Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1841-12-15

upon the amount of private deposits has |
deemed to be indespensably necessary
from an apprehension thought 10 be well |
founded. that in any emergency Of trade,
confidence might be so far shaken in the
banks as 10 induce = withdrawal from them
OF private deposits, with view 10 ensure
their unquestionable safety when deposited
with the government. which might prove
emlnenily disastrous 10 the Stale Banks.
Is It objected that it is proposed to au-
thorise the agencies to deal in Bills Of Ex-
changed Il is answered, that such deal
lngs are 10 be carried on at the lowest pos.
sible premium--are made 10 Fest on an
unquestionably sound basis ARE designed
TO reimburse merely the expenses which
would otherwise deyolve upon the Treas.
urv, and are in strict sabordinalioift 10 the
decision Of the Supreme Court, 10 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 indspensably requisite. 1t
leaves the banking privileges Of the States
without interference-looks to the Treas.
ury and the Union.-and, while furnish
ing every facility 10 the first, is careful of
the interests of the last. But above all il
is created by law, and is repealable by
Lew; and welded as 1 am to no theory.
but looking solely 10 the advancement of
the public good, shall be amongst the
very first 10 urge It's repeal il it be found
not to subserve the purpose and objects for
which il may be created.
Nor will the plan be submitted in any
overweening confidence. ia the sufficiency
ofmy wnjudglnent, but with much great
Ter reliance on the wisdom and patriotism
Of Congress. cannot abandon this sub
ject without urging upon you, in the most
emphatic manner, whatver may be your,
action on the Suggestions which / have
felt Il TO be my duty TO submit to relieve
! the Chief Executive Magistrate by any
and all Constitutional means, from a
controlling power over the public Treas
Jury. If in the plan proposed. should you
deem 1t worthy Of your Consideration, that
separation is not as complete as you may
! desire. you will, doubtless, amend il in that
particular. For myself | disclaim all
1 desire 10 have any control over, the public
moneys. other than what is indispensably
necessary, to execute the laws which yod
may pass.
| Nor can fail to advert, in this conaec-
, ton, TO the, cebts which many of the
States ofthe Union have contracted abroad,
and under which they continue to labor.
That Indebtedness amounts to SUN not
, less than 5000, 000, 900, and which has
been rrtributed TO them, for the most part,
in works OF internal improvement, which
are destined 10 prove of vast importance in
ultimately advancing their prosperity and
weiith. 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 inter.
e est, TO meet lis engagements with punctu'
. alily. The failure, however. of any one
) State TO do5so, should in no degree afec,
) the credit Of the rest; aud the foreign
' capitalist will have no Just cause to expe
) rience alarm as to all other State stocks,
!, because any one or more of the States NAV
!. neglect 10 provide with punctuali,y the
) MEANS Of redeeming their engagements.
ell Even such States, should there be any
Of considering the great rapiiity with which
g their resources are developing themselves
Is will not fail 10 have the me ans. al no yer,
IL distant day, to redeem their obligations /,
b. the utternosl laHhingi nor will donb
e. but that in view Of that honorable conduc
it which has ever more governed the States
n.y. aad the people of the UHioa, they vii
each and all resort to every legitimate ex
lir pediept, before they will forego faithful
Isl compliance with their obligations.
II From the report of the Secretary @
'ut War, and other reports accompanying
ID, you will be informed ofthe progress whic
d. has been made in the Notifications desiel
lis ed for the protection Of our principaleci
ed les, roais,eads, and inland frontier, durin
nv the present years; together with their trI
nd state and condition. They will be pros
le cuted TO completion with all the expedite
". which the means placed by Congress
as the disposal of the Executive will allow
,e- recommend particularly TO your Col
re- Esideraliou, that portion of the Secretary
on report which proposes the estabIishme
enl Of chain Of military posts, from Count
ur- Bluffs 10 some point on the Pa:i6c Ocea
en- within our limits. The benefit thrrel
no. destined TO accrue tc our citizens ia I
Of furlrade, over that wilderness region, az
ed 10 he importance Of cutivaling frier
m. ly relations with savage tribes inha biti
J in il, and at the same time Of giving prott
me ton to our frontier settlements, and
bly establishing the means of safe iniercoul
the between the American settlements al
The mouth Of The Columbia river, and those
res. this side OF the Rocky Mountains. wo,
ra- seem % sugges. the importance OF carryl
MS in,o effect the Recommendations upon Z