Abridgment of the Debates of Congress, from 1789 to 1856.

DEBATES OF CONGRESS. 525 DECEFMBER, 1834.] The President's Message. [SENATE. ernments, and to bring into contempt their authority country. Not deriving their charters from the naand efficiency. In guarding against an evil of such tional authorities, they would never have those inmagnitude, considerations of temporary convenience ducements to meddle in general elections, which should be thrown out of the question, and we should have led the Bank of the United States to agitate be influencd by such motives only as look to the hon- and convulse the country for upwards of two years. or and preservation of the republican system. Deep- The progress of our gold coinage is creditable to ly and solemnly impressed with the justice of these the officers of the mint, and promises in a short views, I feel it to be my duty to recommend to you period to furnish the country with a sound and portthat a law be passed authorizing the sale of the pub- able currency, which will much diminish the inconlic stock; that the provision of the charter requiring venience to travellers of the want of a general paper the receipt of notes of the bank in payment of public currency, should the State banks be incapable of dues, shall, in accordance with the power reserved to furnishing it. Those institutions have already shown Congress in the 14th section of the charter, be sus- themselves competent to purchase and furnish dopended until the bank pays to the Treasury the divi- mestic exchange for the convenience of trade, at dends withheld; and that all laws connecting the Gov- reasonable rates, and not a doubt is entertained that, ernment or its officers with the bank, directly or in- in a short period, all the wants of the country in directly, be repealed; and that the institution be bank accommodations and in exchange will be supleft hereafter to its own resources and means. plied as promptly and cheaply as they have heretoEvents have satisfied my mind, and I think the fore been by the Bank of the United States. If the minds of the American people, that the mischiefs several States shall be induced gradually to reform and dangers which flow from a National Bank far their banking systems, and prohibit the issue of all overbalance all its advantages. The bold effort the small notes, we shall, in a few years, have a currency present bank has made to control the Government, as sound, and as little liable to fluctuations, as any the distresses it has wantonly produced, the violence other commercial country. of which it has been the occasion in one of our cities The report of the Secretary of War, together with famed for its observance of law and order, are but the accompanying documents from the several premonitions of the fate which awaits the American bureaux of that department, will exhibit the situapeople should they be deluded into a perpetuation tion of the various objects committed to its adminof this institution, or the establishment of another istration. like it. It is fervently hoped that, thus admonished, No event has occurred since your last session those who have heretofore favored the establish- rendering necessary any movements of the army, ment of a substitute for the present bank, will be, with the exception of the expedition of the regiment induced to abandon it, as it is evidently better to of dragoons into the territory of the wandering and incur any inconvenience that may be reasonably predatory tribes inhabiting the western frontier, expected, than to concentrate the whole moneyed and living adjacent to the Mexican boundary. These power of the republic in any form whatsoever, or tribes have been heretofore known to us principally under any restrictions. by their attacks upon our own citizens, and upon Happily it is already illustrated that the agency other Indians entitled to the protection of the United of such an institution is not necessary to the fiscal States. It became necessary for the peace of the operations of the Government. The State banks frontiers to check these habitual inroads, and I am are found fully adequate to the performance of all happy to inform you that the object has been effected services which were required of the Bank of the without the commission of any act of hostility. United States, quite as promptly, and with the same Colonel Dodge, and the troops under his command, cheapness. They have maintained themselves, and have acted with equal firmness and humanity, and discharged all these duties, while the Bank of the an arrangement has been made with those Indians, United States was still powerful, and in the field as which it is hoped will assure their permanent pacific an open enemy; and it is not possible to conceive relations with the United States and the other tribes that they will find greater difficulties in their opera- of Indians upon that border. It is to be regretted tions, when that enemy shall cease to exist. that the prevalence of sickness in that quarter has The attention of Congress is earnestly invited to deprived the country of a number of valuable lives, the regulation of the deposits in the State banks, and particularly that General Leavenworth, an by law. Although the power now exercised by the officer well known and esteemed for his gallant serExecutive Department in this behalf is only such as vices during the late war, and for subsequent good was uniformly exerted through every administra- conduct, has fallen a victim to his zeal and exertions tion, from the origin of the Government up to the in the discharge of his duty. establishment of the present bank, yet, it is one The army is in a high state of discipline. Its which is susceptible of regulation by law, and, there- moral condition, so far as that is known here, is fore, ought so to be regulated. The power of Con- good, and the various branches of the public service gress to direct in what places the Treasurer shall are carefully attended to. It is amply sufficient, keep the moneys in the Treasury, and to impose re- under its present organization, for providing the strictions upon the Executive authority in relation necessary garrisons for the seaboard and for the to their custody and removal, is unlimited, and its defence of the internal frontier, and also for preservexercise will rather be courted than discouraged by ing the elements of military knowledge, and for those public officers and agents on whom rests the keeping pace with those improvements which modresponsibility for their safety. It is desirable that ern experience is continually making. And these as little power as possible should be left to the Presi- objects appear to me to embrace all the legitimate dent or Secretary of the Treasury over those insti- purposes for which a permanent military force should tutions; which, being thus freed from Executive in- be maintained in our country. The lessons of hisfluence, and without a common head to direct their tory teach us its danger, and the tendency which operations, would have neither the temptation nor exists to an increase. This can be best met and the ability to interfere in the political conflicts of the averted by a just caution on the part of the public VOL. XII.-34