The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1841-06-18

of most of its early advocates, and it is
believed was also condemned by the pop
ular sentimcnt.-Thc existing sub-,rea-
sury system does not seem to stand higher
with the people, but has recently been
condemned in manner too plainly indi.
Gated to admit of doubt. Thus in the
short space of eight years, the public
voice may be regarded as having success
sively condemned each of the three
schemes of finance TO which | have adj.
yerted. As to the first, il was introduced
at time Oslo when the state banks,
then comparatively few in number, had
been forced TO suspend specie payments
by reason of the war which had prevailed
with Great Britain. Whether, if the
United States Bank charter which cxpir.
ed in 1911, had been renewed in due
season, it would have been enabled to
continue specie payments during the war,
and the disastrous period TO the commerce
of the country which Immediately sue
ceeded, is, to say the least, problematical ;
and whether the United States Bank of
1916 produced restoration of specie
payments, or the same was accomplished
through the instrumentality of other
means, was a matter of some difficulty at
the 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 experiment was
tried with a redundant treasury, which
continued to increase until it seemed to be
the part of wisdom to distribute the sur
plus revenue among the statcs-which,
operating at the same time as the specie
circular, and the causes before adverted
to, caused them TO suspend specie pay
mcnts, and involved the country in the
greatest embarrassment. And as to the
third, if carried through all the stages of
its transmutation, from paper and specie
to nothing but the precious metals, to say
nothing of the insecurity Of the public
moneys, its injurious effects have been
anticipated by the country, in its unquali-
fed condemnation. What is now to be
regarded as the judgment Of the American
people on this whole subject, | have no
accurate means Of determining but by
appealing to their more immediate repre-
sentaiyes. The late contest, which ter
minated in the election of Gen. Harrison
to the presidency, was decided on princi-
pies well known and openly declared !;
aud while the sub-trcasury received in
the result the most decided condemnation
yet no other scheme of finance seemed TO
have been concurcd in. TO you, then,
who have come more directly from the
body of our common constituents, sub
NIT the entire question, as best qualified
to give full exposition of their wishes
and opinions. shall be ready TO con-
cur with you in the adoption of such
system as you may propose, reservlng TO
myself the ultimate power Of rejecting
any measure which may, in my view OF
it, conflict with the constitution, or jeo-
pardlze the power Of the country--a
power which | could not part with even
if | would, but which will not believe
any act of yours will call into rcquisi.
ton.
cannot avoid recurring, in connection
with this subject. to the necessity which
exists for adopting some suitable meas.
urcs, whereby the unlimited creation OF
banks by the states may be corrected in
future. Such result can be most readily
achieved by the consent Of the states, to
be expressed in the form of compact
among themselves, which they can only
enter with the consent and appreciation Of
this government A consent which might
In the present emergency of the public
demands, justiiably be given by congress
in advance of any action by the states, as
an induccmcnt to such action, upon terms
well defined by the act of tender.-Sucl
a 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 i
is greatly to be doubted whether any
scheme of finance can prove for any IcngtI
of time successful, while the states shaI
continue in the unrcstraincd power Of ere
ating banking corporations. This powc
can only be limited by their consent.
With the adoption of financial agcnc,
of satisfactory character, the hope ma,
be INDUCED that the country may one
more return TO 4 state Of prosperity
measures auxiliary thereto, and in som
measure inscparably connected with it
success, will doubtless claim the at,enuo
of congress. Among such, a distrlbutio
of the proceeds Of the sales of the publ
lands, provided such distribution does III
force upon congress the necessity of i'll
posing upon commerce heavier burthcr
than those contemplated by the act {
1893, would act as an efficient rcmedl;
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