Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-12-16

The weieht,est considerations Of policy require
that the restraints now proposed to be thrown
around the measure, should no, for light causes,
be removed. TO argue against any proposed
plan its liability to possible abuse, is to REJECT
every expcdient, since every thiRg dePeneeh'
on human action is liable 10 abuse. Fiheen
millions Of Treasury notes may be issued as
the maximum, but a discretionary power is to
be given TO the Board Of Control, under that
II sum, und every consideration Will unite IN
leading them 10 feel their way with caution.
Il For the eight first years Of the existence OF
the late Bank Of the United States, its circuia-
H ton barely exceeded 81, ,O0O, 900 and for i've
OF its most prosperous years, II was about equal
to 5000, 900 furthermore, the authority
given to receive private deposits to limited
amount, and TO issue certificates in such sums
MS may be called for by the depositors, may
so far fill up the channels of circulation as
greatly TO diminish the necessity of any con-
II siderable issue Of Treasury notes. A restraint
Il upon the amount Of private deposits has seemed
to be indispensabIy necessary, from an appre-
hension thought to be well founded, that ~
| any emergency Of trade, confidence might be
so far shaken in the banks rs to induce a with.
drawnl from them Of private deposits, with
view TO insure their unquestionable safety
when deposited with the Government, which
II might prove emnently disastrous TO the State
II Banks.
H IL il objected TINT it is proposed TO authorize
the agencies to deal in Bills Of Exchange? II
is anwered, that such dealings nrc to be carried
H on at the lowest possible prcmium-are made
to rest on an unqucstionably sound basis-are
designed to reimburse merely the expenses
II which would otherwise devolvc upon the Trea-
sury, and are in strict subordinati0n to the de.
\ cision 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 in
\ dispc nsably requisite. 1t leaves the banking
| privileges of the States without Interference
II looks TO the Treasury and the Union-and,
while furnishing every facility to the first, is
II careful of the interests of the last. But above
Il all, It is created by law, is amenablc by law,
and is repealable by law; and welded rs am
to no theory, but looking solely to the ad-
vancemcnt of the public good, | shall be
amongst the very first 10 urge its repeal, if it
be found not to subserve the purposes and OBJ
jects for which it may be created.
\ Nor will the plan be submitted in any over
weening confidence, in the snficency of my
own judgment, but with much greater reliance
| on the wisdom and patriotism Of Congress. ]
II cannot abandon this subject without urging
upon you, in the most emphatic manner, what
ever may be your action on the suggestions
which I have felt it TO be my duty to submit,
to relieve the Chief Executive Magistrate by
trolling power over the public Treasury. lf,
in the plan proposed, should you deem it wor-
Il thy Of your consideration, that separation is not
II as complete US you may desire, you will doubt
II less, amend in that particular. For myself,
II disc lain all desire to have any control over the
public moneys, other than what is indispe nsa-
H bly, necessary, to execute the laws which You
may pass.
II Nor can fail to advert, in this connection,
IN hc fuhts Of fba Of tha
Union have contracted abroad, and under which
II they continue to labor. That Indebtedness
amounts to n sum not less than $500, ,00O, 900,
| and which has been retrbuted to them, for the
most part, of works of internal mprov eme nts,
! which are destined to prove of vast importance
in ultimately advancing their prosperity aud
/ 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 as Of interest, to meet its en-
II gagements with punctuality. The failure,
however, Of any one State to do so, should in
no degree affect the credit OF the rest and the
II foreign capitalists will have no Just cause 10
experience alarm us to all other State stocks,
because any one or more of the States may ne
glect TO provide with punctuality the means of
redecming their engagements.
4 Even such States, should there be any, con-
sidering the great rapidity with which their re-
sources are developing themselves, will not
laIl to have the means, nj no very distant day,
to redeem their obligations to the uttermost
iarthing nor will doubt but that in view of
that honorable conduct which has evermore
governed the States, and the people %! the
Union, they will each and all resort to every
legitimate expedient, 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 designed for the pro-
lection of our principal cities, roadsteads, and
inland frontier, during the present year to-
gother with their true state and condition.
They will be prosecuted to completion with all
the expedition which the means placed by
Congress at the disposal of tho Executive will
allow.
] recommend particularly TO your consdcra- |
ZION, that portion of the Secretary report which |
proposes the establishment Of a cham Of mill |
tary posts, from Council Bluffs to some point
in the Pacific Ocean, within our limits. The
benefit thereby destined to accrue to our cit. Il
zens engaged IN the fur trade, over that wilder
ness region, added to the importance of cult
waiting friendly relations with savage tribes in
habitng il, and at the same time of giving pro- Il
lection to our frontier settlements, and of eslab
fishing the means Of safe intercourse between |
the American settlements ut the mouth Of the /
Columbia river, and those on this side Of the II
Rocky Mountains, would seem to suggest the
importance Of carrying into effect the recon.
!ncndations upon this head with as little delay
as may be practicable. \
The report of the Secretary Of the Navy
will place you in possession Of the present
condition OF that important arm of the national
defence. Every effort will be made to add to
its efficiency, and | cannot too strongly urge
upon your liberal appropriations to that branch
Of the public service. Inducements Of the II
wcghticst character exist for the adoption of
this course of policy. Our extended and 9TH
erwisc exposed maritime frontier calls for pro.
lection, to the furnishing Of which an efficient
naval force is indispensable. We look to no
foreign conqucs,s, nor do we propose to enter
into competition with any other nation for su-
premacy on the ocean, it is due not only
to the honor, but to the security Of the People
of the United States, that no nation should he
permitted to invade our waters at pleasure, and
subject our towns and villages to tonHagration
or pllage.
Economy in all branches OF the public ser.
vice, is due from all the public agents to the
people-but parsimony alone would suggest
the Withholding of the necessary means, for
ha I