._...——._‘
c itive oflicers in" thecustody and disbursement
of the public money seetns 10 be “”“"_°"l“bl° 3
and before it can be admitted that the iiiflueuce‘
and power of the Executive would be increased
by dispensing with the agency of banks. the 03‘
tore oftliat intervention in such an agency must
be carefully regarded, and it com parisoti must be
institiiicd between its extent in the two cases-
'I‘he revenue can only be collected by pfficers
appointed by the President, with the advice and
consent of the Senate. The public moneys, in
the first instance. must, therefore. in r1llCt1_Se-rs.
pass through hands"-selected by the Executive.
Other olficers appointed_in the same way. Or. 8310
some cases, by the President alone, must also be
entrusted with them when drawn for the purpose
of disbursement. It is thus seen that. even
when banks are employed. the Pbbllb lb"_‘l5 ‘ml?’
twice pass through the hands of Executive ofit-
cers. Besides this, the head of the Treasury
Department. who also holds his office at the
pleasure of the President. aiitl some other officers
ofthe same department. must“ necessarily be_in-
vested with mire or less power in the selection,
coiitiiiitance, and siipervisioiuof the liaiiks that
may be employed.- The question then IS. nar-
rowed to the single point. Wltetltetvfb ‘be ""‘_”"
mediate stage between the collection and (ill:
bursement ofthe public money. the agency "l
banks is necessary to avoid a dangerous _pxteii-
sion ofthe patronage and influence of the Execu-
tive? But is it clear that the ctiitiiectitiii of the
Executive with powerful mouied llhllllllttitiir,-o
capable of ministering to the interests of men in
points where they are most accessible to corrup-
tioii, is less liable to abuse. than N3 C°"=‘l"b“"'""
ageiicy in the appointment and control of the
few public officers required by the proposed plan?
VVill the public money, when in their hands. he
necessarily exposed to auyini proper iiiterferencc
on the part-of the Executive? . May it not be
hoped that :1 prudent fear of publicgjealousy and
disapprobation. in a niatter so peculiarly exposed
to them, will deter him from any such interfer-
cnce, even if higher motives be found inopera-
tive‘? May not Congress so iegiilate. by law.
the duty of those officers. and subject it to suct-
supcrvision and publicity, as to prevent the
possibility of any seriousabuse on the part ofthe
Executive? And is there equal room for such
supervision and publicity in a connection with
banks. acting under the shield of corporate ini-
mtinities. and condticted by persons irresponsi-
ble to the Government and the People‘? It is
believed tliata considerate and candid iiivestig:i-
tion ofthese questions will result in the convic-
tion. that the proposed plan is far less liable to
objection. on the score of Executive patronzigc
and cotitrol, than any bank agency that has been.
or can be. devised.
\Vith these views‘. I leave to Congress the
measures necessary to regulate. in the present
emergency. the safe-keeping and transfer of the
public moneys. In the performance of consti-
tutional duty. I have stated to them, without
reserve. the result of my own reflections. The
subject is ofgreat importance; and one on which
we can scarcely expect to be as united in senti-
ment as we are in interest. It deserves a ftill
and free discussion. and cannot fail to be bene-
fiited by a dispassionatecomparisoii of opinions.
\Vell aware myselfof the duty of reciprocal con-
cession among the co-ordinate branches of the
Government, I can promise a reasonable spirit of
cooperation. so far as it can lie indulged in with-
out the siirreuder “of constitutional objection.-*,
which I believe to be well founded. Any sys-
tem that may be adopted should be subjected to
(he fullest legal provision, so as to leave nothing
to the Executive but what is necessary to the
discharge of the duties imposed on him: and
whatever plan may be ultimately established,
my own part shall be so discharged as to give. to
ita fair trial. and the best prospect of success.
The character ofthe funds to be received and
disbursetliiu the transactions ofthe Government,
likewise demands your most careful considera-
tion.
There can be no doubt that those who framed
anJ adopted the Constitution, having in imme-
.t‘l.iate viewftlie‘ depreciated paper of the Confe-
deracy—-of which five hundred dollars in paper
were. at times. only equal to one dollar in coin-
intended to prevent, the recurrence of similar
.evils, so far at least as related to the transactions
of the new Government. They gave to Con-
gress express powers to coin money. and to
regulate the value thereof. and of foreign coin ;
they refused to give it power to establish corpora-
tions—ihe agents, then as now, chiefly employ-
ed to create a paper currency; they prohibited
the States from making any thing but gold and
silver a legal ienderin payinentofdebts: and the
first Congress directed, by positive law, that the
V revenue should be received in nothing but gold
and silver. ‘
Public exigency at the outset of the Govern-
meiii, '.'.'lll]t)lll. direct legislative authority, led to
the use of banks as fiscal aids to the Treasury.
In mliitiited deviation from the law, at the same
pt,-='i't-l. ind underthe same ex'geucy. the Secre-
tary ofthe Treasury received their notes in pay-
l'|l'.'ilt_ -.i' duties. The sole ground on which the
fH‘fl{fll(‘t-', thus commenced, was then, or has
sin: -.- .‘.e-.eo justified. is the certain. immediate,
and t'tll!'/Eilllf.‘-III exchanges of such iioies for spe-
cl-=.. ""'l‘lie Government ilil indeed receive the
q'n.;-o2i\ve»rtilile notes of State btitiks during the
d;:‘fi.~.iltiesofwar: and the corrimunit_y stibmitted
witlioiit a murmur to the unequal taxation and
multiplied evils ofwhicli such a course was pro-
ductive. \Vith the war. this indulgence ceased,
.-and the banks were obliged again to redr-em their
notes in gold and silver. The Treasury. in ac-
cordance with previous practice, continued to
dispense with the currency required by the act
of l789. and took the notes of banks in fiiil cori-
fidence of their being paid in specie on demand ;
and Congress. to ‘guard against the slightest vio.
lation oftliis principle, have declared. by law.
that ifltiotes are paid in the transactions of the
Government, it must be uudersuch circumstances
as to enable the holder to convert them into
specie witlioul depreciation or delay.
