Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1841-12-14


menl may be tempted to run into excess
IN It's issues, at any future day, it seems
to me that no apprehension can rea
sonsbly be entertained, until all CONT
dence in the preventative Of the States
and Of the people themselves, shall be
lost. The restraints as proposed to be
thrown around the measure should not,
for light causes be removed, To argue
against any proposed plan its liability
to possible abuse, is TO reject every ex'
pedient, since every thing dependent
on hunan action is liable to abuse -
Fifteen millions Of Treasury notes may
be issued as the maximum, but dis
cretonary power is TO be given 10 the
Board Of control, under that sum and
every consideration will unite 10 leading
them TO feel their way with caution. 49,
For the eight first years Of the existence
Of the late Bank Of the United States, its
circulation barely exceeded four million,
and for five years OF its most prosper.
Gus years, it was about equal 10 sixteen
million: furthermore, the authority civ.
en- TO receive private depostes 10 lin.
tied amount, and 10 issue certificates
in such sums as may be called for by
the depositers, may so far fill up the
channels OF circulation as greatly 10
diminish the necessity Of any considera
bic issue Of Treasury notes. A res
traint upon the amount Of private depos.
ties has seemed to be indispensIbIy ne
cesSary, from an apprehension thought
to be well founded, that in any emergen.
cv of trade confidence might be so far
shaken in the banks as to induce a with
drawaI from them Of private deposites,
with view to ensure their unqueslon
able safety when deposited in the Gov.
eminent, which might prove eminently
disastrous to the State Banks. Is it
objected that it is proposed to authorize
the agencies to deal in bills Of exchange? :?
1t is answered, that such dealings are
to be carried on at the lowest possible
premium are made 10 rest on an un-
quesllonNbly sound basls--are designed
TO reimburse merely the expenses which
would otherwise devoIve upon the lrea-
sury, aud are 10 strict subDrdnaion to
the decision Of the Supreme Court, in
the case Of the Bank Of Augusta against
Earle, aud other reported cases; and
thereby avoids all conflict with State
jurisdiction, which holdto be indispen-
SADLY requisite.
1t leaves the banking privileges Of the
States without inerierenCe-lOoks to the
Treasury and TIE UnIon-and, while
furnishing every facility TO the first, is
careful Of the interests Of the last. Bat
above all it IS created by law, is amena'
BILE to law, and is repeaabe By law; and
welded as ! am 10 no theory, but looking
solely to the advancement Of The public
good, shall be amongst the very first 10
urge its repeal, if it he found not 10 sub,
serve the purposes and objects for which
1t may he created. Nor will the plan be
submitted in any o2erweenIng confidence
IN my own Judgment, but with much
greater reliance on the wisdom and pat,
rloISm of Congress. cannot abandon
lhIs subject without urging upon you, in
the most emphatic manner, whatever
may be your action on the suggestions
which | have felt it TO be my duty TO sub
nit, TO relieve the Chief Executive Ma.
glsrale by any and all constitutional
means, from controlling power over The
public Treasury. II, in the plan propos
cd. should you deem it worthy your con-
slderatlon, that separation is not as COM
pleLe as you may desire, you will, doubt
less, amend 1t in that particular. For
myself, discaim all desire TO have any
control over the public moneys, other
than what ls indispensably necessary to
execute the laws which you my pass.
Nor can | fail to advert in this connoc
ton, TO the debts which many of tho
States Of the Union have contracted
abroad, and under which thew continue
to labor. That Indebtedness amounts
10 sum not less than 5000, 900 900, and
which has been relrbuted to them, for
tho most part, in works Of internal i'm
provement, which is destined to prove Of
vast Importance IN ultimately advancing
their prosperity and wealth For the
debts thus contracted, the States are
alono responsible | can do no more
than express the belief that each Slnte
will feel itself hound by Overy cousidpra.
ton OF honor, as we'll as OF interest, to
meet lis engagements with punclunlitv.
The failure, however, of any one State
to do so, should in no degree affect the
credit of tho rest; and the foreign capi
lalrst will have no just cause to exper.
fence alarm as to all other Slale stocks,
because any one or more OF the States
may neglect 10 provide with punctuolity
the means of redceming their engage.
ments, Even such States, should there
be any, considering the great rOpdily
with which their resources are develop.
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