University of South Carolina Libraries
. ^ 4 .. ? sed to thatnieasure: fhey consider such a con are moreover, augmented by those salutary & ? . just la\vs which- forbid jt to use a depreciated currency, and, by so doing, take from the Go; verninent the ability which individuals have of ? accommodating their transactions to such a v-, catastrophe, . A system which can, in a.time of profound .peace, when there is a large revenue laid by, thus suddenly prevent the application and the 4 use of the money of the people, in the manner f and for the objects they have directed, cannot be \yise ; but who can think, without painful reflection, that, under it, the same unforeseen J events might have-befallen us in the midst" of / a war, and takeij fnora us, at the ijioinont when most wanted, thq use of thoge very means . - u'hich.werc treasured up to promote the national welfare and guard our national rights To suc.Vembarrassinents and to such dangers will this Government be always exposed, * whilstit takes the moneys raised for, and necessary to, the public service; out of the hands > of its own officers, and converts them into a option a.minit rnrnofations en iiinrv fgut "i -0- ?r__ . j trusted with tiie possession of thorn.- Noi can sucli results be effectually guarded againsi i i such j. system, without investing the Exec, .uttve with a control ovef the bank's themselves whether State, oj* Nariona1, that might with . ^ reasqu-be objected to. Ours is, probably, the only GdverqnieiU in the world that is liable* ir _ tffe management of its fiscal concerns, to occurrences like -these. But 'his imminent risk is not the only danger attendant on' the sur render of the public money to the custody and control of local corporations. Though the object is afd to the Treasury, its effect mav be to introduce into the operations of the Government influences the most subtle, founded on iitterests the most selfish. The use by the #banks, for their own benefit, * of the money deposited with them, has received the sanctihn of the Government from 'the ' eomipencement of. this connection. Tlie tnoney received from thd people, iustead of being :2 * "kept tillit is'needad .for theiruse, is in eonse i fund. nn ft'hirh ilis. (JUenCO OI LUIS .? ......... counts are m^de for the profiUof those who Happen to be owners'of stock in the bahks sef * Jftcted as depositories. The supposed and of s ^ ten exaggerated-advantages of such a boom will alwaj^ cayse it to be sought for with avidity.' I will not.stqp to consider on-awhum the patronage incident to it is to be conferred; ! whether the selection and control be trusted to Congress or to the Executive, eitjier will * - . be subjected to appeals made in every form " which the sagacity of interest can suggest.? \ The banks, under such a systenj. are sfimui* lated to make'the most of'their fortunate acquisition; thp depositee arc"rented frs an Increase of capitalloans and circulation are rashly augmented ; and when the-public exif * ' gencief require a return, it i> Attended with J . embarrassments not provided for, nor fore tLrvmrhf tl)PnK(>lrP? seJll. l nya udii(i>Tviii>v louugi.v ?? % . most fprtuuate when the public .funds were received, 4ind themselves most embarrassed when the season of payment suddenly arrives. * Unfortunately, too* the evils of the system . are not lior.ted to. the. banks - It .stimulates 4 general rasfiness of en'erprise, and aggraJ vates the .fluctuations of commerce and the ? ? currerfcy. This result was strikingly exhibited during the operations of the late * deposite system, and bspecmHy??n.the purcha ses of public lands. The order which ulti' matolv directed ihe payment ofgpld and Silver ^ * in such purchases greatly checked, but could not ai'ugether prevent, the evil. -Specie was - . indeed more difficult to be procured than the notes which the banks could themselves create at pleasure, but still, being obtained from J them as a loan, and returned as a deposite,* which they were again at liberty to use, iL onlv Dass^d round the circle with diminished speed. Tiiis operation could not have been performed, had the funds of the Government gone into the Tieasurv, to be jegtriarly disbursed, arid not intotanks, loaned out for their -4 ... own profit, while they were petouuedld substitute for it a credit in account. In expressing these sentiments, I desire not to undervalue the benefits of a Salutary credit * to any branch of enterprise. The credit bes* towed on probity, and industry is the just re ward of merit', and an honorable incentive to V further acquisition. dVotie oppose it who love their country ajid 'understand ka welfare.? $ . But when it is unduly encouraged?when it is made to inflame the public mind with the temptations of sudden and unsubstantial * wealth?when it turn* industry mto paths that - lead sooner or Jater to disaupointmeut and . distress?it becomes liable to censure, and jh " needs correction. Far from helping probity and industry, the ruin to-wliich it leads falls f, . most severely on the great laboring classes, who are thrown suddenly out of employment, * and, by the failure erf tnagnificeTn schemes ' nqver intended tb -enrich them, are deprived m a moment of their only resource. Abuses 'J v . of eredit and excesses 111 speculation will hap pen in'oespite of the most salutary laws; no % Government perhaps can altogether prevent . * them ; but surely every Government can rei* frain from contributing "the stimulus that calls \ . them into life. Since, therefore, experience has.sho\vn, that . to lend the public money to the focal' banks is tf . . hazardous to the operations of the Govern^ ^ . raent, at least of Joubtful benefit to. the insti. . tations themselves, a'nd ptoducive of disas3 .rrouw deraijgeniCiU in the bitf in ;s. and currency of tire country, i> it the part of vvjsd??m ^ Again to renew the connection 1 . It is true that sugh agency is'in'many respect* coovenient'to the Treasury, but it is*not , indispensable. A limitation of the expenses of the Governmentio its actual wants, and of ' the reveiHie to tho-o exp4 nrcs, with convenient means fop its psompt. :pp]-.