Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-12-18

customs and the public lands, heretofore rec
commended, shall be adopted, and the new APP
preparations by Congress shall not carry the
expenditures beyond all Of the official est.
mates
The new system established by Congress
for the safe keeping Of the public money,
prescribing the kind of currency to be receiv-
ed for the public revenue, and providing adj
ditional guards and securities against losses
hasAow been several months in operation
Although it might be premature, upon an
experience of such limited duration, TO form
definite opinion in regard 10 the extent oil
its influences in correcting many evils under
which the Federal Government and the
kcountry have hitherto suffered-especially
those that have grown out of banking expan-
sions. a deprecated currency. and official de.
falcations /; yet it is but right to say that
nothing has occurred in the practical opera
ton Of the system to weaken in the slightest
degree, but much to strengthen the confident
anticipatons of its friends The grounds of
those have been heretofore 70 fully explained
as to require no recapitulation. In respect
to the facility and convenience it affords in
conducting the public service, and the ability
of the government to discharge through its
agency every duty attendant on the colec'
ton, transfer and disbursement of the public
money with promptitude and success, | can
say with confidence, that the apprehensions
of those who felt il to be their duty to oppose
its adoption, have proved TO be unfounded.-
On the contrary this branch OF the fiscal af-
fairs of the government has been and it is be-
leved may always be thus carried on with
every desirable changes and improvements in
the details of the system, without affecting
any principles involved in it, will be submit
ted to you by the Secretary of the Treasury,
and will, am sure, receive at your hands
that attention 10 which they may, on exami-
nation, be found to be entitled.
have deemed this brief summary OF our
fiscal affairs necessary TO the due perfor.
nance of duty, especially enjoned upon
me by the constitution 1t will serve, also
to illustrate more fully the principles by
. which have been guided in reference to two
J contested points in our public policy, which
were earliest in their development, and have
| been more important in their consequences
than any that have arisen under our compl
Gated and difficult, yet admirable system Of
government. allude to national debt ans
+ national bank.
1t was in these that the political contest by
which the country has been agitated evel
since the adoption of the constitution. in q
l great measure originated and there is toe
: much reason to apprehend that the conflicting
. interests and opposing principles thus mar.
: shalled will continue as heretofore to produce
T similar. if not aggravated, consequences.
Coming into office the declared enemy o.
e both, | have earnestly endeavored 10 proven
J.. resort to either.
e The consideration that large public deb
: affords an apology. and produces, to some de
S grec.a necessity also. for resortng to a sys
Y TEN and extent oftaXation, which is not only
:. oppressive throughout, but likewise so apt t.
S lead. in the end. TO the commission of tina
: most odious of all offences against the prin
a ciples of republican government-the pros
: titution of political power, conferred for thu
: general benefit, TO the agrandizement of par
! ticular classes. and the qualification of ind
vidual cupdity-is alone sufficient, indepen
:. IDENTIFY of the weighty objections which hav
already been urged, to render its creation an
Il existence the source of bitter and unappeas
+. able diseord
$ If we add to this. its inevitable tendenc,
to produce and foster extravagant expendi
0 lures Of the public money, by which niece.
d sity is created for new loans and new bur
y dens on the people and finally, if we refe
y 10 the examples OF every government which
: has existed, for proof, how seldom it is tina
e the system, when once adopted and implan
s ted in the policy of a country. has failed II
ID 81 tel. f.. until nubic credit was exhaust
ed, and the people were no longer able Il
). endure its increasing weight. it seems impos
e slble to resist the conclusion, that the bene
his resulting from its career, no extent of con
quest, no accession of wealth to particula
classes, nor any, nor all its combined advan
'ages. can counterbalance its ultimate bu
certain results-a splendid Government ant
an impoverished people.
ii national bank was, as is undeniable
repudiated by the trainers of the constitution
as incompatible with the rights of the states
and the Liberties of the people if from the
beginning 1t has been regarded by large por.
!ions OF our citizens as coming in direct coils.
ION with that great and vital amendme Mt of the
constitution, which declares that all powers
not conferred by that instrument on the gen.
eral government are reserved to the states and
to the people; if it has been viewed bv them
as The flrst great step in the march of latitude
nous construction. which, unchecked would
render that sacred instrument OF as little val.
ue as an unwrltten constitution, dependent, as
II would alone be. for its meaning, on the in.
terested Interpretation OF the dominant party.
ana aiiording no security to the rights OF the
| '"."o'''y IL suCu 10 unucnlaDIy the case.
what national grounds could have been con.
celved for anticipating aught but determined
opposition to such an institution at the pres.
ent day.
Could different result have been ex.
peeted, when the consequences which have
moved from its creation, and particularly from
us struggles to perpetuate its existence, had
| confirmed IN so striking a manner. the appre.
hensIons OF its earliest opponents; when it
had been so clearly demonstrated that con.
cen!rated money power, welding so vast a
capital, and combining such incalcuable
means OF influence, may. in those peculiar
conJunctures to which this Government is
una, ,oidably exposed, prove an over-match
tor the political power of the people them.
selves when the true character of its ca.
Pacity to regulate, according to its will and
interests, and the interest of its fayori,es. the
value and production of the labor and prop
cry OF every man in this extended country.
mad been so fully and fearfuly developed;
when 1t was notorious that all classes of this
great community had by means of the power
and influence it thus possesses, been in
iec'ed TO madness with spirit OF needless |
speculalion; when it had been seen that. Sc.
cure IN the support of the combination of in.
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