restoration oi the fiscal action Of the Government
the safe and solid path Of the Constitution
Under such impressions as these the Senate OF
the L. $. passed bill AT Tue special session in Sep
TENDER, to provide for the collection, safe keeping
and disbursement, OF tho pubbc moneys without tn.
agency OF banks, and requiring specie FOR fourth
tho first year. and an additional one fourth In each
succeeding year which WAS re jccted ~ the Ilousn
OF Representatives by yer, small majority. At
the regular session, in December OF the same year.
the President again called the attention Of Congress
TO the subject, and reiterated his to,mcr ontnen-
dalion, winch were again responded 10 by the Sen
ate, by bill, similar IN most of its provisions to tho
first, but authorizing special deposHes m the banks
at all places where there was place for safe keep
ng belonging 10 The Government, and fequrln only
one sixth Of the revenue TO be pad IN specie the first
stead Of iourths until nj the end Of six years from,
January, 1889, the change from paper 10 speeie pay
mens would be completed. This bill too
irc,cd IN the House Of Representatives by closr
and almost strictly party vote, The President not con
sidctng this disagreement Of the two lenses under
such circ umsianc cs final expression al the will
Of the people IN his message To Congress IN De
ce,nber last, thus briefly advetso the same subject
-" My CONVICTION OF thc necessity of further egisla-
tive provisions for the sale keeping and disbursement
all
tho best adapted to the accomplishment Of
these objects, have been already submitted 10 you.--
These have been strengthened by recent evepts and
IN The full conviction thai time and experiences must
still fnhcr demonstrate their pioprcty aud ! feel
duty, with respectful Difference 10 the conflict
ing views of others, again invite ,onf attention
them" What has occurred since, III relation 10
this respectful recommendation is OF too date
10 make Unnecessary 10 enlarge upon IT. There being
no chapgc of opinion III the lnusc Of Representa-
lives, rendering 1t probable that ANY bill lur the es-
iablshmenl OF an Independent Treasury, could hes
come law the Senate contcnt,d itself with endea-
voring 10 suhec, the public collecting and discussing
officers To additional responsibilities for the due per
Torrance Of their present duties IN order To prevent
future deaicaions but this bin. necessary rs :
IT would seem 10 be, tee,N wed no final action IN the
House.
From this detail Fellow citzens, you will be able
to Judge whether the President erred not, IN
commenting the establishment of nm Independent
Treasury; and whether he pressed il TOO strongly
OF perindciously upon The consideration Of Congress.
You must. we think, al all events acqn Inn OF cv :
~ intention injure the State Banks, or TO establish
q Treasury Bank, rs som" thngcd upon him. 10
enlarge his own patronage ot power Ii has seemed {
most OF us in this Convention. thai the measures
he recommended were of an uDeqnlvoca Demo-
cratic and constitutional character tending, as bate
writer expressed it "to place commerce and cur
iency on a secure basis ol reliance on the natural
laws Of trade, and of independence OF the perpetual.
agitation Of our political contests; to guard against
a danger which. having occurred, may occur again,
of the Government being thrown ny power extfane-
Gus from itself. upon Slale OF Temporary hank
rupicy in the midst of the profuslon u a large sur
plus revenue to introduce sale and stable uni
iorinlty in The fiscal operations OF the Government.
which can never be affected by The fluctuations To
which all paper money systems must always be-
coniessedly liable; to obvate the possibility Of the I,
future accumulation Of redundant revenue, with all
the evils and abuses nseparable from such hscal,
plethora thai with which We were lately aflicted;to
surrender branch OF Executive influence so potent.
and dangerous that but few yeuis back, no elo-
auence ould exhaust the language of denuncia,ian
" ith who Il assailed BY those who now most
strenuous in opposition 10 the rrol oscd REFORM
and "to cuna and simplify The Federal aciiou,
in a very material aud salutary degree in its lntu--
.nce upon the institutions aud legislation oil tic
States"
il would not be doing justice, however to another
portion of our Republic, an brethren, if. in making
his histories review OF opinions, we did not refer Ia
the views of those who did not approve the system
suggested by the President, nor acquesce III the
arguments BY which il has been supported. We
do not hesitate to admit that many OF them have been
just honest IN their opinions, rs any one OF tue
advocates OF the Independent Treasury. They are,
we cannot doubt, much attached 10 tie great
principles OF the Administration, and as anxious for
The re election of Mr. Van Buren, against hls Wing
opponents. II suits, therefore, neither With their
rle hts nor principles to prescribe them Tor their
course Nor is il required by this Convention, that
tI,r,r urp
viii compromise their principles OF disapprobaonto
the Independent Treasury sysen-rel.ing on Their
hearty support of The general policy OF the Admlns-
traton. Ii was their deliberate opinion, that the
independent Treasury system was calculated to ex-
tend the Executive power and to endanger the saieL
~ of the public funds, more than a we'll regulated
Depositc system in the State Banks. Most Of them
with the President, ,hat the public de-
poses should be entirely separated from the dis
counts and business of the Banks and where they,
de, ed they avowed il TO he single question OF
expediency, which would alter they relations 10
heir party or TO the Administrations. 10 such men,
we are most anxious extend the right hand oil ei7,
owship because they believed 10 be faithful to the
ssen,al principles OF the Republican parry and as an
dent any portion Of the Democracy, IN the sup
port of our Presidential candidate. 90
Entertaining, then, as n very large majority olIhis
Convention DO opinious coinclen with those OF Mr.,
Van Buren, on the great measure Of an Independents
Treasury, we disclaim all intention oil making II
test of political orthodoxy or ground OF ro1it'ca.
prescription. We are willing leave The subject
10 the sure and silent operation OF pubic onu,olpy
which it must stand or fall, being satisfied that
right, it must eventually succeed and II wrong