Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-09-18


The idea that ihls Government can rightf4!ly. b
making State bank It's fiscal agent invest
Z "ith the aasante and unqualified powers confer
rcd by tits bill? When como 10 look nj The de
tails oi the bill, they 60 not recommend it strong
Fiy to my adoption. \ brief notice Of some of II
provisions vii suffice.
FIRST II may Justify substantially n svsreT
Of discounts Of the most Objectionable character
Il Is TO deal IN bills Of eXcn,age drawn IN on
State and payable IN another, without any res
traint. The bill of exch age may have an un
limited time 10 run, and is ronewahllIty Is n
where guarded against. 1t may IN iact. assum
the st atlectl9n1be form of Accommodate
paper. Il IS not required 10 rest any actual
real. or substantial exchange basis: a drawer Ii
one place becomes the acctptor IN another, an
50 On IA turn the accePtor max become the draw
or, upon mutual understanding. II may, at In
same time, indulge III mere local discounts, unde
the uame Of bills Of exchange. \ bill drawn a
Philadelphia on Camden, New Jersey; at New
York on border town ia New Jersey; at Gin
cinnatI on Newport Kentucky, not to muitlpl,
ether examples, might, Tor nv thing IN this b!i
70 restrain II, became mere matter OF local &C
commodat!on.--CitIes thus relatively situate
would possess advantages over cities otherwise
situated, Of so decided character as most justly
10 excite dissatisfaction.
"a. There IS no limit prescribed 10 the pre-
MUM in the purchase Of bllis Of exchange. there
by correcting none OF the evils ulder which the
community now lGbcrs. and operating most III
ltrously upon the agricultural States, IN which
the inequalities IN the rates OF exchange most
severely felt. Nor theso the only consequcn.
ces. A resumption otspecio payments ~ the
banks uf those Statcs would be liable 10 indeli-
Gle PostP2nement, for as the operation Of the ii
gcncles OF the interior would chiefly consist III
selling bills of exchange, and the purchase could
only be made III specie, IN notes Of banks pay
lag sPecje, The State banks would either have to
continne with their doors closed, or exist at the
mercy O! this national monopoly Of 6rokerage.-
Nor can /. be passed over without remark, that.
whilst the District Of Columbia IS made the seat
Of the principal Bank, It's citizens exclude
from all participation in any behetlt II might AZ
ford, by positive PROHIBITION OF the Bank from
ali dsScauntlnE within the District.
These arc some Ui the objections which prom
.eaG.V exist against the details Of tho bill; oIh-
CTS .rat lc urged, of much force, but II would
ts uHaratlf&hle 70 dwell upon them: suffice II TO
500, sa-t his charter is designed To continue for
t@eaty years, without competitor; that the de-
eets to which have alluded being found in the
G3u afasrts Jaw of The corporation, irrev Okla
o.e; sud that, If tho objections be well founded,
il would be over hazaEdous TO pass the bill into
= law
II conclusion, take leave most respectfully
- say, tina; have felt tho most anxious s3!lcItude
to Iaeci tho wishes Of Congress in tho adoption
Of Fiscal Agent, which, avoiding all constltu-
uonai ohjectons, should harmoniza conflicting
opinions. Actuated IS this feeling, have been
ready to yield much, III spirit OF concliaticn,
to the opinions Of others; aud it IS with great
pam that now feel compelled to differ from Con
gres3 u second tine IN the same session. NJ the
commencement of this session, inclined from
faqiaf = 4eler 2 f.J the lesls2tXe Ml SqPis-
Cal Agent which, without violating the Constitu-
ton. would separate the public moneys from the
the Executive control, perform the operations Of
the Treasury, without being burdensome TO the
People, or announcement. or expensive TO the Gov
ernment. 1t is deeply To be regretted that this
Department OF the Government cannot, upon
Constitutional and other grounds, concur with the
Legislative Department IN this last measure pro-
posed to attain these desirable oiiccts Owing
t. the brief space between the period Of the
death a! my IamentcG predecessor, and my own
Installation into Office, was fact, not left time
To prepare and submit definite recommendation
ofmy own IN my regular MESA &c ;&-since my mind
has been most wholly occupied a most anxious
attempt to conform my acllon to the Legislative
will. III this communication, | am confined By
the Constitution 10 Eny oh lectlons, simply TO this
bill, bat The period OF the regular session Will
soon arrive, when II will be my duty under an-
other clause OF the Constitution TO give 20 Con
grcs5 information OF the state Of The Union, and
recommend 10 their consideration such measures
as 4 shall Judge necessary aud eypedIent' And /
most respectfully submit IN a spirit oil harmony,
whether tho present differences Of opinion should
be pressed further at thus time, and whether the
peculiarly Of my situation does not entitle me
10 a postPonenent OF this subject 40 more au-
spIcUuS period for deiIberatIUn.
The two Houses of Congress have distinguish
ed themselves at this extraordinary session, by
the performance of an immense mass Of labor 4
season very unlayorabie both TO health and
action, and have passed many laws which trust
VIII prove highly beneficial 10 the Interes. Of the
country. and fully answer lis Just expectations.
1t has been my good fortune and pleasure TO con
cur with them IN all measures, except this, and
why should on: difference Oh this alone be pushed
IL extremes? Il is my anxious desire that they
should not be. /, too, have been burdonod with
extraordinary laUoT5 Of late, and sincerely de-
sire time for deep and deliberate reflection on
this, the greatest difficulty fmy administration
May we not now pause, uau. more favorable
tIme when, with the mos. anxious hope That the
rl-rt.' L. 70