-?tir.n to. the purposes far \Vyich it wa.? rared, are tin -ob jects wim-Jt we?snouiii sees-to v.co:.?pi?i?.? The collection, gaie-heeping^tmnsfer, ami dig* btirsemont of the public money can, it i$, b'eky Jieved, be well managed by officers of tflc Government. Ite-collectign, and, to a great e.v tent, its disbursement .also, liave indeed been hitherto conducted solely by them; neither National jior State Banks, when employed, " being required to do more than keep it safely while in their cUstftdy, and transfer and* pay . it in such portions-and at.such timeS as the r Treasury shall dir-cf. Surely banks .arc^ not more able than the Government to secure the money in their possession against'accident, violence, or fraud.? The assertion that they are so, must assume that a vault in a bank is stronger than a vault . in the-Treasurv; and that direct or?,-cashiers, and clerks, not selected by the Government, nor under its control, are more worthy of confidence than officers selected from the people and responsible to the" Government, officers bound by offieial oaths and bonds for a faith fa! performance of their duties, and* constantly subject to the supervision of Congress.' The difficulties of transfer, and -the aid heretofore rendered by banks, have been less than is usually supposed. Thcactual accounts show that by far the larger portion of. payments is made within short or convenient distaace from tu^ places of collection : and the whole number of warrants issued at the Treasury in the year 18-35?a year, tiie results d which will it is beliw?od afiprd a safe tesr for i tho .future?fellshojt ef live "shousamlj or anj h; average ofless than.one daily for each State ; ' i in the x'ity of New York they did not average a' j more than two a'day, and at.thecit/ of Wash- f( ington only four. ' ' ls j* Tire difficulties heretofore existing are?.,e I moreover, daily lessened by an increase in-Uie [ cheapness and facility of communication ; and n [ it may be asserted with confidence, that the .e : necessary transfers, as well as thekeeping-and ^ } disbursmeut of the public moneys can be with t, ! safety and convenience accomplished through 1 3 tine agencies of 'Jtreasury officers. This opni- j j ion h is been, in soine^ degree, Confirmed by j e 'j actual experience since the discoontinuajice of) n i thp banks as-fiscal agents,in Mayla'st; a per-? d i iod which, fronr the Embarrassments in com- d ! tnueroial intercourse, presented'obtacles as a i great as any that may be hereafter apprehon- \9 ; ( ued. ,* Ic The manner of keeping the pub'ic money since j t ith.it p uiod, is ffilly stated in the report of thej j i | Secretary of the Treasury. That- officer also | ( .'( suggests t he propriety of assigning* by law, ccr- ^ ,-| tain additional dyties *to gristing cstebiishments ? j*and officers, Which, with the'modifications and, ( i sifeiruards referred to by hiui' will, he thinks, 1 !..> IVmirlni.int tn rnnlimiA to nflrfoflll . > j VJ.iu.t Uin Viw...u..v..v .... | .. this branch of the pnb]ic service, without any J t ' material additiou either to their numbrr or totfie prcsent'exp^nse.- The extent of the business to j j be transacted has already been stated^ and in vs. ; j i jiccttothe anV-tcff money with which the officers I ( ' j employed would be entrusted at any one time, it [ * ^ appears that, assuming a balanoc of five millions j ^ i to- be at all times kept in the Treasury, and the . ' 1 Whole of it left in tlac "hands of the collectors ! and receivers, the proportion* of each' would not c > : exceed an average of thirty thousnnd dollars : but that, deJucling one miilioii for the use of the | 1 nyet, assuming the remaining four millions td < I be in the l^iiuls'ofonelhalf of the prscnt rpimber 1 * officers?a supposition dfcqjed more likely to F J correspond with the fact?the sumjn the hap?js v i of each \y> ild still be Icse than the amount of * most ofthe bonds now taken from the receivers *' ! of public money. * Every apprehension, however, J | on the subject, either in respect to Clio safety of.; J1 Uhc money,pi the faithful discharge of those fiscal < , i transactions,'may, it appears tome, beeffectually . 1 r removed by adding to the present means- offhe " ^ Tfleasury the establish montjiy law, at a few inn j V j portant points of officers.for tijc depositc^xnd dis. | ! burscment of such portions of the public revenue *' i as cannot,* wrth obvioTis safety and convenience, j l j be left in the possession of the collecting officers j. i until paid over by them to the public creditgrs. [ J1 | Neither the amounts retained in their hands, | k nor thqso deposited in.thci offices, would, in an j 11 1 ordinary Condition of the rcyemie, be larger in P >.most cases, than those often under the control s ofdisbursing.officcrs ofthb Ariny and Navy, ujid a might be made entirely safe, by requiring such .* 1 socucities, and exerciseing such controlling sup- c ; pcrvision, as Congress may by law prescribe. c Fin principal officer* whoso appointsmentS j ; ! would t>ecoine necessaj; underJthis plan, taking " the largest number suggested, by the Secretary oi'J ( ' tha Treasury, would not exceed ten ; nor the ad- ! a Siitional expenses at the same estimate, sixty thou- j 1 sand cioll :rs a year. * | ^ ' , !(! There can he no doubt of the obligitio n of | j j lliose who ar? entrusted with the affairs of Cyov- ,"] rnment, to conduct them with as little cost to iiha nation.as.inconsistent. with the public .hi. j j lerest; and it is for Congress, aud ultimately for i jj ! the people to decide whether the benefits to b'c _ i derived from keeping our fiscal concerns apart, t( J and severing the connection which has hitherto v existed between the Government ami banks."offer 1 sufficient advantages tojustify.the necessary expense. It*the object to be accomplished is deem- " 1 e.f important to the future welfare of the country, c | I cannot allow myself to beliove that the adtli, kr j tion to the pablip expenditure, of compartively ? ; so small an amount as will be necessary toelfect a j it, will b? objected to by the peop'c. , It will be seen by. the report of the Postmaster J* General, Herewith communicated, that the fiscal : affairs of that Department have been successful: !