, 1840-06-13

my public acts TO pursue fearlessly what |
thought would conduce to the interest of my
country. -
1t is particularly gratifying to me, gentle
men, to be assured by your Legislature that
the grounds On which | rested my opposition
to the en~croachments 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 oil
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, ! doubt not, will be the case with those
welded by the money power as o o as
the public voice has another opportunity OF
acting upon them. All that we nave to do
on this subject, is to perseyere a little longer,
maintaining the doctrines of the Constitution
and the suggestions of common sense. We
know that our fathers who framed the Con-
s~titution gave to Congress no power TO char
ter a 3 INK, and we cannot err, therefore, IN
saving that If our Government had never de-
parted from their example, we would have
had none of the evils which now afflict 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 in
stitutiors would have no power to endanger
the safety Of the public treasure, or to iniu-
ence, 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 mlintain the right 10 suspend
specie payments at pleasure.
From such truths, it appears TO me to be
se!fevident, that there is now no relief FOR the
people but in the adoption of the Independ.
ent Treasury recommended by the present
Administration Of the General Government.
By this plan. the financial operations of the
Treasury will be simplified, and the people
will have the strongest guarantee that the
none which is raised from them by taxation
will be applied according to the requirements
of the Constitution. II, in addition to this
reform in our financial! system, Congress
would, nj the slme time, pass a general bank
rup, law. by which the banks which are now
in existence, or may be hereafter chartered
bv 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, i; cannot be doubted that
there would be an end to the evils Of de,
preciated paper currency. These measures
being adopted, but little time would be re.
q%uisite 10 enable those banking institutions
which are sound to regain the public conf
dence; and the labor Of the country, the
farming. manufacturing, and mechanic int.
rests would soon revive: that credit system
which is based on real capital, and which
goes hand in hand with the labor and enter.
prise of our citizens, would be enlarged, moi
diminished, by the operation Of these meas
ureS-
Congratulating you, gentlemen, on the
bright prospects which are before us in res
pect TO the adoption Of a proper remedy fol
the existing disorders OF our currency, anC
trusting that our country will soon be free
from the whitening influences of q money
power which is not recognised by the Con
s~titution or The true interests Of our country
! remain, with sentiments of proiound respec
and gratitude TO the people and Legislator.
of your State, and 10 yourselves,
Your friend. and fellow-citizen.
ANDREW JACKSON.
To Samuel Spangler, Dowty Utter, JOIN
T.. Hunt, on behalf Of the Senate.
10 George H. Flood. Rufus p. Spalding
John II. Blair. Henry West, Edw. Smith, or
behalf of the House Of Representatives.
ELoauENr AND SOUND ADvicE.-The follow
~ b,, Todd - full of sanitary advice. II,