Of’ my own duties under the existing laws.
when the banks suspended specie payments, I
CD010 not. doubt. Dirocslcpno were Kin-uucliuloly
given to prevent the reception into the Treasury
of any thing but gold and silver or its equiva-
lent; and every practicable arrangement was
made to lN'.'l‘SCl‘\'6 the public faith.—by similar or
equivalent payments to the public creditors.
The revenue from lauds had been for some time
substantially so collected. under the ortler issued
by the directions of my "predecessor. The
effects of that order had been so s2ilutary."atid
its forecast in regard to the increasing insecurity
of bank paper had becorrie an apparent. that,
“even before the catastrophe, I had resolved not
to interfere with its operation. Congress is now
to decide whether the revenue shall continue to
be so collected or not.
The receipt into the Treasury, of bank notes.
not redeemed in specie on demand, will not, I
presume be sanctioned. It would destory.
without the excuse of war or public distress.
that equality of imports. and identity of com-
znercial regulation. which lie at the foundation of
our Confederacy. and would oflbr to each’ state
A direct temptation to increase its. foreign trade.
§.,y dgpfeciating the currency received for duties
in its port. Such a proceeding would also. in a
great degree. frustrate the policy so highly cher-
ished, of infusing into our circulation it larger
ympo;-lion of the precious metals; a policy. the
wisdom_ of which none can doubt. though there
may be "different opinions as to the extent to
1-ylllch ll should be carried. Its results have been
O
-ilreatly too auspicious, and its success is too
.:l-;isel_y interwoven with the future prosperity-of‘
‘lie country. to permit us for a moment to cori-
zemplate its abandonment. We have seen.
tinder its influence, our specie augmented be-
vond eighty millions; our coinage increased so
is to riiaketliat of gold amount, between August
‘.834, and December, 1836, to ten millionsofdol-
‘are; exceeding the whole coinage at the mint
-luring thethirty-one previous years. The pros-
pect of fiirt.her improvement cotitintied withotit
abatement, until the moment of the suspension
of specie payments. This policy has now in-
deed been suddenly checked, but is still far from
being overthrown. Amidst all the conflicting
i heories, one position is undeniable; the precious
metals will invariably disappear when there
ceases to be a necessity for their use, as a circu-
lating medium. Ifwas in strict accordance with
this truth, that whilst. in the month of May last,
they were every where seen, and were cur-
rent for all ordinary purposes, they disappeared
from circulation the moment the paytiient of
specie was refused by the banks, and the com-
«nunitytacitly agreed to dispense with its em-
ployment. Their place was supplied by a cur-
rency exclusively of paper. and, in many cases.
ofthe worst description. Already are the bank
.-.--ins now in circulation greatly depreciated. and
they fluctuate in value between one place and
another, thus diminishing and making tiri-
c -rtaiii the worth of property and the price of
:1-‘)t)l‘. and failing to suliscrve. except at. a
lieavyloss, the purposes of business. With
each succeeding day the metallic currency de-
creases; by some it is boarded in the natural
fear, that, once parted with. it cannot be. replac-
-tl; while by others it is diverted from its more
--gitiinate iiscs. for the sake of gain. Should
Congress sanction this condition of things, by
making irredeemable paper money receivable in
payiiioiit of public dues, a temporary check to a
wise and salutary policy will. in all pr0lt2ll>l'ill)f.
be converted into its absolute destruction.
It is true that bank notes actually convertible
into specie may he received in payment of ‘the
revenue, without being liable to all these objec-
lions, and that such a course may, to some ex-
tent, promote individual convenience ; an object
always to be considered where it does not con-
flict with the principles of our Government or
the general welfare of the cottntry. If such
notes only were received. and always un‘d_er cir-
ciinisiaiices allowing their early pi'eseutatiou for
payment. and if. at short and fixed periods. they
were converted into specie. to be kept by the
officers of the Treasury, some of the most seri-
ous obtacles to their reception “/Otllll Pelbal-ls
be removed. To retain the notes in the Treasury
would he to renew, under another form. the
loans of public mom-‘v to the banks. and the
evils consequent thereon.
It is however. a mistaken impression, that.
any large amount of specie is required for public
payments. -Of the severity or eighty millions
now estimated to be in the country. ten uiilliuns.
would be abundantly sufficient for that purpose.
provided an accumulation of a large amount of
revenue. beyond the necessary wants nftlie Go-
vernmcnt. be hereafter prevented. If to these
considerations be—addc'd the facilities which will
arise from enaliliiig din 'l‘ri-usury to satisfy the
public creditors, by its drafts or notes received in
payment ofthe public dues. it may be safely as-
sumed that no motive of convenience to the citi-
zen reqtiirt-s the reception ofbank paper.
