The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-06-09


as to place them, so far as human wisdom
can accomplish il, on footing of perfect
security. Within. few years past three
different schemes have been before the
country. Te charter of the Bank OF the u
nited States expired by its own limitations
in 1886. An effort was made to renew II,
which received the sanction Of the two
Hauses Of Congress, but the then Presl.
dent of The United States exercised his
veto power, and the measures was defeat
ed: A regard to truth requires me 10 say
that the President was fully sustained in
the course he had taken by the popular
voice. His successor in the Chair ,ot State
unqua!i6edly pronounced his opposition
to any new charter of a similar institution;
and not only the popular election which
brought him into power, but the elections
through much Of his term, seemed clear
ly to indicate concurrence with him. IN
sentiment on the part Of the people. Al
ter the public moneys were Withdrawn
from the United States Bank, they were
placed in deposite with the State Banks,
and the resul, of that policy has been be-
fore the country: To say nothing as to
the question whether that experiment was
made under propilious or adverse circum-
stances, it may safely be asserted that +
did receive the qualified condemnation o.
most of its early advocates, and is believed
was also condemned by the popular senti-
ment. the existing sub-Treasury system
does not seem 10 stand in higher favor
with the people, but has recently been
condemned in manner too plainly indi
Gated 10 admit of doubt. Thus in the
short period of eight years, the popular
voice may be regarded as having success
sively condemned each Of the three
schemes of finance 10 which | have ad-
verted. As 10 the first it was introduced
at a time (lsl6) when the State banks,
then comparatively few in number, had
been forced to suspend specie payments
by reason of The war which had previous
ly prevailed with Great Britain. Whether,
if the United States Bank charter, which
expired in 1911. had been renewed in due
season, il would have been enabled 10 con-
tinue specie payments during the war aud
the disastrous period TO the commerce of
the country which Immediately succeeded,
is, to say the least rroblematical; and
whether the United States Bank Of 1916
produced restoration Of specie payments,
or the same was accomplished throughthe
Of other means, was mat.
ter of some difficulty at that time 10 deter
mine. Certain tits that. for the first years
operation of that Bank, its course was as
disastrous as for the greater part of Its
career il became eminent'y
successful. As to the second, the expert
ment was tried with a redundant Treasury,
which continued to increase until il SEEM
ed TO be the part ofwisaom TO distribute
the surplus revenue among tho States;
which, operating at the same time with the
specie circular, and The causes before ad- !
verted 10, caused them to suspend specie
and involve the country in the
greatest embarrassment. And, as to the
third, il carried through all the stages of
its transmutatiou, from paper and specie
to nothing bnt the precious metals, TO say
nothing Of the insecurity Of the public mo-
neys, its injurious effects have been anti,
cpa,ed by the country in It's unqusIlhetu
condemnation. What is now to be regard.
ed as the judgement of the American Peo-
pie on this whole subjects, Ihave no accr.
rate means of determining but by appeal
ing 10 their more immediate representa-.
ives. The late contest, which terminated
in the election Of Gen. Harrison 10 the
was decided on principles well
known and openly declared; and while
the Sub. Treasury received. in the result,
the most dec:eed condemnation, yet no
other scheme Of finance seemed to have
been concurred in. To you then, who
have come more directly from the body Of
our common constituents, l submit the
entire question, as best qualified to give
a full exposition of their wishes and o?in-
ions. | shall he ready TO concur with
you in the adoption of such measures as
you may propose. reserving to myself the
ultimate power Of rejecting any measure
which may, in my view of it, conflict
with the Constitution or otherwise leopard
the prosperity of the country; power
which could not part with even ifl could,
but which l will not believe any act oil
yours will call into requisition.
With the adoption of u financial agency
of satisfactory character, the hope may
be INDUCED that the country may once
more return to state of prosperity