The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-06-06

very distinguishes nohor 'hey nave pald
me.
1 shall ever feel a, 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 cor
dial terms in which their Representatives
on this occasion haye been pleased to res
new their appreciation of my conduct
whilst in public. service. In country
like ours, free and intelligent, public opin-
ion is the great lever by which the Govern
ment is held to its proper functions, and we
are authorized, from all our experience, TO
look to it as the best guarantee that our in
stitulions will be as permanent as they have
been hitherto glorious 10 the cause Of po-
pular liberty. To be assured that my con.
duct, when subjected TO this exalted test,
can bear the favorable judgment expressed
by the Legislature of your State, is there
fore an honor of the highest kind, and one
to which Isfeel that am indebted more to
their kindness and liberali;y than any
merit Of my own, save that of an honest
intention in all my public acts 10 pursue
fearlessly what thought would conduco
to the interest of,my country.
tits particularly gratifying to me, gen.
tlemcn, 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 moro evident because they
are brought closer TO- tie observation and
business concerns of all classes Of our citi.
zens, 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, doubt not, will be the case with
those welded by the money power as soon
as the public voice has another opportuni>,
ty of acting''upons them. All that we have
10 do on this subject, is to rerscvcre lit
tic longer, maintaining the doctrines Of
the Constitution and the suggestions Ut
common sense. We know that our fa-
theirs who framed the Constitution gave to
Congress no power to charter Bank,
and we cannot err, therefore, in saying
that if our Government had never depar-,
ted from their example, we would have had
none Of The evils which now afflct us in
consequence of bank suspensions, and an
irredeemable paper currency. We know
that if the Government deposited none Of
the money Of the people with banks, these
institutions would have no power TO en-
danger the safety of the public treasure,
or TO influence, Improperly, questions OF
public policy. We know sthata'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, ard hence that there
can be no confidence in them as long as
they maintain the right to suspend specie,
payments at pleasure.
From such truths, it appears to me to
be selievident, tl,at there is now no relief
for the people but in the .doption of the
Independent Treasury recommended by
flle present Administration fo The General
Government. Ely this plan, the financial
operations of the Treasury will be SIM
plifed, and the people will have tie
strongest guarantee that the money which
is raised frum them by taxation will be
applied according to the requirements of
the Constitution. If, in addition to this
reform in our financial system, Congress
would, at the same time, passa general
bankrur: 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 10 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 curren-
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 of
our citizens, would be enlarged not dimi-
nished, by the operation of these mca-
sures.
Congratulatiog you, gentlemen, on the
bright prospects which are before us in
respect to the adoption Of a proper RENE
dy for the existing disorders Of our cur.
rency, and trusting that our country will
soon be free from the wilhering influences
Il