To say that the refusal of paper money by the
Government. introduces an utij_ust discrimina-
tion between the currency received by it. and
that used by individuals in their ordinary affairs.
is. in my judgment, to view it in a very er-
roneous light. The Constitution prohibits the
states from making any thing but gold and silver
a tender in the payment of debts, and thus
secures to every citizen :1 right to demand pay-
ment in thelegal currency. To provide by law
that the Government will only receive its dues
in gold and silver, is not to confer on it any
peculiar privilege; but merely to place it on an
equality with the citizen. by reserving to it.a
right secured t.o him by the Constitution. It is
doubtless for this reason that the principle has
been sanctioned by successive laws, from the
time ofthe first Congress under the Constitution
down to the last. Such pr-tcedents, never
ohjecteil to and proceeding from such sources.
aiiiird a decisive answer to the imputation of iri-
equality or injustice. _-
But. in fact. the measure is one of restriction.
not of favor. To forbid the public agent to re-
ceive in payment any other than a certain kind
of money. is to refuse him a discretion possessed
by every citizen. It may be left to those who
have the management of their own transactions,
to make their own terms; but no such discretion
should be given to him who acts merely as an
agent ofthe people. who is to collect what the
law requires. and to pay the appropriations it
makes. Whcn bank notes are redeemed on de-
mand. there is then no discriziiinatioiis in reality,
for the itidividual who receives them may, at his
option. substitute the specie for the
tliein from conveniencegor choice. \Vheii they
are not so redeemed. it will scarcely be contend-
edlthat their receipt and payment, by a public
officer, should be permitted. though none deny
that right to an individual; ifit were. the effect
would be most injurious to the public, since that
officer could make none of those arrangements
to meet or guard against the depreciatiori.
which an" individual is at liberty to do. Nor can
inconvenience to the community be alleged
as an objection to such a regulation. Its ob-
ject and motive are their iuconvcnieiice and
welfare.
If. at a moment ofsimultaneous and unexpect-
ed suspension by the banks. it adds something
to the many emharrassments oftliat proceeding,
vet these are far overbalanced by its direct ten-
dency to procure a wider circulation of gold and
silver, to increase the safety of bank paper. to
improve the general currency. and thtis to pre-
vent altogether such occurrences, and the other
and far greater evils that attend them.
It may. inilepil be questioned whether it is not
for the iriterestsofthe banks themselves that the
(;‘rryVcrnlX‘\(‘l‘II. should not receive \llGll',p&1pl‘3l'-
They would be conducted with more caution,
and on sounder principles. By using specie
only in its transactions, the Government would
create a demand for it, which would to’a great
extent prevent its exportation. and by keeping it
in circulation. maintain a broader and safer
basis for the paper currency. That the banks
would thus be rendered more sourid, and the
coniiuuiiity more safe. cannot admit of a dotibt.
.The foregoing views, it seems to me. do but
fairly carry out the provisions of the Federal
Constitution in relation to the currency, as far
as relates to the public revenue. ill the titne
that instrument was framed. there were but
three or fiiur banks in the United States; and
had the extet ion of the banking systvm . and
the evils growing out of it. been lbreseen.
they would probably have been specially guard-
ed against. The same policy which led .tothe
prohibition of bills of credit by the States. would.
doubtless. in that event. have also iuterdicted
their issue as a currency in any other form. The
Constitution, however. contains no such prohi-
bition ; and, since the States have exercised, for
nearly lialfa century the power to regulate the
business of banking. it is-not to be expected that
it will be abandoned. The whole matter is now
under discussion before the proper tribunal--the
people ofthe States. Never beforehasthe pub-
tn; he takes
- ...
iect, in all its bearings. been submitted to so
searcliing an inquiry. It would be distrusting
the intelligence and virtue ofthe people to doubt
the speedy and efficient adoption of such ‘meas-
ures of reform as the public good demands. All
that can rightfully be done by the Federal Go-
vernment, to promote the acconiplishtneut oflliat
important object, will, without doubt, be per-
‘formed. _ A , - .
In the mean time. if is our duty to provide all
the remedies against a depreciated_paper citr-
rency which the Constitution enables us to aflbrd.
The Treasury Department. on several former
occasions. has suggested the propriety and im-
portnnce of a uniform law concerning bankrupt-
cies ofcorporations. and others bankers. Through
the instruineiiiality of such a law. a salutary
check may doubtless be imposed on theissues of
paper money, and an effectual remedy given to
the citizen in a way at once-equal in all parts of
the Union, and fully authorized by'tlie Consti-
tution.
The indulgence granted by Executive authori
ty in the payment of bonds and duties. has been
already mentioned. Seeing that the immediat-.-.
enforcement of these obligations would subject
a large and highly respectable portion of our
citizens to great sacrifices. and believing that I
temporary postponement could be made willi-
out detriment I6 other interests, and with increas-
ed certainty of ultimate payment, Iditl not liesi-
tate to comply with the request that was made
of me. The terms allowed are, to the full ex-
tent. as liberal as any that are to be fotind in the
practice of the Executive Department. It re-
mains for Congress to decide whether a further
postponement may not with propriety be allow-
ed, and. if'so, their legislation upon the subject 15'
respectfully invited.
The report of the Secretary of the Treasury
will exhibit. the condition of these debts; ‘be
extent and effect ofthe present indulgence: the
probable result of its ftirther extension on the
stateofthe 'l‘t"easury, and every other fact neces-
sary to .a full consideration oftliesiibject. Simi-
lar information is communicated in regard,to
such tlepositories of the public money's as are iii-
debtecl to the Government. in order that ‘Con-
gress may also adopt the proper measures in re-
gard to them.
