Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-12-17


means Vt influence, may. in those peculiar
conjuncturcs to which this Government Is
unavoldably exposed, prove nh ovennnieh
Tor the political power Of the people them
selves when the true character Uf IT. ca
pacny TO regulate. according 10 its will aad
IT'S interests, and the interests of the iavo'
rites, The value aud production of the labor
and property oI every Inan ~ this extended
County, had been 50 fully aud i'nrinlly de-
yeioped when II was nu,Urlous that all clas-
ses vt this great community hud by means
uf the power und influence II thu, possesses,
been infected to madness with spirit Of
needless speculation when II has been seen
lhaI, secure IN The support OF the coni5ina.
,on Of Influences by which II MAS snrroun.
ded, u could violate Its charter, and sci the
laws at defiance with impunity aud which.
too, Il had become most apparent that to be
lic,e that such an accumulation Of powers
can never be grauted without the certainty
Ut being abused, was ~ indulge IN u fatal
dclusiun
10 avoid the necessity Of permanent
debt, aud It's consequences, have advocated,
aud enGcavored to carry into eject, the poll
ley Of conhnng The appropriations tor the
public service 10 such objects only as are
clearly within the constitutional authority oi
The Federal Government; of excluding from
It's expenses those improyidcnt and unauitor-
lZcd grants OF public money Tor works Of m
tcrnal Improvement which were so wisely
ARE sied by The constitutional interp0-itiUn
! of my predecessor, and which, II they had
not been 50 checked, would long beturc TIN.
time ha,e iuvoh cd the finances OF lhc gen
cral goyefnment IA CnbarrassnCn,s far great
or than those which ure now experienced by
any Of The States vi limiting ali our cx-
prDditures 10 ihut supple, unOs'cp,aiious, aud
economical administration of public affairs,
which Is alone consistent wiib the character
Of our Institutions; OF collecting annually
iruin the customs, and the saies ol public
lands, revenue fully adequate To dciray oil
The cApepses thus incurred, but, under no
pretcnce whatsoever, 10 impose taxes upon
he people TO a grcuter amount than was uc.
lualiy necessary 10 the public service, con
ducted upon The principles have stated.
\ In lieu Of n national bank, or depen-
dence upon banks OF any description, tor the
ma no cement OF our fiscal affairs, ! rec ON
mend iio adoption oi i!ie system which Is
now IN successful operation. That system
atIords every requisite facility for the tran
sacton Of The pecunlary concerns OF the
government aud will, 1t is confidently an-
iiclpatcd, produce IN other respects many
ot the benefits which have been from time To
time expected tom ihe creation OF ma
tional bank, but winch have never been rcul.
zed; avoid the manifold evils inseparable
from such an institution (; diminish, 10 u
greater extent than could be accomplished
10y aEy other measure Of reform, the patron
aye Of the Federal Government a wise
policy III all governments, but more especial
ly 50 IN one like ours, VIII ich works well on
ly in proportion as II Is made TO rely for its
support upon the unbiased aud unadulterat.
I'd opinions OF its constituents do away
forever all Dependence on corporate bodies,
ellher IN raising, collecting, safe. keeping
or dlsbursing the public revenues and pace
the government equally above the tenp,a.
ton VI fostering u dangerous and unconsti-
tutionai Institution al hume, or the necessity
of adopting its policy 10 The views aud inter.
eats OF slill more formidable money power
abroad.
1t is by adopting and carrying out these prin.
ciplcs, under circumstances the most urduous
and discouraging, that the attemp, has been
made, thus tar successfully, to demonstrate
10 the people OF The United States that q
national debt, except it be incurred at u
period when the honor and safely of the ma
lion demand the temporary sacrifice OF Il
policy which should only be abandoned in
such exigencies, are Tot merely unnecessa-
ry, but in direct and deadly hostility to the
principles OF their Government, aud to thel,
own perman ncDt welfare.
The progress made in the developemeDt OF
these positions, appears in tho preceding
sketch of the past history and present state
of the financial concerns Of the Federal
Government. The facts there stated fully
authorize the assertion, hat al. the purposes
for which this Government was Instituted
have been accomplished during four years o!
greater pecunIary embarrassment than were
ever before experienced in time OF peace,
and in the face Of opposition rs formidable
rs any that was ever before urroyed against
the policy of an administration that this has
been done when ordinary revenues Of the
Government were generally decreasing, as
well from the operation Of The laws, as
the condition OF tie country; without the
creation of permanent public debt, or IN
curing any liability, other than such as the
ordinary resources Of the Government will
speedily discharge, and without the agency
Of u natlo,ial bank.
Ii thi. view Of the proceedings Of the
iGOVerninent, Tor me perlou IL embraces, DC
warranted ny tie facts as they are known To
exist; if the army and navy have been
sustained Ia the full extent authorised by
law, and which Congress has deemed suih-
cient for the defence Of the country, and the
prote ctlon of It's rights and its honor (; II It's
civil nnd diplomatic service has been equally
sustained /; II, ample provision has been made
Tor the administration Of Justice and The exc
cniion of the laws if the claims upon pub
lie gratitude IN behalf Of the soldiers OF the
Revolution have been promptly met, aud
faithfully discharged; If there have been no
failures ~ defraymg The very large cxpendI.
tures growing ont OF that long continued
and salutary policy OF peacefully removing
the Indians to regions Of comparative safety
aud prosperity (; II The public faith has at oil
tunes and every where, been most scrupu-
lously maintained by prompt discharge oi
tho numerous, extended, und diversified
claims of the Treasury II all these great
aud permanent ohj:cts, with many others that
might be stated, nave, for a series Of years |;
marked by peculiar obstacles and difficulties,
been successfully accomplished without o.
resort 10 n permanent debt, or the aid OF q
national bank have we not right 10 expect
that policy, the object OF which has been
to sustain the public service independently
Of either of these fruitful sources Of dscord,