Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-11-16
THE STATES.
GEORGIA
Extracts from Gorcrnor .McDonaids nessegc TO the
Legislature, The I'd inst.
EXECUTIVE DEpARTSrsT
GEORGIA

GEORGIA
E1traets from Gorcrnor .fcDonaids .hessagc TO the
Legislature, on The I'd inst.
EXECUTIVE DErARTsEST.
Miledgeville, I'd Nov, lsIl.
feito,c Citizens Of the Senate
and House If Representatives.:
vi all the subjects entitled to your consideration du
ring your present Session. the still derangei state Of
tue currency presents the delicate and ebarrass
"e. II - an evil that cannot be corrected il day
ha IL Is less IN your power to exstin Difficult
t'es, than to prevent their recurrence by rise and
wholesome legislation. What is The proper remedy for
Tue ,n'scei has been question Of absorbing interest
70 the whole nation. A great diversity Of opinion
s@'Ss IN relation to 1t amongst most distinguished
anu enlightened statesmen. Some regard National
nank as The only means of relief lis ad allege
that its notes, when undeprrciated are f the most
"'"or1af ord uniform o,eLt tarour hont the whulr
ohion and That, based upon a National credit. il
commands confidence but little shor, of tha, of Tho
people in the Government Expcr;encs Lowsrsr has b
PROVEN that such an institution is not entitled n so
THE snare OF the public faith and that il - liable IN
,onai'e casualties Of other Banks, with this add.
tunes BE- condemnng disadvantage, that when misfor
ton frst,t, me people are subjected 10 double taxa.
w. TO duties abe depreciation of its notes and second
Il canno, be enposts for its relief.
city superior TO Tilted that men of morals and cona
institutions are to be who found 10 manaoe loc,l
Those who conduct il Wlned TO administer its affairs
ences will extend credits re liable to the same inu-
contract bad debts, misiudgIes Of high prosperity;
applicants for its favor: afford fahe circumstances
concerned in associations for specs, and perhaps be
debts in times Of general embarrassIdion; call in its
ing to the distresses of the unfortunaLhereby add
opportunities TO favored few to pnrchase3d giving
account, property sold nj runuus sacrifices; private
funds to political men, who generally, of all q its
least apt TO apply them to wise purposes, anGs,
not always remarkable for punctuaty and embark il
means in hazardous enterprises, regardless OF the inter
nFt Le and IL
is not ALL it will enter the field Of political contest an
assume the control of the Government and its opera
TONS and, bringing the press and public councils un
der its authority, it will acquire power ultimately
that the nation cannot resist and to which the people
must SUBMIT all the while abstacting from their peck
cts the ofmaiptaining its unjust dominion owe
them.
That these objections are we'll founded, is fully esta
blished by the developments of the late Bank of thu
United States which has just terminated career o
proaigacy and corruption without precedent IN th'
history Of the country This institution was orig finally
chartered by the Congress of the United States, anc
vent into ope ration under the most favorable auspices
With substantial capital of twenty-eght millions o.
dollars, it commenced business, having the revenue
Of The nation to sustain it, and in the short period o
eighteen months driven 10 the necessity OF max.