The receipts and expenditures for the first half
of the year, and'an estimate of those for the
residuc, will be laid before you by the Sec-
retary. of the Treasury. In his report of De-
cember last. it was estiinaietl that the current
receipts would fall short of the expenditures by
about three milliotisof dollars. It will be seen
that the difference will be much greater.
This is to be atiribttted not only to the occtir-
rence of greater pecuniary €D1I)8I'lISSfl18I1lS in
the business of the country than those which
Weretllett DYE‘-dlt.-tetl, and, consequently, a greater
diminution in the revenue, but also to the fact
that the appropriations exceeded, by nearly six
millions. the amount which was asked for in the
estimates then submitted. The sum necessary
for the service of the year beyond the probable
receipts. and the amount which it was intended
should be reserved in the Treasury at the coin-
mencenient of the year, will be about six mil-
ions. If the whole of the reserved balance be
not at once applied to the current expenditures,
but four millions be still kept in the Treasury,
as seems most expedient, for the uses of the
mint. and to meet contingencies, the sum needed
will be ten millions.
In making this estimate. the receipts are cal-
culated on the supposition of some farther exten-
sion of the indulgence granted in the payment
of bonds for duties. which will affect the amount
ofthe revenue for the present year to the extent
oftwo and a half millions.
It is not proposed to procure the required
amount by loans or increased taxation. There
hundred and sixty-seven thousand two hundred
and fourteen dollars. directed by the act of- the
23d of Julie. I836. tobetleposited with the States
in October next. This suui. if so deposited. will
be subject, under the law. to be recalled, il"neeil-
ed, to defray existing appropriations: and as it is
now evident that the whole. or the principal part
olit. will he wanted for that purpose. it appears
most. properthat the deposite should be withheld.
Until the amount can be collected from the banks.
Treasury notes ti-ay be temporarily issued. to he
gradually redeemed asit is received.
lam awarethat this course may be produc-
tive of inconvenience to many of_the States.-
Relying upon the acts ofCongress which held out
to them the strong probability.'if not the certain-
ty, of receiving this instalment, they have in
some instances adopted measures with which its
retention may seriously interfere. That such a
condition oftliings should have occurred is much
to be regretted. It is not the least among the
unfortunate results ofthe disastersoftlie times;
there be one. The money being indispensable
toilie wants ofllie treasury. it is difficult to con-
ceive upon what principleofjustice or expediency
its application to that object can be avoided. To
recall any portions ofthe sums already deposit-
ed will; ihe states, would be more inconvenient
and less efficient. To burden the country with
and thus to commence a new national debt;
would scarcely be sanctioned by the American
people. ,
The plan proposed will be adequate to all our
fiscal operations. during the reutaintler of the
year. Should it be adopted. the Treasury, aid-
ed by the ainple resources ofthe country, will be
ahle to tlischarge. punciually. every pecutiiary
obligation. For the future. all that is needei__l
will he that caiitioti and forbearance in appro-
priations which the diiiiiiiiiation ofthe reveiiue
reqtiiiics, and which the complete acciinipltsh-
tiicnt or great forwardness of niatiy expert-fve
uatioiial niidertakings reutlers equally consistent
wigh prudence and patriotic liherality. ’
The preceding suggestioris and recoiiimenla-
tioiis are subuiiited. in the belie-fthai their adop-
tion by Cougress_will cualile-the Executive [le-
purtinent to conduct our fiscal concerns w h
success. so far asthcir managemcnt has It rt
committed to it. Whilst the object and ‘he
means proposed to attain them are witliinLits
constitutioiial powers and appropriate dutls.
they will at the same time, it is hoped. by ii;-ir
necessary operatiomaflhrd esseiitial aid iiilic
transaction of individual coi terns.‘ and t on
yield reliefto the people at large in a form ada It
ed toihe nature ofntirGovernment. Those ho
look to the action of this Government for SptClf~
ic aid to the citizen to relieve enibarrasspi nts
arising from losses by revulsioustti coiiiiri -(re
and cretli[,_ lose sight ofthe ends for wliicli ll ‘as
created. and the powers with Wltlcll it IS clot e_<l_-
It was-~est'ahlished_ to give security to U3 8 In
our lawful and honorable pursuits, upder the
lasting safeguard of republictttl lttslittttmtis . It
was not intended to confer special favors 0 iii-
dividuals, or on any classes of them; to picture
systems.ufagrictilture. riianufiictures, or trttlé;
or to engage in them. eillier separately irttt
connecting with individual, citigettp Qt‘ at‘-gtltlgifiitl
assticiqtions, '
lfits operations were to be directed ftirtl1_tlb_"-‘
nelit ofany one class, equivalent favors mu. -. tn
justice,iie extended to the rest ; andrtlie atl‘l'lp3
to‘ bestow such favors with an equal hand. or
even to select those who should most deilarve
them, would never be successful. All contniu-
I
lie tnind been so thoroughly awakened to a pro-‘
per sense of its importance; never has the sub-
nities are apt to look to government for too nflllhu
Even in our own country, where its powerqgntl
l
I
1
I
-.
