The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1834-12-10


Free from public debt, peace with all the world and
with no complicated interests consult in our intercourse
with foreign powers, the present may be hailed as that
epoch in history the favorable for the settlement
of those principles in domestic policy which sla! be
best calculated TO give stability Republic, and Sc
cure the blessings of Freedom cltiZens-Among
these principles from past experience 1t cannot be
doubted that simplicity the character of the Federal
Government, and rigid economy its administration,
should be regarded fundamental and sacred All must
be sensible that the existence Of the public debt, by rem
derng taxation necessary for its extnguisnen has IN
creased the difficulties which nseparbe from every
exercise of the taxing power and that was in this
pec remote agent in producing those disturbing ques-
ions which grew out of the discussions relating to the
tariff If such has been the tendency of debt incurred
the acquisition and maintenance Of national rights
and Liberties, the obligations Of which all portions OF the
Union cheerfuly acknowledged, be Obvious that
whatever calculated increase the burdens of Govern
ment without necessity be fatal to all our hopes OF
preserving It's true character. While fccitaiing
ourselves therefore, upon the exngushmen OF the ma
ona debt and the prosperous state of finances, let
not be tempted depart from those sound maxlms OF
public policy which enOin just adoption OF the reyen-
ne, to thtxpenditures that consistent with ngld
economy, and entire abstinence from all topics OF leg
slaion, that clearly within the constitutional pow
of the Government and suggested by the wants OF the
country Properly regarded under such policy, every
dminuon of the public burdens arising from taxation
gives to individual enterprise increased power and fur
nhes 70 all the members Of happy Coniederacy new
motives for patriotic affection and support But above all,
its most important effect will be found in its influence up
ON The character of the Government by coninng It's ac-
ton those objects which will be to secure to 1t the
attachment and support of our fcllOw-czens.
Circumstances make my duty to call the attention of
Congress to the Bank of the United States. Created for
the convenience of the Governments that institution has
become the scourgo Of the People Its interference to
postpone the payment of portion of the national debt,
n 1t might retain the public money appropriated tor that
purpose, to strengthen IT IN political cOnteshe extra
ordinary extension and contraction of its accommodations
tlto al lpaug
clusion Of the public directors from knowledge OF ats
most important proccedngs-thc unlimited authority con-
crrcd the President to cXpcnd its funds IN hiring WIZ
crs aud procuring the execution of printing, and the use
made OF that authorB-hc retention ofhc pension mon
and books after the selection of new agcnsthc ground
less claim to heavy damages, in consequence of the pro-
test OF the biz drawn the French Governments, have
through various channels, been laid before Congress Inn
mcdatev after the close of the last session. the Bank
through its President, announced IFS ability and readiness
to abandon the system of unparalleled curtaiment, an6
the interruption of domestic exchanges, which had prac-
tscd upon from the ls of August 1888 to the 3Oth June
1854, and extend its accommodations to the commune
~. The grounds assumed ia tins annuncahon, amount
ed 10 I'm acknowledgment that the curtamcnt, IN the eX-
tent to which had been carried, not necessary to tho
safety of the Bank, and had been persisted IN merely to
induce Congress grant the prayer O the Bank IN ITS
memorial relative the removal of the dcpostcs, and to
give a new charter They substantially n comics
sion that all the real distrcsscs which individuals and the
country had endured for the proceeding SIX or eight
OF eecting through the suermgs of the people the leg
satye actor of Congress 1t Is subject OF congrauia
ton that Congress and the country had the vrlurc ant
mncss to bear the nlcon; that the energies OF oU
people found relief from this wanton tyranny, II
mportaons of the precious metals from almost ev
cry part of the world and at the close OF tiis Tremendous
effort TO control our Government the Bank found ItScl
powcricss and no longer able loan out Its surplus
means. The community had learned to manage IFS al
fairs without its assistance, and trade had already iount
auXilares that the FIRST ol October last, the
extraordinary spectacle presented of National Bank
more than one half of whose capital either lying un
productive i'm vaults the hands of foreign bankers
To the needless dsrcsscs brought on the country, dur
ing the last session Of Congress- has been added the open
seizure of the dividends the public stock, to the amount
o0nc hundred and seventy thousand and ory-one dollars
under preencc of paying damages costs and interest up
ON the protested French Bill This constituted por
on of the estimated revenues or the year 1884, upon
which the appropriations made by CONGRESS based
II would as soon have been expected that collectors
would seize on the CUSTOMS the receivers ot our anC
Offices on the moneys arising from the sale of public lands
under the pretences of claims against the United states
as the Bank would have retained the dividends Indeed
if the prncpe be established that any who chooses
set I'M n claim against the United States, may wlthou
Iauhorih of law seize on the public property or none
wherever he can find it, to pay the clam, ther
will remain no assurance that revenue will rcac
the Treasury or that will be applied after the appropna
Ition to the purposes designated IN the law. The pay
masters Of army, and the pulsers OF our navy may
under like prctcnccs apply to their use, moneys ap
proprated to set in motion the public forces and IN tn
time of war, leave the country without defence TIN
measure rcsorted TO by the Bank is disorganng and rev
oluonary and if generally rcsorted to by private citizens
in like eases would fill the land with anarchy violence
1t a constitutional provision that ''no money shall b
drawn from the Treasury but in consequence OF appo