Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-12-21

with due regard 70 the rights OF ilhe STATES,
has any power to cOnstTain the banks,
either to resume specie payments, or TO
FJrcs them into liquidation, is an inquiry
which will not fail to claim your consider'
alton. In view Of the great advantages
which are allowed the corPOrators, not a.
mong the least ofwhich is the authority
contained in most of their charters, to
make loans TO three times the amount OF
their capital, thereby often deriving three
Simes as much interest onthe same amount
Of money as any individual is permitted
BY iaG to receive, no sufficient apology
can be urged for long continued suspen
sion Of specie payments.
Such suspension is productive OF the
greatest detriment TO the public, by ex-
pelIing from circulation the precious me.
tails, and seriously hazlIding the success
of any efforts that this Government can
moke. to increase commercial facilities,
aud to advance the public interests.
This is the more TO be regretted; and
the indispensable necessity for sound
currency becomes the more manifest
when we reflect on the vast amount Of
tho informal commerce Of the country.
Ofthis We have no statistics nor ust data
for forming adequate opinions. But
there can be no doubt but that the
amount Of transportation coast-wise, by
sea, and the transportation inland by rail-
roads and canals, and by steamboats, and
other.EnpdeS of conveyance, over the sur
face Of our vast rivers and immense
lakes, and the value Of property carried
and interchanged by these means, form a
general aggregate, to which the foreign
sommerce of the country, large as it is.
makes but distant approach.
In the absence of any controlling pow
or over this subject, which by forcing
general resumption of specie payments,
would at once have the effect of restoring
sound medium Of exchange, and would
leave to the country but little TO desire,
what measure Of relief falling within the
limits Of constitutional competency, Dies
Il become this Government TO adopt2 1t
was my painful duty at your last session,
under tho weight of most solemn obliga.
tious, to differ with Congress on the
measures which if doubtless regarded
40 corrective Of existing evils. Suisse
quent reflection, and events since occur
ring, have only served to confirm me in
the opinions then entertained, and frank.
ly expressed.
| must be permitted TO add, that no
scheme of government policy, unaided by
individual exertons, can DO available for
amSlIoraiing the present condition Of
things. Commercial modes of exchange
and good currency, are but tho neces.
sary means Of commerce and intercourse,
not the direct productive sources OF
wealth. Wealth can only be accumua.
ted by the earnings Of industry and tho
savings Of frugallty, and nothing can be
more illjudged than TO look to facilities
IN borrowing, or TO redundant circula.
ton, for the power of discharging pecu-
mary obligations. The county is full of
resources and the people full Of energy,
and the great permanent remedy for
present embaHassments must be sought
in industry, 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 advsntu.
ring to present you the details Of any plan,
Ibs Secretary Of The Treasury will bo
ready TO submit to you one should you
require it, which, while it throws round
the public treasure reasonable guards for
its protection, and rests on powers &C.
knOwledged in practice 10 exist from the
origin Of the government, will at the
same time, furnish to the country sound
paper medium, and afford all reasonable
facilities for regulating the exchanges.
Whom submitted, you will perceive in
II plan amendatoTy Of the existing laws
in relation to the Treasury Department;
subordinate in oil respects to the will of
Congress- directly, and to the will of the
people indirectly; self sustaining, should
Il be found in practice to realizs ts prom.
IsSs in theory, and repealable at the plea.
sure Of Congress. Il promises by eloctu.
al restraints, snd by invoking tho true
spirit Of our institIiiOns, TO separate the
purse from the sword; o! more properly TO
speak, denies any other control 10 the !
President over the agents who my be Sc. c
lected TO carry il into execution, but VIVA. 8
may be indispensably necessary to secure o
the fidelity of such agents; and, by wiso l
regulations, keeps plainly apart from each r
OIhsr, private and public funds. II con,
templates the Establishment of Board of
control, ct the Seat Of Government, with il
agencies At prominent commercial points e
o. whsTever else Congress shall direct, |
Tor the saie'kesping and disbursement Of 4
ihe PnblIc moneys, and substitution. Al O
ths option Of the public creditor. Of Trea. I,
guTy notes, in lieu Of gold and silver ii
Il proposes TO limit the issues n an m
mount MOTTO exceed Sl5, 900, ,OoO-wi,I,. ii
cut the express sanction Of the Legisla. f,
dive power. Il also authorizes tbs re- oI