W
are now in the Treasury nine millions threwl
and it is for Congress to devise a fit remedy. if
increased taxation, when there is in fact a large
surplus-revenue, would be unjust and unwise; to]
' b loans undersuclicircumstances _
'3'“ '“°“°y5 3’ ll extent and nature oftliese embarrassments, as
duties are so strictlylirnited. we are prone to do
so, especially at periods ofsudden embarrassment
and gdistress. But this ought not to be. Ti.e
framers of our excellent Constitution. and the peo-
ple who approved it with calm and sagacious
deliberation. acted at the time on a sounder
principle. They wiselyjudge thattheless Gov-
ernmentinterferes with private pursuits, the bet-
ter for the general prosperity. It is not its legiti-
mate object to make men rich, or to repair, by
directgrants of money or legislation in favor of
particular pursuits, losses not incurréd in the
public service. This would be substantially to
use the prosperity ofsome for the benefit ofothers.
Btit its real duty—t_liat duty, the performance of
which makes a good Government the most
precious ofhuman blessings—is to enact and en-
force it system ofgeneral laws cnmensurate with.
but not exceeding. the objectsofits establishment,
and to leave every citizen and every interest to
reap, under its benign protection, the rewards of
virtue. industry and prudence.
I cannot doubt that on this, as on all similar
occasions,‘ the Federal Government will find its
agency most conducive to the securitty and hap-
piness ofthe people. when limited to the exercise
of its conceded powers. In never assuming,
even for a well meant object, such powers as
were not designed to be conferred upon it, we shall
in reality do uiost forthe general welfare. To
"avoid every uiiiiecessziry interference with the
pursuits ofthe citizen, will result in more benefit
than to gdopt measures ‘which could only assist
limited interests, and are eagerly, but perhaps
naturally, sought for, under the pre.ssurenf_teui-
purary circumstances. If, tlierefore. I refrain
from suggesting to Congress any specific plan
for regulating the exchanges ofthe country;
relieving mercantile ebarrassmerits; or inter-
fering with the ordinary operations of foreign oi
tloniestic COl'l’llllt‘.l't't.‘; ii is hour a conviction that
such measures are not within the constitutional
province ofthe General Government, am] that
.»h¢_-ir ziiliqtitiii would not promote il.e real and
ptrmaneut welfare oftliose they might be de-
signed to aid.
"l‘lii.- difficulties and distiesses of the lllllt-:,
ltflllgll unquestionably great. are limited in th. ir
xtent.'ant| cannot be rcgarded as €tITf_‘('llit_.t_' tlic
pernianent prosperity of the nation. Arising.
in a great degree, fioiii the transactions offort-igu
and domestic commerce. it is upon them that
they have chiefly fallen. The great agricultural
interet has, in many parts ofthe country, suffered
.;.ii.iparati\‘cly llltlt-2 aiiil. as if Pioviilc-.iii:r: iii-
-cudcd to display the munilicence‘_of'iis gootliir---s
at the tiiouieni ofour greatest need. and in direct
contrast to the evils occasioned by the wayward
uess of man, we have b‘een blessed tlirougliotii
—-ur extended teritory with a season of gem-r;-.l
tiealth and of uncommon friiitfulness. The
proceeds ofour great staples will soon furnish
the meansbfliquitlating debts at home and abroad,
.iiitlcouti'ibutc eqimll_y to [Hi reiival (Ill('t7llli|](-|..
cial activity, and the restoration of couiitiercial
credit. The hanks. estalilislieil avowedly fuxits
support, deriving their profits from it, and resting
iiiitlcr obligations to it Wlllrll cannot be overlook
ed, will feel at once the necessity autljusticc of
uniting their energies with those of the mercan-
tile interest.
The suspension of specie payments, at such. a
time and under such rrircuitistaiices as we have
lately- witnessed, could not be other than a tem-
porary iiicasure: and we can scarcely err in be-
lieving that the period must soon arrive when all
that are solvent will I'8Cl€'t5llllllt’lt issues in gold
and silver. jDealings abroad naturally (lepi-ntl
on resources and prosperity at lionic. lf§th‘e~
debt ofonr iiiert-liaiits has accuriiulzued, or their
credit isimpaired.these are fluctuations always
incident to extensive or extravagant mertzniitiic
transactions. But the ultimate security ofsuch
obligations does not admit of question. They
fruits of whose industr_y,_,afiiird abundant tiieans
of ample liquidation, and b the cvidt-"iii iiitercsi
ofiavory merchant to sustain a credit. hitherto
higli, by promptly applying’ these means for its
preservation. ‘
I deeply regret that events’ have occciirred
sticli serious topics. Icould have wished that.
in making my first communication to the assent-
bletl representatives of my country. Iliad noth-
ing to dwell upon but the history oflier unal|oy-
ed prosperity. Since it is otherwise, we can
only feel more deeply the responsibility ofthe.
respective trusts that have been confided to us.
and. under the pressure of diliiculties, unite in
invoking iheguidauce and aid of the Supreme
Ruler ofiiations, and in laboring with zealous re-
solution to overcome the difficulties by which
we are eiivironed.
It is. under ‘such circumstances, a high grati-
fication io know. by long experience, that we act
for-a people to whom the truth. however un-
promising. can always be spoken with safety;
for the trial ofwhose patriotism no cinergncy is
too severe, and who are sure never to desert at
public functionary honestly laboring for the
public good._ It seenisjusflt that they should re-
ceive. witliout delay. arty aid in their embarrass-
inentswliicliyourdeliberation can allbrd. Coiii-
ing directly from the midst oftliem, anti knowing
the course of events in every_se.ction of otirc0un-
try. from you may best be learned as well the
the most desirable measures of relief.
I am aware, however, that it is not proper to
detain you. at present. longer than may be de-
manded by the special objects for which you are
convened. To them, therefore, I have confined
my communication; and, believing it will not be
vour uttvn wish now to extend your deliberations
your annual meeting that general information on
the state ofthe Union which the Ctttistitttllon
requires meto give. M. VAN BUREN,
\VAsnINe'ron. 4th September. 1837.
