A Compilation of the Messages and Papers of the Presidents. Volume 3, part 2: Martin Van Buren
History
A Compilation of the Messages and Papers of the Presidents. Volume 3, part 2: Martin Van Buren
Presidents -- United States; United States -- History -- Sources; United States -- Politics and government; Van Buren, Martin, 1782-1862
without it, it should be at liberty to seek that aid as it would the
services of a private banker or other capitalist or agent, giving the
preference to those who will serve it on the best terms. Nor can there
ever exist an interest in the officers of the General Government, as
such, inducing them to embarrass or annoy the State banks any more than
to incur the hostility of any other class of State institutions or of
private citizens. It is not in the nature of things that hostility to
these institutions can spring from this source, or any opposition to
their course of business, except when they themselves depart from the
objects of their creation and attempt to usurp powers not conferred
upon them or to subvert the standard of value established by the
Constitution. While opposition to their regular operations can not
exist in this quarter, resistance to any attempt to make the Government
dependent upon them for the successful administration of public affairs
is a matter of duty, as I trust it ever will be of inclination, no
matter from what motive or consideration the attempt may originate.
It is no more than just to the banks to say that in the late
emergency most of them firmly resisted the strongest temptations to
extend their paper issues when apparently sustained in a suspension of
specie payments by public opinion, even though in some cases invited
by legislative enactments. To this honorable course, aided by the
resistance of the General Government, acting in obedience to the
Constitution and laws of the United States, to the introduction of
an irredeemable paper medium, may be attributed in a great degree the
speedy restoration of our currency to a sound state and the business
of the country to its wonted prosperity.
The banks have but to continue in the same safe course and be content
in their appropriate sphere to avoid all interference from the General
Government and to derive from it all the protection and benefits which
it bestows on other State establishments, on the people of the States,
and on the States themselves. In this, their true position, they can
not but secure the confidence and good will of the people and the
Government, which they can only lose when, leaping from their legitimate
sphere, they attempt to control the legislation of the country and
pervert the operations of the Government to their own purposes.
Public-domain text, read in full here on John Shaqi.
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