Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-12-18

Quoted upon the principles have stated
In lieu OF a national bank, or a Deepen.
dance upon banks of any description, for
the management Of our fiscal affairs, recon-
mend the adoption Of the system which is
now in successful operation. That system
affords every requisite facility for the trans
action of the pecuniary concerns of the Gov
eminent, will it is confidently anticipated,
produce in other respects many OF the bene-
| fits which have been from time TO time en-
pected from the creation OF a national bank,
but which have never been rcalizcd avoid
the manifold evils inseparable from such an
institution; diminish TO greater extent than
could be accomplished by any other meas
Governments wise policy in all Govern
ments, but more especially so in one like ours,
which works we'll only in proportion as it is
made 10 rely for its support upon the unbias-
sed and unadulterated opinions of its constit-
uents; do away, forever all dependence on
corporate bodies, either in raising, collecting,
safe-keeping, or dshursing the public reven-
ues; and place the Government equally
above the temptation of fostering danger
Gus and unconstitutional institution at home,
or the necessity of adapting the policy TO the
views and interests of q still more formidable
money.power abroad.
1t is by adopting and carrying out these
principles under circumstances the mos ar
dous and discouraging that the attempt has
been made thus far successfully to demonstrate
to the people of the United States that ma.
tional bank at all times, and a national debt,
except it be incurred at period when the
honor and safety of the nation demand the
, temporary sacrifice of a policy which should
only be abandoned in such exigencies aie not
merely unnecessary but in direct and deadly
) hostility TO the principles of their govern
: ment and to their own permanent welfare.
The progress made in the development of
these positions. appears in the preceding
: sketch of the past history and present state of
the financial concerns of the Federal Govern
, ment The facts there stated, fully author
, ize the assertion, that all the purposes for
} which government was instituted have been
, accomplished during four years OF greater pc,
e cuniary embarrassment than were ever before
!, experienced in time of peace and in the face
+. of opposition as formidable as any that was
+ ever before arrayed against the policy Of any
administration that this has been done
when the ordinary revenues of the govern
! ment were generally decreasing, as well from
r the operation of the laws as the condition oi
a the country, as without the creation of per
0 manent public debt, or mourning any liability
3 other than such as the ordinary resources o.
: the government will speedily discharge, ant
c without the agency of national bank.
If this view OF the proceedings of the gov
# eminent for the period it embraces, be war
It raned by the facts as they are known to ex
list if the army and navy have been sustain
= which Congress deemed suffcen, for the de
| fQn nf fhp nd
y its rights and its honor: if its civil and diplo
o matte service has been equally sustained j
It ample provision has been made for the ad
l. ministration of justice and the execution O
s. the laws ; if the claims upon public gratitud,
e in behalf OF the soldiers of the Revolution
r have been promptly met and faithfully dis
i. charged if the public faith hasat all time
!. and every where, been most scrupulously
e maintained by prompt discharge ofthe nu
d mcrous, extended and diversified claims of TIT
s. Treasury ;-if all these great and permanent
objects, with many others that might be sta
y ted have, for series of years, marked by pc
l. culiar obstacles and difficulties, been success
s. fully accomplished without a resort to a per
r. manent debt, or the aid OF national bank
r have we not right TO expect that a policy
h the object of which has been to sustain tn,
It public service independently of either o
l. these fruitful sources of discord, will receiy,
o the final sanction of people whose unbias
f. sed and fairly ELECTED judgment upon public
p affairs is never ultimately wrong.
s. That embarrassments in the pecuniary con
= Germs OF individuals, of uneXampled exten
i and duration, have recently existed in this a
7 IN other commercial nations, is undoubtedl,
i true 10 suppose it necessary now, to trac,
i these reverses to their sources, would be a re
d lection on the intelligence of my fellow cti
zens. Whatever may have been the obscurt,
!, IN which the subject was involved during the
4 earlier stages of the revulsion, there canno
now De many by whom the whole question
E is not fully understood
: Not deeming it within the constitutional
powers of the General Government to repair
, private losses sustained by reverse in business
having no connexon with the public service
either by direct appropriations from the Treas.
ury, or by special legislation designed to Sc.
cure exclusive privileges and immunities to
individuals or classes in preference to, and at
the expense OF the great majority necessarily
debarred from any participation in them. no
attempt to do so has been either made, recon.
mended or encouraged, by the present Exec.
utive.
II Is believed, however, that the great pur
poses Tor the attainment of which the Federal
Government was instituted have not been lost
sight Of Entrusted only with certain limited
powers. iouslycnumerated, distinctly speci.
ned, and defined with a precision and clear.
ness which would seem to defy misconstruc.
ton, it has been my constant aim to confne
myself within the limits SO clearly marked
out, and so carefully guarded Having al.
ways been OF opinion that the best preserva.
tive OF the union of the States is to be found
IN n total abstinence from the exercise of all
doubtful powers on the part of the Federal
Government, rather than in attempts to assume
them by a loose construction of the constitu.
tlon, oran ingenious perversion of its words, |
nave endeavOredto avoid recommending any
measure which ! had reason to apprehend
would, in the opinion even OF considerable
minority OF my felow.citizens, be regarded as
trenching on the rights of the States, or the
provisions of the hallowed instrument of our
un,on' Viewing the aggregate powers of the
redeIal Government as voluntary concession
OF the States, it seemed to me that such only
should be exercised as were at the time in.
tended to be given.
l have been strengthened too, in the pro.
pretty OF this course, by the conviction that
all efforts to go beyond this. tend only IN