The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-03-15

The result Of this decision has been felt il
the rapid extinguishment Of the public debt
and the large accumulation Of surplus il
the treasury, Notwithstanding the tariff wa
reduced, and is now very far below the a
mount originally contemplated by its ad
vocates. But, rely upon it, the design t
collect an cxtTayagan. revenue, and to bur
den you with taxes beyond the economical
want, Of the Government, is not yet aband
oned. The various interests which hav,
combined together to impose a heavy tariff
and to produce an overfiowing treasury, ar,
too strong and have too much at stake t.
surrender the contest. The corporation
and wealthy individuals who are engaged
in great manufacturing establishments, de.
sire a high tariff to increase their gains
Designing politicians will support it, to con-
ciliate their favor, and to obtain the means
of profuse expenditure, for the purpose ol
purchasing influence in other quarters; and
since the people have decided that the Fed
eral Government cannot be permitted, to
employ its income in internal improvements
efforts will be made to seduce and mislead
the citizens of the several States, by holding
out to them the deceitful prospect OF bene-
fits to be derived from a surplus revenue
collected by the General Government, and
annually divided among the States. And,
if encouraged by these fallacious hopes,
the States should disregard the principles OF
economy which ought to characterize every
republican Government, and should indulge
in lavish expenditures exceeding their re-
sources, they will, before long, find them
selves oppressed with debts which they are
unable to pay, and the temptation will be-
come irresistible to support high tariff, in
order to obtain a surplus for distribution.
Do not allow yourselves, my felow-citizens,
to be mised on this subject. The Federal
Government cannot collect surplus for
such purposes, without violating the princi-
pies of the constitution, and assuming pow.
ers which have not been granted. 1t is,
system of INJUSTICE, and, if per-
sisted in, will inevitably, lead to corruption,
and must end in ruin. Th e surplus re-
venue will be drawn from the pockets of the
people, from the farmer, the mechanic, and
the Iaboring classes of society; but who
will receive it when distributed among the
States, where it is to be disposed of by lead
ing State politicians who have friends to
favor, and POLITICAL partisans to CRAFTY I
1t will certainly not be returned to those
who paid it, and who have most need Of it,
and are honestly entitled to it. There is
but one safe rule, and that is, to confine the
General Government rigidly within the
sphere of its appropriate duties. 1t has no
power to raise q revenue, or impose taxes,
except for the purposes enumerated in the
and if its income is found to
exceed these wants, it should be forthwith
reduced, and the burdens of the people so
ar lightened.
In reviewing the conflicts which have ia.
cen place between different interests in the
United States, and the policy pursued since
he adoption of our present form of govern
nent, we find nothing that has produced
uch deep-seated evil as the course oflegis-
alton in relation TO the currency. The con-
tltution ofthe United States unquestiouably
Intended to secure to the people circula-
ing medium of gold and silver. But the
establishment Of a national bank by Con-
.ress, with the privilege of issuing paper
money receivable in the payment of the
ublic dues, and the unfortunate course of
eglslation in the several States upon the
anne subject, drove from general circula-
on the constitutional currency, and SUBJ
tituted one of paper in its place.
1t was not easy for men engaged in the
rdinary pursuits of business, whose atten-
on had not been particularly drawn to the
ubject, to foresce all the consequences of
urrency exclusively ofpaper; and we ought
ot, on that account, to be surprised at the
'cilty with which laws were obtained to
AIRY into effect the paper system. Honest,
nd even enlightened, men, are sometimes
'lslcd by the specious and plausible state
rents of the designing. But experience has
ow proved the mischefs and dangers of
aper currency, and it rests with you to
etermlne whether the proper remedy shall
: applied.
The paper system being founded on pub
confidence, and having of itself no in
insic value, it is liable to great and sudden
nctuations; thereby rendering property
secure, and the wages Of labor unsteady
I'd uncertain. The corporations which
cate the paper money cannot be relied up
to keep the circulating medium uniform
amount. In time of prosperity, when
'nhdence is high, they artstempted by the
,osPect of gain, or by the influence of those
no hope to profit by it, to extend their
sues of paper beyond the bounds of dis
elton and the reasonable demands of busi-
'ss. And when these issues have been
lshed on, from day to day, until public
nhdence is at length shaken, then n re-
t,on takes place, and they Immediately
thdraw the credits they have given sud
My curtail their issues aud produce an
'expected and ruinous contraction of the
'culating medium, which is felt by the
hole community. The banks, by this
cans, save themselves, and the mischiev-
$ consequences Of their imprudence or
Pidlty are visited upon the public. Nor |
n