Lexington union. (Lexington, Miss.) 1838-18??, 1842-01-01

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times 'he!t capital, thereby often deriyiDo
three times as much interest on the same
amount OF money as any individual is per.
United by law TO receive, no sufficient
apology can be urged for n long continued
! suspension Of specie payments. Such
suspension Is productive of the greatest
delriment to the public, by cXpeIIiog from
circulation the precious metals, and serl.
ously haZarding the success Of any effort
that this Government can make to in
crease commercial facilities, and to adj
vance the public interest.
This is the more to he regretted, and
the Indispensable necessity for sound
currency becomes the more manifest,
when we reflect on the vast amount of
internal commerce Of the country. or
this we have no statistics, nor lust data
Tor forming adequate opinions. Bat there
can be no doubt but that the amount of
transportation coastwise, by sea, and the
transportation inland, by railroads and
canals, and by steamboats,, and other
modes of conveyance, over the surface of
our vast rivers and immense lakes, aud
the value OF property carried and inter
changed by these means, forms a general
aggregate, to which The foreign commerce
of the country, large as il is, makes but
distant approach.
In the absence Of any controlling
power over this subject, whlch by forcing
| "A general resumption Of specie payments,
would at once have the effect of restoring
a sound medium OF exchange, and wCulI
leave to the country but little to de. ro
what measures OF relief, falling within tho
limits of our constitutional cor,no,oncv
does 1t become tins goyerpmc NJ 10 adoni9
1t was my painful duty o. vonr Ia sessi on
under the weight of raoA solemn oblioa-
TONS, to dIi5r With Congress on the meas.
nres which 1t p'oJosed for nv approval,
ana which It doubtless regarded as cor,
recuVe ct EXISTING evils. Subsequent re-
HECTOR, md events since occurring have
only served to confirm me in the opinions
'aeH entertained, and frankly expressed |
l must be permitted TO add, that no
scheme OF governmental policy, uraided !
by individual eXeriions, can be available
for omeIloralng the present condition of
things. Commercial modes Of exchange.
and a good currency, are but the necessary
means of commerce and intercourse, not
the direct productive sources Of wealth
Wealth can only be accumulated by the
earnings OF industry, and the SAVINGS of
trngaIl'y; and nothing can lie more i'll.
judged than 10 look TO facilities in Dor
rowing, or to redundant circulation, for
the power of discharging pecuniary obi.
CATIONS. The country is TOLL OF resources
and the people full of energy, and the
great and permanent remedy for present
ADVERTISEMENTS must be sought in indus.
Try, econamy. the Observance of good
iaIth, and the favorable Influence Of time,
In pursuance Of pledge given to Won
IN my last message to Congress. which
p'eage urge as an apology for adyentur-
InT topresent you the details of any plan,
me Secretary Of the Treasury will be ,
ready to submit to you, should you re-
quIre IT, plan OF finance which, while It
throws around the pubic treasure reason.
able guards for its protection, and rests O,
powers acknowledged in pratice TO exist
from The orogan OF the Government. will
at the same time, furnish to the country ,
SOUND paper medum,and afford all reason.
ahIe facilities for regulating the EXCHANGES ,
Nhen submitted you will percieve in II !
plan amendotory Of the existing laws in {
relation to the Treasury Departmen,- a
subordinate ia all respects the will of /
Congress oirecty y, and the will of the peo. +
pie indirectly self sustaining, should it be /
Iouud IN practice to realize lists promises in r
Iheory, and rePeaIabIe at the pleasure Of i
Congress. 1t proposes of eaectuaI res, d
'ra'nls, and by invoking the true spirit of i
our institutions, tp seperate tho purse from {
the sword, or IN ore properly TO speak, de- +
mes any other control to the President n
over The agents who may be selected to
larry 1t INTO execution, but what NAV be /
necessary TO secure the f. b
leII'y OF such agents; and, BY wise regula. II
IONS keeps plainly apart from each other. h
private and public funds. contemplates b,
he establishment Of a Board of Control. q,
II The Seat of Government, with agencies AZ
II prominent commercial points, or where. III
'Ver else Congress shall direct for tho r
ale Keeping and disbursement of the pub. re
&c moneys and substitution, at the op. I'll
ION OF the public creditor, of Treasury 10
o'es due IN, gold and silver. 1t propo>
es TO limit the issues TO an amount not 10 s,
Aceed Sl9, OOO,o 0o-wirhout the express 4
lnctIon OF the Legislative power. Il also nj