Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-12-13
WHOLE NO. III.
as creating those germs Of dependence
and vice, which in other countries hayo


and vice, which in other countries have
Characterised the existence of monopo
lies, nrd ,.roved -. destructive of liberty
ard The general good. A large portion
I OF the pc oplc in one section of The repub-
lie da clare il hot only inexpcdicnt on
tht "a grounds. but as disturbing the o.
quail irlnllons of property by legislation,
and ihcicior, unconstitutional and unjust
\ Doubtless these effects are, in great
degree, exaggerated, and may be ascrib /.
cd 10 n mistaken view Of The considcra-
tons which led 10 the adoption Of the
1arln sj stem; but they are, ncycrthc-
less 'mpoitant in enabling US to review
the subject with more thorough know
ledge of all lis bearings upon the great
interests Of the republic, and with de-
Termination TO dispose of it SO that none
Can with justice complain.
I il is my painful duty 10 state, that in
one quarter of the United Stntos, opposi-
ton 10 the revenue laws has risen to a
Height which threatens to thwar their e,-
ccution, if not to cndangcr the integrity
Of The Union. Whatever Instructions
may be thrown in The way ofthc Judicial
Authorities of the General Government,
it is hoped they will be able peaceably
TO overcome them by the prudence Of
their own officers and the patriotism OF
the PEOPLE. But should this reasonable
reliance on the moderation and good
sense Of all portions of our fellow citizens
be disappointed, it is believed that tho
laws themselves are fully adequate to
the suppression of such attempts as may
be Immediately made. Should the exi-
gcncy arise, rendering the execution of
the existing laws impracticable from any
cause whatever, prompt notice Of it will
be given to Congress, with the sugges-
ton of such views and measures as may
be deemed necessary to meet il.
In conformity with principles heretofore
explained, and with the hope Of reducing
the General Government TO that simple
machine which the Constitution created,
and Of Withdrawing from the states all
other influence than that of its universal
bene6ccnce in preserving peace, afford
ing an uniform currency, maintaining tho
inviolability of contracts, diliusing intel
liSence, and discharging unfel, its other
experimenting functions, recommend
that provision be made to dispose of all
stocks now held by it in corporations,
whether created by the General or State
Governments, and Placing the proceeds
IN the Treasury. As source Of profit,
these stocks are Of little or no value; as
n means of influence among the States,
lliey arc adverse to the purity of our IN
slitutions. The whole principle on which
hey are based, is deemed by many un-
and to persist in the policy
which they Indicate is considered wholly
inexpedient.
1t is my duty to acquaint you with an
arrangement made by the Bank of the
United States with u portion of the hold
ers Of the Three per Cent stock, by
which the Government will be deprived
of the use Of the public funds longer than
was anticipated. BY this arrangement,
which will be particularly explained by
The Secretary Of the Treasury, surrcn-
der of the certificates of this stock may
De postponed until October, 1888; and
hus tEc liability of the Government, aE-
or its ability to discharge the debt, may
&c continued by the failure Of the Bank
o perform its duties.
Such measures as are within the reach
If the Secretary Of the Treasury have
,ccn taken to enable him to Judge whe.
her the public deposi:es in that institu-
ion may be regarded as entirely safe;
'ut as his limited power may prove inad-
quate TO this object, recommend tho
ubject to the attention OF Congress un-
or the firm belief that it is worthy Of
leir serious investigation. An inquiry
ITO the transactions of the institution,
mbracing the branches as well as tho
rincpal Bank, seems called for b. tho
-cdit which is given throughout the
'unlry TO many serious charges impe aeh-
g It's character, and which, iftrue, may
silly excite the apprehension that it ia
longer safe depository of the non.
OF the people.
Among the interests which merit tho
of Congress, after the pay
cnt of the public debt, one Of the most
'portant in my view is that of the pub
, lands. Previous TO the formation OF
Ir present Constitution, il was recon-
ended by Congress that portion oftho
lste lands owned by the States should
ccdcd to the United States, for tho
rposcs Of general harmony, and as
nd to meet the expenses Of the war
le recommendation was adopted, and
different periods of time tho Statos Of
New York, Virginia,
nth aud South Carolina, and Georgia,
ntcd their vacant soil for the uses for
icb they had been asked As tho
dis may now he considered as rclIev-
D. Al. :. - l. Z 4 L. Il .x.L