The Arkansas advocate., 1837-04-10


 trust, finally overthrown.
 The result of this decision has been felt in the rapid exinguishmen of the public deoi and the large accu- mutation of a surpns in he treasury, notwithstanding tho tariff reduced, aud is now very far below the amount of ginaiiy contemplated by Is advocates But, rely upan I, the design to collect an exfapagan reve nus. and ta 3aiast Ye with taxes beyond the econo mca wants Of ths Government. is yeg abandoned. The various interests which have combined together te impose heavy tafti, ani to produce oyerfiewng treasury, strong, ahd heavy too much a stake so surreader the contest The corporations and veal fhey individuals Who engaged in large aneiaciar- inn establishments, desire nigh gafisi ease their gains. Designing politicians sill support |, conci iae their favor, and obtain the means 0 polse eg pendlufs for the purpose af purchasing influence ii ohrr quarters and saee 4s people nave deci5ad lhst ths fcinfal v ysramea anuo be permitted 10 eln. pcy it's ineoeie mierna npros 5uents. efforts will be made D aaaoee zad aisieaa the citizens af the Stales, bg hoalHg aHf 10 ha deeeiilu prospect of benehte to he 5efiHsd iien surplus fsveaae eel leeted by the General Goee9nmeni, and aRaually d. vded among tic States And if, encouraged by these faacous hopes, tho States should disregard the prnci pes Of economy which ought to characterize every publican Government, and should indulge in lavish pendnres exceeding their resources they wil before long, find themselves oppressed with debts which they are unable 10 pay, and inc temptation will become irresistible 10 support high tariff in order to obtain surplus for distribution. Do not allow yourselves, my follow citizens, to be mised this subject. The Federal Government cannot collect surplus for such purposes, without violating the principles of the eonst tuition, and assuming powers which have moi been granted. It IS, moreover, system of injustice, and, if persisted m, will inevitably lead 10 corruption, and must end in ruin. The surplus will be drawn from the pockets of the people, from the farmer the meehanic and the laborng class of society but who will receive when distributed among the States where it is to be disposed of by leading State politicians who have friends to favor and political partsans gatify 1t viii certainly moi be returned those who paid H. and who have most need of 1t, and honestly entitled to It. There Ii but safe rule and that Is, fine the General Government rgdly within the sphete of its appropriate duties. t has power to raise revenue, impose taxes, except for the purposes enumerated m the constitution and if s income ia found 10 exceed these wants, should be forthwith duced, and the burdens of the people so far frightened
 la reviewing the conflicts which have taken place between different interests in inc United States and he policy pursued since the adoption o present form of government, find nothing that has produced such deep seated ey as the of Legislation in relation to tic currency The constitution Of the United Saloa anqaestlonahly intended b 10 ths people cir cuatlng medium of gold and sver But the establish mont oi national bank by Congress, with tho privilege ot issuing paper money receivable in the payment of the public dues, and tho unfortunate of lsgisa ton n the several States upon the same subject ercve from general circulation the constitutional currency, and substituted one of paper in its plscs.
 It was no easy for men engaged in Ihs ofdinary pursuits o bBsinass, whose attention had not been par sicaiariy drawn subject foresee all tho conse- qnences of acurrency exclusively of paper; and we ought net oil that accogai, to be surprised at the faci ty with which laws obtained to carry into effect the paper system. Honest and even enlightened men, l are sometimes mlsled by the spacious and plausible 1 statements of the designing But experience has proved the miscaets and dangers of paper currency and Ii with you to determine whether the proper remedy shall be applied
 The paper systembeing founded on public confidence, and having of itself intrinsic value. il IS liable to great and sudden fluctuations; thereby rendering proper ty insecure, and tho wagas o ahor unsteady and tam The corporations which create the paper money cannot be relied upon to keep the circulating medium uniform in amount. In times of prosperity, when con- hdence IS high, they tempted, by the prospect of gain or by the influence of those who hope profit by It, to extend their issues of paper beyond the bounds ot discretion and the reasonable denaHds of busness And when these issues have been pushed en- from day to day. until public confidence is at length shaken then reaction takes place, and they immediately withdraw the credits they have given; suddenly curail their issues; and produce an unexpected and ruinnus traction of the circulating medium, which s felt by inc ! whole community. The banks, by this means, save themselves and the nschevous consequences of their imprudsnce or cupidity are visited upon inc publje
 Nor does tbe evil stop here. These ehbs and flows ill the currency, aad these ndiscreet extensions of crsif naturally cngender spirit of SD pecGlaon niuri- ous t. the naHlss sai character O. ae peopla Ws have araaaf .s effects n ta wild ep,Fst ef spec uison Tn he peac sals, and yareas zlads of stock, vleh, within the lasl year or tNo seized upon such 1aaas ot our cits1ens, md Threatened 10 nreyade ali classas oi sacety and staisaw tha attention ifoaa the sober parSuta ot hoaess industry. | IS not by encoarsglag as spirit that shall hest preserve pub lie virtue aad promote tho true interests o couatFy But your earFsscy continues exclusively paper as Il now IS, Ii fssis~ ths eager desire o wealth wnhau labor a4il m9tn,g the number aependants oa haal ssz aaaapns ahl ben8 iavars "a ,enlpa- tlaata sal ae#eY aany sasgiSce sii become sfong- and nayisaoiq sd o corrigioa winch will find its