Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-08

ed by the earnings OF industry and the SsS,n." es
| '"sau'yi ehu no0hng can he more Judged than
20 'aeilles IN borrowing, or to a redundant
| S'Sulauon, Tor tbs power &C dscharginy pecuniarv
| oousat'ons. The country is full Of Tesontcea AMI
.ne people full OF energy. and tho great and petm,
"o e. remedy foe present embarrassments mus, be
@ IN Industry, economy. the observance of
good faith, and the favorable influence of Tim ~
"a pursuance OF pledge given to you in NV last
| nnoIos.. " congress, which pledge urge as an
~ ~. a1Nentuting 10 present you the details
a.iy p'an' tne Secretary OF tho Treasury will DO
| 'Sauy 20 submit TO you, should Won re,1;,. !,
p" , W nhanee which, while il thruwa n,o,,nd The
pu9le treasury reasonable guards Tor liz nro,sc,ion
~, from, M. p,,s acknowledged in practice TO ex.
~ Io'u 'ne origin OF the Government will al the
same time, furnish to the country n s,nnJ $50
medium, and afford all reasonable (ae;l;,is. 49,
suSlng Tue Exchanges. When Submitted. Won
VIII perceive IN Il plan Amendaorv of liz -,
Avs IN relation to the Treasury observation-disclosures
o'un"e IN OH respects TO the will Of Congress, Ji.
reel'y, and the ~Il at the people indir,c,Iv-s.Ic
u''a'lns, should It to found in practice to realro
US promises IN theory, and ropeal,ble nj H.. rI..
sure oil Congress IL PROPOSES bv .6ec,u,t 90.
strains, aud by Invoking the true shirt of nm, 10
s'u IONS, 10 seperate the pulse r ON tho .wo,d. o.
III pp'opeIy 10 speak, denies any other control to
we iresident over the agents who NAV b. solsc,sd
10 carry Itinto execution, but what nav a.. 49,;
P.nsiory n:eessiry - secure the iJ.li.y of sncb
| Gnu ny ~lse regulations, keeps plainly
! - hOni eaeh other, private and public funds
contemplated the establishment or n BonnI of
Con'ro, at the Seat Of Government with osenc;o.
~ prominent eommercial points, or wherever else
congress shall direct, tor the safe koepiny ana AZ;
/ =, ,s'u' VI tue p0hhc monies and a substitution
NJ ue op.lOn OF The public creditor of Tre,sn,y
no'es, IN lieu OF cold and silver Il nronns,. :,
non o VIC ISSUES 70 an amount not TO exceed SIS
oOV'uoo-"Nhout the express sanction oC the -
HSI.H, Po"er' u also authorizes the recent of
nluE'uua' deposits oi gold and oliver 10 , limiod
amount, nnc the granting certificates of denos;,
G.sueu In'o sucn sums as may be called for by The
80, ~ ~ P'oce'us step further, and autho-
80 VIC puIehasa ana sale Of Domestic Bills and
"ta'ts, resting on real and substantial basis nav
9o'e at slse Or having but a shor; time TO run ,1d
u'a"h on pl'cls not less than one.hundr.d mills
lat-"hien authority, except in 50 far "a NAV Le
OIL, 90 Iot Government purposes exclusively, is
ny " oe e1eriet upon the express e1nd tor. thnt
Tvs exercise shat not bo prohibited l,v The S,,, 10
winch the agency is situated. $50 S ="
w oIuer 20 cover The expenses incident ,o IN.
pan, VIII De authorized TO receive rpo1,r,,s nr.
mlums for certificates issued on donosI. N P'e
JUS oouGht ana sold, and thus, as far as is deal
nss extend, to furnish facilities to Commercial in.
e,eoSiso a. me lowest possible rates, and 10 sub
uu't from The earnings Of rGuStry the Least nos,i
pc sum IL uses the State Banks M n distance
"l" ue agencies, as auSiaTies without i'm parting
any powet TO trade in its name IL Is Subjected -
suaIus ana restraints as have appeared to be
Sessa'f' IL Is the creature OF law and EXISTS
oh'y al the pleasure Of the legislature II +, MAJ.
