Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-12-15


red to great excess, has filled the coun.
Try with lin most of the States) an ire.
deemable paper medium, is an evil which,
in some way or other, requires correc.
tive. The rates at which bills of exchange
are negotiated between different parts OF
the country, furnish an index of the value
of the local substitute for gold and silver,
which is, in many parts, SO far deprecia-
ted as not TO be received, except at large
discount, in payment of debts, or in the
purchase of produce. 1t could earnestly
be desired that every bank, not possessing
the means oe resumption, should follow
the example of the United States Bank of
Pennsylvania, and 60 into liquidation,
rather than, by refusing to do so, to con-
vent institutions, thereby augmenting the
difficulties incident 10 the present condi-
ton of things. Whether this Government
with due regard TO the rights of the States
has any power to constrain the banks
either 10 resume specie payments or to
force them into liquidation. is an inquiry
which will not fail 10 claim your consid-
Grafton. In view Of the great advantages
which are allowed the corporators-not
among the least of which is the authority
contained in most Of their charters to
make loans TO three times the amour: of
their capital, thereby often deriving three
times as much interest on the same amount
ofmoney as any individual is by law per.
mltted 10 receive--no sufficient apology
can be urged for long continued sus-
pension of specie payments. Such sus-
pension is productive Of the greatest det-
riment TO the public, by expelling from
circulation the precious metals, and Sc
riously hazardng the success of any effort
that this Government can make to increase
commercial facilities, and to advance the
public interests.
This is the more 10 be regretted, and
the indispensable necessity for sound
currency becomes the more manifest,
when we reflect on the vast amount of the
internal commerce of the country. OF
this we have no statistics nor Just data for
forming adequate opinions. But there
can be no doubt but that the amount of
transportation coastwise by sea, and the
transportation inland by railroads and ca
nails, and by steamboats, and other modes
of conveyance, over the surface Of our
vast rivers and immense lakes, and the
value ofproperty carried and interchanged
by these means, form a general aggregate
to which the foreign commerce of the
country, large as it is, makes but dis.
tant approach.
10 the absence of any controlling pow
er over this subject, which by forcing
general resumption of specie payments
would at once have the effect of restoring
a sound medium Of exchange, and would
leave to The country but little to desire,
what measure Of relief, falling within the
limits of our constitutional compel tency,
does it become this Government to adopt!
1t was my painful duty at your last ses-
sion, under the weight of most solemn OBJ
legations, to differ with Congress on the
measures which it proposed for my appro-
val, and which it doubtless regarded as
corrective of existing evils. Subsequent
reflection, and events since occurring.
have only served TO confirm me in the
opinions then entertain I'd and frankly cx-
pressed.
must be permitted 10 add, that no
scheme Of governmental policy, unaidcd
by individual exertions, can be available
for ameliorating the present condition of
things. Commercial modes of exchange
and good currency are but necessary
means of commerce and intercourse, not
the direct productive sources of wealth.
Wealth can only be accumulated by the
earnings of industry and the savings of
frugality; and nothing can be more ILL.,
judged than to look to facilities in bor-
rowing, or TO redundant circulation. for
the power Of dscharging pecuniary obli-
cations. The country is full of resources
and the people full of energy; and the
great and permanent remedy for present
embarrassments must be sought in indus
try, economy, the observance of good
faith, and the favorable influence of time.
In pursuance Of pledge given TO you
in my last message TO Congress, (Which
pledge urge as an apology for adventur-
ing to present you thc details of any plan)
the Secretary Of the Treasury will be
ready tO Suhmif fo Won cbo,Id -, .~,-..,: