Political Beacon, Volume 1, Number 1, Lawrenceburg, Dearborn County, 7 October 1837 — Page 4

Thle operation could not have been performed, hud the funds of the Government gone into the Treasury, lo be regularly disbursed, and not into banks to be loaned out for their profit, while they were permitted to substitute forit a c.edit in account. In expressing those sentiments, I desire not to undervalue the benefit of salutary credits to any branch of enterprise. The credit bestowed on probity and industry is the just reward of merit, and an honorable incentive to further acquisition. None oppose it who love their country and understand its welfare. But when it is unduly encouraged when it is made to inflame the public mind with temptations of sudden and eubstal'.ial wealths-when it turns industry ixto the paths that lead sooner or later to disappointment and distress it becomes liable to censure, and needs correction. Far from helping probity and industry, the ruin to which it leads falls most severely on the great laboring classes, who arc thrown suddenly out of employment, and by the failure of magnificent schemes never intended to enrich them, arc deprived in a moment of their only resource. Abuses of credit and excesses in speculation will happen in despite of the most salutary laws; no Government perhaps can altogether prevent them; but surely Government can refrain from contributing the stimulus that calls them into life. Since therefore experience has ehoivn, that to lend the public money to the local banks is hazardous to the operations of the Government, at leant of doubtful benefit to the institutions themselves, and productive of disastrous derangement in the business and currency of the country, is it the part of wisdom again to renew the connection? It is true that such an agency is in many respects convenient to the Treasury, but it is not indiepcnsihlc. A limitation of the expenses of the Government to its actual wants, and of the revenue to those expenses, with convenient means for its prompt application to the purposes for which it was raised, arc objects which we would seek to accomplish. The collection, safe-keeping, transfer, and disbursement of the public money can, it is believed, be well managed by officers of the Government. Us collection, and to a great extent, its disbursement also, hare indeed been hitherto conducted solely by them; neither national or State banks when employed, being required to do more man keep it safely while in their custody, and transfer and pay it in such portion and at such times as the Treasury 6hall direct. 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 theTreasury; and that directors, cashiers and clarksnot selected by the Government nor under its control, are more worthy of confidence than officers selected from the people ami

responsible to the Government; officers bound by of-1 cial oaths and bondsfor a faithful performance of their duties, and constantly subject to the supervision of Ceagoes. The difficulties of transfer, and the aid heretofore rendered by banks, have been less than usually supposed. The actual accounts show that by far the j larger portion of payments is made within short or; convenient distances from the place of collection;! and the whole number of warrents issued at the Treasury in the year 1SH5 a year, the results of which will it is believed sfTord a safe test for the fu- j ture fell short of five thousand; or an average fl less than one daily for each State, in the city of IS . York they did not average moro than two daily, and at the city of Washington only four. The difficulties heretofore existiiiL' are moreover. daily lessened by the increase in the cheapness and i facility of communication and it may be asseitcd wiih I confidence, that the necessary transfers, as well as I safe-keeping and disbursements ofthe public moneys can be with safety and convenience accomplished I through the agency of Treasury officers. Thisopin- j ion has been, in some degree, confirmed by actml experience, since the discontinuance of tho banks I as tiecal agents, in May last ; a period which, from j the embarrassments in commercial intercourse, pre-1 sented obstacles as great as any that may be hereafter apprehended. The manner of keeping the public money since that period; is fully stated in the report of the Secretary of the Treasury. That officer also suggests the propriety of assigning by Jaw certain existing duties to e.Meting establishments and officers, which with the modifications end safeguards relcrred lo by him, will, he thinks, enable the Department to continue to perform this branch of the public service, without any material addition either to their number or to the present expense. The extent of tho lusiness to be transacted has already been stated; and in respect lo the amount of money with which the officers employed would be entrusted at one time itappears that, assuming a balanco of five millionsto be atall timeo kept in the Treasury, and the whole of it left in the hands of the collectors and receivers, the proportion of each would not exceed an average of thirty thousand dollars; but that deducting one million for the use of the mint, and apsiiming the remaining four millions to be in the hands of one half of the present number of officers a supposition deemed more likely to correspond with the fact tho sum in the hands of each would still be lest, than the amount of most of the bonds now taken from the receivers ol public money. Every apprehension however, on the subject, either in respect to the safety of the money, or the faithful discftarge of these fiscol transactions, may, it appears to me.be effectually removed bv adding to ihe present means of the treasury, the establishment by law, at a few important points, of officers for fqe deposlte and disbursement of such poitione of the public revenue as cannot, with safely and convenience, be left in the possession of the collecting officers until paid over by them, io the public credftors. Neither the' amounts retained in their hands nor those deposited in the offices, would, in an ordinary condition of the revenue, be larger in most cases Uian those often under the control of disbursing officers of the Army and Navy, and might be made entirely safe, by requiring such securities, and exercising such controlling supervision as Congress may by law prescribe. The principal officers whose appointments would become necessary under this plan, taking the largest number suggested by the Secretary of the Treasury, would not exceed ten, nor the additional expenses at the same eatimate,sixty thousand dollars a year. There can be no doubt of the obligation of those who are entrusted with the affairs of Government to conduct them with as little cost to the nation as is consistent with the public interests is for congress and ultimately for the people, to decide, whether the ueuems to oe derived from keeping our fiscalconcerns hjiiiu, severing uie connection which has hitherto existed between Government and banks offer sufficient advantages to justify the necessary expenses. If the object lobe accomplished is deemed important uwhc welfare of the country, I cannot allow myself to. believe that thi nH.litinn tho ,ht; expenditure, of comparatively so email an amount - "ccessary to eflect it, will be ob ected to by the people. J 1 It will be Been by the report of the Post Master ; Wlth communicated, that the fiscal attairs of that Department have been successfully eonducted since May last, upon the principle of ueing.dnly , the legal currency of the U. .; and

