Litchfield enquirer., 1841-12-16

VAfNmAnf. COfteCk One and as far practicable, the ineQuahMes Q. sne other. No country can be in the enJoymeht ~ S full measure of prosperity, wlhout the ptesence O'
 medium "l exchange sppEoxmS,ng sU bs diffe2ent nations o the earth, is also important as e
 nhab abiIants of different parts o the same county with the first the precious metals constitute e cheI medium of circulation, and such also would be me case as to the last, but for inventions conPdEauEey modern which have furnished, in place ot goo ana silver, paper circulation. sis of the merits of the systems Sucn oe"reeu more properly the period of the introduction oI the paper system. The speculative philosopher niSn' find inducements to prosecute the inquiry. but hls re- searches could only lead him to conclude, that lhe paper system had probably better never have oeen introduced and that society might been much happ- CT without it. The practical statesman has very different task 10 perform He has to look at things as they are-to take them as he finds Ihem-to supply deficiencies and prune excesses as tar as Tn nlnl lies The task of furnishing corrective tor dcrange- mens of the paper medium with us. IS almost mex pressbly great. The power exerted by he states 10 charter ban king corporations, and when, nav.ng been earned to great excess has filled the country with, in most of the Siaes an irredeemaOIe paper medium, is evil which, in some way or other' re- change negotiated between different parts of the country furnish index of the value o the local sub sue for gold and silver, which is, in many parts. so far depreciated not to he recelved, except eI a large discount in payment ofdebts or in the purchase of produce. It could earnestly be desired that every bank, possessing the means ot resumptlon should GXAmDlG Pennsylvania and go into liquidation. rather than by refusing 10 do SO continue emharassments Tn the way of solvent institutions, thereby angmentlng tne difficulties incident :he present condition ot things Whether this Government with due regard to the rights of the States, has any power to cohs'la'n the banks either to resume specie payments or 10 ofce them into iqndation is an inquiry when VIII no! Ia claim your consideration. In view ot the great ad' vanages which are allowed the corporatOrs' not a. mong the least of which is the authority contained m most of their charters, to make loans to three times fhn Df nft hoiP nifo thoFphV deriving three times much interest on the same amount of money as any individual is permitted by law to re- ceive, no sufficient apology can be urged tor long continued suspension of specie payments: Such s9s- pension productive of the greatest detflment to the public, by expeng from circulation the precious me: las, and seriously hazarding the success oi any et fort that this Government make, to increase com mercial ac aciltes, and to advance the pubic interests.
 This is the more to be regretted and the ndIspen' sable necessity for sound currency becomes the more manifest, when reflect on the vast amount o the internal commerce Of the country: Ut thls we have statistics, just data for forming adequate opinions But there can be no doubt but that the amount of transportation coastwise by sea, and the transportation inland by railroads and canals, and by steamboas and other modes of conveyance, over the surfnce of our vast rivers and immense nkes and the value o property carried and lnercbGnged ny these means, form general aggregate to which the foreign commerce of the country large as 1t s' makes but distant approach. . subject, which by forcing general resumption ot spe- ce payments would at have the effect ot restOr. ing sound medium of exchange. aud would leave to the country but little to desire, what measure oi relief, falling within the limits of our constitutional competency, does it become this Government to a. dopt? It was my painful duty at your last session, under the weight of most solemn obligations, to differ with Congress the measures which it proposed tor my approval and which it doubtless regarded as cor. rective of existing evils. Subsequent reection and events since occurring, have only served 10 confirm me in the opinions then entertained, and frankly ex- pressed.
 1 must be permitted to add, that no scheme of go- vernmenal policy unaded by individual exertions, can be available for amelioraag the presen, condi ton of things Commercial modes cf exchange and
 good currency, are but the necessary means oi com ees o wealth. Weah ony he by the earnings ofindusry and the savings of frucaity and nothing can he more judged than to look to ia- cles in borrowing, or 10 redundant circulation tor the power of dscharging pecuniary obligations The country full of resources and the people nl ot ener- gy, and the great and permanent remedy for present endorsements must be sought in industry economy the observance of good faith, and the favorable n1u- enCe of time.
 In pursuance of pledge given to you in my last Message to Congress. which pledge urge as an apol' oGy for % yo" the 5 h ,sad any submit to you, should you require it, plan ot finance which, while it throws around the pubic treasure req sonabe guards for it's protection and rests on powers acknowledged in practice 10 exist from the origin of the Government, will at the same time furnish 10 the country sound paper medium. and afford all req sonnble facilities for regulating the Exchanges.- V datory of the existing in relation to the treasury Deparment-s in all respects to the will "i Congress directly, and the will of the People d'rect' ly-sef sustaining, should it be found in practice to realize its promises in theory and repeaable at the pleasure of Congress.
 It 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 control to the President over the agents who may be selected 10 carry it into execution, but what may be ndispensaby necessary to secure the fidelity ot such agents; and, by wise regulations, keeps plainly apart from each other, private and public funds. IL ontemplates the establishment of Board of Control, at inc Seat Of Government. with agencies at proni- nent commercial points, or wherever else Congress shall direct for the safe keeping and dshursement oi the public moneys, and substitution. al the option of the public creditor of Treasury notes, in lieu of gold and silver IL proposes limit the issues to amount not to exceed $l5000 OCO-wi,hout the ex- press sanction of the Legislative power. It also au- horzes the receipt of individual deposres of gold and silver to limited amount, and the granting certi6' caies of deposit divided into such sums as may be called for by lhe deps,ors It proceeds step fur ther and authorizes the purchase and sae of Domes tic Bills and drafts resting on a real and substantial basis, payable al sight or having but short tune to run, and drawn places not less ,han one hundred miles apart-whch authority, except in so tar as may be necessary for Government purposes exclusively. only 10 be exered upon the express condition. that its exercise shal not be prohibited by the State in which the agency IS situated.
 In order to the expenses incident the plan, 1t will be authorized to receive moderate premiums for certificates issued deposits, and on bills bought and solo, and thus, far as i's dealings extend. to furnish facilities to commercial intercourse at the low est possible rates, and suhduct from the earnings of industry, the least possible sum. It the State Banks a distance from the agencies, auxiaTies, without lmparting any power to trade Tn its name.- Is subjected to such guards and restraints as have appeared 10 he necessary It IS the creature of law, and exists only at the pleasure Ot the legislature IL is made to rest actual specie basis, in order to redeem the notes at the places of lssueproduces no dangerous redundancy ot circulation affords no temp. taon to spcculatiOn-is attended by no imitation of eOuAbIa ia ra kos he