Presidents -- United States -- Messages; United States -- Politics and government -- Sources
with the aid of the banks than 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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