Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-06-09

the past, it will be the pleasure of Congress SO
TO guard and forify the public interests, in the
creation of any new agent. as TO place them, so
far as human wisdom can accomplish it, on a
footing of perfect security. Within few years
past, three different schemes have been before
the country. The charter of the Bank of the
United States expired by It's own Limitation IN
1896. An effort was made to renew 1t, which
received the sanction of the Two houses of Con-
gress, but the then President Of the United
States exercised his vetO power and the meas
ure was defeated. A regard to truth requires
me to say that the President was fully sustained
in the course he had taken by the popular voice.
His successor in the Chair of State unqualified
ly pronounced his opposition to any new char
ter of similar institution; and not only the
popular election which brough. him into pow
err, but the elections through much of his term,
seemed clearly TO indicate concurrence with
him in sentiment on the part of the people.
After the public moneys were Withdrawn from
the United States Bank, they were placed in
deposite with the State banks, and the result of
that policy has been before the country. To
say nothing as 10 the question whether that ex-
pertinent was made under prepitious or adverse
circumstances, it may safely be asserted that
it did receive the unqualified condemnation of
most of lis early advocates, and it is believed
was also condemned by the popular sentiment.
The existing Sub-treasury system does not
seem to stand in high favor with the people, but
has recently been condemned in manner too
plainly indicated to admit of doubt. Thus,
in the 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 adverted As 10 the first, it
was introduced at time (lSl6) when the State
Banks, then comparatively few in number, had
been forced to suspend specie payments, by
reason of the war which had previously pre-
vailed with Great Britain. Whether, if the U.
States Bank charter which expired in 1911 had
been renewed in due season, it would have
been enabled 10 continue specie payments dur
ing the war and the disastrous period to the
commerce of the country which Immediately
succeeded, is, 10 say the least, predetermined;
and whether the United States Bank of 1916
produced restoration of specie payments, or
the same was accomplished through the ins,ru-
mentality of other means, was a matter of some
difficulty at that time TO determine. Certain it
is, that, for the frs, years of the operation of
that bank, its course was as disastrous as for
the greater part of its subsequent career it be-
came eminen,ly successful AS to the second,
the experiment was tried with a redundant
Treasury, which continued to increase until it
seemed TO be the part of wisdom to distribute
the surplus revenue among the States, which,
operating at the same time with the specie cir
cular, and the causes before adverted to, caused
them to suspend specie payments, and involved
the country in the greatest embarrassments.
And, as TO the third, if carried through all the
stages of its transmutation, from paper and
specie TO nothing but the precious metals, to
say nothing of the insecurity of the public mon
eys, its injurious effects have been anticipated
by the country in its unqualified condemnation
What is now 10 be regarded as the judgment of
the American people on this whole subject,
have no accurate means Of determining; but by
appealing 10 their more immediate representa-
tives. The late contest which terminated in
the election of Gen. HARRISON TO the Presiden-
cy, was decided on principles well known and
openly declared; and while the sub-treasury re-
celved in the result the most decided condem-
nation, yet no other scheme Of finance seemed
10 have been concurred in. To you, then, who
have come more directly from the body of our
common constituents, submit the entire ques-
tion, as best qualified to give full exposition
of their wishes and opinions shall be ready
TO concur with you in the adoption of such sys-
TEN as you may propose, reserving TO myself
the ultimate power Of rejecting any measure
which may in view Of it conflict with the Con-
stitution, or otherwise leopard the prosperity of
the country; power which | could not part
with even if would, but which will not be
lieve any act Of yours will call into requistion.
cannot avoid recurring, in connexion with
this subject, 10 the necessity which exists for
adopting some suitable measure whereby the
unlimited creation of banks by the States may
be corrected in future. Such resul: can be
most readily achieved by the consent of the
States, 10 be expressed in the form of COM
pact among themselves, which they can only
enter into with the consent and appreciation of
this Government; consent which might, in the
present emergency Of the public demands, JUS
tifably be given in advance Of any action by
the States as an inducement 10 such action upon
terms well defined by the act of tender Such
measure, addressing itself to the calm rehec-
lion of the States, would find in the experience