Lexington union. (Lexington, Miss.) 1838-18??, 1841-06-19

country which Immediately succeeded, is,
TO say the least, problematical; and wheth-
err the United States Bank OF 1916 produc.
ed a restoration Of specie payments, or the
same was accomplished through the instru.
mentality Of other means, was matter of
some difficulty at that time to determine.
Certain it is that for the first years of the
operation of that bank, its course was as
disastrous as for the greater part Of its
subsequent career, it became eminently
successful. AS to the second, the expert
ment was tried with redundant Treasury
which continued to increase until it SEEM
ed to be the part of wisdom 10 distribute
the surplus revenue among the States,
which operatingat the same time
with the specie circular, and the
causes before aVerted 10, caused them to
suspend specie payments, and ivolved the
country in the greatest embarrassment.
And, as to the third, if carried through
all the stages ofits transmutation, from
paper and specie to nothing but the precious
metals, to nothing of The insecurity Of the
public moneys, its injurious effects have
been anticipated by the country in its un-
qualified condemnation. What is now 10
be regarded as the judgment Of the Ameri-
can people on this whole subject, l have
no accurate means Of determining, but by
appealing to their more immediate repre~
seutatives. The late contest which termi-
mated in the election Of Gen. Harrison to
the Presidency, was decided on principles
we'll known and openly declared; and,
while the Sub-Treasury received in the
result the most decided condemnation, YET
no other scheme of finance seemed to have
been concurred in. To you, then, who
have come more directly from the body of
our common constituents, l submit the
entire question, as best qualified to give
full exposition of their wishes and their
opinions. / shall be ready to concur with
you in the adoption Of such system as you
may propose, reserving to myself the ultl.
mate power ofrejecting any measure which
may, in my view of it, conflict with the
constitution, or otherwise leopard the pros
perity OF the country; power which l
could not part with even if l would, but
which do not believe-anY act Of yours
will call into requlsltion
cannot avoid in recurring, in connec-
ton with this subject, to the necessity
which exists for adopting some suitable
measure whereby the unlimited creation
of banks by the states may be corrected
ia future. Such result can be most rea>
Oily achieved by the consent Of the states,
10 be expressed in the form OF q compact
among themselves, which they can only
enter into the consent and appreciation of
this Government; consent which might,
in the present emergency Of the public
demands, justfiably given in advance of
any action by the states as inducement to
such action upon terms we'll defined by
act Of tender; such measure, addressing
itself to the calm reflection of the states,
would find in the experience Of the past,
and the condition of the present, much to
sustain IT. And it is greatly to be doubt
ed whether any scheme of finance can
prove for any length of time successful,
while the States shall continue in an unre-
strained exercise Of the power Of creating
banking corporations. This power can
only be limited by their consent.
With the adoption Of a financial agency
Of a satisfactory character, the hope may
be INDUCED that the country may once
more return to state Of propriety. Meas
ures auxiliary thereto, and, in some meas
ure, inseperably connected with itssuccess
will doubtless claim the attention OF Con.
gress. Among such, distribution of
the proceeds Of the sales Of the public
lands, provided such distribution does not
force upon Congress the necessity Of i'm
posing upon commerce heavier burdens
Than those contemplated by the act Of
1888, would act as an inefficient remedial
measure by being brought directly in aid
of the States. As one sincerely devoted
10 the task Of preserving just balance in
Dur system Of Government, by the main
Ienance Of the States in condition the
most free and respectable, and in the full
possession Of all their power, can no
otherwise than feel DESTROYS for their E.
from the situation to which
he pressure on their finances now sub
ects them. And, while | must repudiate,
Is measure founded in error, and want
ng constitutional sanstion, the slightest
assumption by this Government Of the
lebts of the States, yet can see, in the
distribution adverted to much to recon-
mend it. The compacts between the
proprietor states and this Government
guaranty to the States all the
benefits which may arise from the sales.