Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-06-08

ed. A regard tOtruthfequlres me TO say
That the President was fully sustained in
lhe course he had taken by the popular
voice. His successor in the chair OF
State unqualifedly pronounced his oppos-
ton to any new charter Of similar ln't-
tuition, and not only the popular
which brought him into power, but THE
through much of his term, seem
ed clearly TO indicate concurrence with
him in sentiment on the part of the poo
pie. After the public moneys were with
drawn from the U. States Bank, they we're
placed in deposit with the state banks,
and the result of that policy has been be-
fore the country. To say nothing as 10
The question whether tharOxPeriment was
made under propitious or adverse circum-
stances, it may safely be asserted that il
did receive the unqualified condemnation
Of most Of its early advocates, and it is be-
lieved was also condemned by the popular
sentiment. The existing sub-lreasury sys,
tenn dnes not seem 10 stand in higher ia
vor with the people, but has recently been
condemned in a manner too plainly lndl-
Gated to admit ofa doubt.
Thus, in the short period OF eight years
The popular voice may be regarded as hav-
ing successfully condemned each Of the
three schemes of finance to which have
adverted. As 10 the first, il was intro
duced at time (lSl6) when the State
hanks, then comparatively few in number,
had been forced TO suspend specie pay
ments, by reason of the war which had
prevrnnsly prevailed with Great Britain
Whether, if the United States Bank char
ter which expired in 1911 had beer re-
newed in due season, it would have been
enabled TO continue specie payments dur
ing the war and the disastrous period 10
commerce of the country which immedl-
ateIy succeeded, is, to say the least, prob
Iema,ical: and whether the United States
Bank Of 1916 produced a restoration uI
specie payments, or the same was accom-,
piished through the instrumentailty of
other means, was a matter ot some dittl-
culv at that time to determine: Certain
it is, that for the first year OF the opera.
ton Of that pank, its course was as dsas.
tr0us az for the greater part Of its snbse.
auent career il became eminently success
fnl. As to the second, the experiment
was tried with a redundant treasury, which
continued TO increase until il seemed to be
the part Of wisdom to distribute the sur
plus revenue among the States, which
operating al the same time with The specie
circular, and the causes before advertet
TO, caused them 10 suspend specie pay
ments, aud involved the country in The
greatest embarrassment.
And, as to the third, if carried through
all the stages of its transmutation, frOH
paper and specie to nothing but the pre-
cious metal, to say nothing Of the insecu
rity Of the public moneys, its injurious ell
fscts having been anticipated by the conn
try in its unqualified condemnation. VIVA
is now to be regarded as the judgment o
the American people on the whole sub
ieci, have no accurate means of deter
mining, but by appealing to their more i'm
mediate representatives. The late con
test, which terminated in the election o
Gen, Harrison 10 the Presidency, was de-
cided on principles well known and open
| ly declared; and, while the sub-ireasur,
received in the result the most decided
condemnation, yet no other scheme Of Fl
nance seemed to have been concurred in
TO you then, who have come directly Gr0u
The body Of our common constituents,
submit the entire question, as best quail
fed TO give full exposition Of their wish
es and opinions. shall be ready 10 con
cur with you in The adoption of such sys
TEN as you may propose, Ieserving to my
self the ultimate power Of rejecting an,
measure which may, in my view Of it
conflict with the Constitution, or other
wise leopard the prosperity of the coun
try; power which | could not part will
sven if would but which ! will not be
lieve any act of yours will call into requi
sliOn.
! cannot avoid recurring, in connexior
with this subject, TO the necessity whicI
exists for adopting some suitable mems
ure whereby the unlimited creaii n o
banks by the States may he corrected IN
future. Such result can be most readil,
achieved by the consent Of the States, IL
be expressed in the form Of compact
among themselves, which they can only
enter into with The consent aud approha.
lion Of The Government; a consent which
might, in the present emergency of the
public demands, iuslifiably he given in ad
vance of any action by the States as an
Inducemenr TO such action upon terms
we'll defined by act of tender. Such a
measure, addressing itseIfto the calm re
tieciion Of the states, would ind in The ex.
perience Of The prs', and the condition Of
present, much TO sustain it. And il is
greatly 10 be doubted whether any scheme
of finance can prove for any length Of
time successful, while the States shall