Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-12-16
HERALD OF TIL T. II M E S.

II In view OF The great advantages wh'cn are
allowed the corporaiors, not among the least
of which is the authority contained IN most
n of their charters, TO make loans 10 three times
n The amount OF their capital, thereby often de.
II riving three times as much interest on the
same amount OF money as any individual Is
II permitted BY law to receive, no sufficient
II apology can be urged for long continued
suspension Of specie payments. Such sus'
pension is productive of the greatest de,ri.
Il Inent to the public, by expelling from crcu'
la,ion the precious metals, and seriously haz-
arding the success Of any effort that this
Government can make, to increase CONNER.
cial facilities, aud advance the public in
Il iercsts.
This is the more to be regretted, and the
indispensable necessity for u sound currency
becomes the more manifest, when We reflect
/ on the vast amount OF the commerce OF the
country. Ofthis we have no statistics, nor
just data for forming adequate opinions
But there can be no doubt that the amount Of
trnns portation coastwise, by sea, and the
transportation inland by railroads and canals,
aud by steamboats, and other modes Of con-
veyauce, over the surface Of our vast rivers
and immense lakes, aud the value Of property
carried and intcrchanged by these means,
form general aggregate, TO which the for
eign commerce Of the the country. large as
II il, makes but distant approach.
II In the absence Of any controlling power
over this subject, which by forcing general
resumption of specie payments would at once
have the effect Of restoring n sound medium
II of exchange, and would leave 10 the county
but little 20 devise, what measure Of relief
falling within the limits Of our constitutional
competency, does it become this Government
to adopt? It was my painful duty at your
II last session, under the weight Of most solemn
obligations, TO differ with Congress on the
measures which j, proposed for my approval,
and which It doubtless regarded ns corrective
Of existing evils. Subsequent reflection, and
events since occurring. have only served To
confirm me in the opinions then entertained,
and frankly expressed.
Il must be permitted TO add, that no scheme
of governmental policy, uDalded by individual
/ exertions, can be available for amcliorating
the present condition of things. Commercial
modes OF exchange and good currency nre
but the necessary means Of commerce and
H intercourse, not The direct productive sources
of wealth. Wealth can only be accuBula-
ted by the earnings of industry and the sa.
wings OF f'ugally; and nothing can be more
| III Judged than TO look TO facilities in borrow.
III y,
| power Of discha'ging pecuniary obligations.
| The country is full Of resources and the pco.
/ pie are full of energy, and the great aud per-
II manent remedy for prescn, cmbnrrassncnts
must be sought in industry, economy, the
observance Of good faith, and the favorable
influence Of time.
In pursuance Of pledge given to you in
my last message to Congress, which pledge
L Tor lsln nt,r IN
| sent you the details Of any plan, the Secre-
tary Of the Treasury will be ready to submit
| to you, should you require it, plan OF finance
which, while it throws around the pubic
| treasure reasonable guards for it's protection,
and rests on powers acknowledged in prac-
| tice to exist from the origin Of the Govern.
ment, will, at the same time, furnish to the
country a sound paper medium, and afford oil
L ressonable facilities for regulating the ex
changes. When submitted, you will per.
ceye in it a plan amendaiory Of the existing
avs IN relation to the Treasury Department
Il subordinate in all respects 10 the will Of
Congress directly, and the will of the people
indirectly iy-sGlfs sustaining, should it be found
| in practice TO realize its promises in thcroy,
and repeolable ut the pleasure of Congress.
H 1t proposes by efectual restraints, and by
invoking the true spirit Of our institutions, to
separate the purse from the sword; or more
properly to speak, denies any other control to
the President over the agents who may be
selected to carry 1t into execution, but wha,
may be indispensaby necessary To secure
the fidelity of such agents and, by wise
regulations, keeps plainly apart from each
other, private and public funds. 1t contem.
plates the establishment Of Board of Control
at the Seat of Government, with agencies at
,uI hAsa
else Congress shall direct, for the safe keep.
ing and disbursement of the public moneys,
and substitution, at the option of the public
creditor, of Treasury notes, in lieu of gold
and silver. II proposes TO limit The issues TO
on amount not TO exceed 8 $4,000, ,O00-wth.
out the express sanction OF the Legislative
power.
1t also au,horises the receipt Of individual
deposits Of gold and silver to limited amount
and the granting certificates of deposit, divi.
ded into such sums as may be called for by |
the depositors. ltproceeds n step further and
authorizes the purchase and sale of Domestic
Bills and Drafts. resting on real and sub
sianiial busis, payable at sight, or having but
short time to run. and drawn on places not
less than one hundred miles apart which
authority, except IN so far as may be ncces-
sary for Government purposes exclusive iy. |
is only to be exerted upon the express con
dition, that its exercise shall not be- prohibited /
by the State in which the agency IS situated. |
In order to cover the expenses incident 10
the plan, il will be authorised TO receive mod. 1
crate premiums for certificates issued on
deposits, and on bills bought and sold, and
thus, as far as its dealings extend, to fur
nish facilities TO commercial intercourse at
the lowest possible rates, and TO subduct from
The earnings of industry, the least possible
sum. II uses the State Banks at a distance
as auxIliarics, without imparting any power
10 trade IN its name. II Is subjected to such
guards and restraints as have appeared to be-
necessary. II is the creature of law, and
exists only at the pleasure Of the Legislature.
II is made to rest on an actual specie basis, ;,
in order to redeem the notes at the places of II
issue-produces no dangerous redundancy Of
observation-disclosures no temptation to specula.
uon-is attended by no initiation of prices,
Is equablc in its operation--makes the Trea-
sury notes, which II may use along with The
certificates Of deposit and the notes of specie
paying banks convertible at the place where
collected, receivable in payment Of Govern
ment dncs-and, without violating any prn-
cipc Of the Constitution, affords the Govern.