FOREIGN.
Englana’.—According to the Morning Her-
aid, of the 7th, the Conservative gain in the
elections, as compared with the last. Parliament,
was 50; loss, 36; ziett gain, 14. Members
clected—252 Ministerial, 2-‘34_ Tory. 7
Mr. Stevenson, the American Minister, and
his lady, dined with the Qiieeii, at the new‘ pa-
lacc, on the 2d. ‘ ' ‘ '
'l‘hero was an unfortunate occtirijence at the
coal mine of Mr. Curweii, at V orkiiigtou,_by
which 27 lives were lost, and a large aiiiouiit of
property destroyed. The' worliiiigs in these
niiii'e_t_s c-‘xix-ridedalorig distance pn(Iei* the sea,
and the miners coiitiiii_i_cd their labor until the
space bctweeii their) was S9 for red_tic_ed, that
the ‘sea burst. suddenly into the mine. " There
were 57 uieii and boygi in the mine, 30 of whom
escaped, and the rest were drowned. Most. of
the s‘uff‘e'rei_'s left. wives and families,
S a1'.2i_..-—'I‘li,e reports concerning the tricyc-
merits of Don Carlos, since his defeat, mention-
ed last week. are contradictciry. Ncthing deci-
sive had occurred._ ' '
_Fran;:e.—-'I‘li_e French Miuester was aboiit to
make a tourin_Eiiglan_d. for the p_u_rpose ol'ex-
aniiuing the system ofroads. bridges. canals. dzc.
Letters from Messina to.Iuly 8. states that there
had been ti__o.appearant:_e ofcholera. A French
ezgpeilititiri was about sailing for Hayti, unilcr
the coiiimand ofAdmiral M _ac_ka_rd. for the pur-
pose of bringing the Republic to a_ scttleipeiit
under treaty of 1§3_5. ‘ I ’
Il(1f‘I/.---,Tlié account from Sicily and Naples
of the 12th and 15th ult. are ofa less melauclioly
nature than those which we
are guaranteed by the resourcesora couiiiry, the
which require me to ask your coiisideiation of
iieyontl them, I reserve till the usual period of
the cholera was subsiding at Palermo, and tran-_
quility was par_,t_ly restored. Z
I‘Vestern Afi"ica.—Tlie yellow fever was pre-
vailing at Sierra Leone-to a very alarix_ii_ng ex-
tent. One letter, dated June 30th, states that
4.000 persons were sick. and rrien_tio‘ns the death
of two of the Englisli Wesleyan‘ missionaries,
and several persons among the of-‘l’i'cers and crews
of English men-of-war on the station.
“Dorm give up the Ship.”
@fi2noon.
i~toRiv_,iLi<:, WEDNESDAY, SEPT. 13. I837.
TH Ia‘ PRESlD§*‘.N'll"S l’l’lE.‘~.‘-SAGE.’
This document is every thing that the \Vhigs
could desire as a party. orgaiiized upon princi-
ples of more opposition ; but, as patriots, they
will find in it inuch to deplore, as tinsouiiil and
ant.i-Rcptihlican.
On the several topics,..as connected with the
niain subject, rlisirussted in the Message, -our
ltmils will not allow us to dwell, iii that strain of
r-.:prchciisioii which they suggcst and merit.———
One grcat cliai-acteristic of this document,
which strikes us most forcibly is, its motistrous
grasping and merciless selfislitiee-s. We see
here, for the first time-—8.iid we have seen it no
where more glariiigly disclosed, even in the ties-
potisms of the fourteenth century-t-.-ea distinct
separation between the convenience and inte-
rests of the Government and the people. The
Government here, in the whole course of the
argument, is put. in opposition to the country,
‘and the pecuniary ease and resources of the
former, made an object of paramount. considcra-.
tion to thellatter. In the design to separate the
Government from the Banks——th.'t$ is, to collect
all Government dtiesin specie, and keep. them
in the custody of the Presideiit—we see, not
merely irdaiigerous assumption of power—but
the effect to keep the people to an irredecniable
paper currency-—for if the Government call up-
on the merchants and others for spccie,t.hey
must’. call upon the farmer, the mechanic. &.c.,
and a constant run upon the Brinks. should thcy
resume their spccir-issiies.l;ecp them as badly
off as at present. Itis this very run, iiistigatifd
and participttted in, by the Government, which
has contributed, ainbngits 0lllt‘1' mad acts, to re-
duce the Banks to their present condition; and
they will never dare open their vaults, until -'1
more rational and just course of policy is adopt-
ed.
The prevailing doctrines of the hfrzssiige are
Loco-Focu, and that too of the most ultra de-
.~c,ription. All the madness and rancor of Gen-
Jzickson is put forth bciietitli the tissue ofa spe-
cious and tedious “wilderness of words.”-—
There is no concealment, but it great deal of so-
phistry and special pleading; and it is intended
=0 be, at once an exposition of the views of tho
Loco-Foco party, and an electioneering pamph-
let. At the same time it is feeble and wanting
in dignity.
