Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-12-13

intercourse direct productive
uy and tho savings of pSai and noing can he more Ill
judged than to look to facilities in borrowing to redundant
circulation, for the power dschargng pecuniuy obligations.
The country full OF the people full of energy,
and the great and remedy for embaassmcnts
faith, and the favorable influence of time.
In pursuance of pledge given my last message to
present you the details Of PLAN the Secretary of the Treas
of finance which, while throws the public treasure
edS s o5hsd o o ana S OF S
Will at the same time, furnish the country sound paper nc
changes When submitted, you will perceive in plan amen
daoy of the existing laws in relation to the Treasury Depart
menspoodnate In all respects to the WIZ OF Congress direct
" and the will of the people should
it be found practice to realize its promises in theory and re-
peaable at the pleasure of Congress.
It proposes by eecua restraints and by invoking the true
o. moro properly to speak denies other control to the re
cuon, but what may indpcnsaby necessary the
hdey OF such agents and by wise regulations Keeps plainly
an establishment of Board of Control the of Govern
nen WIN agencies at poinlt commercial Ponis or whetey
or ee congress shall Direct for the safe keeping aud ds6urse
hen o. e public moneys, and substitution, at the option Of
ne poc cedto of Treasury notes, in lieu OF gold and SILVER
II proposes to limit the exceed sl5,
oOop-whou the express sanction Of the Legislative power
eI 70 limited amount and the granting certificates depos
IT proceeds step further and , yr,sc md se
of Domestic Bills and drafts resting real and substantial
basis payable at sight, or having but short time and
dawn on places not less than hundred miles npat-which
ns eTeePt m So Tar as may DO necessary LOT &
condition. that its exercise shall be prohibited by the State
~ order to the expenses incident the plan, it will be
authorized to receive moderate premiums for certificates issued
dealings extend, TO furnish facilities commercial intercourse
industry the least possible sum. 1t uses the Banks
distance as aqxi9es without importing to trade in
its name is subjected such guards aud restraints have
appeared to be necessary 1t Is the creature of law aud exists
made to actual specie basis in order to redeem
the notes at the places of dangerous redun
attended by no imitation in priests equable in its operation
makes the Treasury which may along with its
bo at the place whore collected, receveabe payment of
Gos"ou a 6 violating n any poGG OF The
e as are called for by the wants of both Such has appear
ca 10 me- are ITS recommendation and in view of them will
DC suoted whenever you may require it, to your consdea
able perceive any fair and candid objection
can be urged against the PLAN tho principal outlines of which
proposes furnish at the voluntary option of the public cred
o issued in lieu of the and its certificates of deposit
where They redeemable in gold and silver demand,
men of nc s ARE every where IN y
an amount of oneourh less than the estimated receipts
Government for their redemption If all these assurances are
not sufficient to make them available then the idea
TO me- OF furnishing sound paper medium of exchanges,
If fear be INDUCED that Government may be tempted to
run into excess IN its issues day,
that no such apprehension reasonably be entertained until
people, as well as Of the people themselves, shall be lost The
weghest considerations of policy require that the restraints
now proposed to DO thrown around the should for
light causes, be removed TO against proposed plan
its liability possible abuse, reject every expedent since
every thing dependent on human action is liable to abuse Fiji
teen millions Of Treasury notes may be issued as the %axmu%
under that and consideration will unite in leading
For the eight first of the of the late Bank
the United States, its circulation barely exceeded 100000
Slooooo furthermore, the authority given tic receive private
% rs @ .Gd amount ana to issue certificates IN sneh
me channels OF circulation greatly to diminish the necessity
the amount of private deposits has seemed be ndspeusab
necessary from apprehension thought be well founded
hn IN any emergency of trade confidence might be far shak
en- in the banks as to ndnce withdrawal from them of private
deposits with view to their unqueonabe safety when
disastrous to the State banks.
Bis Of Exchange ss s dealings
ale to be carried the lowest possible pemumare made
ths GV wona ohe%e deToSe upon
Court the Of the Bank Ausuat%
with state jurisdiction which hold to be indspcnsaby requi
site 1t leaves the banking privileges of the States without
furnishing every facility to the first careful of the of
n nn pu SDPe all Is by aw amendabe by
but looking solely the advancement of the public shall
suserve the purposes and objects for which may
Nor will the plan be submitted overweening confidence
reliance on the wisdom and patriotism of Congress-
abandon this subject without urging upon you,
phac manner whatever may be actions the suggestions
which have felt to be duty to submit relieve Chief
controlling the public treasury lin the ropos-
ed should you deem worthy of consideration that separ
alton IS not as complete dese, WILL doubtless,
amend it in that particular For myself discam all
have any control public moneys other than what is n
dspensib necessary laws which you may pass
Nor can fall to advert in this connections the debts which
many OF the states OF the Union have
under which they continue to labor That Indebtedness amounts
ted to hem for the mast part, works of internal improve
ment, which destined prove of importance u
thus contracted, the States responsible can
more IMAM express ,he oe that each STATE van
iis engagements with puncaty The failure however, of any
rest foreign capitalist will have no Just cause to expert
ence alarm as to all other State stocks any
OF the states may neglect to provide with punctua the
Oh rIeaeemlng Iheir engagements.
rapdiy with which their developing themselves
will not fail to have the at distant day
doubt but that in view of that honorable conduct which
@ Se % a%d of S they
will torego faithful compliance with their obligations.
From the of the Secretary of War; other
accompanying it, will be informed of the progress which
Oe9m made IN the for the protection of
principal cities oadsteads and inland frontier during the pres
eai year together with their true state and condition They
the means placed by Congress the disposal the Executive
the soeTea,ss report which proposes the establishment
Pacific Ocean, within limits The benefit SeePS S@I on SS
citizens engaged in dade that viii
relations w savage tribes uhabng % and an at be ssmG
q, g giving o 20 our frontier and Of establish
men at the mouth of the Columbia river and this
lance of carrying into effect the recommendations upon
with III as little &c delay lay as may be practicable
session the present condition Of that important of the
ona defence. Every effort will be made add
cy and cannot TOO strongly you liberal appropriations
70 that branch ofthe public service Inducements OF
est character exist for the adoption Of this policy
Our extended and otherwise exposed maritime calls for
projections the furnishing of which efficient force is
Indispensable We look foreign conquests
to enter into competition with other nation for
the Oceanbut due only honor but TO the
security othe People of the United States that
be permitted to invade waters PLEASURE and subject
0nnowns and villages to conAagraon plage.
Economy all the branches of the public service due
from all the public agents to the peopebut Pnrsmony
would suggest the Withholding Of the means for tia
protection of domestic fesides from invasion and ma
tona from dsgruce would
Congress- abstain from all appropriations objects moi
absolutely neeessary but take myself without moment
hostancy all the responsibility increase
prompt equipment Of that gallant Navy, which lighted
up every with its Victories and spread mpehabe glory
over tho country.
The report othe Postmaster General will claim your paHicu
lar attention. only because Of the valuable
1t contains, but because of the importance which,
times attaches that interesting branch Of the public
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