, 1841-06-19
GREEN, MO. SATURDAY, JUNE 10, Is41.

amonnt of S6,OO0,OOO, in the succeeding yea
of 1885, they reached S16,0OO,OOO, and the
next year of 1886, they amounted to the
enormous sum of $25, 00O,O00-thus crow
ded into the short space of three years up
wards of s~eventy-three years purchase o
tho public domain. So apparent had become
the necessity of arresting this course o
things, that the Executive Department as
sumed the highly questionable power of dis
eliminating in the funds to be used in pay.
ment, by different classes of public debtors
A discrimination which was doubtlessly de
J signed to correct this most ~ruinous state O.
things, by the e~xaction of specie in all pay.
nents for the public lands, but which could
not at once arrest the tide which had SC
strongly set in. Hence the demands fol
specie became unceasing, and CORES.
ponding prostration rapidly cnsued under
the necessities created with the banks, to cur.
tail their discounts, and thereby to reduce
their calculations. ] recur 10 these things
with no disposition to censure pre-existing
administrations of the Government, but sim.
ply in examplifcation Of the truth of the
position which / have assumed. IF then,
any fiscal agent which NAV be created. shall
be placed without due restrictions. either in
the hands Of the administrators of the Gov
eminent, or those Of private individuals,
the temptation To abuse will prove 10 be resist
les. Objects Of private ACKNOWLEDGEMENT may
seduce the first, and the promptings Of a
boundless c~upidity vii! assail the last. Aided
by the experience of the past, il will be the
pleasure of Congress so TO guard and fortify
the public interests, in the creation OF any
new agent, to peace them, so far as human
wisdom can accomplish it, on a footing of q
perfect security.
Within a few years past three different
schemes have been before the country.
The charter of the Bank of the U. S. ex-
PRED by its own limitations in 1886; an effort
was made to renew it, which received the
sanction of the two Houses Of Congress, but
the then President Of the United States ex-
ercised his veto power, and the measure was
defeated. A regard 10 truth requires me to
say, that the President was fully sustained in
the course he had taken BY the popular voice.
His successor 10 the Chair Of State I'm
quallfedly pronounced his opposition TO
any new charter of a similar institution; and
not only the popular election which bro't
him into power, but the elections through
much Of his term seemed clearly to indicate
n concurrence with him in sentiment on the
part of the people.
Thus, in the short period of eight years,
the popular voice may be regarded as having
successfully condemned each of the :hree
ScchTes of finance TO which | have adverted.
As 10 The first il was introduced al 4 time
UGI6) when the State Banks, then compari-
lively few in number, had been forced to sus
pend specie payments by reason of the war
which had previously prevailed with Great
Britain. Whether, ifthe United States Bank
charter which expired in 1911, had been re-
newed IN due season. it would nave been en-
abled to continue specie payments, during
the war, and the disastrous period to the COM
MERGE OF the country which Immediately sue
ceeded, is, TO say the least, prob'ematic1l;
and, whether the u. States Bank of 1916
produced i restoration of specie payments,
or the same was accomplished through the
instrumentality OF other means, was 4 mat
ter of some difficulty at that time to deter.
mine,-certain it is, that for the first years Of
the operation Of that bank, its course was as
as, for the greater part pitt subse-
quent career, it became cminently successful.
As Tor the second. the experiment was tried
with n redundant Treasury, which continued
TO increase until it seemed 10 be the part Of
wisdom TO distribute the surplus revenue
among the Srates-which, operating at the
time with the specie circular. and the
causes before adverted TO, caused them TO
specie payments. and involved the
in the greatest embarrassment. And
to the third, if carried through all the sta
ges Of its trlnsmutation, fiom paper and spe-
Gle, TO nothing but the precious metals, to
nothing of the insecuri,ies Of the public
moneys, its injurious effects having been an
ticipated BY The country, in its unqualified
condemnation. What is now to he regard
ed as the Judgment of The American people
OH this whole subject ! have no accurate
means of determining but by appealing to
more immediate representatives. The
late contest, which terminated in the election
Of Gen. Harrison to the Presidency was de-
on princip pies well known and openly
declared; and while The Sub Treasury re-
ceived in the result the most decided con.
demnation, yet no other scheme o ffnance
seemed to have been concurred in. To YOU,
then, who have come more directly from the
body Of our common constituents, | submit
the entire question as best qualified to give q