We see this man appealing to the will of‘ the
majority in a cotirse of policy diametrically op-
posed to its weIfare—and liandling that will like
the iron sceptre of ti despot, to break them into
pieces. Never were the ends of a Representa-
tive Government iiiore boldly perverted to unho-
ly dcsigns. 'I‘hc “Experiiiicnt,” which is here
acknowledged to have failed under Gen. Jack-
soii’s administratiomis to be pushed to its worst
extremity, and the country is to be scourged in-
to a quiet acquiescence. The monster of party
is not yet sated; and ruin and distress are des-
tined to mark its bloody foot-prints through the
land. ‘
We do not know how long this a.drniiiistra-
tion is to be enduqed; but it does appear to us
that the ignorance of the people must. ‘be gross
indeed, if they do not now see and appreciate a
few of the causes of.tlieir‘ sufferings. ,
{l:‘j- Our-readers will find the 2d No. of Illa-_
_}or Dowiiin.g’s Letters on the 4th pagegof this
paper. ’
0:?-' By a reference to the Congressionl ‘pro-_
cevrdings in another column, it will be seen that
the Loco- Foco organ Govcriiment, Ila_Bl(5_§l,Z,I.I‘l_e,
printing of‘ the Hogse. Some of “.f/ale p,ar§y_,”-
it appears, were not prepared to swallgiy tli'e
‘.‘ w_hole hog,” bristles and all, and thenefore the
Globe has lost it large lump of the ‘‘sp9,ils,’l,
' Caption fp IIozisekeepers. <S‘C.-—T'lltll'$Ll_~§iy
mpriiiug. between 10 and 11 o'clock. a boy en-
iering Jones’ Court. having in his hand t_w_o
sui_all boxes of ‘.l;J|lC0'F()C0 gmatch/es. dropped
one oft‘liei_no_u the flagging, ivhicli was Instantly
in a blage. Was not the Public Store in Wash-
ington street (by which 3-100.000 worth of
property was destroyed) set on fire by this use-
less trash '!-—N. Y. Jl/Iercantile.
Most probably. Loco-Focoism has proved
very destriictive. not only in the loss of build-
ings, by fi_re,,bp_t has destroyer] the reputation
ol'otir_govertigient for honesty and prgbity. and
a desire to promote the public good.
3;’? Five l_ii-es occurred in New-Haven latt
week, supposed to be the worlf °-l incendiaries.
They were all extinguished before much damage
was done, exccptiiig one, which consum
ed the the carringeliouse and stable attiichetlto
the Exchange Hotel, on Washingtpn strect.
017* A papcr Mill,’ in VVi:stvillc. about two
miles from .Netv-Haven, tpok fire on Saturday
night last, iibout9o’clock, and witbjits contents:
recently received; was destroyed. ,
- -.a_.-~.-—
“ 03’ The--1}-i_t_<=ltlielll Su-n has, passed into the __
hands of Mr.‘S.f”G; ‘I-laye's.‘_‘*_tI.ts*iypog_raphi¢a1
execution ‘is 'm'uc_h improved_.'~perce‘i\‘ig
frem tlie folloivtng in" regard fol,"-tfte: Pfdsidebt’s
Message,’ that the present editor is prepared go.
the “entire swine.” in supportqof Matty _: S.
I .“ (librom a hasty perusal.we ‘shou_ld~ proiuopmgaq _
tits ocument.worthy__of our-Chiel:Mag_isi,mgc_’_
Purely American?-truly _De,moc;gii.__-_ ,1} '53,,
hold, frank. and independent paper, ¢,lf,‘}yhi¢h
every good republican must be, proud._ ' Let,all
read for thernsel-ves.-" , , _ y, _ f
Instead of being ,“ purely American-struly
Db'b0b'3ll¢".-'*-Every pe'rson 'wli'o""ré‘zids "th’o
message will perceive that it is‘purelyl'Tor_tf—".
truly aristocratic. ' j J.
.#’_A_,_,_,.
. z
TREASURY 1ii::Piirt'i4.l"" I
This document has beenrcceived, and from
the cursory perusal We have been ableto givelit,
believe-it to be in every. respect woribyjpr, 3
place side by side of ‘the Message of the Presi-
tl8t1t- Sucliiloctrines as have beenpromulgatu
ed by ‘he _Kitc/ten. Cabinet for the past eigfig
years, are beitenfittetl for the Governjmenroffn
I-Iottcntot Kraal than ti free, enlightened.‘ and
itidependent people. ‘ The Report, says lhg,
Mercantile, occupies ten columns and a halfxof‘
\Vetlnesday’s Globe. and is- divided into eight.
heads. It first takes up the condition of tho
Treasury, and gives "a statement, the suhsugnca,
of which_is contained in the President's Message.
The second rclates lo-the payment of bonds for »
duties; it recouiniends furtlicr.indulgence, am].
an extension of the xtlarehousa system. The.
third head ofthe report relates to the disposal of‘
the last iiistaliuent of the dcposites. which i3 I
recommends should be postponed. The reippgg,
next considers tlite-difficulty of pa.yi;o,g, sh;-.;p,.,
Plbllilflllolts of Cottgtess-. Stud, recmnmends tho
lssbe “5 T'935‘1F)t tlvte-‘R not receivable at first
for public dues. but redeemable at an early day.
The fifth head of the report relates to the safe
keeping of the public. money lierenfler. Iii
reconimetids the appointmeiit of commissioners.
or receivers general at several of the most im-
D0t’ltJttt points to keep and ffiflbghlisfi the public
revenue. The particpglarsoftliis plan we have.
not room to state. Thejuiodel of making a final‘
settlement with the late deposite banks occupioa ’
the sixth head. This contains a history of their
relations with goveriimentl The kind of money I
which ougli‘. to be received fiir public duos is,
Next C0tlSl¢leret1- It recornmeiiilsiliat no bank‘
bblbs be t'eC€lV6tl except under condition of
being at short intervals presented and converted
into specie. 1t.su_ggests that Treasury Cfifllfi-n.