*ly conducted since .May last upon the" principle j ! qf dealing only in the legal currency ofthe Uni t( ! ted.States, and that it-needs no legislation to ^ ^maintain its credit, and facilitate the management ^ , pi"its concerns ; the existing laws, being, in the Q opiuion yf that oflieeV, ample for thoscobjeets. j ^ Difficulties will doubtless be encountered-for e | 'season, and increased services required from the j puolic functionaries; such arc usually incidenUo . n the commencement of every* systain, but they j ' will'be greatly lessened in the progress *>f its j J oper?uons. . . . P( ' The power and influence supposed to bb con- r< i nectcd with tlu> custody and disbursement ofthe C < public-uioney, arc topics on which the publfb r< . mind is naturally? and, with great propriety, pe. d | culiarly scnsrvc. .Much Jias.been said on thero, it j id reference to the proposed separation ofthe g ; Government from the banking institutions;*and h surely no one c;ta object to any appeals or ani- p inadversionson the -subject, which a re. consistent -y with facts, anil evince a proper resect, for the- n hJtclligence of the people. If a Chief Magistrate w ' inay be allowed to speak for-lliuisclfV on such a a point, I can truly say, tli4t to mo nothing would c Iks more acceptat?lo,thari the withdrawal froih the tl Executive, to the greatest practicable -extent.of - t< all concern in custody and disbursement *6f tlie d public revenue;'not that I would shrink from ? ? jny responsibilities cast' upon m*o by the duties of n ;ny otfic?, but because. it is my firm belief, that 1 its capacity for usefulness is ift no degree' pro- h tnoled by the possession of any patronage not d actually accessary to the performance of those p duties. But under our present form- of Govern- a uient, the intervention of tho Executive officers d in the custody and disbursement of the public b money seems to be unavoidablejand before it can* o 1 ' ' ' A A - ' *1 4 *1.5. O *1/1 nAUTA /\T f llA 1 /, !.I>e nuinilictl Uiai lliu iliiiutnv,v.utiu |iunn vm 1141.1 u I Executive would be increased by dispensing with v i the jjgency of b'anKs, the nature of tliat interven- a , tion in sucii ..n agency, must be carefully regar. I i dcd. and a comp irison must be instituted between v j its-extent in the two, cases,. ' . e i The revenue C id only be collected by officers ,r i appobTtei) by the President, with the advice and * . | consent ofthe'Senate. The* public moneys, fn b rthe M instance,must therefore,in all cases, pass l' j througlf hands solecfed 1?y the JExccotivb. Otji- v er officers tnpointed in the same way, or, as in a soui? c.isr<? by. thv Piesidant alone, must also be r cnirtisted .vit.i fh in when drawn for the purpose l' of disbursement. It is tlms seen that, even when 1 banks are employed, the public tunds must twice :l r piss through the hands of Executive * officers.? f Besides this, the head of the Treasury DepjrU a uient, who also holds his Office aft lie pleasure "e of Uie President, and some otheT officers of the ? .same depart in-ml, must-necessarily bo invested with more or less power in the's; lection, continu. w ! nn/l^nnnrvifiinn nC <l,o? nil,- kn I tl | uu?i-vvtj?vj?iu*w?j, vi iiiu uaima uiav mu ? ww i employed. The. question is then narro-.ve.il to >R i the single point, whether, in the intermediate ^ .-!*ffe be'ween tile coll action aiwl uishur.-'-'ment of P the public nipn'-y, tl\e agency of banks is neces- v sarv to avorJ a dangerous extension of the pat- ^ ronage Jtyd influence of the Executive? But is it 1 'dear tl>at the connection of the-Executive with 1 " powerful moneyed, institutions, capable of ntin- r istervng to the iiitcjests of men in points where * ' thev are most accessible to corruption, is lOss 1 liable Jo abuse, than his constitutional agency-in a i the appointment and control of rffthe few public ; plftcers required by-the proposed plan? Will.the 1 f?public mcnoy, when in their hands, be necessa- n i ri'.y exposed to any improper interference on the c pirt of the Executive? May it not be hoped that P ' i prudent fear of public jealousy and dhv'ipproba- " J tion, in a matter so peculiarly exposed to them. 0 ] -will deter him from any such interference: even ? { if higher motives he found inpporaiive? May not j Congress so. regulate, by law, the duty of those u "officers, and subject it to such supervision and ; " j publicly, as to prevent the publicity of any scri- '*? ous abuse on the part of the Executive? and is I there equal room for such supervision and pub- ! a | licity in connection with banks aoting, under the ! p ' shield of corporate immunities, and conduced u p persons Irresponsible to the Government ami j vvoi it? people? ^ It is believed that a considerate^ pro nd^candid investigation o'f these questions will enu isint in the conviction, that the proposed plan jue i far less liable to objection, v>n the store of Ex- sid< cutive patronge and control, than any hank enc genfcy that has been or eun be, devised. ' ton With these views,-1 leave to Congress the the leasdrcs necessary to regulate, in the present mo mergency, the sate-keeping and transfer of the rec (iblic moneys. In tlie performance of constiational duty; I haVe stated to them, without re- Go erv'c, the result of my own reflections. The sub. hot >ctis of great importance; and one on which we use an scarcely expecj to be as united in scijtinieni in s we are in interest. It deserves a fall and free lig tiscussion, and cannot fail to be benefitted by a tro [isapassioilate coinporrison of opinions. Well- del iware mysVlf of the duty of reciprocal conces- ev< ion among tlic co-ordinate br inches of the Gov- leg rnineiit* I can promise a reasonable spirit ufco- er; iperatioik, so far as it can be indulged ill without sib lie surrender of constitutional objections, which leg l?f.