The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-12-09
MESSAGE OF THE GOVERNOR OF VII
CHINA

GINA.
The message, principally confined Of course
10 The consideration Of local affairs, neverthe-
less embraces two subjects of more general and
public interest. namely, the condition OF the
specie-suspending Banks and the late act
distributing The proceeds Of the Public Lands.
On the subject of the banks, the message
urges the necessity Of resumption Of specie
payments, yet recommends in effect that the
fraties Of these institutions should be regarded
with charity aud tenderness, and spared little
longer from the penalties of the law, TO enable
them 10 require strength TO recover from their
fallen condition.
The Governor charges the embarrassment Of
the times to speculation and the bad policy OF
the State Governments in contracting large
foreign loans, &c. But we will give an extract
that contains the pth of the matter:
As the period will speedily arrive when the relief
heretofore extended to them toiH expire this question
WILL no doubt, attract the calm consideration
Of the General Assembly In arriving at a correct
decision due regard should be had the past well
10 the actual state of ihngs-the condition Of the
banks and the business OF the country. The whole
nation is ye, suffering from the banefu effects Of
trading oyerbaDking, and their nseparable concom-
tnnt, disordered currency. Wild speculation and
extravagance; the natural consequences of the i'm
mense accommodation afforded by banks whose
pidy to have placed limit to their issues,
have been attended usual with painful reaction.
Many Of the State Governments, too have contributed
in small degree To the embarrassment of the times
by appropriations to works of Internal lmpro, ements
which could only be met by contracting immense
foreign debt which has materially affected the state of
our foreign exchanges. 1t will require time to allay
the agitation which has been produced by these
The lessons of experience they have taught Is to
be hoped, will be remembered"
On the subject Of the Land-sal Distribution
act, the message pretty decidedly wthholds its
adhesion. We must let il speak briefly for il
self:
Some of the friends of education and of internal
improvements are eagerly expecting assistance from
the recent act of Congress for distributing among the
States the proceeds OF the sales Of the Public Land
But, the proprety of that act is considered ques
uonable by large portion OF the people that expec-
tation Of aid from that must be precaious and
calculations based upon the continuance Of the law
may prove delusve. Whether the People Of the
United States will acquesce in the distribution of any
portion OF the public revenue TO the individual States
is yet TO be decided ! cannot believe that they will
sanction such measure, at time when the Federal
Government needs this common fund TO meet its cur
rent expenses when il has been deemed proper TO
plensh The public Golfers by heavy loans and the i'm
position OF duties on the necessaries OF fe and when
II may become necessary further to build up forti
fcatons, increase cur navy, and provide eff
Gent system Tor tile common defence The 1cfcien
cy created in the national treasury, must be supplied
either by direct taxation or from the customs by
tesortng to loans.
On this subjec. we shall have no occasion, at
this time, TO advance any opinion. The OPT
Mon Of the country must control the subject, and
our duty will consist in endeavoripq TO ascer-
tain it.