Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-01-20


earth. at a moment. too when every consideration
nected with the honor of the American name, al home
and abroad, calls for free and strenuous development
oi the national iacultes-wlth such this be
lore their eyes. appealing mprcs'ivcly to the aensibi
ties well AZ obligations OF lofty patriotism, surely
gentlemen will not be- content 10 fold their with
solcal Indifference and in the codncss and solitude Of
metsphy sical abstraction cry out to suffering people
You expect too much from the Government
certainly had not expected, after the signal rebuke
which this memorable language, employed in high
quarter ON former occasion, had met with trum the
country TO hear repeated now Yet the Senator from
Pennsylvania tells uslearc the people 10 hemseires-
they must not LOOK 10 Congress for reIetand the Scna
tor irom South Carolina Joins hun by telling his political
friends they have nothing To do bu, to stand still Now.
sir, while the country IL suffering under embarrassment
and disorders of the grayest character attributable main
~. IN my humble Judgment To mis,ov eminent and
rprs OF public policy for one. reconcile II 10 my
sense VI duty servant and representative Of the so
pie To stand still and do nothing bolicve that Gov
eminent IL competent for goodas We know. from bitter
experience. that II is capable Of evl-and for
honest effort at least To do something for the good o the
country Ii Is very evident what gentlemen promise
themselves from hsir do nothing policy and defeating
IN SUCCESSION. every measure which should he proposed
for existing evils They still cling 10 their cherished
sub Treasury system. Their banner is Inscribed with
the motto oi Sub Treasury the ,rhoe sub Treasury aud
nothing bat the sub Treasury but If they hope ever
again 10 bring the free people Of this country that
pudiated SYSTEM with all its iron hearted cxcusveness
It's seishness and abandonment Of the interests Of the
great body Of the people, its Shy lock exacon Of the bet
ter currency for the Government, alone and the absolute
dependence of all the agents and unctonares of the sys
TEN on the will Of the President, they will yet find
perhaps, that they reckoning ,cthoM their host.
What, then, Mr. President, is it incumbent upon u.s.
with due regard to tho circumstances Of position,
now To dol The sub Treasury system has been repla
ted by the People, and will never. my humble Judg
ment be submitted 10 by them again. National Bank.
1t must be conceded, even by It's strongest advocates
for the present at least, also out Of the question Were
there other difficulties in the way the admitted i'm
possibility Of obtaining subscription OF the stock of such
institution, under existing circumstances in itself
an lnsnwrable impairment, In regard Ia the Staebanks.
like my honorable friend from South Carolina (Alr PnEs
TOM who first addressed you this morning, | have al
ways believed that udclous and regulated Of the
sound portion of those institutions pable of Offering
the necessary accommodation 10 the wants Of the Gov
cmmen and NIGH, under proper management. he made
highly instrumental in rcdeemng and improving the
diion OF the actual currency Of the country could ne
yer. however under any circumstances. agree To sane
ol the employment by the Government Of such of those
institutions as are IN state Of SUSPENSION and fail 10
meet their liabilities in specie demand An lnfleNl
bic adherence to the policy Of the resolution OF 1886 in
refusing in all transactions Of the Federal Government
the paper OF non specie paying hanks have cons
dccd Of vital and indispensable importance. In the pro
sent unfortunate condition ST these institutions in large
portion OF the Union so long as II shall continue, there
would be an nsupernble obstacle. therefore their employ
wherever that state oil tinCS "Xlss ana
/ be asgulscd also, that under the united hosItlcs
which both 0. the great poical parties Of the country
have Of late srangv, concurrcd in wngng on the sys
tenn return To it, as measure OF practical adnnlstra
ton would be embarrassed by Any difficulties not inhe
rent in the system itself Until mo- prop'los state
OF things and Of feeling, then, shall be destoeo whch
am not that the force Of circumstances is nu even
now silently working, in the choice Of cxpco
cnts that is left the State bank system like its rivals,
must remain matter OF speculative preference and O
pnion rather than Of available practical craftsmanship
| How then, do sandl said Mr.. RVEs The
sub Treasury sy stem, National Bank, the State bank
SYSTEM ALL for the present TO be laid out OF tho ques
ton. And yet the country demands that something shall
be done for its relief III get what shall appear
to be the best measure, will 90 for the next best and
II cannot get that, am willing TO try any constitution
al expedient not exposed To gross defects, which shall
hold out the prospect of amcloaton in the present
dltion of things In regard to the scheme which pre-
scented to us by the Administration, am bound in frank
to say that there parts oil il which, after the best
consideration have been able to besow the subject
appear be liable TO just and strong objection
But these are susceptible Of amendment and commit
tee acting upon the whole subject in that spirit Of
dor and Cancellation which is properly appealed to.
may unto and reconcile opinions divided In relation
to the proposed scheme The power proposed to be
erred the Exchange Board and its agencies Of buying
bills OF exchange on time appears TO be one of the most
dangerous character the hands Of Government agents,
committing the public credit TO all the hazards Of private
dealing of abused FORMS without the safe
guard Of private interest," and leading almost necessarily
abuse from the convenient II would afford for
collision and nfdelity the part Of public officers
der the plausible preext OF errors OF Judgment In the
present condition Of the country when the credit Of this
Government has become almost the last Of the
national safety and honor think that employ
ment of the public funds full Of hazards and tempta
tiols to abuse could be justified in sound viow Of the
interests committed TO charge, even if II obnox
ious other objection An authority TO furnish bills
of exchange the public repositories at distance, To
individuals applying and paying for them in cash, would
be exposed to Of these hazards and abuses-woud
afford important accommodations to the business
nifty in facilitating tho operations of exchange, and Justly
claims consideration whether may not be safely and
properly incorporated with the plan proposed
In regard TO the machinery by which the proposed
system to be worked it ought, in my opinion, to be
rendered ecctually Independent of Executive CONTROL
This consideration, from its intimate connexion with
the principles Of public liberty, is Of vital importance
glad to perceive from the Message Of the President
that It's decacy and importance not unapprecatcd by
him and that, in the plan submitted by the Secretary Of
the Treasury provisions introduced looking To
the object 1t proposed to qualify the Presidents
power of removal over the members of the Exchequer
Board by limiting it 10 specified causes Of removal, and
quirng, in every of removal that no should commu
ncae the Senate for the exercise Of the pow
these provsonsdo not go far enough They do not
effect that substantial independence Of Executive power
which is mpcriousy requisite in regard to SO high and
delicate trust is proposed to be devoved the
Board of Exchequcr know, sir it is said that this
dependence attanable under tho form of inst
public officers the Executive head. But is this
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