| pw in hn wrll founded. Anv system that* tin nay be "adopted should be subjected *o the fullest liir pg-a I provision, so asto leave nothing to the Ex- red icutive but what is necessaiy to the discharge sin >f the duties imposed on .him; and whatever plan- gr< nay. be ultimately c.stablishdr my own pfut shall Su >e so discharged as to givjc to it a fair trial,'and in< he best prospect of success*. * . to The cliaraetrr-of the funds to be received and B lisbursed in the transactions of the Goyeremcht, />f ikewise demands your -most careful considera- in ion. ^ * . . "he; There cm he no doubt that those who framed- ev< tnd adopted the Constitution, having in imincdi- the itc view the depreciated piper of the Confederal ma y?of which live hundred dollars in paper were, sin it times, only-equal to one dollar in coin?in ten- ag< led to prevent the recurrence of similar evils, so lav ar at least asrelafcd to the transactions of the ma lew l%ovvrnfnent. They.?uve to Congress ex- ma irpss powers to coin Ynoney, and to regulate (he the alue tliercof, and forejgn coin; they refused to opl ;ivo it power to establish corporations?the the gents, -then as-now, chiefly employed Jo create arc ? r.,-i *Im States from dci . J'lJSCl bUIICUV^ till! J J/lvmv.v y ... uaking-anv thing but goltl and silver a legal offi ender iu payment of debts; and the first ("oftgress tha urccted, by possitive law, that the revenjua wo rould bo received in nothing but gold and# sil- ofti cr. . . .to i Public cxigcncy.at tlic.o:ifj*ct of'thc govern', an lent, without direct legislative authority, led to icn he use of banks'as fiscal aids to the 'I reasury.? onl ;i admitted deviation from the law, at l.'ie same are uriod, and under the same exigency; the Sccrc- ] aryof ho Treasury received their notes in pay- sns uent of duties. Tiiesolc ground t>n* wln'ch the the nrctice, thus commenced, was then, or has the incc,*beeh justified; is the certain, immediate, cy nil Qonvonicnt exchange of such notes tor sps: vcr ic. The Government did indeed receive the in- pre onvertible notes of State banks during the diffi- alt* uftics of war; and the community submitted far vithout a.murmur to the- unequal taxation arfd j uultrplicd evils of which sueh a course was* pre- for active. With the war, lliis indulgence ceased, Go Knt.W wpre?I)lifred asrain to redeeintheir 'fh 4411 kl*V%WU4,,fc*' O o totes in gold and silver. s Th3 Treasury, in ae- on ortianco with previous practice, continued to ispeftse with the currency required by the act of deri 789, and took the notest)fbanks in full confi.- pre once of their being paid in Specie on demand; I cu] nd Congress, to guard againt the slightest viola, the Ion* of this principle," have declared, by law that be' f notes are paid" in the transactions of the Gov- mo rnnient, it must be under'such circumstahcosas r atmable the holder to convert them into specie pujj without depreciation or delay.; g ^ Of my own duties under the existing laws, lat< 'hen the b^nks suspehded specie payments, I 8tn otiid not doubt. "Directions were immediately fou iven to prevent the reception into the*Treasury, ten fany thing but gold and silver or its equivalent; gso nd every practicable arrangement was mafle to bab reserve the public faith, by similar or equivalent San aymenls to the public creditors. The revenue .0f< om lands had beeri for some lime substantially eve 3 collected, under the order issued by the dire^c- ren one of iny prodecrssor. The effects of that or- ]10v cr had ben so salutary, and ijs forecast in regard the ) the increasing insecurity of bank paper had tur ecomc so apparent, 1 hut. even before the cntas- jng 'ophe, I had resolved not to interfere with its , don peration* Congress is now to decide whether si0i ic revenue shall continue to be so collected or s'ta ot. - ....... tho 7 hp rcce/pts into the Treasury, of bank notes, .p0r ot redeemed in specie on demand, will not/ I jng resume,'be sanctioned. It would*destroy, with- jt . ut.the.excuse of war or public distress, that tuc quality of imports, and identity of commercial atj0 jgulation, which lie at tho foundation of our g00 Confederacy, and would offer to each SlatePa dijet temptation to increase Iho foreign trade, by^ Cy? eprcciating the currency received for duties in* ou^ s port?. Such a proceeding would also, in a j roat degree, frustrate the policy, so highly clier-1 . lied, of infusing into our circulation a larger ^ roportion of the precious metals; a policy the* m risdom of which none can doubt, though there ray be different opinions as to tho extent to .'hich it should bo carried. .It results have been . Iready too auspicipus, aiqd its 6uccc?fc is too losely ipterwoven'with the futuro prosperity of lie country, to permit us for a moment to cori smplate its abohdonmcnt.. We have gecnun- ,no cr i's influence, bur specie augmented beyoh'd ighty millions; cur coinage increase^ so as to ? lake that of go!a Tnriount, lifctween August, . t . 831, and December f836, to ten millions of dol- aqJ ?rs;exceeding the whole coinage, at the mint uringthe thirty-one previous years. The pros- . ect of further improvement continued without zer| batement, until the movement of the suspension f specie payments. Tlfti policy has now indeed j*?' een suddenly checked,but is still far from being. taj vorthrown. Amidst ?jI1 conflicting theories, - V v,,.. .con me position is unuemaoie: me ptvwiyua rill invariably disappear when there ceases to be ^ necessity for theiru.se, a^a circulating medium. ^ t was in strict accordance*with this truth, that ? rhilst, in the month of .May last, they were ev- me rv.wheYc seen, and were current for-all ordiga- s0 y purposes, they disappeared from -circulation pujj lie moment the payment of specie was- refused r y the banks; (jind the community tacitly agreed J o dispense with its employment, Their -place ras supplied by a qusreney exclusively of paper. eilt nd, in many cases, of the worst description. Al- Pro eady are the bank notes now in circulation groat-- sta (.