Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-12-22

produce. /, could earnestly be desired
mat every bank, mot possessing The means
or resumption. should follow tho example
oftlic late United States Baak OF Pcnnsy!.
vanin, on,lgo into liquidation. rather than
[ by refusing 10 do so To continue eTnbarrass'
menrs in the way of solveu, ins'ltntions,
thereby augmeniing the difficulties inci'
den, 10 The present condition Of things
-Whsilicr this Government, with due re-
gurd To the rights If the States. has any
power Ia coustraiu The banks, either to re-
sumo specie payments, or to force them lntu
liquidation, is an inquiry which will net
fail TO claim your consideration. In view
Of the great advantages which are allowed
the corporalors, not among the least ol
which il The authority contcined in most ol
their charters, 10 make loans 10 three times
the amount oftheir capital, thereby often
deriving three times as much interest on
the same amount Of money as uny indI-
viinnl is permitted by law to receive, no
sufficient apology cnu be urged for. q long
continued suspension Of specie payments.
Such suspension is productive OF the great
esl de,rimen's lo the public. by exPellins
from circulation the precious metals, anu
seriously hazar,liug the success OF any ei-
fort that this Government can make. TO III
crease commercial facilities, and 10 advance
the public interests.
This is The more to be regretted, and the
Indispensable necessity for sound cur
rency becomes the more manifest, when
we reflect on The vast amount OF the inter-
nal commerce of the country. Ofihs we
have no statistics, nor just data for forming
adequate opinions. But there cnn be no
doubt, bu, that the amount Of lranspor'inn
coastu Use, by sea, aad the transportation
iulanh by railroads and canals, ond by
sicamboats aud other modes Of conveyance
over the surface ofou vast rivers and im-
mense lakes. aud The value of property car
ried and inicrcharged by these means. ioT'n
u general aggregate, TO which the foreign
commerce of the country. large as II is'
makes but distant approach.
In the absence Of any controlling power
over this subject, which By forcing sener-
al sesrmp,ion Of specie payments would az
ouce have the effect of restoring sound
medium OF exchange, and would leave 10
The country but little TO desire, what meas
ure of relief, falling within The limits OF our
constitutional competency. does il become
this Government TO adopt! II was my
painfut duty al your last session, under tho
wcishtof most solemn obligations, To dii-
fer with Congress On the measures which It
proposed for my approval, and which u
doubtless regarded as corrective ofcxisting
evils, Subsequent reflection, aud events
since occurring, have only served To son
frm me in the opinions then entertained,
AMI frankly expressed.
must be permitted 30 add, that 10
scheme of governmental policy, unaided
by Individual excr,ions, eau he available
for amelioraiing the present condition Of
things. Commercial modes of exchange d
n good currency. are but The necessary
means of commerce. and intercourse, not
The direct productive sources of wealth.
Wealth eau only,bc accumulated by the
earrings of industry and the savings OF
frusaliiy: s. nothing eau be Judged
ihan 10 Look 10 facilities in borrowing. or
10 redundant circulation Cor the power of
dischnrsiag pecuuiary obligations. The
country is fuii Of resources and the people
full OF energy, aud the great and pernia-
pcai remedy for prcsen, cmbarrassmenis
niu,i he sought in industry, economy, The
observance ofsood faith, and the tavora-
bic influence OF time.
IL Pursuance Ola pledge given TO YOU
pledge urge as an apology for alventuring
10 present YOU The details of any plan, the
Secretary of The Treasury will be ready 10
suorni, 10 you, should You require it. plan
Of fuance which. while it throws around
shc punic treasure reasonable guards Tor
its protection, and rests Oh powers ac-
knowleJsed in practice 10 exist from The
origin Of the Government, will. at the same
time, furnish TO the country sound pa
per medium. aud afford all reasonable ia
ci,i;ics regulating the Exchanges. When
submitted, you will perceive in it plan
amondaIory Of the existing laws in relation
10 the Treasury Deparlment--suhordin-
ale in a!l respects to the will of Congress
directly, and the will Of the people indi-
rccrly; self.suslaining,shouId 1t be found IN
practice TO realize il promises in theory,
aud rcpcalabe n, the pleasure Of Congress.
|, proposes by effectual restraints. aud by
invoking The true spirit Of our institutions,
TO separate the purse from the sword; or
more properly 10 speak, denies any other
conir,,l 10 the Pres,leu, over the agents
Who may be selected to carry il into exccu-
ton, but whui may hc indispensahly ne
cessary 10 secure the fidelity oFsuch agents;
and, by wise regulations. keeps plainly
apart from from each other. private an'
public funds. 1t conicupla'es The es,ab-
iishmcn, of Board of Contsol, at the Seat
of Govcrcmrn,. with agencies at prom'-
ncn, commercial points. or whercver else
Congress shall direct, for the safe-kcepins
and disbursement, Of tho public moneys,
and substitution, at the option OF the pub
lie creditor. of Treasury notes, in lieu oil
gold and silver. Itproposes TO limit the
issues 10 an amount not To exceed Sl5,-
OOO, 600 without the express sanction oi
the Legislative power. II also authorizes
The rcceipI Of individual deposits of gold
and silver 10 limited amount, and The
yr,n,inr certificates Of deposit, divided i;i-