The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-12-15

IL
abuse. Fifteemfnill Lions of Treasury notes may
be issued as themd;rimaap; but a discretionary
power is to be given to the Beard of Control un-
der that sum; and every consideration viii unite
in leading them tofeel their way with caution,
For the first eight years Of existence Of the late
Bank of the United States, its circulation barely
exceeded 81, 100000; and for five dfg its most
prosperous years it was about equal to SI6s.
100000. Furthermore, the authority given to
receive. private dePosites to a limited amount,
and to issue certificates in suchtsufns as may: be-
called for BY the depositors, may so farfiil upthe
channels ofclrcula.ion as greatly to diminish the
necessity of any considerable issue of Treasury
notes. restraint upon the amount of private I
deposltes has seemed to be indspensably ,necesa
say from an apprehension. thought to Be well
founded that in any emergency Of trade, confi.,
dence might be SO far shaken in the banks as to ,
induce withdrawal from them of private deposs
ties; with view toinsure their nnquestionable :
safety when deposited with the Government,
which might prove en,inently disastrous to the
State banks, - y ~. 80.
lslt objected that it is proposed to authorize
their agencies to deal in bills of exchange1 III
is answered, that such dealings are to be carried
on at the lowest possible premium made to
rest on an unquessionably sound basis-A,are de.
signed to reimburse merely the expeness Swhich
would otherwise devolve upon the Treasury,
andare in strict subordinatien to the. decision Of
the Suprem Court, in the case of the Bank Of.
Augusta against Earle, and other reported cases:
and thereby avoids all confect with State iiuris.
diction. 1t leaves the banking ofthe State with
out nterlerence-looks to the Treasury and the
Union; andI while furnishing every facility ytothe
flrst is careful of the interests of The last Bnt.
above all, it is created by law, is amenabIe byy
law and, is repeaable. by law; and, welded as
i am to no theory, butElooking solely to the ad IS
vancetnent ofthe pubic good, i shall be amongst
the. very first to urge its srePeal, fit be foundhot
to subserve the.purros sesSand objects for which
it may pc created Nor will the plan be SUBJ.
mltted in any overwcening confidence in the suf-;
tciency ofn1y own judgment, but with much
greater reliance on the wisdom and patriotism Of
Congress. | cannot abandon this subject withsSs
out urging upon you,in the most emphatic nans
ner, whatever may be your aeaon on the suggess
tions which have felt it to be my duty to sub
init, to relieve the Chief Executive Magistrate,
by any and all constitutional means,s sfrom;a con-
trolling power over the public Treasury. il; in:
the planpr proposed should yondeem it worthySof
your nsideration, that eparation not as COM
plete as you may desire, yoa will doubtless
claim all desire to have any control oyer the
public money, other thanwhat is indispcnsablY
necessary to executethe laws wkch you may
pass t. a,jsff:ss.: -
Nor can / fail to advert in. this connection, to-
the debts which many OF the States ofthe United .
have contracted abroad, and under which they,
continue to labor 'Thatindebtedness amounts
tn sum not less than $500, 100000, and which
sheen reributed to them, for the most part in
works ofihternal inprovepen (Which are destin-
ed to prove of vast importance in ultimately
advancing their prosperity and wealth. For the z
dabts thus contracted, the States are alone res
ponsble. can do 10 more than express the
belief that each State wllfeel itself bound by >
every consideration of honor, well as of inter-
est, to meet-ts engagements with puuctualty
The failure, however, Of any one State tosdo so,
should in no degree affect the crsdtof the ,restS
and the foreign capitalist will hayene just cause
to experience alarm as to- all other State stocks,
because any one or more Of the States may ne
g!ectto provide with p1nctnaty the meanssDs
redeeming their engagements. EVcn such
States, should there beany, considering hegreat
rapidity with which their resources are develop
ing themselves, will not fail to have the means, ;
at no very distant day, TO redeem their obliga-@
tions to the utmost farthing; nof will Idoubt but
LilaL III view vi lldIOuoTdulc COuuuCb Which udSt5
evermore governed the States, and the people o /.
this Union, they will each andall resort to every
legitimate eIpedient, before they wlk sforego a
faithful compliance with Their obligations.
4 80
feel Tiny dutyto bring under your considera- :;
ton practice which has grown up in the adj
mnistration the Government and which, am
deeply convinced, ought TO be corrected + ailude
to the exercise of the power, which usage, Z
rather than reason, has vested in the Presidents;
of removing incumbents from Office, in in sonders
to substitute others more in favor with the domi.
nant party. My own. conduct, in this resPects
has been governed by a conscientious purpose to
exercise the removing. power, only in case OF :
unfathlulness or inability, or in those in which
its exercise appeared necessary; in order to dis
countenance and suppress that spirit OF active
partisanship on the part of holders of office,
which not only withdarws them from the steady
and impartial discharge ofgtheir official duties,
but exerts an undue andininrious influence over
elections, and degrades the character OF the Gov :
ernment itself, nasmuch as it exhibits the Chief
Magistrate, as being PARTY, through his agents,
in the secret plots or open workings OF polltcaf
parties. as
In respect to The exercise ofthis power moth j,
ing should be left to discretion, which may safe
ly be regulated by law; andit is of high impor-
topce RI restrot far as OSSible the stimulus or