The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-18

be safely dispensed with think that the power TO
establish such bank is settled question settled By
Washington and by Madison by the People, BY iol
~ years acquieseence by the Judiciary and BY both
of the great parties which long held sway in this
country. know and respect the contrary opinian
which is entertained in this State. But in my delibe
rate view Of the matter the power 10 establish such
bank being settled, and being necessary and proper
power the only question is TO the expediency OF is
exercise. And ON questions Of mere expectancy pub
nc opinion ought 20 have controlling influence
Without banks, believe we cannot have a sufficient
currency without Bank ofthe United States fear
| we cannot have sound currency. But II is the end
mat OF sound and sufficient currency, and faithful
execution OF the fiscal duties of Government, that
should engage the dlspassionatc and candid consdea
ton OF the whole community There Is nothing in
the name Of a Bank OF the United States which has
any magical charm, or 10 which any one need be
welded IL Is To secure certain great objects, without
which society cannot prosper and il contrary 10 my
apprehension, these objects be accomplished BY
dispensing with the agency Of Bank of the United
States and employing that OF State banks, all ought
TO rejoice and heartily acquiesce, and none would
more than should.
ID That the public lands ia conformity with the
trusts created expressly, by just implication,
their acquisition, be administered in spirit OF be
raty towards the States and Territories, and N
a spirit of justice towards all the States
The land bill, which rejected by President
Jackson, and of occasional legislation will az
eompllsh both these objects. ! regret that the time
does not admit Of my exposing here the nefsous plans
tional resource That like every other great interest
Of the country is administered with the sole view OF
The effect upon the interest of the party power.
bill has passed the Senate, and is pending before
the House, according 10 which forty millions Of dol
lars stricken from the real value Of certain por
ton OF the public lands by short process and ct
zen Of Virginia residing the southwest side of the
Ohio is not allowed TO purchase lands cheap by hall
a dollar per acre as citizen living the northwest
side OF that river have no hesitation in expressing
my conviction that the whole public domain gone ii
Mr. Van Buren, be reelected.
Sd That the policy Of protecting and encouraging
the productions of American industry, entering into
competition with the rival productions of foreign in
dustry be adhered TO and maintained the basis OF
the principles and in the spirit Of the compromise OF
March 1873
Protection and national Independence are, in my
opinion, identical and synonymous. The principle Of
abandonment of the cannot sc surrendered with.
out forfeiture of the other Who with Just pride
and national scnsblity, think Of subjectng the
products OF our in .ustry to all the taxation and
straints OF foreign powers, without effect, part
to counterfeit their prohibitions and burdens BY suitable
countervang legislation The question cannot be-
ought not TO be, ono of principle but of measure and
degree. | adopt that of the compromise act, he
cause that act is rrepealabe, but because it met with
the sanction of the nation Stability with moderate
and certain protection is far more important than in
stability the necessary consequence Of high protection
But the protection OF the compromise act will be adc
quate, most if not 10 all, interests. The twenty
per cent. which il stipuatcs, cash duties, home yaua-
tons and the list Of free articles inserted in the act for
the particular advantage of the manufacturer will
sure, trust sufficient protection. Altogether they
will amount probably TO not less than thirty per cent
greater extent Of protection than secured prior
to The act OF 1929, which stands up TO defend
Now the valuation of foreign goods is made not BY
the American authority except in suspected cases but
by foreigners, and abroad. They assess the value
and we the duty but, the duty depends in most
cases upon the value il is manifest that those who
| sess the value, fix the duty. The home valuation
will give our Government what it rghtully possesses
both the power 10 ascertain the true value of the
thing which it taxes, as well as the amount of that
tax.
18th That strict and wise economy, in the distri-
button of the public money be steadily enforced and
that, 10 that end, all useless establishments, all
cessary offices and places, foreign and domestic and
all extravaganza either in the collection the cxpen
dire Of the public revenue be abolished and repress
cd
have moi time to dwell on details in the applica-
ton of this principle. | will say that pruning
knife long broad and sharp should he applied every
Department of the Government. There is abundant
scope for honest and skifu surgery The annual ex-
penditure may, in reasonable time, be brought down
from its present amount of about forty millions
third of that
9Th. The several States have made such great and
gratifying progress in their respective systems Of in
ternal improvements and have been so aided by the
distribution under the deposite act that future the
erection of new roads and canals should be left to
them with such further aid only from the General Go
varnment they would derive from the payment Of
the last nsalment under the act from an absolute re-
linquishment of the right Of Congress TO call upon
them to refund the previous instruments, and from
their equal and just quotas TO be received by future
distribution of the nett proceeds from the sales Of the
public lands.
guaranteed by the Constitution and rccog nized
of the compromises incorporated in that instrument by
ancestors should be left where the Constitution
has placed it, undisurbed and unagtated by Congress
M hath ia 49,,
ture Of the Government and of its Administration,
which appear 70 worthy OF commanding the grave
attention of the public and its servants. Although,
repeat, have neither authority nor purpose to com
nit any body else, believe most if not all Of them,
are entertained by the political friends with whom
have acted Whether the sautary reforms which
they include will he effected considered depends
upon the issue oftha great struggle which is GO
ing on throughout all this country This contest has
had parallel since the period Of the Revolution In
both instances there is a similarity Of object. That
to achieve this to preserve the liberties of the
country. Let us catch the spirit which animated, and
initiate the virtues which adorned our noble ancestors
Their DEVOTION their constancy their untiring activity
their perseverance, their indomable resolution their
sacrifices their vaorl II they fought for liberty
DEATH in the memorable language Of one Of the most
iustrious Of them let forget that the prize
at hazard is liberty or slavery, We should be
encouraged by the fact that the contest the
of which they solemnly pledged their fortunes their
lives, and their sacred honor far unequal
IMAM that IN whlcn we are engaged But, on the
other hand lei us cautiously guard against too much
confidence. History and experience proves that more
has been lost by selfconftencc and contempt Of enc
mes, than won by skill and courage. Our opponents
powerful in numbers and in organization active
insidious possessed of ample means, and wholly
scrupuous in the Of them. They count upon
cess by the use of two words, Democracy and Fede-
ralism--D Democracy, which, in violation Of all truth
they appropriate themselves and Federalism which
in violation of all justice, they apply to US.
And allow me to conjure you not to suffer your
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