" Iosl on gu 7c|dal specie bas s, IN order 10 rc5
Ieeh 'he A1'es at the places of lssue-produces no
l"se,ous redundancy Of circulation - tfo;ds no
a
ton OF pueeS-Is equaLe in its opsrniiSn-m,Ecs
INC treasury Notes, which IL may use along with
tho ceruhoaes OF deposit and tue noes of s1ecis
PaF'n- oanAS-conVerubie 1t the place where coll
ice Cd receivable in payment Of Government dues
anu, without violating any principle of tbr Consti
tuion, ehords the Government aud the people such
Iaci'ies as aie called Tor by tie wants of both
uNh' II nas appeared to me, are its recommenda
Hp''S' "hu III vie" OF them II will be submitted
whenever you may require IT, 10 ynur consi,Isr,,ior
:. am not able To conceive that any fair and can
uIu Objection can he urged aglinst the Man n,
P'"o'P'' Ou',lhes OF winch ! have thus prescnted
cannot doubt but that the notes which IL nronoss
10 furnish, at the voluntary option Of IN, onbI, ,c
u'tor' issued IN leu OF the revenue and ils ceri6
Gates OF deposit will be maintained at an cuuaIitv
''" so,u ana SILVER every where. They are re-
deem11le IN gold and silver on demand M tbc
places OF issue. They are receiyabl evorv yvbc-
IN payment Of Government dues. The TreasurI
notes are limited 10 an amount of one fourth les
'nu" Tue estimated annual receipts of the Treasury
ana IN addition they rest upon the faith of the Go
vernment Tor their redemption. If ali tb,sc ,ss,
RANGES are not suih,eai TO make them ayalabl
then the idea, as II seems TO me- a Glrnisbing
spunl p'Pe' medium Of exchanges, may be en,.rel
II fear be INDUCED that the Govc,nr.,, ~,
oe N"'p''' 20 run into excess in It's issues at an
future cay, II seems TO me IN It no such apprehen
Jon ca. DC 'gaspnahIy entertained, until all conf
"ence IN the Representatives of the States and n
me people, as well Of the peop'e tbemssves IN,
DC oN'. Inc welsh;est Considerations of noic
require lhat the restraints proposed TO be throw
a'ouhu Tue measure should not, for light causes.
removed 10 argue against any proposej MIA n
us i1Ollty 10 possible abuse, is to reject every
PeuNht, SINCE every thing dependent on human ad
unn 10 iitbie TO abuse. Ffteea millions of TIE
sufy notes may he issued as a tuariD,,,y, I'm,
discretionary power is TO be given TO the Board
Conlrol, under that sum, and every cCnlsiderntio
WI unite ~ leading them TO feel their way viii
c1uuon' For the eight first years OF the e1istenc
VI Toe la'e BANK OF the United States its eirculs
THHl =
US most prosperous years, 1t was about eou,i
SioOOOOOO furthermore, the authority given TO RI
celvo private deposits 10 a limited amount ar
10 issue certificates in such sums or NAV he cali
ior by the dtpositorE may so far fil IN the cham
OF circulation as greatly TO diminish the necessity
any considerable issue Of Treasury notes Ar
hUaIhI upon The amount Of private deposits h
ei u 10 oe IndispensabIy necessary, from an al
P'ohenson thought to bc we'll founded that in az
emergency oil trade, confidence might be so
shaken IN the banks as to induce a withdrawal fro
them OF private deposits, with a view 10 ensu
we = unquesuonaple safety when deposited wi
une government, which might prove eminonty iii
asIrous TO the State Banks. II il objected that
Is proposed TO authorize the agencies 10 deal in ri
OF EIchnnsei IL 10 answered, that such dealings
" NC carried on al the lowest possible premium
are mads TO rest on an unqueslIonaby sound ba,
ARC designed to reimburse merely tho c.ncn,
"hlch woulI otherwise devoye upon the Trsas,,r
and arc IN strict subo dluation 10 the decision Of
supreme Court, 10 The case ofthe Bank Of Augui
10y avoids all conflict with State jurisdiction viii
mold to be indspensibIy requisite II leaves
BANKING privileges Of the States wiihOu. inteflcreT
-looss 10 tie Treasury and the Union and I'M
furnishing every fac Ly to the FIRST, IS careful
the interests of the last. But above T. il Is ere
ed by law, Is amendabie by law, end is repeala
by h"i and welded as | am to no theory
looking solely to the advancement Of the put
good, shall be amongst the very first TO urge
repeal, u u be found not TO subseTye the purpo
ana Objects for which II may he created. Nor
ue pan DC submitted IN any overweening cor
dence, m the sufficiently Of my own judgment,
win much greater reliance on the wisdom and y
rIoIism Of Congress. | cannot abandon this ST
lect without urging upon you, IT, the most omph
manner, whatever may be your action on the 81
gestOns which have lUlt Il 10 DO my duty TO 81
nit TO relieve the Chief Executive Magistrate
any and all constitutional means, from control
power over the public Treasury. It. in the o
proposed, should you deem II worthy OF your G.,
sidtrstton, Of separation is not as complete as y
may desire, you will, doubtless, amend il in /
particular For myself, | discoim oil desire
have any control over the public moneys, OF
than what Is indispensably necessary, to exec
the laws which you may pess,
Nor can iaI to advert, In this connection, TO
debts which many Of the States Of the Union h
contracted abroad, and under which they cont
10 labor. That Indebtedness amounts to a sum
less than S7ODOOOOOO and which hos been retri
tea 20 them, Tor the most part, IN WORKS Of inter
improvement, which are destined to prove Of
importance in ultimately advancing their prosns
and wealth. For the debts thug Contracted
Sta 'os arc 0lC.,., rrgnon4ibc | can dn M r,,,.