lliat it needa no legislation to maintain its credit, and facilitate the management of its concerns; the existing laws being, in the opinion of that officer, ample for those objects. Difficulties will doubtless be encountered for a season, and increased services required from the public functionaries; such as aro usually incident to the commencement of every system; but they will bo greatly lessened in the progress of its operations. The power and influence supposed to be connected with the custody and disbursement of the public money, are topics on which the public mind i3 nat. urally, and with great propriety peculiarly sensitive. Much has beon said on them in reference to the proposed separation of the Government from the banking institutions; and surely no one can object to any appeals or animadversions on the subject, which are consistent with fads, and evince a proper respect for the intelligence of the people. If a Chief Magistrate may be allowed to speak for himself, on such a point, I can truly say, that to mo nothing

wou d be more accepUblc, than tne witnurawm

froin the Executive, to the greatest practical extent CV) g0 highly cherished of infusing into our circulaof all concern in the custody and disbursement of ; tion a larger proportion of the precious metals; a

iho nnhlic revenue: not that I would shrink from any rcsnonsiblity cast upon me by the duties of my office, Lut because it is my firm belief, that its capacity for usefulness is in no degree promoted by the possession of any patronage not actually necessary tothe performance of those duties. But under our present form of Government, the intervention of the Executive officers in the cuilwly and disbursement of the public money seems to be unavoidable; and before it can be admitted that the influence and power of the Executive would be increased by disensing with the agency of the banks, the nature of that intervention in such an agency must be care, fully regarded and a comparison must be instituted between its exent in the two cases. The revenue can only be collected by officers appointed by the President, with the advice and consent of tho Senate. Tho public moneys, in the first instance, must, therefore, in all cases, pass through hands selected by the Executive. Other officers appointed in the same way,oras in some cases, by the President alone, must ulso bo entniated with them when drawn fur tho purpose of disbursement. It is thus seen that, even when banks are employed, the public funds must twice pass thru1 i lie hands of tho Executive officers. Beside this, the head ot the I rcasury ucpnri . ...I 1 k;.Xanl tlm nlnnailrfl nf I mem, vimui.i utmia iiiawui .. ... the President, and some other officers of the same j department, must necessarily be invested with more or less power in the selection, continuance, and supervision, of the banks that may be employed. The question is then narrowed tothe single point, whether, in the intermediate stage between the collection end disbursement of the putlic money, the agency of banks is necessary to avoid u dangerous extension of ihe pntniiii;c nnd influence of the Executive? But is it clear that the connection of the executive with powerful moneyed institutions, capable of ministering to the interests of men in points whero they are most accessible to corruption, is less liable to abuse, then his constitutional agency in flic ap-