Cities: payable lit. specie, might be given to the
public creditor. receivable in payment ofdutioa. -
The eighth and concluding head suggests several
general causes and remedies of the present em-t
burrassrnciits.
.r~
4
AMIDS KEND.-kLL’S REPORT.
This docuiiient is quite lengthy. Indeed, in ,
appears to be a striking characteristic ofthe whole-
loftlie '* Kitchen family." to make up in length,
what they luck it: political hoticosy. W's give;
auabstracl of Amos‘; “huu,1_ble efforts," from,
ilie N. 3;’. Sun;
This tlucuirieut gives a- review of the proceed-
logs of the dep,artiiiet1l since the suspciision of
specie payiiieuts by the bal'.ll{S., él.‘he public “-9.
generally aware oftlietii; but an abstract ofthe
repori presents them at one view. Circuljm
were itiitiietlialc-ly issued. directing all posttnao-/.
ters who had been instructed to. dcposite the pro.‘
C<3<=<l$<'l' their Oliices in banks to reiaiii them i
specie to meet the drafts oftlie department. To
those who had been instructed to pay directly to
contractors, another circular was sent, reminding ’
them that it is unlawful to offer in payment to.
contractors or others, any note ofaiiy bank which
does notgpny its notes in specie. Pusttnastorio.
who are instructed to retain the proceeils of their-
oflices, are directed, where those uett proceeds
exceed five hundred dollars 21 week to make
weekly reports to the department; those whoa‘:
iielt proceeds amount to five hundred per tnorith
report montiily ; and the quttrierlyrepoitqo mus:
coiitaiu specifications ol'tf_i'esuriis reported during
the quarier,thai the balance not reported may be
exhibited. Postuiasters are forbidden to use or
loan out any money belonging to_the departtiiont,
and traveling agents are instructed tocall. with
notice, at draft offices, for the purpose of count- _
itig and reportingvtlie cash on hand, and the
manner in which it is kept. ‘
In about ten thousand of the Post office: these
regulations make no change. Tlieonly change
effected by them is. that about eleven hundred
postmasters who formerly deposited their money '
in banks now hold them in their own; hands un-
til drawn for. To nine-tenths of these the new
system is more convenient than l'll66'y0ltl., arid A
equally safe. as t'n_eir entire _, " ances \_vi_ll be L
drawn fur"as of:et_1_.as they a_re_d, __-_),si_t_et,l;_ and it_
is more efficient be_cii_use some postriiasters who, '
might neglect in deposits will not venture. t_0,dl8-.0
houir a dra_l_‘i. The balances in the hands of
pristrrlialstersj who will not close their accounts
quarterly, will not probably cxceed one or two
hundred tliiiusand dollars, and‘ as they are requi-* “
red .ll)lllflVt3 the lialances always ready” in gold
zpilil. siglyer, the deparimeiit will always have the
ineaps of tIl8t'.‘.ll_l'lg"ll$. eiigagtrients, and ifan indi-
vidual case of default oeéasioiially happen, noth- J ,
iug like a general refusal to ‘pay. as in the‘ case
of the’ late depusite bank is ever to be apprehend
ed. The true policy ofthe_(lepa'rt*iient will be
‘not to have a large surplus. and t_lie number of
postmasters instructed to retaiiitheir funds will
be laroely reduced upon an adjournment _of the
\
/
I
\
D ; '
col_leg:tio,ii system to llle'III8Il' service. _ A _
Tliougli 'i’n'so,n_ie cases convenieiit, banks-”a'r‘o
not necessary to the business ofthe‘ department.‘
The collections ‘and ‘disbursements of more than J.
teti tliqusand post offices are efI'ected"ni'ore-expg. y".
ilitiously \vith_o_uii_h_ai1 with banks. 'Theeont_ractt"
Org who are creditors of the 'departm‘ent - are its
‘collectors. atidcollectiou and disbursement are
the operzp_ioti.' "The few offices \&'llt:j'e banks are
a’cqp_yenieti,ce are those wlinse receipts‘ are‘oo
large as not to be’ exhausted from quarter to quart
ter by the draftsfof the department. They have
geiierally i_orn safes where the specie is kept. and-
with a_ strict supervision and attention to‘th'eir
bonds will seldom be found in default._ The
transfers of funds are effected by the department
without iqconyeniénce or _ loss. In _the interior
the expenditure is g're,_ater than the income, and
the balances to cotitrac.iors are paid by_'dr_aft's on
pos,gnas_tcr's in cities where surpl_'u'Vs ariseg,‘a’_s wet)
as;t'l_iey could b_e_ by drafts on banks.’ The
heaviest surplusaccrues at points; wher”e.fpr‘ids'
are the most valuablepparticiilarly at N,'8Wl'Y_0Ik,
so that drafts, in the --mustg disl-ant parts.'bf the’
country are generally better ,than‘_casli,':Se‘é‘5fu§¢ ,
available for" mercantile remittances. 4 '. 'I‘:h,ifI the 0
necessary tra_n.~j.fars,_are,, readily effeeted.l _iibd'ic
this state of things is.not_likely toeliaii e.,it wriiiltl
seirlomif ant lttnvcvisarygf t‘ar_‘tl_re_" _ W
Norwalk Chronicler