Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-06-11

| the elections through much OF his term, seemed |
clearly 10 indicate concurrence with him in sentiment
OH thcpart of the people After the public moneys
were Withdrawn from the United States Bank, they
were placed in deposit with the State banks, and the
result of that policy has been before the country To
say nothing to The question whether that experiment
was made under propIious or adverse circumstances,
it may be safely asserted that it did receive the
qualified condemnation of most of its caiy advocates
and it is believed that also condemned by the popular
sentiment The existing sub Treasury, system, does
has recently been condemned in a manher too plainly
indicated to admit of doubt Thus, in short period
of eight years, the popular voice may be regarded as
having successfully condemned each of the three
schemes of finance TO which have ndvcrted. As TO
the first it was introduced at time Q5lG) when the
State banks, then comparatively few in number had
been forced to suspend specie payments, by reason OF
war which had previously prevailed with Great Brit
am.
Whether, if tho U. s. Bank charter which expiredin
1911 had been renewed in due season, it would have
been enabled TO continue specie payments during
the and the disastrous period to the of
the country which Immediately succeeded is, to say
the least probcna cal and whether the Und States
Bank of 1916, produced n restoration of specie pay
nents, or the same was accomplished ough the in
strumentaity of other means matter of some
difficulty to determine. Certain il is that, for the first
years of the operation of that Ban its course
disastrous for the greater part ofrs subsequent ca
lrecr it became emincny successful. As the second
the experiment was tried with n redundant treas
ury which continued increase until il seemed to be
the part of wisdom to distribute the surplus revenue
mong the states, which operating at the same time
with the specie circular, and the causes before advcr.
ted to, caused them to suspend specie payments, and
Involved the country in great embarrassment. And,
10 the third if carried through all the stages of its
transmutation, from paper and specie nothing but
the precious metals TO say nothing of the insecurity
of the public moneys, its injurious effects have been
anticipated by. tho country in It's unqualified con
domination. What is now 10 be regarded as the iudg
mcnt of the American people on this subject, have
no accurate means Of determining but by appealing to
their more immediate representatives.
The late contest, which terminated in the election
of Gen. Harrison to the Presidency was decided on
principles well known and openly avowed: and, while
the subtroasury received in the result the most dccl
dcd condemnation, yet no other scheme of finance
: seemed to have been concurrcd in. To you, then,
who have come moro directly from the body of our
common constituents, submit the entire question, as
best qualified to give full exposition Of their wishes
and opinions shall be ready to concur with you in
the adoption of such system as you may propose, re-
serving to myself the ultimate power of rejecting any
measure which may in my view OF It conflict with the
Constitution or otherwise leopard the prosperity ofthc
Z country power which could not part with even if
would which any act Of yours will call into requsi-
ton.
cannot avoid recurring, in eonnexon with tho sub
ect to the necessity which exists for the adopting
some suitable measure, whereby the unlimited crea-
ton of bank by the states may be corrected in future.
Such result can be most readily achieved by the con-
sent OF the states, to he expressed IN the form OF n
compact among themselves, which they. can only enter
into with the consent and appreciation Of this govern
ment q consent which might, in the present cincr-
gcncy of the Public demands iustiiably be given in
advance of any action by the states an nduccmcnt
to such action upon terms well defined by the act Of
tender. Such n measure, addressing itself to the
calm reelection of the states would find in the exper-
fence OF the past and the condition of the present,
much to sustain IT, Audit is greatly to be doubted
whether any scheme of finance prove for any len
9Th of time successful, while the states shall continue
in the unrestained exercise of the power of creating
banking corporations. This power can only be lin
ltcd by their consent
With the adoption of financial agency of salts
factory character the hope may be INDUCED that the
country may once more return to state of prosperity.
Measures auxiliary thereto, and, in some measure in
separately connected with its success, will doubtless
claim the attention of congress. Among such n dis
trlbuOn of the proceeds of the sales of the public lands
provided such distribution does not force upon cen
grcss the necessity of imposing upon commerce hoav-
Ter burdens than those contemplated by the act OF
1888, would act as an efficient remedial measure by
being brought directly in aid of the states AS one
sincerely devoted TO the task of preserving just bal
ance in our system of government, by the malntcn.
ance of the states in condition the most free and
respectable, and IN the full possession of all their pow
can otherwise than feel dsrous for their einan
y clpaon from the situation to which the pressure on
their finances now subjects them And while must
repudate measure founded in error, and wanting
constitutional sanction, the slightest approach to
, assumption by this government of the debts of the
states, yet can see, in the distribution advcrted to-
! much to recommend it.
The conpacS between the proprietor States and
this Government expressly guaranty TO the States all
the benefits which may arise from the sales The
mode by which this is To be effected addresses itself to
the discretion of Congress- as the trustee for the
States; and its exercise after the most beneficial
manner, is restrained by nothing in the grants in
! the Constitution, so long as Congress shall consult
that equality in the distribution which the compacts
require. In the present condition of some of the
States, the question of distribution may be regarded
substantially question between direct and indirect
taxation. If the distribution be not made in some
form or other, the necessity will daily become more
urgent with the debtor States for resort to OPP
presslve system of direct taxation, their credit and
necessarily their power and influence, will be greatly
, diminished. The payment of taxes. after the most
announcement and oppres i've mode, will be cxacted in
place of contributions for the most part voluntarily
made, and therefore comparatively unoppressye.
The states are cmphatically the constituents of this
government; and we should be entirely regardless OF
the objects held in view by them in the creation ofthis
government, if we could be indifferent 10 their good.
The happy, effects of such measure upon all the
r states would Immediately be manifested With the
debtor states would effect the rellot to great extent
of the citizens from heavy burden Of direct taxation,
which presses with severity on the laborng classes,
and cmlncny assist IN restoring the general prosper
ny An immediate advance would take place in the
price OF the state securities and the attitude of the
states would become once more as it should even be
lofty and erect. With states laborng under no OK
IRENE pressure from debr, the fund which they would
derive from this source, would enable them to I'M
prove Their condition in an eminent degree. So far as
TINS government Is concerned, appropriations to do
nestle objects, approachngih amount 10 the revenue
derived from the land sales might he abandoned, and
therefore unjust legislation, would be substituted by
one dispensing equality to all the members OF this
conftdcracy. Whether such distribution should be
made directly 10 the states in the proceeds of the
sales in the orm Of the profits by virtue of the OPP
eratons Of any fiscal agency having those proceeds
rs its basis should such measure be contemplated by
congress, would well deserve It's consideration. Nor
would such disposition of the proceeds of the sales
IN any manner prevent congicss from time TO time
from passing all necessary preempiion laws for the
benefit of actual settlers. or from making any now
Arrangement as 10 the price Of the public lands which
7 might in future be esteemed desirable.
s. beg leave particularly TO call your attention 10 the
accompanying report from the SECRETARY of War
Besides the present state Of tho which has long
afflicted the Territory of Florida and thcvarons Other
matters Of interest therein referred TO- you will learn
u from II that the Secretary has instituted an inquiry
into abuses, which promises TO dcvelope gross
mites in connection with Indian treaties which have
been negotiated, well as in the expenditures for the
removal and subsistence Of the Indians. He repre-.
scnts also other irregularities of serious nature thai
have grown up in the practice of the Indian Depart
u ncn which will require the appropriation of upwards
of 100000 to correct and which claim the immediate
u attention Of Congress.