pointment and control ol the lew public officers , specie may be received in payment of the revrcquircd by the proposed plan? Will the public enue without being liable to all these objections, and monev, when iu their hands, be necessarily expo- that such a course may, to some extent, promote in-

sedto any improper interference on the part of the Exeeutivo l Mav it not be hoped that a pru dent fear of public jealousy and disapprobation, in a matter so peculiarly exposed to them, will deicr him from ony such interference, even if higher motives be found inoperative? May not Congress so regulate, by law, the duly of those officers, and subject it to such supervision and publicity, as to prevent the possibility ol any serious abuse on the part of the Executive? and is thorocqual roomfur such supervision and publicity in a connection with banks, nciing tinder tho shield of corporate immunities, and conducted by persons irr'sponsible to the Government and the people? It is believed that a considerate and candid investigation of those questions will result in ihe convictions that the proposed plnn is far less liable to objoction, on the score ol Executive patronage nnd control, than any batik agency tint has been, or can be devised. With these views, I leave to congress the measures 'noceseury to regulato, in 'be present emergency, the safe-keeping and transfer of the public moneys. In the performance of constitutional duty, I have staled to them without reserve, the result of my own reflections. The subject is of great importance; and one on w'hichwe can scarcely be as united in sentiment as we are iu intercsi. ltdescrvesa full and free discussion and cannot fail to bo benefited by a dispassionate comparison of opinions. Well aware myself ol the duty of reciprocal concession among (he coordinate branches of the govcrnmenl, I can promise a reasonable spirit of co-operation, so far as it can bo indulged in without the surrender of constitulional objections, which 1 believe to be well founded. Any system that may be adopted should bo subjected tothe fullest legal provision, so as to leave nothing lo tho Executive but whatis necessary to the discharge of ihe duties imposed on him : and whatever plan may be ultimately established, my own part shall be so discharged as to give to it a fair trial, and ihe best prospect of success. Tf character of the fundi 10 be received and disbursed in the transact,,,,,? of the government, likewise demands your most care! id consideration. There can be no doubt that those who framed and adopted the Constitution, having in immediate view the d pro-mied paper of the Confederacy of which five hundred dollars in paper were, at tunes, only equal to one dollar in coin intended tn nrn.-.m tk. r.,.. . r simian evils, so far at least as related to the transactions

... ue.-new i.overnment. i hey gave to congress express propriauona ii makes, w lien Dank notes are repowers to coin money, and to regulate the value thereof, deemed on demand, there is then no discrimination andol foreign coin; -hey refused lo give it power to j in reality, for the individual who receives them

en, d v ',1 . T! ns ,,ow' ch",fly l" " 1 ' " " paper currenrv : I icv nmhilntrd k,. ; "ZZZfTJV.. rmrrlhfy rM - ' I-,,. f deb,, WihTaaXsT i reeled, by positive law, that the revenue should be receiv- 1 en in nothini; out eald and silver. ruuuc exigency at the outset of ihcuovernment, without I direct legistauvs authority, led to the use of banks as 1 nscai aids uj the Treasury. In admitted deviation from I tin: law, at the same neriod. nnd i,.,,l,.r : the Sei rtlirv nl tk . T --."" Kn-y, " , : "-uiy reccivca ineir notes in pay ...e.uowuties. inesole ground on - which the practice, II, lis rniiiniKii.ni .. ... .1 . 1 . ' . " was the 11. or kntt um,... I........ : the certain, immediate, nnd convenient 'exchange of such notes for specie. The eovernment did i,,d.,u,.,;..- .i. inconvertible notes of State banKJ during the difficulties of war; and the community submitted without a murmur, to the unequal taxation and multiplied evils of which such a ' course was productive. With the war. this in, i u , , ""ns"! again 10 reoccm their note, h gold and silver. The Treasury, in aecordaaee with previous practice, continued to dispense wish the currency reipurcd by the act of 1789 and look the notes of d L : 1?" ?! o eeafcii. aiu t he lenikt ,.i.i:..j . . i f ." 'ruiu against tne slightest vio ..... , ,,.incipie, nave .declared, by law, ihat if c ,n,u in me transactions ot the goverpmtnt, it must oe under such circumstances as tn unnhl. .i. ki j tocoflVerl them into specie wuboiit depreciation or delay

