The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-10-03
Number 23.

Of increasing the present number oil banks,
are fully set forth in my veto of :" the Lam
caster Loan Company Bank" l believe
they have been very generally approved by
my fellow-citizens; and will here take oc-
cason to say, that as the banking capital of
this commonwealth had been INCREASED "a
bout $40, 100000 within three years I'M
mediately before my induction into office,
cannot perceive the slightest necessity for
any further augmentation. While contin-
ue 10 be entrusted with the executive func-
tions, / shall not yield nay assent to any
increase Of O~r banking capital,but on the
contrary, if any change on this subject be
made, | thirk it should be to reduce the
overgrown, amount already existing.
So far as relates to the resumption of speA
Gle payments, have already in the letter
above referred to addressed to my demo-
cratic friends of Philadelphia, stated that the
period 6xed insihe resolutions as they f.
nally passed, was more remote than
thought expedient; but as the time, (provi-
ded it was reasonable was not matter of
principle, and as considered some definite
and speedy Legislation indispensable, sanc-
toned the resolutions. Had defeated the
adoption of those resolutions, appehended
the banks would be too potent to allow of
the passage of others, more reasonable, if
, indeed any others, could have been passed.
signed them as the least of two evils
, This is not the first law have sanctioned
e for the same reasons, and no man in his
f senses can expect the executive branch Of
}. the government, which merely approves of
what is done by its two Co-ordinates,to TO have
o every measure precisely its own way. |
It have exercised the veto power without hes
itation whenever Iconsidered a question of
:. principle, or of vital public policy concern-.
. ed,b ut not in cases of less import.
l. AS considered the suspension Of specie
o payments extended to longer time than
n was necessary, shall not sanction any fur
e lher extension. If the banks cannot meet
lie their engagements on the 18th Of January
III next, it will be serious misfortune, but it
l is one, in the production Of which have
rt had no share, and for the consequences of
which l shall feel no official responsibility.
j. The banks themselves must answer for the
x result; for 1t must be perfectly obvious to
# the world, that any bank which cannot
e then resume, with such notice and indul-
l. gence, will never be able TO resume at all.
g. You have also been pleased TO notice in
n connection with my name, that of our dis
lr tinguished President, and likewise that
n great measure of his administration the In
ig dependent Treasury. My favorable opIn-
1t ion both Of him and of the Independent
l. Treasury Bill was fully and frankly ex-
e pressed in my Inaugural address and my
&c late annual message to the Legislature. 1t
l. was made up on reflection, and has been
ot strengthened by the occurrences almost dai
f, ly taking place. may further add,that aa
te the Independent Treasury is now the law of
IN the land, and in full operation, time will
ID soon demonstrate its salutary tendencies,a and
6. l have no doubt prove that its friends have
le not been mistaken in their anticipatioos Of
$, benefits to arise from it.
n The banks had by their own act Of sus-
ct pension in 1897, shown their incapacity to
10 perform the functions of fiscal agents Of
the Government. With $l5,OOO,OOO in
Ii their vaults, of the public moneys, the go
lie vernment was compelled to borrow funds TO
D. carry on its operations. With whatjustice
IF therefore, can they or their friends complain
!, of the government, (having already suffered
Il so deeply by their delinquency for at
d tempting to provide a safer and better me-
l. thod of keeping and disbursing the money
belonging to the people !
IS have thus, gentlemen, hastily, but with
+ candor expressed my views on several of
J. the leading topics embraced in your letter
s of invitation. Whatever may be the opinl
d ion of some others, as TO the right of the
G people TO ask of candidates for high Office