Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1842-01-08

Onlleu OtuleS DdHK VI 0nhS yiFoHlu
and 90 into liquidation, rather than b.
refusing to do so TO continue cmbarrass
ments in the way Of solvent institutions
thereby, augmenting the difficulties Incl
dent to the present condition OF things
Whether this Government, with dine re
gard to the rights of the State, has any
power to constrain the banks, either TO re
sumo specie payments or 10 force then
into liquidation, is an inquiry which vii
not fail to claim iyour consideration. II
view Of the great advantages which are
allowed the corporators, not among the
least Of which is the authority contained
in most Of their charters, toi make loans
to three times the amount Of their capl-
tai, thereby often deriving three times as
much interest on the same amount O.
money as any individual is permitted BY
law to receive, no sufficient apology can
be urged for long continued suspension
CT specie payments. Such suspensions is
productive Of the greatest dctriment tc
the public, by expe ling from circulation
the precious metals, one seriously haz-
arding the success Of any effort that this
Government can make, to increase COM
mercial facilities, and to advance the pub
lie interest.
This is the more TO be regretted, and
theVndspensable necessity for sound
currency becomes the more manifest,
when we reflect on the vast amount oil the
internal commerceof the country. or this
we have no statistics no just date for form
ing adequate opinions. But there can be
no doubt, but that the amount Of trans
port ton coastwise' by sea, and the trans
portation inland by railroads and canals
aud by steamboats,! and other modes Of
conveyance, over the surface or our vas;
rivers and immense lakes, and the val
ue of property carried and interchanged
by these means, from q general aggre.
gate, tc which the foreign commerce Of
the country, large as it is, makes but a
distant approach.
In the ebsence Of any controlling pow
or over this subject, which by forcing
general resumption Of SPECIE payments Of
exchange, and would leave tothe country
but little, to desire, what measure Of relief,
falling within the limits of our constitu.
.ional competency, does it become this
Government 10 adopt? 1t was my pain
full duty at your last session, under the
weight of most solemn obligations, TO
litfer with Congress on the measures
which it proposed for my approval, and
which it doubtless regarded as corrective
Of existing evils. Subsequent reflection,
md events since occurring, have only
'crved to confirm me in thel opinions then
mt ertained, and frankly expressed.
must be permitted to add, that no
cheme of governmental policy unaided
" individual eXertions, can be available
or ameliorating the present condition Of
hings. Commercial modes o. exchange
md good currency, are but the neces>
ary means of commerce and intercourse,
lot the direct productive sources of
wealth. Wealth can only be accumua-
BY the earnings Of industry and the saw
ngs Of irugality; and nothing can be
more ill-judged than to look to facilities in
borrowing, or to redundant circulation
Tor the power Of discharging pecuniary
The country is full of re-
sources and tho people full Of energy,
md the great and permanent remedy
or present embarrassments, must be
sought in Industry, economy, the obser-
renee of good faith and the favorable
of time
In pursuance Of a pledge given TO you
n my last message 10 Congress, which
hedge urge as an apology for adventur-
ng to present you the details Of any
Ian, the Secretary Of the Treasury will
'e ready TO submit TO you, should you re-
uire it, plan Of finance which, while it
hrows around the public treasury rea.
enable guards for its protection, and
est on powers acknowledgement practice {
} exist from the origin of the govern {
lent, will at the same time, furnish to the ;
ountry sound paper medium, and af ,
ord all reasonable facilities for regula>
ing The exchanges. When submitted
on will perceive in plan amendatory I
the existing laws in relation to the !
'reasury Observation-Disclosures in T
IL respects to the Twill of Congress d.
ectly-self sustaining, should it be found c
! practice to realize its promises in theo- I
y, and repealable at tho pleasure of !
congress.
1t proposes by eiTectual restraints, and t
invoking the true spirit of our institu- G
ons, TO seperate the purse from the :
word; or more property to speak, denies )
ny other control 10 the President over il
le agents who may be selected to carry r
into execution, but what may be in a
spensbly necessary to secure the fidel> "
OF such agents; and, by wise. regula- i
ons, keeps plainly aprt from eac h other, /
'lvate and public funds. 1t contem- y
ates the establishment of board Con. !
OIL at the Seat Of Government, with a. u
'ncies ut prominent commercial points, is,
r wherein else Congress shall direct, s,
r the safe keeping and disbursement of g.
Q public moneys and a substitution, at =
0 opinion of the public creditor. of