* dopreciatcd, <tnd they fluctuate, in value b.e- ?ar. woen otic place and another; thus diminishing, 1'ar nd making unccrtasn the worth of property and su? he price of labor, and failing'to subserve, exeppt c? 4 * 1??? niirnncnc nf KlIQinpfiK. . WltH ttt IlUttVJ biiiy pin ...... . ach succeeding day the mpttalic* currency- do . t{,e reascs| by some it is hoarded in the natural fear, ' hat, once parted with, it cannot be replaced;' oft ,-liiIc bv others it is diverted from its more legi: due imate uses, for the sake of gain. Should Con- the rCss sanction this condition of tilings, by nn- wa< ing irredeemable paper money receivable in sho ayuacnt of public dues, a temp fy oh< ck to a of i ,'isc ant^ salutary policy will, in ail probability, wil 3 converted into its absolute destruction. not K is true that bank nqtes actually convertible cml ito specie may be received in payment ot the tlia avenue, without bung liable to all these objec- acq ions, and that such a course may, to some ex- but ;nt, promote individual convenience; an object ded Iways to be considered whore it does not con- was ict with the principles of our Government, or Th fie general welfare, of the country. If such fypy otcs only were -received, and always under cir- wh umstances allowing their early presentation for TV a'ymcnt, and if, at short and fixed periodfer thfejf Be; . Qre converted into specie, to be kept by the set: fficers of the Treasury, some of the most seri- ren us obstacles to their reception would perhaps in t o removed. To retain the notes in the Treas- use ry would be to renew, under anothtr form, the *un >a"ns of-public. money to the banks, and the evils j onscquent thereon. - ' cnl It is, however, a mistaken impression, that sio ny large amount of specie is required for public bor lyments. Of the seventy or eighty millions the n\y estimated to be in the eountrv, ten millions t^-( aid he abundantly sufficient for that phrpose, t vided au acumulution of a large amount ofrav-* ; ic, beyond the necessary wants of Govern- j nt, be hereafter prevented. If to these con- ! nations be added the facilities which wijl arise I ibling the Treasury to sutify the public "credi- ] s, by its drafts or notes received in payment of j public dues, it may be gaiety assumed that no j tive of convenience to the citizen requires the i eption of bank,j)?pcr" * lo say that the refusal of paper money by the i vernment, introduces an unjust discrimination ween the currency received by it, and that id by individuals ift their ordinary affairs, is, myjudgmcnt, to view it in a very erroneous ht. Tho Constitiitfon prohibits the States m making any thing but gold and silver a ten- 1 in the payment of debts, and thus secures to i )ry citizen a right to demand payment in the. ;al currency. To provide by 1 iw that the Govmicnt will oiily receive its dues in gold and vcr, is not to coaferon.it any peculiar, privi ;c; butiucrcly to place it on an equality -withrj ; citizen,-by reserving to it a right, secured td n by th'c Constitution. * It is doubtless for this ison that the principle has been sanctioned by ;ccsslve laws, from tiie time of the first* Con?. ?ss under theConstjtution down to the 1.1st.? j ch preocdcnts, never objected to ancj procctd- ! r from-sitch sources, a fiord a decisive answer" the imputation of inequality or injustice, ut, in fact,themeasnre is one ofrrstriction,not favor, % To forbid the public agent to.receive payment any-other tlian a certain kind of mo)V is' to refuse him a "discretion possessed by ?ry citiien: It may. b<? left to those wha ha*ve s management of their ow'n transactions to ke their own terms;'hut nonsuch discretion )uld be given- to him who acts merely as an-! ;ni ofthc*pcoplet who to collect what tliej t requires, and to pay.the appropriations it kes. Whenhunk notes are redeemed on dend, there is then discrimination in reality, for i * individual who receives thcnunay at his : ion, substitute the specie for them; ho takes, tm from conven ciice or choiCb. When they ' i not so redeemed, it will scarcely he conten-1 ! 4 o?/l nnrmcnf l?t? n nilhlio 1 111UL Uini WWUipt Uliu iim *'j *iccr,"should be permitted,* though none deny it right to an individual; it* it were, the effect nld L?e most injurious to the public, smcc their ccr could make none of those * arrangements ; meet & guard;against Ilia depreciation,which [ individuaTis at li!?erty to do. Nor caninconvencc to the community l>w alleged as an objee:i tosudli a Regulation. ' It's object and motive convenience and welfare. [f, at a moment ofsimulatfcous and unexpected pension by the haliks, it adds something' to many eniburrasments of thai proceeding, yet se arc far overbalanced l>y its dicect tenden. to produce a wider circulation of goltfand sil. ', to increase thejsafet'y of bank paper,'to imrvc the general currcny, and thus to prevent agqjher such occurrences, and the other and greater evils that attend them. / [t may. indeed, he questioned, whether it is"not i the interest of the banks thefnselves that thp j vernment should not receive their paper. ey would l>c conducted w ith more caution,apd sounder principles. By using specie only in transactions, the Government would create a | nand for it, .which would, to a great extent, 1 vent its exportation, and, by keeping it in cirl ' alion,.maintain'a broader and safer basis for! papergurrcney. Thl^t the banks.would tliue "Tendered more sound, and the community re safe, cannot-admit of a doubt. Hie foregoing views, it sccniato. me, do bit* ly carry ont the provisions oftlie Federal Coil ation hi relation to the currency, as far as"re?s to the public revenue. At the time that injment was frame*!, there were but ljireo*or r banks in tho United States ; and had the ex. sion of the banking system, and the ^vils Wing out of it, been foresetyi, they would pro. ly-have been specially guarded against. The . le policy which led to^tlie proliibition of bills i ircdilby tho States, would,doubtlees, in "that ! nt, have also interdicted their issue as a ciir- | cy -in any otheV form. The Constitution, j vever, contain?nosuch prohibition ;and since ^ States hdve exreciscd, fer nearly half a ceii- [ y, the power to regulate the business of bank, it is not to be exptctcd that it wijl be abari* icd. The whole matter is now under discus. j i before the proper tribunal?tho people of the [ le?v * Never bofore lias tlie public mjnd been so j roughly awakened to a proper sense of its im- 1 tancc ; never haa the subject, in all Us bear-j s, bcert submitted to so searching an* inquiry!! would be distrusting tbc intelligence and vir- J of the people to doubt the speedy and efficint \ plion ofshcb measures of reform as the public I >d demands. All that can rightfully be dono j the Federal Government to pjomotp thq, -oc- j uplishmcnt nf that important object, will, with- i doubt, be performed. '! n the mean tiinc", it is our duty to provide all , remedies against