Of my own Juliet under the existing laws, when the banks suspended specie payaient, I could not doubt. Direction! were immediately given to prevent ihe reception into che Treasury, of any thing but gold and silver or its equivalent; and every practicable arrangement was made to preserve the public faith, by similar or equivalent payments to the public creditors. The revenue from lands had been for some time substantially so collected, under the order issued by the directions of my predecessor. The effects of that order had been so salutary and its forecast in regard tothe increasing insecurity nf bank paper, had become so apparent, that, even before the catastrophe, 1 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 receipts into the Treasury, of bank notes, not redeemed in specie on demand, will not, I presume, be sanctioned. It would destroy, without the

excuse of war or oublic distress, that equality of imports, and identity of commercial regulation, which lie at the foundation of our confederacy , and would offer to each State a direct temptation to increase its foreign trade, by depreciating the currency received for duties iu its ports. Such a proceedi imr would a so. in a sreat decree. I rustrate the polipolicy, the wisdom of which none can doubt, though there may be different opinions as to the extent lo which it should be carried. Its results have been already too auspicious, and it s success is too closely interwoven with the future prosperity of the country, to permit us fur one moment to contemplate its abandonment. We have seen, under its influence, our specie augmented beyond eighty millions; our coinage increased so as to make that of gold amount between August, lfj.14, and December, 1836, to ten millions of dollars; exceeding the whole coinage at tho mint during the thirty-one previous years. The prospect of further improvement continued without abatement, until the moment of the'suspen6ion of specie payments. This policy has now indeed been suddenly checked, but is still far from being overthrown. Amidst all conflicting theories, one position is undeniable; the precious metals will invariably disappear when there ceases to be a necessity for their use, ad a circulating medium. It was in strict accordance with this truth, that whilst, in the month of May last, they were every where seen and were current fur all ordinary purposes, they disappeared from circulation the moment the payment of specie was refused from the banks, and the community tacitly agreed to dispense with its employment. Their place was supplied exclusive ly by acurroncyot paper, and in many cases of the WOTrt dcflcriolioil - ; . ---- .... Already are the bank notes now in circulation greatly depreciated, and they fluctuate in value be tween one place and another; thus diminishing and making uncertain the worth of property and the price of labor, and failing lo subserve except at a heavy loss, the purposes of business. With each succeeding day the nietalic currency decreases; by some it is huarded, in the natural fear, that, once parted with, it cannot be replaced; while by others it is diverted from its more legitimate uses, for the sake of gain. Should Congress sanction this condition of things by making irredeemable paper money receivable in payment of public dues, a temporary check to a wise and salutary policy will, in all probability, be converted into its absolute destruction. It is true that bans notes actually convertible into dividual convenience; an object always to Ue consid cred where it does not conflict with the principles of our government, or the general welfare of the country. If such notes only were received, and always under circumstances allowing their