The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-11-29

~A~+N1
rency as sound, and as little liable TO fluc-
tuations, as any other commercial country"
Here are several facts and principles dis
tinctly stated by the President. First, that
the state banks could perform all the SER
vices required Of the Bank Of the United
States. Second, that the dcposites in the
state banks should be regulated by law, and
as little discretion, as regards the banks left
with the executive, as possible. Thirdly,
the recommendation to the states Of gra-
dual suppression Of the issue Of small notes,
and the expression Of the opinion that, with
this reform, the state banks could furnish
sound currency.
Now all this Is in exact concuuency with
the bill of the committee, and directly con
Trajectory of the views Of the Senator from
Missouri So far from desiring the destruc-
ton Of the State banks, the President con-
sidered their services indispensable, as de-
positories of the public moneys, and fiscal
agents. So far from opposing regulations
| by Congress on this subject, and restrictions
of executive power, the President distinct
| " recommended it. So far from desiring
the establishment ofan exclusive gold and
silver currency, and the exclusion Of the
ments, the President desired only the sup
preston of small notes, and expressed the
opinion that with this reform, the State
| banks could furnish a sound CURRENCY, and
ofcourse safely and properly receivable in
revenue payments.
Again, in the message Of December, 1885,
the President declared rs follows:
at has been seen that, without the agen-
cy of great moneyed monopoly, the reve-
nue. can be collected, and conveniently and
safely applied to all-the purposes of the pub
lie expenditure. 1t is also ascertained that,
instead of being necessarily made to promote
the evils of an unchecked paper system, the
management of the revenue can be made
auxiliary to the reform which the Legisla-
lures of several Of the States have already
commenced in regard to the suppression of
small bills, and tOhich has only to be foster
ed By proper regulations on the part of
Congress to secure a practical return, to tie
crtcnt required for the security of the cur
rencV, to the constitutional medium. Sc
vered from the Government as political en-
gines, and not susceptible Of dangerous ex-
tension and combination, the State banks
will mol be tempted, nor will they have the
4
| divert the public funds from the legitimate
purposes of the Government. The coIlcc-
ton and custody ofthe revenue being, on the
contrary, a source of credit to them, will
increase the security which the States pro-
vide for faithful execution Of their trusts,
by multiplying the scrutiaieS TO which their
operations and accounts will be subjected.
Thus disposed, as well from interest az the
obligations of their charters, il cannot be
doubted that such conditions as Congress
may see fiji to adopt respecting the deposites
in these institutions, with a view to the
gradual disuSe of the small bills, will be
cheerfulIy complied with; and that we shall
soon gain, in place ofthe Bank ofthe United
States, practical reform in the whole pa
per system of the country. Ii, by this poll
cy, we can ultimately witness the suppress
sion of all bank bills bcIoD tDeHty dollars,
it is apparent that gold aud silver will take
their place, and become the principal circu-
Iating medium in the common business Of
the farmers and mechanics of the country"
Here it is perfectly clear that the exchl-
sion of the notes Of the state banks from
revenue payments, and the establishment
of an exclusive metallic currency, were not
contemplated by the President. On the
contrary, his views were limited to the gra-
dual suppression and disuse "of all bank
bills below twenty dollars" as the only true
practical reform I" ultimately" to be accom-
plished And how did the President pro-
pose accomplishing this reform Why, by
such regulations By Congress in the man
agement of the revenue and custody of the
deposites, as would prove auxiliary TO state
| legislation in etfactng this object. Now IS
not the bill of the committee precisely in
accordance with these views of tho Presi-
dent? Does not this bill propose such re-
gulations being made in the management of
the revenue, as will, if aided by state legis-
lation, suppress the circulation of all notes
below twenty dollars and the bill Of the
Senator from Missouri is in direct opposition
to this message for, by the use only of
gold and silver in revenue payments, he
abandons all hope of so managing the reve-
nue., as TO make it available in suppressing
the small note currency. The object of the
President is the disuse of notes under TWEEN
ty dollars; that of the Senator from Missouri
the disuse of every thing but gold and sill
yer.
! Nor does the Treasury order in any man
ner contravene those principles, embodied
in former messages. That this order was
perfectly legal and constitutional that it
was in accordance with the discretionary
powers vested in the Secretary of the Trea-
sury by the joint resolution of 1916, Mr.. w.
said he never doubted that the motives of
the President in issuing this order, were
pure and patriotic was beyond dispute. The
measure was evidently temporary, designed
to repress inordonate speculations in the
public lands; and it is expressly declared in
the Presidents Message to be Of little i'm
portance, if the lands were sold for imme-
date settlement and cultivation" That it
never was designed to establish the princi-
nle of excluding bank notes frnn reuanna