a depreciated paper currency ich the Constitution euables ug to afford. The :asury Departmcut, on several former occas- , s, has suggested the propriety and importance I t uniform law concerning bankruptcies of cor- ! atioris, and other bankers. Through the in- j imentality of such a law, a salutafy check ( v doifbtless lie imposed on .the issues of paper j ney, and*an.effecUial remedy given to the citi- j in a way at.once equal in a'l'parts of the ion, and fully authOriced by the Constitution. Phe ?ndu genee granted by "Executivft authori in the payment of bonds for duties, has been ;ady mentioned. Seeing tnat the immediate ; brcemcnt of these obligations would subject a J je and highly respectable portion "of our citi- i is to great sacrifices, and believing thai a tern- 1 ary postponement couid be made vvilhout de- \ nent to other interests, and with increased cer- j ltv of ultimate payment, I did not hesitate to. nply with the request that was made, of mc..j o tjcrnas* allowed are, to the fnU extent, as H- | al as any that are to he found in the practice 4'? *?? *T? ! lilt) ?j.\UCUU VC 1 ?C[jnj until!. J b iui tigress to decide whether a further, postponc.nt may not with propriety be allowed, and,if their legislation upon, the subject is respect. iy invited. . riie'report of the Secretary, of the. Treasury 1 exhibit the condition of these i^ebts ; the ex > and effect of the present indulgence 'r the 1 bable result of its further extension on the ' te of the Treasury and every other factncces- j plo J full consideration ot the subject. 'Sini- i informa^on is communicated in regard t6 ; h depositories flf the public money as are in- J ted to tlieGovernment, in order that'Congrfss jr -also adopt the proper measures in regard to ,n\ ' . . Phe receipts and expenditures for the first half! ;he year, and an estimate of those for the.resi-'j will be laid before you By the Secretary of ' . Treasury. In his report of December last, rt ! s estimated thattlio current receipts would fall j nf pvnnndifnrrs he about tliree millions L lollar?. Ityvillbo s vn .that tif': di.lvrence j I bo muchT greater, .7\'iis is to be attiibuted ot^ly tfl the occurence of jjteater pecuniary e barrassmcnts in the business, of the country n those which were then predicted, and, conuently, a gVeater diminution in the rcveuue, also to the fuet*that the appropriations cxcecby nearly six millions, the amount which .1 saskedfdr m the estimates then submitted* e sum necessary lor -the scrvico of the year ond flie probable receipts, and the amount ichit^was intended should ba reserved in the easury at the commencement of tl.c year, will about six millions. If tii? whold of the re., yed balance be hot at once applied to the curt expenditures, Jaut four-millions be still kept ;hc T'relsury, as seems m^st cxpfedient,'-for the s of thQ-unint, and to meet contingencies/ the n ijeeded will be ten millions. * * [n making this estimate, the receipts are plated on the supposition ofsome further cxtehn of the indulgence granted in the payment of ids for duties, Nvhfch will atfect kiie sftuqunt of rcyenue for the present year to thft.extent of; > and a half millions.* * *j % ? * . *# . .# * * # * * * i *. ' ? .? It is not proposed to procure the requirctktmount , by loana or increased taxation. There are now i Ln the treasury nine millions three hundred'end | sixty seven thousand two hundred and fourteen dollars, dircctcd.by the act of the 23d of June, ' 183d, to be duposited witl> the States in October next. This Sum, if so deposited, will be subject, | under Ihe.law, to be rccullcd,*if needed, to de- ! fray existing; approiations ; and as it is now evident that the whole, or the principal part of it,, will be wanted for that purpose, it appears most j proper that the deposite should be withhold. 4Jn- j til the amount can be -collected from the t>anks, Treasury nMesmay bo temporarily issued, to.be gradually-redecyned as it is received. I am aware that this course maybe productive of inconvenience; many of the States. * Rely- r ingupon the! acts of Congress which held out to them the strong probability; if not the- certainty, of receiving th'is instalment, they have in some instances adopted measures with which.its retcn lion, may seriously interfere. That suclra*coudition of things sljould have'occured is much to' bo regretted. It is not the leasl amohg the unfortunate results of the disasters oTtlie times* and it is for Congrcss.to devise a fit remedy, if.there, T)c one:' Tlic money bfcing indispensable to the \yants of the Treasury, it jsdiffictrlt to conceive upon what principle of justice or, expediency its application to that object can be avoide'd.. To recall.any portions of the sums already deposited with the States, would be more inconvenient, and .less efficient. To btifdcn the country with in. creased taxation, when^ there is in facta lurg) . snrplus revenue, wonld be unjust and untfisc*; t<5 raise mone y by loans under spelt circumstances, and thus to commence a now national d bt," would scarcely bo sanctioned by the American pcojde. . . * . * ? Tho plan proposed will be adequate tb all our ' fiscal operations, during.the remainder of the year Should it be aijopted, the Treasury, aided"by tlm ample of'resources of the country,-will te. able to disihnrge, punctually revery pecuniary obligation, lor thcTuture, all Hiat is needed will 1)0 th^t caution*and forbearance in appropriation* whiclfthcjliminution of <!ie revenue requires, and which tJie complete acccoinptishment*or~ grcat.forvvardness of many expensive national undertakings reuders equally consistcnt.wpFu, deuce and 'patriotic liberality. The preceding suggestions and recommendations are submitted, in the blicf that their adop. tion by Congress will -enable tije Execytive J),ppartn1cnf to conduct our-fiscal concerns with i success, so far as thejr management has been j committed TO ll. ?> Mist, ine uujuvhs unu wic i means proposed to ^t.iin tlieih aro within'ilscon- ] stitufional powers aud. appropriate duties, they (will At the. same timo.