Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-05-01

0a- Before entering fully into the question of de-
posi We take the liberty of presenting the following
extract from President Jackscn's last annual Mes
sage -
The consequences apprehended when the deposit of
the session received reluctant approval have been
of the surplus moneys the United States in the State
Treasures for safe keeping until they may be wanted
y spoken of give the the several Sates
and they have been advised to it as gift without
has doubtless been made without due consdera
ton the obligation of the deposte act and without
per attention to the various principles and interests which are
ton such suggestion and that stands the States
authority to receive and these deposits
without intending to return hem than deposit bank
any individual temporarily charged with the keeping
application of the public money would have for
ting the to their pVlte use without the consent and
the violation public faith and moral obligation which
involved in this suggestion when examined in reference to
the terms of the present depose act it is believed that the
which should the future legislation Of
Congress this subject will be equally conclusive against
the adoption of measure recognizing the principles
which the suggestion has been made.
Even thus early after the passage of the deposit
act of 1885, yea within the very year of its passage
within the year in which it received the reluctant as.
sent of General Jackson, had the consequences ap.
pretended been measurably realized. 1t was hardly
attempted to be disguised that while deposit had been
and with stern and manly indignation did the old
hero repudiate such suhterfuge and denounce il
as a violation of public faith and moral Obligation
! We use his own words.
| What followed? In 1886 Mr.. Van Buren, was
elected and in 1887 he took his seat in the Presiden
| tial Chair. The deposits with the States gave ar
impulse 10 State exravagancies resulting in repudia
tons and suspensions, lowering standard of com
mercial credit abroad, and discouagng and Gripping
our people at home. The States deposited their de
posts with their banks-the banks expanded, and il
the next year after the deposit with the States, thu
crash came-specie payments were suspended
bonds, as a rule, nowhere in The market shin
plasters were the order of the day.
But the Federal Government did not escape Tn,
federal treasury depleted and the last nstalments
of the deposits we've never deposited, because Their
was no money TO make the deposits with. The gen
eral government had 10 enter the market as Dor
rower-the cry of extravaganza was raised agains
Mr. Van Buren,, and wild, hard cider exctemen
inflicted defeat upon the Democratic party such a
it never knew before, and we trus will never know
again.
Within the four years of Mr.. Van Buren's admins
traton, the apprehensions entertained by Presiden
Jackson were more fully realized. Embarrassed
bankrupt indeed, as the treasury was, the monte
deposited with the States never turned tc or re
carded as United States funds, and now that Pres
dents have come and gone, been elected inauguratei
died, buried-that the Mexican war has come an
gone-that national debt has been cres ted and de
frayed, nearly SO, the idea of calling upon tn
States has not been mooted, showing this much, a
least-that however pure may have been the motive.
and however sincere the professions of many wh
voted for deposit-however different they may hav
thought to be in principle from distribution nay
however different it may have been, it resulted i
the same thing.
We fully acknowledge the question to be an en-
barassing one and that there are views of it whic
may be urged in excuse or justification, which al