Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-12-15


minish the necessity of any considerable
issue of Treasury notes. A restraint up
on the amount of private deposits has
seemed 10 be indispensably necessary,
from an apprehension thoughtto be well
founded, that in any emergency of trade,
| confidence might 5e-so far shaken in the
banks as TO induce withdrawal from
them of private deposits, with view to
ensure their unquestionable safety when
deposited with the Government, which
might prove eminently disastrous to the
State banks.
Is il objected that it is proposed TO au-
thorize the agencies to deal in bills OF Ex-
change? Is it answered, that such deal
ings are TO be carried on at the lowest pos
sible premium-are made TO rest on an
unquestionably sound basis-are designed
TO reimburse merely The expenses which
would otherwise devolye upon the Trea-
sury, and are in strict subordination to the
decision Of the Supreme Court, in the case
OF the bank of Augusta against Earle, and
other reported cases and thereby avoids
all conflict with State jurisdiction, which ]
hold to be indIspensably requisite. 1t
leaves the banking privilege of the States
without interference-looks to the Trea-
sury and the Unon,-and, while furnish
ing every facility to the first, is careful of
the interests Of the last. But above all, it
is created by law, is amendable by law,
and is repealable by law: and welded as
am to no theory, but looking solely to
the advancement of the public good, |
shall be amongst the very first to urge its
repeal, if it be found not to subserve the
purposes and objects for which il may be
created. Nor will the plan be submitted
in any overweening confidence in the suf-
ficiency of my own judgment, but with
much greater reliance on the wisdom and
patriotism of Congress. cannot abandon
this subject without urging upon you, in
the most emphatic manner whatever may
be your action on the suggestions which
have felt it my duty to submit, to relieve
the Chief Executive Magistrate by any
and all constitutional means, from a con-
trolling power over the public Treasury.
II, in the plan proposed, should you deem
it worthy Of your consideration, that sep
aration is not as complete as you may de-
sire, you will doubtless, amend it in that
particular. For myself, disclaim all de-
sire to have any control over the public
moneys, other than what is indispensably
necessary, to execute the laws which you
may pass.
Nor can fail to advert, in this connec-
ton, to the debts which many of the States
Of the Union have contracted abroad, and
under which they continue to labor. That
Indebtedness amounts 10 sum not less
than $780, 100000, and which has been
retributed to them, for the most part, in
works of internal improvement, which are
destined TO prove of vast importance in
ultimately advancing their prosperity and
wealth. For The debts thus contracted,
the States are alone responsible. can
do no more than express the belief that
each State will feel itself bound by every
consideration of honor, as well of interest,
to meet It's engagements with punctuality.
The failure, however, of any one State to
do so, should in no degree affect the cre-,
dit Of The rest and the foreign capitalists
will have no just cause to experience
alarm as to all other State stocks, because
any one or more of the States may ne
glect TO provide with punctuality the
means Of redeeming their engagements.
Even such States, should there be any,
considering the great rapidity with which
their resources are developing themselves,
will not fail to have the means, at no very
distant day, to redeem their obligations to
the uttermost farthing; nor will | doubt
but that in view of that honorable conduct
which has evermore governed the States,
and the People Of this Union, they will
each and all resort to every legitimate ex-
pedient, before they will forego faithful
compliance with their obligations.
From the report of the Secretary of
War, and other reports accompanying it,
you will be informed Of the progress which
has been made in the Notifications design
ed for the protection Of our principal CT.
lies, roadsteads, and inland frontier, dur
ing the present year together with their
true state and condition. They will be
prosecuted to completion with all the ex-
pcditon which the means placed by Con.
II II N