The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1836-12-14

ting all the difficulties which have been
mentioned, is to collect only revenue
enough To meet the wants of The Govern
ment, aud let the people keep the balance
Of the property in their own hands, Ia be
for their own profit. Each state VIII
then support its own Government. There
would be no surplus To cramp and lesson
the resources of individual ~ealtl, and en-
terprse, and the banks would be left TO
their ordinary means. Whatever agiia-
tions aud fluctuations might arise fIom
our unfortunate paper system, they could
never be attributed, Justly or unjustly, TO
the action of the Federal Government.
There would be soma guaranty that the
spirit of wild speculation, which seeks to
convert the surplus revenue into banking
capital, would he effectually checked, and
that the scenes of decentralization, which
are now so prevalent through the land,
would disappear.
Without desiring to conceal that the
experience and observation of the last two
years, have operated "A partial change IN
my views upon this interesting subject, 1t
is nevertheless regretted that tn sugges-
tions made by me III my annual message
Of 1929 and 1880, have been greatly mis-
understand. At thattime the great strng-
gle was began against that lat'tndinarIan
of the constitutions, which authorizes the
unlimited appropriation Of the revenues
of the Union to internal Improvements
within the States, tending to invest IN the
hands, and place under tile control OF the
General Government, all the principal
roads md canals of the country, in vio-
lation Of State rights, and in derogation
of State authority. At the same time.
the condition Of the manufacturing inter-
est was such as to create an apprehension
that the duties on imports could not, with
out extensive mischief, be reduced in sed-
son to prevent the accumulation of cDn-
siderable surplus after the payment of the
national debt. In view of the dangers OF
such surplus, aud in preference to its
application 10 internal improvements, IN
derogaliou of the rights and powers of the
States, Il C suggestion of an amendment
of the constitution to authorlse its distrl-
button was made. L. was an alternative
fo, what were deemed greater evilS-a
temporary resort to relieve an over-bur-
dened Trearury until the Government
could, without a sudden aud destructive
revuision in the business of the country,
gradually return to the just principles of
raising no more revenue from the people,
in taxes, than is necessary for its eco
nomical support. Even that alternative
was not spoken Of hut in connection with
nn amendment of the constitution. No
temporary Inconvenience :an Justify the
exercise Of prohih,ted power not gran
ted by that instrument and it WAS from
a conviction that the power to distribute
even a temporary surplus of revenue is of
that character that it was suggested only
in cunnection with an appeal to the source
of all legal power in the General Govern
ment, the States whr.h have established
it. No such appeal has been taken, and
in nv opinion distribution of the sur
plus revenue by Congress either to the
States or the people, is to be considered
as among the prohibitions ofthe consti,u-
,ion.-As already intimated. my views
have undergone change, so far rs 10 be
c0nyi ced that no alteration Of the cons,i-
tuition in this respect is wise or expedIenr.
The influence of an accumuating surplus
upon the legislation of the General Gov
erument and the States, lis effects upon
the credit system of the country, produc-
ing dangerous extensions and ruinous
contructions, fluctuations in the price of
property, rash speculations, idleness, ex-
travagance, and deterioration of morals,
have taught us the important lesson that
any transient mischief which may attend
the reduction Of Our revenue to the wants
Of our Government, is to be born in pre-
ference to an overlooking Treasury.
beg leate 10 call your attention 10
another subject intimately associated with
the preceding one-the currency of the
country.
1t is apparent, from the whole context
of the constitution as well as The history
of the times which gave birth TO IT was
the purpose of the convention to establish
currency consisting of the precious me-
tails. These from their peculiar proper
ties, which rendered them the standard
of value in all other countries, were adop-
ted in this, as well To establish ITS CON-
mercial standard in reference to forsign
countries by permanent rule as to ex-
clude the use Of mutable Medium of
exchange, such as of certain agricultural
commodities, recognised by the statutes
of some states as tender for debts, or the
still IN re pcrnlcious exPedicnt of paper
currency.
The last, from the experience of the
evils of the issues of paper during the
revolution, had become SO Justly obnox
ious. as nU only to suggest the clause in
the constitution fnrbdi,ng the emission
Of bills of credit by the States, but also to
produce that vote in the convention which
negared the proposition to grant pow
ers to Congress t" charter corp"rntions-a
proposition well understood a, the time,
-. ,,t,n,.d I'm a,thnrizp tho es,,ht,s al