early presentation 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 serious obstacles to their reception would perhaps be removed. To retain the notes in the Treasury would be to renew, under another form, the loans of public money to the bauks, and the evils consequent thereon. It is, however, a mistaken impression, that any large amount of specie is required for public payments. Of the seventy or eighty millions now estimated to be in the country, ten millions would be abundantly sufficient tor that purpose, provided an accumulation of a large amount of revenue, beyond the necessary wants of Government, be hereafter prevented. If to theso considerations be added the facilities which will arise from enabling the Treasury to satisfy the public creditors, by its drafts or notes received in payment of the public dues, it may be safely assumed that no motive of convenience to the citizen requires the reception of bank paper. To say that the refusal of paper money by the Government, introduces an unjust discrimination between the currency received by it, and that used by individualum thu ordinary affairs, is, in my judgment, to view it in a ery erroneous light. The Constitution prohibits the Stales from making any thine but gold and silver a tender in the navment of debts, and thus secures to every citizen a riorht tn demand payment in the legal currency. To provide by law that the Government will only receive its dues in gold and silver, is not lo confer on it any peculiar privilege; but merely to place it on an equality with the citizen, by reserving to it a right secured lo him by the Constitution. It is doubtless for this reason that the principle has been sanctioned by the successive laws, from the time of the first Congress under the Constitution down to the last. Such precedents, never objected to and proceeding from such sources, afford a decisive answer lo the imputation ol inc ility or injustice. But, in fact, th, measure is one of restriction, not of favor. To forbid the oublic nmnt tn mmmm ' in nuvfnnnt inv ntlwr tlmn n pari a ' n Li...I " - ... ....... -- . vwbiu niuu vi utuiiuy is to refuse him a discretion possessed by every citizen. Jt may be left to those who have the management of their own tr.isactions, to make their own terms; but no such discretion should be given to him who acts merely as an agent of the people, who is 10 collect what the law requires, and to pay the apmtty- at ,l" VUo"' substitute the specie for them, l... ,..,.. !..,... ...... : j.i 1,8 f convenience or choice, vnun T.y, T,not 60 il wiil Tcely .coniendC, ""J1 'oe,r rcce,n' and by a public officer, vu huvi, ikuij'i. ami ynj input uy a pui'HL UlllCCr, should be permitted, though none deny that right to " individual; 11 It were, the effect Would be most injurious to the public, since their officer could make none of those arrangements to meet or euard ti, .fu:i :.i:..:j...i giuoi re ucM.itiun wiiicnail IIIU1VIUUU1 18 at liberty lo do. Nor can inconvenience lo the com muuily be alledgcd as an objection to such a regulation. Its object and its motive are their convenience and welfare. If, at a moment of simultaneous and unexpected ! suspension bv the banks, it adds anmeilmur tn tho mva1 embarrassments of that proceeding, yet these urn far ovurhalanred hir it rlirpcr iM1J--duce a wider circulation of gold and silver.to increase the safety of bank puper, to improve the general currency, and thus to prevent altogether such occurrences, and the other and far greater eyiis that attend them. It may, indeed, be questioned, whether it is not for the interest of the banks themselves that the Government should not receieve their paper. They would be conducted with, more caution, and 911

