The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1840-06-12

led to give up the agreeable wish, and
must request you to convey to the Legis-
lature and people of Ohio my sincere
regret that it will not be in my power to
wait upon them in person, and thank
them for the very distinguished honor
they have paid me.
shall ever feel debt of gratitude to
the people of Ohio for the many proofs
they have given me of their respect and
confidence and it is increased by the
cordial terms in which their Representa-
tves on this occasion have been pleased
to renew their appreciation ofmy conduct
whilst i'll public service. In country
like ours, free and intelligent, public opin-
ion is the great lever by which the Gov
eminent is held to its proper functions,
and we are authorized, from all our expe-
rience, to look to it as the best guarantee
that our institutions will be as permanent
as they have been hitherto glorious to the
cause of popular liberty. TO be assured
that my conduct, when sub to this
exalted test, can bear the favorable judy
ment expressed by the Legislature of
your State, is therefore an honor of the
highest kind, and one to which feel that
| am indebted more to their kindness and
liberality than to any merit of my own,
save that of an honest intention in all my
public acts to pursue fearlessly what |
thought would conduce to the interest of
my country.
II is particularly gratifying to me, gen.
tlemen, to be assured by your Legislature
that the grounds on which | rested my
opposition to the encroachments of the
money power are regarded with favor by
the people of Ohio. The dangers of that
power, now more evident because they
are brought closer to the observation and
business concerns of all classes of our
citizens, form IN my judgment, the only
cloud in our political horizon. In all
other aspects the influences adverse to the
genius of our institutions seem to have
yielded to the demands of the people, and
such, l doubt not, will be the case with
those welded by the money power as
soon as the public voice has another OPP
pertunity Of acting upon them. All that
we have to do on this subject, is to persee
we're a little longer, maintaining the doc
trines of the Constitution and the sugges-
tons of common sense. We know that
our fathers who framed the Constitution
gave to Congress no power to charter a
Bank, and we cannot err, therefore, in
saying that if our Government had never
departed from their example, we would
have had none of the evils which now
aflict us in consequence of bank suspens-
ions, and an irredeemable paper currency.
We know that if the Government deposit
ed none of the money of the people with
banks, these institutions would have no
power to endanger the safety of the public
treasure, or to influence, improperly,
questions of public policy, We know
that banks do not make money, but only
circulate their paper emissions, which
must be good or bad according to their
capacity to redeem them with specie, and
hence that there can be no confidence in
them as long as they maintain the right to
specie payments at pleasure.
From such truths, it appears to me to
be selt-evident, that there is now no relief
for the people but in the adoption of the
Independent Treasury recommended by
the present Administration Of the General
Government By this plan, the financial
operations of the Treasury Will be simpli-
fed, and the people will have the strong
est guarantee that the money watch is
raised from them by taxation will be APP
pied according to the requirements of the
Constitution. If, in addition to this re-
form in our financial system, Congress
would, at the same time, pass general
bankrupt law, by which the banks which
are now in existence, or may be hereafter
chartered by the States, would be bound
to make an equitable distribution of their
effects to their creditors, when they refuse
to redeem their notes with specie, it can
not be doubted that there would be an end
to the evils of deprecated paper curen-
cy. These measures being adopted, but
little time would be requisite to enable
those banking institutions which are sound
to regain the public confidence; and the
labor of the country, the farming, manu-
featuring, and mechanic interests would
soon revive: that credit system which is
based on real capital, and which goes
hand in hand with the labor and enterprise