Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-06-12

n difficulty at that time 10 determine Certain ,
that, Tor the first years of the operation of tha
Bank, ITS course was disastrous as for the prea
ter part OF It's subsequent career 1t became emu
nently successful As to the second the exper
imeDt was tried with n redundant Treasury
when continued TO increase until seemed to be
the part OF wisdom 10 distribute the surplus rcve
nue. among the States which, operating at the
same tune with the specie circular. and the eau
ses before adverted TO, caused ! EN- to suspend
specie payments. and involved the country IN
the greatest embarrassment. And as - the
third, II carried through all the stages of It's trans
mdtation, from paper and specie nothing bul
the precious metals To say nothing of the Iusu,.-
rity OF the public moneys, its injurious effects
have boon anticipated by the country IN lis IN
qualified condemnation. What is now TO be re-
garded as the Judg ment Of the American people
on this whole subject, have no accurate means
OF determining bat by appealing to their more I'M
mediate representatives. The late contest, which
terminated IN the election of Gen. HARRIsoN to
the Presidency, was decided on principles well
known and openly declared: and, while the Sub
Treasury received in the result the most decided
condemnation, yet no other scheme OF finance
seemed TO have been concurred in. To you, then,
who have como more directly from the BODY of
our common constituents, | submit the entire
question, as best qualified to give a full exposi-
ton OF their wishes and opinions. | shall be rea-
dy 10 concur with you IN the adoption of such sys-
tenn as you may propose, rcserylng TO myself he
ultimate power OF rejecting any measure which
may, IN my view OF II, conflict with the Constitu-
ton or otherwise leopard the prosperity of the
country; power which | could not part with
even If would, but which | will not believe any
act OF yours will call into requlsitlon.
cannot avoid recurring, conueXion with this
subject to the necessity which exists for adopting
suitable measure whereby the unlimited
creation of banks by the States may be corrected
III future. Such result be most readily
achieved by the consent Of the States TO be ex-
pressed IN the form OF compact among them
selves, which thov only enter into with the
consent and appreciation of this Government: a
consent which might, III the presen, emergency Of
the public demands, Iustifiably be given in ad-
vance OF any action by the States as an induce
nent to such action upon terms well defined by
the act OF tender. Such measure, addressing
itself to the calm reflection of the States, would
fnd IN the experience of the past, and the cond
ton OF the present, much TO sustain it, And it is
greatly 10 be doubted whether any scheme of fl
nance can prove for any length of time success
tui while the States shall continue in the unre-
strained exercise OF the power vi creating bank
ing corporations. This power only be limit
ed hv their consent.
With the adoption OF financial agency of
satisfactory character, the hope mag be INDUCED
that the country may once more return to a state
OF prosperity. Measures auxiliary thereto, and,
IN some measure, InseparabIy connected with lis
success; will doubtless claim the attention of.
proceeds Of the sales the pubic lands, provided
such distribution does not force upon Congress
the necessity OF imposing upon commerce Eeayi
err burdens than those contemplated by The act Of
1888, would act an efficient remedial measure
by being brought directly III aid Of the States
As sincerely devoted 10 the task of preserving
a Just balance IN our system OF government, by
the inaIntenau"e OF the States IN condition the
most free and respectable, and In the full posses
sion OF all their power can no otherwise than
teel desrous for their emancipation from the sit
uation 10 which the pressure their finances
now subjects thom. And, while must repudae
5 4 measure founded IN error, and wanting con
stltutioual sanction, the slightest approach TO
assumption by this Government OF the debts Of
the States, yet can see in the distribution ad-
vertea to, much TO recommend II. The compacts
between the proprietor States and this Govern
ment expressly guaranty TO the States all the
benefits which may arse from the sales. The
mode b. which this IS to be effected, addresses
itself to the discretion OF Congress, the trus-
tee for the States; and its exercise, after the
most beneficial manner. Is restrained by nothing
IN the grants or in the Constitution, 50 long as
Congress shall consult that equality in the distr
button which the compacts require. In the pre-
sent condition OF some of the States, the ques
ton OF distribution may be regarded as sQbstan
tally question between direc. and indirect tax
alton. ii the distribution be not made in some
form or other, the necessity will daily become
more urgent with the debtor States for resort
oppressive system of direct taxation, or their
credit, and necessarily their pow er and influence,
will be greatly diminished. The payment tax
es. after the most inconyenient and oppressive
mode, will be exacted in place OF contributions for
the most part voluntarily made, and therefore
comparatively unoppressive. The States en-
phaticay the constituents of this Government;
and should be entirely regardless Of the OBJ
iects held in view by them III the creation Of this
Government, If could be Indifferent TO their
good. The happy effects Of such measure up
on all the States, would Immediately be manlfes-
ted. With the debtor States ii would effect the
relief to great extent Of the citizens from
heavy burden of direct taxation which presses
with severity upon the laboring classes, and
nenty assist 10 restoring the general prosperity.
An immediate advance would take place IN the
price Of State securities, and the attitude Of the