Tti; lisinir soeeie only in its

UUIIUV I livm J S - . transactions, the Government would create a demand forit, which would, to a great extent, prevent u 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 sound, and the community more safe, cannot admit of a doubt. 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 tothe public revenue. At the time that instrument was framed there were but three or four banks in the U. States; and had the extension of the banking system, and the evils growing out of it, been foreseen, they would probably have been specially guarded against. The same policy which led to the prohibition of bills of credit by the States, would, doubtless, in that event, have also interdicted their issue as a currency in any other form. The Constitution, however, contains no bucIi prohibition ; and since the States have exercised , for nearly half a century, the power to regulate the business of banking, it is not to be expected that it will bo abandoned. The whole matter is now under discussion before the proper tribunal the people of the States. Never before has the public mind been so thoroughly awakened to a proper sense of its importance ; never has the subject, in all its bearing, beon submitted to so searching an inquiry. It would be distrusting the intelligence and virtue of the people to doubt the speedy and efficient adoption of such measures of reform as the public good demands. All that can rightfully be done by the Federal Government to promote the accomplishment of that important object, will, without doubt, be performed. In Uie meantime, it is our duty to provide all the remedies against a depreciated paper currency which the Constitution enables us to afford. The Treasury DcDartmenl. on several former occasions, has suggested the propriety and importance of a uniform law concerning banurupicies oi corporations and other bankers. Through the instrumentality of such a law,a salutary check may doubtless be imposedon the issues of paper money ,and an eflectcal rem edy irivon to the citizen in a way at once equal in all parts of the Union, and fully authorized by the Constitution. The indulgence granted by Executive authority in the payment of bonds for duties, has been already mentioned. Seeing that the immediate enforcement of these obligations would subject a large and highly respectable portion of our citizens to great sacrifices, and believing that a temporary postpone ment could be made without detriment to other interests, and with increased certainty of ultimate payment, 1 did not hesitate to comply with therequest that was made of me. The terms allowed are to the full extent, as liberal as any that are to be found in the practice of the Executive Depart ment. It remains for Congress to decide whether a further postponement may not with propriety dc at lowed, and, if so, their legislation upon the subject is respectfully invited. The report of the Secretary of the Treasury will exhibit the condition of these debts ; the extent and effect of the present indulgence; the probable result of its further extension on the Slate of the Treasury and every other fact necessary to a full consideration of the subject. Similar information is communicated in- regard to such depositories of the public moneys as are indebted tothe Government, in order that Congress may also adopt the proper measures in reerard to them. The receipts and expenditures for the first half of the year, and an estimate ot those lor the residue, will be laid bef-irc you by the Secretary of tho Treasury. In his report of December last, it was estimated that the current receipts would fall short of the expenditures by about three millions of dollars. It will be seen that the difference will be much greater. This is to be attributed not only lo the ocf-urrencc of greater pecuniary embarrassments in the business of the country than those which were then predicted, and consequently a greater diminution of 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 hethe commencement of the year, will be about six millions. If the whole of the reserved balance be not at once applied to the enrrent expenditures, but lour 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 calculated on the supposition of some further extension of the indulgence granted m the payment of bonds for duties, which will affect the amount of the revenue for the present year to the extent of two and a half millions!1 It is not proposed to procure the required amount bv loans or increased taxation. There are now in the Treasury nine millions three hundred and sixty- . . . . t J.ll seven thousand two hundred and fourteen dollars directed bv the act of tho of June 1836, to ha deposited with the States in October next. This sum if so deposited, will be subject, under the law, to be recalled, if needed to defray existing appropriations and as it is evident that the whole, or the principal part of it, will be wanted for that purpose, it appears most proper that thedeposite should be withheld. Until the amount can be collected from the banks, Treasury notes may be temporarily issued, to be gradually redeemed as it is received. I am aware that this course may be productive of inconvenience to many of tho States. Relying upon the acts of Congress which held out to them the strong probability, if notthe certainty of receiving this instalment, they have in some instances adopted measures with which its retention may seriously interfere. That such a condition of things should have occurred is much to be regretted, it is not the least among the unfortunate results of the disasters of the times; and it is for Congress to devise a fit remedy if there be one. The money being India pensable to the wants of the Treasury, it is difficult to conceive upon what princple of justice or expediency its application to that object can be avoided, w 1 . e . 1... ........ ..I.......I.. .1. iu rucai any portions ui iiicduiiid oiituiiv ui iuhiicu wilh the States, would be more inconvenient ud less efficient. To burden the country with increased taxation, when there is in fact a large surplus revenue would be unjust and unwise ; to raise mon ics by loans under such circumstances, 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 remainder of the year. Should it be adopted, the treasury, aided by the ample resources of the country, wilt be able to dis charge punctually, every pecuniary obligation. Pot the future, all that is needed will be that caution and forbearance in appropriations which the diminution of the revenue requires, and which the complete accomplishment or great forwardness of many expensive national undertakings renders equally consistent with prudence and patriotic liberality. The preceding suggestions and recommendations are submitted, in the belief, that their adoption by Congress will enable tbe Executive Department to conduct our fiscal concerns with success, so far as their management has been committed to it. Whilst the object and the means proposed to attain them are within its constitutional powers and appropriate duties they will at the pamc timo, it is hoped,

inesum necessary or ineee y-r "TWe wiyalof commercial activity and the i yond the probable receipts, and the amount which it . , . . J ,u ' was intended should be reserved in the Treasury .1 ?''on. of comCC'al Cred" ' ,lc banks e!

