The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-12-16

as II is, makes but distant approach.
In the absence Of any controlling pow.
or over this subject, which, by forcing o
general resumption Of specie payments
would at once have the effect Of restoring
sound medium Of exchange, and would
leave to the country but little to desire
what measure of relief, falling within the
limits Of our constitutional competency,
does it become this Government to adopt
II was my painful duty, at your last ses.
sion, under the weight Of most solemn OBJ
legations, to differ with Congress on the
measures which il doubtless regarded
as corrective of existing evils. Subse.
quent reflection, and events since occur.
ring, have only served to confirm me in
the opinion then entertained and frankly
expressed.
| must be permitted to add, that no
scheme Of governmental policy, unaided
/ by individual eXertions, can be available
for ameloratlng the present condition OF
things. Commercial modes of exchange
and cool currency are but the necessary
means of commerce and Intercourse, not
the direct productive sources of wealth.
Wealth cQn only be accumulated hy the
earnings Of industry aud the savings OF
ltfagaliiy and nothing can be more ILL.,
judged than 10 look TO facilities 10 borrow
ing, or to a redundant circulation, for the
power Of dischargiog peeunlary obliga-
tons. The country IS full Of resources,
aud the people full Of ehcrgy and the
great aud permanent remedy for present
em5arrassments must be sough, in indus
try, economy, the observance of good
faith, and the favorable influence of time
In pursuance Of pledge given T. you
in my last message to Congress, which
pledge | urCe as an apology for adyeutur-
ing to present YOU the details Of any plan,
the Secretary OF the Treasury will be rea-
dy 10 submit to you, should you require
ii, plan Of finance which, while it throws
around the public treasure reasonable
guards for lis protection, and rests on pow
ers acknowledged IN practice to exist from
the origin Ct the Government, viii at the
same time furnish to the country a sound
paper medium, and afford all the reasona-
bic facilities for regulating tue exchanges.
When submitted, you will perceive IN II a
plan ameudaiory Of the existing laws in
relation The 10 Treasury Department-sub-
ordiuale IN oil respects to the wtll VI Con
eress directly, and the will Of the people in.
notwithstanding, should It be found
tn
and repealahle Al the pleasure Of Congress.
II proposes, by e.icctual restraints aud by
invoking the true splrii OF our Institutions,
10 separate the purse from the SWORD or,
more properly To speak, denies envy other
control to the President over the agents
who may be selected to carry it into exc.
cuilon, but what may be ndispcnsably re.
cesSary to secure the fidelity OF such
agents and, by wise regulations, keeps
plainly apart from each other private and
publie funds. /. conlemplales the es;ab.
lishment e. board oi control at the scat
Of Government, with agencies az proml-
Reu, commercial points, q wherever else
Congress shall direct, for the safe.keepiug
and disbursement Of the public moneys.
and substitution, at the option OF the pub
lie creditor, Of Treasury notes 10 lieu Of
gold and SILVER. II proposes to limit the
issues 60 an amount not to exceed $40.
900, 900, without the express sanction of
the Legislative power Ii also authorizes
tho receipt Of individual deposits of gold
and silver TO a limited amount, and the
granting certificates Of opposite, divided
INTO such Sums a. may b called for hy tho
depositoTs. II proceeds a step further,
and authorizes the purchase and sale OF
domestic bills and drafts, resting on a real
and substantial base, payable at sight, or
having but a short time 10 run, aud drawn
on places not less than one hundred miles
apart--ahich authority, excep. n 50 far
as may be necessary COR GoyerHmcn, puf-
pose exclusively, IS only to be eycried up
on the esl fcSs condition that It's exercise
shall not be prohibited by the State IN
which the agency Is situated.
Ia order 10 cover the expenses incident
TO the plan, Il Will be authorized TO receive
moderate premiums for certificates issued
on deposlles, aud on bills bought and sold /;
and thus, as far as its dealings extend 10
furnish facilities to commercial intercourse
at the lowest possible rates, and to subduct
from the earnings Of industry the least pos
sibr sum. Il u5es the State banks, at
distance from the agencies, as auxlliaries,
without impartiRg any power TO trade IN
ITS name. II IS subjected 10 such guards
and restraints u have appeared 20 be ne
cessary. l, is the creature Of law, and
exists only at the pleasure Of the LegIsla-
turc. Il is made to rest on an actual spe-
cic basis, in order TO redeem the notes nt
the places Of ISSUE produces no dangerous
redundancy Of observation-disclosures no
temptation TO speculn,ion--is attended BY
no imitation Of priests equable IN It's OPP
eratlon-makes the Treasury notes, which
it may use along with tho certificates of de-
posltc, and tho notes Of Specic.paylng
banks, convertible at the place whore col
lected, receivable in payment of Govern
ment dues and, without violating any
principle Of the Constitution, affords the
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