Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-12-22


tsfsined hat ;le necessity for military opera
tioifs ~ ihst quarter viii soon cease. The re.
rso.sl Fl the Indians from wssisn settled
border. 10 nearly compieted. The F'erxicn lat
one Of tie heaviest charges opon The Treasury.
10 rsptdly diminishing BY death. Tie mcsi
costly Of our public buildings are estbcs finish
ed or beAfly 80 and VIC NAV. think. safely
premise ourselves ccn,invcd exemption from
tordcr difficulties
Tho sysilsbls bslsnce in tic Treasury on
the irt oi January neriis estimated 81 one mil'-
ro end laf Of dollars. This 81, with the
.ppetitd receipts from ell sources dufing tic
neat year. will. q is believed, he sufficient TO
enable The Government, 10 meet every engage
neni. end leave suitable balance IN tic Treas.
viy q, he cnd Of lie year ifiLe remedial meas
vrts corrected with tie ousit ms and The pub
nc lands, teitit fore rect nm, ndtd. II all he a.
uoried, etd The rev sTrropnsiicns ly Con-
grers shall no, cary lie Expenditures leyord
ue of'itihl estimates.
The new system established ~ Congress for
the safe. ketIinR Of tie public money, pre-
seribing the hind Of currency TO lie received
for tie public revenue, and providing addition
slguerds and securities against losses. has now
been several months IN operation. Although
u might be premature, upon an experience OF
such limited duration, 10 foim definite opin-
connecting many evils under " hioh the federal
Government and the country have hitherto
suffered especially those tina, have grown out
ofbsnking expansions. deprecated currency,
and official de 'aloations: yet II is but right TO
say that nothing has occurred in The practical
operation Of the system 10 weaken in the
slightest degree, hut much to strengthen the
confident snlicpaiions OF lis friends. The
grounds Of these have heretofore Lecn so fully
explained ss 10 require no recspi'ula'ion. In
respect 10 the facility and convenience IT of-
fords in conducting the public service, and the
ability OF government 10 discharge, ihrOuchits
agency, every duty attendant on the collection,
transfer, and disbursement Of the public money
with promp,iiude and success. can say, with
confidence, that the appiebenslons OF those
who felt II 10 lie their duty TO oppose its adop-
iion, have proved IT 10 be unfounded. On the
contrary, this branch Of the fiscal sffars of
she government has been, and il is believed
may always be, thus carried on with every de-
srable facility and security. A few changes
AID Improvements in the details Of the system,
~tbou, affecting any principles involved in it,
will be submitted to you by the secretary OF
The treasury, and will, | am sure, receive at
your hands iha, attention TO which they may,
on examination 10 found to lie entitled.
] have deemed this brief summary of our
fiscal affairs necessary TO the due performance
OF duty especially enioined upon me by the
constitution; IL will serve also more fully to
illustrate The principles by which have been
guided in reference 10 two contested points in
our political policy, which were earliest in
their development, and have teeD more impor-
tant IN their consequences than any which
have arisen under our complicated and difficult
yet admirable system Of government; allude
10 a national debt and a national bank. TWAS
an these that the political contests by which
the country has been agitated ever since the
adoption OF the constitution, in a great meas
ufe originated and there is too much reason
80 apTrel,eDd that the conflicting interests and
opposing principles thus marshalled, will con-
tinue as heretofore, TO produce similar if not
aggravated consequences.
Coming into Office the declared enemy of
both, have earnestly desired TO prevent a re-
sort 10 either.
The consideration that large public debt
affords an apology, and in some degree, a me-
cessiiy, also, for sesortng to a system and ex-
ssss'of taxation which is not only oppressive
throughout, but likewise is apt to lead, in the
end, To the commission of that most cdlous of
oil ofienses against the principles of republ-
can government, the prostitution of political
power conferred for the general benefit, To tile
ACKNOWLEDGEMENT Of Particular classes and the
gisiihca'son OF individual cupidiiy, is alone
sufficient, independently the weiphty obiec-
tons which iave already been urged, TO rem
der its creation and existence the source of
bitter and unapreassble discord. five add to
this, its inevitable tendency TO produce and fos-
ter e1travsgant expenditures of tie public mo-
ney, by which necessity is created for new
loans and new burdens on the people and Fl
naiiy, II We refer TO the example Of any gov
eminent which has existed, for proof how sell |
dom II is that the system, when once adopted
and implanted in the policy of a country. has
failed TO expend itself, until public credit was
exhausted and the people were no longer able ,
TO endure It's increasing weight, il seems i'm
possible to resist the conclusion that no bene-
hts resulting from its career no extent of con-
quest, no accession Of wealth 10 particular
CLASSES, nor any, nor all lis combined adyan.
'aees, can counierbalsnce its Ultimate bu, GER
tain resulis-a splendid government and an
Impoverished people.
II national bank was, az is pn,leniable
repodlsied by the trainers Of the constitution |
rs incompatible with the rights of the States |
and The liberties OF the peopis-if from the be. |
ginning !, has been regarded by large portions |
oil our citizens as coming in direct collision |
with that great and vital amendment of the |
constitution, which declares that all powers
not conferred by tina, instrument on the gene
raj government are reserved 10 The States and
to ,he people, II il has been viewed by them
as the hrs, erea, step in the march Of latitude.
nous construction which, uncheo ked, would
render that sacred instrument Of as little value
rs an unwTitten constitution, dependent as il
would alone be for lis meaning, on the inter
ested Interpretation OF dominant party, and
snording no security 10 the rights OF the mi.
poiuy; u such IL undoubtedly The case. what
rational grounds could have been conceived