bytheir necessary operation .afford essential tti,t j.u

the transaction of individual ooncerns .! .1... yield relief to the people at large in a form adapted to the nature of our Government. Thofo urhn u!l to the action of this Government for specific aid lo thecilizen, to relieve embarrassments arising from losses by revulsion in commerce and credit lose sight of the ends for which it was created and the power? with which it is clothed. It was establish ed to give security to us all inour lawful and honor buic pursuits, unuer me lasung sveguard of repub I'tean institutions. It was not intended to confer special favors on individuals, or any classes of them' to create systems of agriculture, manufactures or trade; or to engage in them, separately or in con'nee lion witn individual citizens or organized associa tions. If its operations were to be di reel nil !'.. .1. . benefit of any one class, eouivalent favn n,... justice, be extended tothe rest; and the attempt tu ircowT, oui. ...,uio iui an equal jnand, orLcvcn lc select those who should most deserve them, would ucvui BUbn-aMiui. mi communities arc apt t0 look to Government for too much Even in , own country where its powers and duties ore so strictly limited, we are prone to do so, especially at periods of sudden embarrassment anrl ,i;.i; Hut this ought not to be. The framora nf rllat m.. cellent constitution and tho people wlio approved it with calm and sagacious deliberation, acted at tw time on a sounder principle. They wisely judd that the less Government interferon with L:.?... pursuits the better for the general prosperity Itis not its legitimate object to make men rich or to repair, by direct grants of money or legislation in favor of particular pursuits, losses not incurred in the public service. This would be substantially to use the property of some for the benefit of others But its real duty-that duty, the performance of winch makes a good government tho most precious of human blessings is to enact and enforce a system of general laws commensurate with, but not exceeding, the objects of its establishment; and leave every citizen and every interest lo 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 lo the security and happiness of (he people, when limited to the exercise of iis conceded powers. In never assuming, even for a well meant object.sucli powers as wero not designed to be conferred upon it, we shall in reality do most for the general welfare. To avoid every unnecessary interference with the pursuits of 1I10 citizen, will result in more benefit than to adopt measures which could only assist limited interest, and are eagerly, but perhaps naturally, sought (or, under the pressure of temporary circumstances If, therefore, 1 refrain from suggesting to Conorcss any specific plan for regulating the exchanges of the country; relieving mercantile embarrassments; or interfering with Ihe ordinary operations of foreign or domestic commerce; it is from a conviction ihat such measures aro not within the constitution al province of tho General Govcrnmenl; and ihat their adoption would not promote 1I10 real and permanent welfare of ihose they might be design ed to uid. Tho difficulties and distresses of the limes, though unquestionably great, aro limited in their .extent, and cannot he regarded as affecting the pennuncni prosperity 01 uie nation. Arising, 111 a great degree from the transactions ol foreign and domestio commerce, it is upon them that they have chielly fWlun. The oreal sriculuiral inter est has, in many parlsof the country suffered comparanveiy little; and, asil I'rovidenco intended lo display tho munificence of its goodness at the mo ment ot our greatest need, and in direct conlrast 10 the evils occasioned by the waywardness of man, we have been blessed throughout our extended territory with a season of general health and of un common Iruitfulness. The proceeds of our rreat staples will soon furnish tho means of liquidating debts ot home and abroad; and contribute equally cstablished avowedly for its support, deriving their profits from it, and resting under obligations to it which cannot be overlooked, will feel at once the necessity and justice of uniting their energies lib those ol tho mercantile interest. The sus pension of specie payments, at such a time and undorsuch circumstances as we havo lately wit nessed, could not be other than a temporary meas ure, ana we can scarcely err mi believing that thu period must soon arrive when all that are solvent will redeem their issues in gold nnd silver. Dealings abroad naturally depend or. resources and prosperity at home. If the debts of our mer chants have accu(i)ulated,or 'their credit is impaired, thesenire the fluctuations always incident 10 exteneivo or extravagant mercantile traimciions. - Qut the ultimate security of such obligations does not admit of question; they are guarantied by tho resources ol a country, the Iruita ol whose industry afford abundant means of ample- liquidation, and by the evident interest of every merchant to sustain 0 credit, hitherto high, by promptly apply tug inese means ior us preservation. I deeply regret that events have occurred which require me to atk your consideration of ouch serious topics. I could luive wished that in making my first communication 10 Ihe assembled repre scntatives of my country, I had nothing lo dwell upon but the history of her unalloyed prosperity Since it is otherwise, we can only feel more deeply ihe responsibility of the respective trusts that have been confided to us, and under ihe pressure of difficulties, unite in invoking tho guidance and aid of the Sjpreme Ruler of nations, nnd in; laboring with zealous resolution to overcome the difficulties by which we are environed. It is under such circumstances, a high gratificu , , , r T cr"' wu P60"'6 10 w,,0,n ,l,e ,rull) ll('"evt'r unpromising, can alwlly8 bo KPen vith safety; for ihe trial of whose patriotism no emergency is too severe, and who are sure never to desert a public functionary, honestly laboring for ihu public good. It seems just that they should receive wilhtiul delay, any aitl in their embarrassments which your deliberations can afford. Coming directly foitji the midst of them and knowing the conrsf of events in every section of our country, fronurou may best be learned as well the extent and nature of these embarrassments, as the most desirable measures of relief. I am aware, however, that it is no proper to dotain you, at p'escnt, longer than may bo demanded by tho special objects for which you are convened. To them, therefore, I haye confined my communication, and, believing it will not be your own wish to extend your deliberations beyond them, I reserve till the usual period of your annual meeting, that general jpbrmaiiou on the slate of the Union, which the Conslitution requires me to give. M. VAN BUREN.