The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-12-18

am sure, receive at Your hands that attention to
which they may, on examination, be found to he
entitled
have deemed this brief summary Of our fiscal
affairs necessary TO the due performance of duty
specially enJomcd upon me by the constitutional
1t will serve also, TO illustrate more fully the prin-
: ciples by which have been guided in reference 10
two 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 complicated and diff
cult, yet admirable, sy stem of government; al
lude 10 n national debt, and a national bank.
twas in these that the political shy which
the country has been agilaed ever since the adop-
ton Of the constitution, in great measure, orgi-
mated; and there Is too much reason 10 apprehend
that the conflicting interests and opposing prnci-
pies thus marshallcd, will continue as heretofore,
to produce similar fnot aggravated, consequences
+ Coming into ollrc the declared enemy of both,
have earnestly endeayored to prevent resort to
either.
The consideration that large public debt affords
: an apology, and produces, in some degree, ne
cessy, also, for resorting TO system extent OF
taxation which is not only oppressive throughout,
but likewise apt to lead, in the end, to the com
mission of that most odious of all offences against
the principles of republican aoyernmcnt-thc pros
ution of political power conferred for the gcncr-
, al benefit, to the ACKNOWLEDGEMENT Of particular
classes, and the qualification Of individual cupidly
is alone sufficient independently of the wcighiy
objections which have already been urged, to rem
der its creation and existence the sources of bitter
and unappeasable dScOrd.
five add TO this, its inevitable tendency to pro-
duce and foster eXtravagunt expenditures of the
public money, by which a necessity is created for
| no, hur,n tl,n
finally, if we refer to examples of every govern
mcnt which has existed, for proof, how seldom is
it that the system, when once adopted and inpant-
ed in the policy Of country, has failed to expand
itself, until public credit was exhausted, and the
f people were no longer able to endure IT'S ncrcas-
ing weight, it seems impossible to resist the con-
cluson, that no benefits resulting from its career
no extent of conquest, no accession of wealth Ia
particular classes nor any, nor all its combined ad-
yantagcs, can counlcrbalance its ultimate but GER
tain rcSuts-a splendid government and an I'M
poverishcd people.
If national bank was, as is undcniable, rcpu-
dated by the trainers Of the constitution, u. in
compatible with the rights of the States ard the
liberties of the people; If, Gom the beginning, i,
has been regarded bv large portions of our citizens
as coming in direct collision with the great and Vi
tai amendment 10 the constitution, which declares
the General Government are reserved TO the States
and TO the people, If it has been viewed by them
as the first great step in the march of laliiudinou,
construction, which, unchecked, would render that
sacred instrument Of little value MS an uEwritlcr
constitution, dependent, Us il would alone be, iOr
its meaning, on the interested Interpretation Of Il
dominant party, and ai!ording no security To the
, rights of the minorly.--if such is undcnEhly til,
case, What rational grounds could have been con
cciycd for anticipating uughi but determined oppo-
: silion to snch m institution at the present day.
Could different result have been expected
I when the consequences which have flowed from
its creation and particularly from its struggles Ia
perpetuutc lis existence, had confirmed in so >tri-
king manner, the apprchensons of lis earliest op,
= ponents when il had been so clearly demonstrated
that a concentrated money power, welding so vast
capital and combining such incalcuablc mean,
of influence, may in their peculiar con unclures Ia
which this government j. unos idahly exposed prove
an overmalch for the political power Of the people
themselves, when the true character of its cupncir,
to regulate, according 10 its will and it, interests
and the interest of its iyOrtes the value aud pro-
"o,ion Of the labor and property of every man in
this extended country, had been 50 fully developed
when il was notorious that all classes Of this great
, community had by means Of the power and nlu-
: cnce il thus possesses, been infected 10 nadnes,
, with spirit of needless Speculation; when it had
seen that, secure in the support Of the combination
of influences by which it was surrounded, il could
set its laws at defiance with impunily; aud which
too, it had become most apparent that 10 believe
that such an accumulation Of powers can never b,
granted without the certainty Of being abused, wa.
to indulge in fatal dclusion'
TO avoid the necessity Of a permanent debt, and
It's consequences, have advocated, and cndca,or.
,l a..
appropriations for the public service 10 such oh.
ccls only as are clearly within the constitutional
authority Of the Federal Government; ofexcludina
from its expenses those npro, ident and unauthor-
scd grants OF public money for works Of internal
improvement, which were so wisely arrested by the
constitutional intcrposison of my predecessor, and
which, If they had not been 50 checked, would
long before this time have involved the finances OF
: the General Government in cnlbnrmssncnts far
greater than those which are now cApcrinccd by
any of the States Of limiting all our expenditures
to that simple, transformations, and economical adj
ninisiraon of public affairs, which is alone con-
slslent with the character Of our insiituiions Of
collecting annually from the customs, and the sales
Of public lanhs,n revenue fully adequate to dcfray
nil the expenses thus incurred, but under no pre-
tence whatsoever, TO Impose taxes upon the people
to greater amount than was actually necessary
w punt HloH lTlHNIplts
| have stated.
In lieu Of a national hank, or dependence upon
banks Of any description, for the management Of
our fiscal affairs, recommend the adoption Of the
system which is now in successful operation. I hat
system affords every requisite facility for the trans
action of the pccuniary concerns Of the Govern
ment will ii is confidently anticipated, produce in
other respects many of the bcufIs which have been
for time 10 time expected from the creation OF a
national bank, but which have never been realized
avoid the manifold evils inst parable from such Al,
institution; diminish, to greater extent than could
be accomplished by any other measure of reform,
the patronage Of the Federal Governments wise
policy in all governments, but more especially so
in one like ours, which works well only in pcIpor-
ton as it is made to rely for its support upon the
unbiased and unadullcraicd opinions of ~ consi-
tucn,s; do away, for ever, all dependence On cor
porate bodies, either in raising, collecting, safe
keeping, or discussing the public revenue; and
place the Government equally above the iernpta-
ton of fostering dangerous and unconstitutional
institution at homa, or the necessity Of adopting its
policy to the views and interests Of still more
| lnruldib p nonpy ~ Dov ar abroad