ing curtailmens which crippled the commerce of the
Union. At the expiration Of twenty seven months i,
was brought the verge Of failure, and forced TO
throw itself upon the public treasury TO rescue IL from
ruin. The officers of some of its branches had abused
the confidence Of the Government and stockhod-
ers, and distracted its means upon securities doubiy
pledged trusting to the Of wild speculatons
10 enable them to meet their engagements. change
of administration wus effected, and gentleman was
placed at its head, who, after bringing order out Of
chaos, resigned. Its destnes were then committed
to man who brought with him, it was supposed,
every qualification Of character and ability TO insure
q the nson viii n M 50 % us az
proptiate general confidence, and acquired repnta-
ton and influence which was almost irresistible by
those who deemed lis establishment unwise and nn-
warranted by the Constitution II had command OF Inc
public treasure and master Of credit winch 'na-
bed il TO control the monetary operations OF Inc coun-
try Its affairs were all the while secret, and con-
tinued so, until ray Of light was thrown upon them
bv the imperfect investigation of committee oil Con-
press Ii was then discovered that It's great prosperity
was resting on dubious ioundaon-thnt the most
influential presses Of the country had been subsIdze
bv heavy loans-llat members OF Congress, Of Com
nandng talents, had teen feed a. professional men,
10 represent its interest III Tie courts o. uaeatu''
and that to others accommodations to enormous
anoun,s had been conceded Ii there was nothing unn'
snail in this rave 10 strong suspicious that It's pur-
nose vas weld its gigantic means, leved IN part ny
taxes on the people, 10 pepeiuate itsef upon he c'u
try aud TO interfere with the policy oil Tie uo'eih'
ent II furnished evidence also, that the representa-
,;ves of the people were in danger Of being subjected
n s dominion and the nation controlled by ITS power
From beinr mere appendage to the Government, II
assumed to be greater than the Government itself But
ts arrogance was arrested by the great man then al
tho head of the nation who could neither be won by
.n;e. mr. terrified by its rrowns When found
that The limit fixed for existence by the act creating
il, could not be transcended it resored TO the cxPea
cnt of invoking from State charter, ny "hcn =
MIGHT escape the exposure OF It's condition. wing"
must have necessarily taken place at tue ci'ss Tvs
,s,;,s bouino 10 doubt, under this shield 70 proect
slr until By obtaining gran. from Congress- II could
h. rcstored To its former privileges ana powers. IL
succeeded in obtaining charter, and win the same
ckholders the Government, and the same u.s.
sets. new organization took place, under cognomen
admirably adapted to the confidence acquired
h;Ie i yielded the public funds. Every step It took,
however exnosed its decrepd condition. Its fraudu-
lon, ;ssues of The notes Of the old Bank oil the T. D,
and when thwared in this its buried resort TO ioff'sh
loans and its engagement IN cotton ana otner
iGable spcculaons made It manifest that all us ope
rations were the wild, indges'ed ana niso'eceu e.
c,,s of dcsneratinn Finding as little favor with ihe
ser, "a with the former administration OF the Gene
al Covernmcnt and being overwhelmed with dIificui-
,ios il was forced yield TO circumstances, ana sae
nj tbinrs was divuged which covered Its once alslh
yuished managers with namy, aud disclosed 10 'ne
that their entire interest had been sacri
sd hy tbose in whose honor and integrity they had
con6ded The loss Of this institution cannot DC less
l ,won,vfyc millions of dollars. lis notes are al
heavy discount and It IS not yet ascertaihea tha' INC
con he redeemed, after uPpropr'anS the "h"c acoI
and other assets 10 this object This the tnae OF Tue
aid Bank of the L. s. Had It continued TO ne Tue oe
nos;,ory of the public funds, it mig longer nave con
re,ieJ is situation and maintained its credit but us
a..,,I condition would have been no better. heason
na from the data afforded, it may be concluded 'ha US
wond have been still greater; and IL clear 'ha
he revenue Of the country have been sqah
dar.d or used to relieve il from its embarrassmehts
Win lh,s experience before the country no" can u VI
nctendeo that il is wise to establish snch an ns'i,u
ION 10 aid in managing the fnanca! concerns OF Ia!
Government, or to regulate the currency between an
Sre nj sections Of the Union. In times OF prosperity
uhen exchanges are low, it is not needed out "ne'
,dyersity comes plumbers and destroys or is presse
and poweress and in either case, adds TO the genera
calamity.
In order that proper and practicable remedy ma.
be provided for the diseases of The currency y Is ne
cessary thu, tlc. causes should be thoroughly invest
,,,,ed 1t is unique stionable, that the almost 'hde
nil, multiplication Of banks has had princ'pa a9e
90 in bringinr abou, the state Of things now 20 niue
deplorsd The facility with which these !ns'n''on
can manufacture what is intended 10 be the representa-
tive of money, presents strong temptation 70 ne Gu
n;d,v Of man to embark in the enterprise Of oanh,n
wthou, capital A charter is asked Tor on The Plaus
! l,,,:o III h,,t I'M chDltli Us UcInlnl