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The losses, which have been sustained from time to time by the public, in consequence of the failure of some of these institutions, have justly excited the jealousy of the people, and induced the Legislature to consider whether some further safe guards might not be established, which would more effectually protect the community against a recurrence of similar disasters. Several propositions have at different times been presented, all of which seem to look to a gradual enlargement of the specie basis of the banks, as best calculated to furnish a salutary corrective against excessive issues, and to afford the most constant and efficient check to the tendency to overbank, which those institutions have so often manifested. If, in addition to the restrictions and guards now established, further limitations should be deemed advisable, a considerate foresight would seem to point to their early adoption. The charters of all the Banks will expire in the year 1847; and it is proper, that if any considerable change is intended to be made in the charters then to be given, the institutions interested should be seasonably admonished of the terms upon which their continuance will depend.

In the wise and happy distribution of powers ordained by our complex political system, subjects of national interest are exclusively confided to the management of the general government. Without the power to direct or control its operations, it is yet not unusual or improper for those intrusted with the local and particular concerns of the States, to express the opinions entertained by their constituents upon matters nearly affecting their welfare and happiness.

The Legislature of last year, having given its attention to several topics of national interest, upon all of which the sentiments of a large majority of the people were truly reflected, it is not my purpose now to invite a renewed discussion; nor is it believed, that any thing need be added to strengthen the convictions of our fellow citizens in favor of that system of policy, under which, prior to the last change in its administration, the country was so generally prosperous and happy.

Upon the subject of a National Bank, the Legislature and people of this State have frequently spoken in the most decided and unequivocal terms. The opposition manifested to such an institution, in its days of prosperity and power, has lost nothing of its force by the melancholy developments of later times; and if it was then considered dangerous to the liberties and corrupting to the morals of the people, subsequent experience has proved it equally injurious to the business and currency of the country. The general soundness of the local currencies, and the consequent equalization of the exchanges between the most distant points, now maintained without the agency of a National Bank, are conclusive proofs, that these desirable results may be effected by other and safer means; and an attempt, under present circumstances, to re-establish a similar institution, would seem to evince an utter disregard of the warnings of example and the teachings of experience.

The management of our National finances is always a subject of interest to the people. Their present condiion is certainly unsatisfactory and alarming; an insufficient revenue-large expenditures and a rapidly increas

ing national debt, are the discouraging conclusions which a perusal of the public documents compel us to adopt. In the absence of any extraordinary calls upon the National Treasury, these repeated and growing deficits in the means of the government, are well calculated to awaken inquiry and concern. If not seasonably arrested we may look for the certain accumulation of a heavy public debt, to be left as an unwelcome legacy to our posterity. To provide an adequate and timely remedy for these continued deficiencies, should be the first care of the National Legislature; and none could be found so desirable, or more effectual, than an immediate and extensive reduction of the public expenses. In a general system of retrenchment and economy, vigorously applied to all the departments of the government; in limited appropriations and diminished expenditures of the public money, should the proper measures of relief be now looked for; and the strong voice of public sentiment, throughout the country, most distinctly points to such an alternative, as furnishing the safest and speediest remedy for an impoverished Treasury.

In regard to the administration of our State finances, I have before adverted to the necessity of practising a rigid and systematic economy-of reducing by every practicable means our annual expenditures, and of in creasing by all proper expedients the resources of the Treasury. For the diligent and faithful performance o this duty, we shall all be held to a just and strict account ability by our common constituents, and in again urgin upon your attention, its importance and necessity, I fee that I am but expressing the general sense of the peopl we represent. I would add, that in nothing could th

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Legislature give a more acceptable proof of its desire to respond in this matter to the wishes of its constituents, than by making the present session as brief as may be consistent with a due and proper deliberation upon the subjects claiming its attention, and I most respectfully, but earnestly, express the hope, that the time usually consumed may be this year considerably abridged.

The complaints which have been made of the inconvenience and expense attending the operation of some parts of our Judicial system, induced the Legislature of last year to enact a bill, which, had it become a law, would have effected important changes in the existing forms of legal proceedings. Being passed at a late stage of the session, sufficient time was not afforded, before the rising of the Legislature, for the deliberate examination of its provisions, which a measure of such consequence required from the Executive. The bill having failed to receive the sanction of the Governor, was spread before the people, through the medium of the public papers, and ample time has since been afforded for a full investigation of its merits and defects. That there are faults in the present system is generally admitted: in secking a remedy for these defects in an institution so closely interwoven with the habits and interests of the community, a wise discretion and an enlightened judgment are eminently called for. Coming as you do from immediate communication with your constituents, among whom this measure has been a subject of considerable discussion, you will doubtless be prepared to express their matured opinions in regard to its expediency and propriety.

In closing this communication, I will take occasion to

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remark, that however much a portion of our fellow citizens may have suffered during the past year by the pecuniary distresses of the times, there is in our present condition and future prospects, much cause for mutual congratulation-high incitements to continued and vigorous effort, and above all, manifold cause for gratitude and praise to that beneficent Being, who has bestowed upon us the blessings we enjoy, and through whose goodness and mercy we have had so large a share of health and plenty prevailing among us. In commencing our public duties, let us all invoke His aid and counsel, and humbly ask, that in the discharge of our public functions, we may be enabled, through His guidance and blessing, to advance the interests and promote the happiness of the people.

1844.}

COUNCIL CHAMBER,
Augusta, January 5, 1844.

H. J. ANDERSON.

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