-it is hoped,' by their neccs- ' sary operation, afford essential aid in the trails, sactionmf individual concerns, and thusyield re. liet'to thepepplo at large-in a form adapted to the nature of c/Ur Government. Those who look to the action of this Government fur specific aid to the citizen, to relieve embarrassments arising from Josses "by revulsions in cornmefct: and crcd. it, Ipse sight of tho ends for which it was- crea. ted, and the powers with which it is clothed. It was established to give security to us all, in our.' Jawful and honorable pursuits, under tho lasting safeguard of republican institutions.* It was not i intended to confer special favors on individuals, or on any classes of them; to cr&te a system .of J agriculture, manufactures, or trade ; or to engage 1 iham' Altlwii* c nr inVnnnprtfnn u'ilbT Ill blioillf VIVIIVI gvjm?u?\ t j v* ??? w*..-.. ...... . individual citizens or organized* associations [ If its operations were to be directed for the bene, f fit of any one "class, equivalcat. favore must, in. ju^ice, be extended ip the rest; ahd the attempt Co bestow such fuvors with an cqtial hand, eleven to select those who should most deserve them, Would never be successful. A'.i communities are apt to looji io Government for too much. Even fii our own country, where its powarsand duties are so strictly limited, we tire prone to do so, especially at periods qfisudd* n embarrasmbnts and distress. But this ought not to bo. .The fraipers of our excellent Constitution, and tho" people who approved it with palm and sagacious deliberation, acted at the tiino on a sounder princple. They wisely judged that the less Goerumcnt interferes with private pursuits, the better for the general prosperity. It is not its legitimate object to make men rich, or to repair, by direct grantsof money or legi>lation in favor of particular \ pursuits-, looses not incurred in the puhlia service (*' This would be substantially to use the property I of Some for the benefit of others. But its . ejil ( duty:?that duty, the performance of which makes ( a good Government the most precious of human i blessings?is to ciujct and enforce a system of j general laws commensurate with, bnt not ex- j^ cccding, the objects pf its establishment f and*to loave every citizen and every interest to reap, un- j#< der.its Benign protection, the rewards of virtue, I industry, and prudencK , s i I#cannot do^bt that on this,.as on all similar I occasions, the FedeAl Government will find its < agency most conducive to the security and hap.* piness of the people, when limited to the exercise : , of its concede! powers, J.n ncv?r rfssuming, even 1 for a we]l meant object, such powers as were not dosigned to.bo conferiedupon it, we shall in reality do most for the^eneral welfare- Tor avoid every unueccseary interfrence with the pursuits of the citizen, will.rcsult'in more benefit than to , adopt monsurcs "which could only assist limked } interests,-"and arc eageilv, but perhaps n turaljy, sought for, pinder the pressure qf temporary cir cumstances. If, therefora, I rcfrJin from sug. ( gestmg to Congress any specific plan for regu'a-- ? ting tlie oxchanges of the?country ; relieving mercantile euibarra&ments ; or interfering wilh J he otdinary operations of foreign or domestic J commerce ; it is from a conviction that such ? measure* ate uof-within the constitional province c of the General Government; and that their adop- , tion would not promote tjie real ai\d permanent welfaje of those .they mighty be''designed to" aid. 1 vrhe (liffiulties and distresses ofthe times', though 1 unquestionably great, are limited hi their extent, t and cannot be considered as "aflfecti/ig tHo pr* , | mandnt prosperity of the nation. Sprung in a 1 great measure fron? the transactions of foreign j, afid "dofocstjc commerce, it is upon them they J have chiefly fallen. The great agricultural in- '' *" ' ?/ .n fir crt r I I npS, HI IHilli V |'Uii5 ui niu vuuimjf o>u?wed comparatively .little; and as if Profulcnrc, j < ready to display the munificence jofits goodness I ( at* the moment of greatest need, and ift.dirctft . contrast to.the lolly displayed by tlie wayward- j1 ness'of man, wo have been blessed throughout | our extended territor) with a-scason o?uuusuaJ ; ' health'; and of. uncommon fruitfulness. The . t abundance of our -great staples will soon j { furnish tbe means to pay our-debts at home;, and abroad, and contribute to * a revival : of eomniercial activity and the* restoration s.1 bt commercial credit. . The banks estab-1 * lished avowedly tor -its support, deriving i t their profits 'from it, and altogether dependent j. upon it, will tcel at once the necessity ami jus- < tice of uniting their energies with the mercantile j inter st. ' The sespension of of'*spccie pay- ic nient's at such a time, and Under such circum?[t ssances as wo' have stated, could notibe otlicr 1p than a .temporary Qioa^ure. \Ve can scarcely^ ew in believing that the-tiine must soon arrive'^ when ajl M>anks\ that are solvent will redeem ;! their issues in g'old and silver. Dealings abroad* f necessarily 'depend-upon resources aftd presjfcfi- ? ty at home/ .If the debt-of our meVcl^nta has , accumulated, or their credit is impaired, these are fluctuations always "incident to extenSiv'e or c extravagant mercantile transactions. . But the * ultimate security of such obligations does notadmit of. question. .Tdey are guaranteed by ( the resources of?. country, thdMfruits of whose iudustry afford ahuudant'means of ample Iiquf- . dationj and by tlfc evident interest of evejy mer- 1 chent to sustain a credit hitherto high, by ' promplly-applyi'ng these means for its preserva- J tmiu * . v. .1 deeply "regret, tlfat events have." occurred \ which require me to ask vour^ consideration of ^ sucli seriots topis. I "could have wished, that in i . making" .my first cqgtpmnicatitm to the assfenv 1 bW representatives of mv eonntry, I bad nolh- t ing to dwell upotf but the history of her unalloyed prosperity* Since it is othorwise, we can only feel more deeply the responsibility of the respective trusts that hate been ?confined to* us,. and tftidor the pressure of difficulties unite in invoking the guidance and aid of the Supreme . . Ri^ler of nations anu in laboring with zealous resolutions to overcome Hie difficulties by whicli wo* are. environed. * * : It is, under such circumstances a high gratification to know by long experience that we act * for a people to -whom tho truth, however unpromising can always be spoken witlwsnfetyj.for the trial of whose patriotism no emergency is too severe, and who are sfire never*to desert & pub-. lie functionary honestly laboring for the publfe gQod.