The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-12-15

1t could earnestly be desired that every bank,
not possessing the means of resumption, should
follow the example of the latezU. States Bank of
Pennsylvania, and 90 into liquidation, rather than
by refusing to do so to continue enbarrassments
in the way of solvent institutions, thereby aug
mentng the difficulties incident to the present
condition of things. Whether this Government
with due regard to the rights of the States, has
any power to constrain the banks, eitherto re-
sumo specie payments or to force them into
liquidation, is an enquiry which will not fail to
claim your consideration. In view of the great
advantages which are allowed the-corporatiors,
not among the least of which is the authority
contained in most of their charters, to make
loans tothree times the amount of their capital,
thereby often deriving three times as much in
terest on the same amount Of money, as any iu-
dvdual is permitted by law to oreceiye, no sufi-
centapology can be urged for long continued
suspension of specie payments. Such suspen-
sion is productive of the greatest detfiment to
the public, by expeling from circulation the pre-
cous metals, and seriously hazarding the sue
cess of any effort that this government can make
to increase commercial facilities, and to advance
the public interests.
In the absence Of my controlling power over
this subject, which by forcing general resump-
tionof specie payments would at once have the
effect of restoring a sound medium of exchange,
and would leave the country but little to desire,
what measure of relief, falling within the limits
of our constitutional competency, does it become
this country to adopt? Itwas my painful duty
at your last session, under the weight OF most
solemn obligations, to differ with Congress on
the measures which it proposed for my approval,
and which it doubtless regarded as corrective OF
existing evils. Subsequent reflection, and events
since occurring, have only served 10 confirm me
in the opinions then entertained and frankly eX-
nressed 49,
In pursuance OF a pledge given to you in my
last message to Congress, (Which pledge | urge
as an apology for adrenturing to present you the
details of any plan) the Secretary ofthe Treasu-
nv will be ready to submit, should you require it,
a plan Of finance, which, while it throws around
the public treasure reasonable guards for its pro-
lection, and rests on powers acknowledged in
practice to exist from the origin of the govern
ment, will, at, the same time, furnish9to the
country, a sound paper medium and afford all
reasonable facilities for regulating the exchanges
When submitted, you will perceive in it plan
amendatory of the existing laws in relation TO
the Treasury Observation-Disclosures in all re-
spects to the will of Congress directly, and to the
will of the people NEUTRALITY-SUSPICIOUS.
should it begfound in practice to realize its pro-
misses in theory, and repealabe at the pleasure
of Congress-. It proposes by notwithstanding:
and by INVOKING the true spirit Of our intltutons,
to separate thcspurse from the sword; or more
to speak, denies any other control to
the President over the agents who may be in.
necessary to secure the fidelity OF
a b,,-
plainly apart from each other private and public
funds It contemplates the establishment OF a
Board OF Control at the seat OF Government,
with agencies at prominent commercial points,
or wherever else Congress shall direct; toT the
safekeeping and disbursement of the public
moneys, and substitution at the option OF the
public creditor, of Treasury notes in lieu Of
gold and silver. 1t proposes to limit the issues
to an amount not exceeding $1500O,090, with
out the express sanction OF the legislative pow
er. 1t also authorizes the receipt OF lndlylduat
deposites of gold and silver to a, limited amount
and the granting certificates of depostos, dlvid-
ed into such sums as may be called for by de-
positors. 1t proceeds step further, and au-
tkorizes the purchase and sale of domestic bills
and drafts. resting on real and substantial ba-
sis, payable at sight Or having but short time
to 1un, and drawn on places not less than one
hundred miles apart; which authority, except
in so far as may be necessary for Government
purposes exclusively, is only to be eXerted upon
the express condition that its exercise shall not
be prohibited By the State il which the agency
is situated. -
In order to cover the expenses iScident to
the plan, it will be authorized, toreceive mode
rate premiums for certificates issued on depo-
sites, and on bills bought and sold; thus, as lar
as its dealings extend, to furnish facilities to
commercial intercourse at the lowest possible
rates, and to subduct from the earnings OF In
dustry the least possible sum- 1t uses the State
banks at a distance from the agencies, as aux
iliaries, without imparting any power to trade
in its name. 1t is subject to. such guards and
restraints as have appeared to be necessary. 1t
is the creature of law, and exist only at the
pleasure of the legislature. 1t is made to rest
on an actual specie basis, in order to redeem
the notes at the places 5of. tissue; produces no
dangerous redundancy of circulation, affords
no temptation to speculation; is attended by no
initiation of prices; is equable in its operations;
makes the Treasury notes which it may use along
with the certificates ofdeposite, and the notes OF
specie-paying banks, convertible at the place
where collected, receivable in payment OF Co
yernment dues. and, without violating any prin-
ciple of the Constitution, affords the Government
and the people such facilities as are called for by
the wants of BOTH Such, it has appeared to me,
are its recommendations; and in view of them
It will be submitted. whenever you require it, to
your consideration.