The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-04
PRESIDENTS MESSAGE
(Concluded ftom 49, nnre.

appealed 10 them too strongly TO be dsre-
garded. They have seen that the oonstitu-
uOn, though theoretically adhered to, is sub
yertea IN practice; that while on the statute
books there is no legal tender but gold and
silver, no law impairng the obligations Of
contracts yet that, in point of fact, the priv
iIeges conferred on banking corporations have
made their notes the currency of the country;
that the obligations imposed by these notes
are violated under the impulses Of interest
or convenience, and that me num-
Der and power of the persons connect
ed with these corporations or placed
under their influence, give them fearful
weight when their interest is in opposition
to the spirit of the constitution and laws
To the people it is immaterial whether these
results are produced by open violations Of
the latter, or by the workings of a system
OF which the results is the same. An in
flexible execution even of the existing stat
utss of most of the states, would redress
many evils now endured would eflectual-
ly show the banks the dangers of ms-man-
sgement, which impunitv encourages them
TO repeat; and would teach all corporations
the useful lesson tnat they are the subjects
oil the law, and the servants of the people.
What is still wanting to effect these objects
must be sought in additional legislation; or,
if that be inadequate, in such further con-
stllutonal grants or restrictions as may
bring US back into the path from which we
have so widely wandered.
In the mean time, it is the duty of the
general government TO cooperate with the
states, by a wise exercise of its constitutions
al powers, and the enforcement OF its exist
ing laws. The extent 10 which it may do
so by further enactments, | have already adj
Nerted to, and the wisdom Of Congress may
yet enlarge them But, above all, it is in
cnmbent upon US TO hold erect the princi-
pies of morality and law, constantly execut-
ing our own canlracts in accordance with
the provisions of the constitution, and thus
serving as rallying point by which our
whole country may be brought back 10 that
safe and honored standard.
Our people will not long be in'ensible to the ox-
tent OF the burdens entaled upon them by the false
system that has been operating their sanguine,
energetic and industrious charactel; nor to the |
means necessary to eXtricate themselves from these
embarassments. The weight which presses upon |
large portion of the people and the States, is an
enormous debt, foreign and domestic. The foreign |
debt Of our States, corporations and mon ofbusint
can scarcely be less than two hundred millions of |
dollars, requiring more than ten millions of dollars
q year to pay the interest. This has to be paid
out of the exports ofthe country and must of neces
sity cut of imports to that extent or plunge the
country more deeply in debt from year to year. 1t
is easy 10 sse that the increase Of this foreign debt
must augment the annual demand on the exports to
H.. 1 Al.
the imports, and in proportion to the enlargement
'f the foreign debt, and the consequent increase OF
interest," must be the decrease Ofthe import trade
In lieu Of the comforts which it now brings US, we
might have our gigantic banking institutions, and
splendid, but in many instances, proftcss railroads
and canals, absorbing, to great extent interest
upon the capital borrowed to construct them the
surplus fruits of national industry for years to come
and securing to posterity adequate return for the
cemorts which the labor Of their hands might 9TH
erwlse have secured. 1t is not by the increase Of
This debt that reliefs to be sought, but in its dim-
mutton. Upon this point there is am happy to say,
hope before usnot much in the return oiconidence
abroad, which will enable the States to borrow
more money, as in change of public feeling at
home, which prompts our people to pause in thei.
career, and think of the means by which debts are
10 be paid before they are contracted. five would
escape embarrassment public or private, we must
cease to run in debt except for objects of necessity
Or such as will yield certain return. Let the faith
Of the States, corporations and individuals, already
pledged, be kept with the most punctilious regard
Il is due to national character as well as to ius-
lice that this should on each be a fixed principle of
conduct. But it behooves US all to be more chary
IN pledgng it hereafter. BY ceasing to run in debt
md applying the surplus Of our crops and incomes
10 the discharge of existing obligations buying less
md selling more, and managing all affairs, public
md private, with strict economy and frugality, we
shall see our country recover iIom,a temporary de-
preston, arising not from natural and permanent
,auses but from those have enumerated and adj
'ance with renewed vigor in her career OF prosper
ty.
Fortunately for US, at this moment, when the ,
alance oftrade is greatly against us, and the diff
ulty of meeting it enhanced by the disturbed state
-four money aliars,the bounhes Of Providence have
ONE to relieve us from the consequences of past
-rors. faithful application of the immense re-
ults Of the labors Of the last season will afford par
al relieffo the present. and perseverance in the
anne course will in due season. accomplish the rest
Nc have had full experience, in times past of the
Extraordinary results which can, in this respect be
rought about in a short period, by the united and ,
'eH directed efforts Of a community like ours- h
'ur surplus profits the energy and industry Of our
opulatlon, and the wonderful advantages which q
rovidence has bestowed upon our country, in its +