* It seems jusf that they should* receive, without defay, any aid in their -embarrassments v?hieii your deliberations can afford. Coming directly fropf the midst of therm and knowing . 'the bourse of events in e*ery section 6f our country, from you may beat be learned as well the extant and nature of these embarrassments . as the most desirable infcastwe of rcl\ef. r ? - *? * - i am aware, nowover, iiiai u is not proper Jo detain yon at present longer Iha/i maybe demtin-* ded by the special objects for whicb you are ' eonvened. To tliein, theaeforo, I have contmed A my idmnldnlcation and believipg it will not be your own wish to extend your.deliberation be . yolid them, 1 reserve till t!ie usual pcfiod of your. v annual meeting* that general information on the state of fhe-Union, wliidi tfie .Constitution requires ine to give. M. VANUUREN. ? * Washington, 4th September, 1837. ' t Mh*. 'woj.ff.?The celebrated Mission-/ ary arjd convert from Judaism.to Chrisaoite .. :s now in this country, paving arrived 1icre. , a fows since from Bombay.. He preached last night,at the Broadway. Tabernacle, but we had not the pleasure of hearing him-1-* below*we give his Proclamation Which will " * * be read with interest. ' ; * . . . v jlfercan. Afcer. PROCLAMATION1. * * -V : . Of the Jbv.* Joseph Wolf, Missionary to jill the Churches in America. . * * ' Joseph Wolff, a [Servant of God',and tl>e * * Lord Jesus -Christ, to all the Christiaris ih * the United States of Northr America.greetmgi* / V ' You arc'afreiidy informed *of my object ' . % anj pursues. Seventeen years I"hav? now . . proachecj-the Gospel of our Lord Jesus . * in':.. . .. / v. ii- f I* j biiriac, uy uou s grace, irom Lionaon 10^. Gibraltar Maltn, Egypt, Mopnt Sinai, Phlestine, Cyprus, Rhodes, Macedonia,. Greece^ Turkey, Mesopotamia, Armenia, Persia, * ToOrkestuun, .Bokhara, Haiku,. Cubool, Lahore. Uiftdoostun,* Casbtneer, Jhc Himmaluyah Mountains? Cockin, and lately in ] Yemen, and Abyssinia, and the isiand.ofSt, " Helena. I recollect with pleasures the?tim? " when f. preached jn Palestine the Gospel of Christ td Jews and Gpntiies, in brotherly, ' .: unit/with Fisk and King, both oftheoi your- . countrymen.. * - % .. * Ncwyilicilj. state 'of Ifly hefrfth 'having obliged me to disconntinue my journey ?i Africa, f hive on my arrival at Bombay, resolved 1o visit you liberally,minded in. * - . habitants of America. . fir. Allen, the : American Missionary at.Bombay,and Mr. . Parish. the member of Counsel,-flier? hav- ; ing furushed me with Tetters of introduction for their friends in this country. This objeci of my ^coming to America is-to pceacli* the tidings of Salvation to Jew and Gentile ; 2d.? To inform Ghristiaus and Jews here of the-stale of ChristTanitv, Judasism,Mahom. eduhism and Paganism in 'thcEust; 3dly. To gitfe inlbrmation of the custoflis and manners and religious'creeds of different sects, as fur a's th*?y illustrate and confirrh [lie truth contained in the sacred writ; 4tbly, To inquire into the -history and religious creeds of the" Indians in America. I-anti- *# cipateb, therefore, on my journey, great joy n the thought ofgiyirfgthe right hand .of ellowshi[i to every good Christian in America. 1 beg, therefore, Chris!ian prcuchers of ?vcry denonunatioi., to ghe the opportunity 6 preach f Re-Gospel to all, to call oh.all of pour " Foa^ God, and give Glory.to " . hlirpV' To preach' Repenterice towards' LJod, .and faith Jn.the Lord Jesus Christ J I am at present in the house of the Rev. Mr. Dickinson, 134 Varick street,* New . * i'ork. - * * ' . JOSEPH WOLFF, . Missionary in Asia and Africa. New.Yt*k, 24th August,4837. *. -*. . m VIr. 'WolfFis npw Lecturing ift New York. *' - - - * * Rev. Joseph Wo?f?.?The. first lecture * )f this extraordinary man and most exteniive missionary, .was deliveied. last evening n the Broadway Tabernacle* #to .a. very arge and highly gratified audience. Ths iStonishing travels, toils, sufferifigs and sue- * * ;csses of this reverdnd gentleman, las -mis-. >ion ry to the JeAvs,.' have rendered his . , .tame in miliar to all ohristi n,dom. To'see ' uid hqar him* will be a 'prival^ge highly isteomed in.every place which he.may* visit .* hrouglvoat jhe <5iwlized world and espt-cial. * y when the subject of bis lectures possess so much interest and attraction. The first lecture consisted chiefly of a . larmtivc of Iks travels among ihe'jcouhtries ind qities of the East, with tlotices 'of the . ... religious, character and habits of the people . * lrndnc whom he- sojourned'; It.was inter-. . o * t t 9 # , . jperced Vith interesting And important . 'acts, in relation to the Jews of the" different ripes and nations; and numerous illustra- . ions of the fulfilment of Scripture propjrecy yerc introduced in a most teliciiious rnanicr." Tbe account of the awfufearthquake vhich Mr. WolfFsawj apd tht? religious use " nade of it"l>y the Arabs and Mahofhedans * * mil Jews, held the audience in a deep atention, while tliQ specimensofhis own styte ?f preaching to the Jews, bis brethren after he flesh, .the lost sheep ofcthe.housd -of,Isael, to seek whom this devoted missionary foes forth in the name of his master through . 'every nation and Jtmdrid,-tongue apd pecdo," possessed" tbe highest inteiest. Truly t reminded'us of the days of primitive sim- . ilicfty and faith taught the Jeps out of thejr . . . >\fn Scriptures, "proving that Jesus ft the jlfrist." * * ~ *' No one could listen. to tlfs celebrated . nissionary without honoring liis spirit "of ' \ Ueckness; pietv aud zpal; nor witiwuC feel ng thai- hens Indeed an extfaoitlinary man." ? 50 full of comfort and happiness does 'he lodjiis employnricrtjt, "proclaiming the unirarchahie richqs- of Christ" to these who lever heard'-fiis name, tlifif nis soul Seemed* o be filled with unearthly rppture.when he cferred^te Shis topifc, c^clanping t'CHhat I odld trJnspoft y.cm for* a Jjrief space? to " _* ?f _ % \ *- Js?? . 'ii- - ~ x, '