The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-08-27
. LETTER FROM THE PRESIDENT OF
THE UNITED STATES.
WASHINGTON, July 4,


! tertainment to be held by them q, the White Su
J phur Springs in Scott county, Kentucky, on til
4 llth inst.
II Truly grateful for this mark Of their respec
] and kindness, can but regret that my public du
) ties will not permit me TO expess my grateful
4 ness face 10 face.
! That have been so fortulate as to secure /" tn
i entire appreciation Of the democracy of Ken
lucky" that they look upon me as ~ true TO tn
\ Constitution ofthe United States" the repre-
4 sentative and advocate OF thar principles in tn
/ Executive Department Of our Government" can
not but afford me peculiar satisfaction, coming
! as it does, from highly respectable portion o
/ the ancient and time-honored patriots of that no
bic State and from the sons of those who, il
, their day, the pillars of the republic. His
! tory, gentlemen, must be false TO her duty wher
she ceases TO inform mankind that it was b,
Kentucky that the first etfectual blow was strucl
, at the dangerous principles introduced into thC
administration of cur Government soon after tn,
adoption OF the neutrality-suspicious. which
had already led to acts of fearful usurpation,
threatened speedily TO destroy well tho rights
Of the States as the liberties Of the People. II
was the Kentucky resolutions, backed by those
of her patriotic parent State, which changed the
current of public opinion, and brought back the
administration of the Government to the prnci.
Piles Of the Revolution For forty years the de.
mocracy of the Union have looked upon those
resolutions as the creed of their political faith
political degeneracy has been marked by depar.
tuTe from that standard, and, like the original
language OF the Bible in matters of religion they
are the text book ofevery reformer.
Nothing could more edectually prove the pu-
rity Of the principles then announced, than the
progress they have since made in the minds of
J, tba - l,a a
powerful party which opposed them has come to
be considered reproach, if not of ignominy and
insult, the principles OF the Kentucky resolutions
in profession, ii not in fact, now enter into the
creed OF every political sect, and the detid.
ed name borne by their apostates and advocates
Is considered an essential passport to popularity
ana success. Nay, more, the People. almos, with
one voice, have recently recognised and conse-
Grated the principles of these resolutions, by an
act as impressive and emphatic as il is possible
for a nation to perform, Since your letter has
been laying before me waiting for 4 reply, II has
become my agreeable duty to confirm the fiat Of
the nation settling forever the unconsti,utonality
Of the sedron laws of l79S, by approving an act
fer the relief of the heirs of Matthew Lyon, re-
funding TO them fine collected Of their auces-
tor under the law in question. Party prejudice,
judicial authority, dread of the precedent respect
for that which has assumed the form of law for
torty years have successfully resisted this act OF
justice; bat at length all are swept away by tho
current Of public opinion and the Sc
iition act has been irreverslbly dec ded TO be IN
oy tribunal higher than the courts
1f Justlce-the sovereign People Of the United
states The pa,rarchs Of Kentucky and Nir.
gina, the men who, in that day, midst obloquy
and insult. voted for or sustained the Kentucky
md Virginia resolutions Of 1893, cannot but re-
oice with Joy unspoakable in witnessing the final
rlmph Of the pure principles to which they then
nnoanced their allegiance. They and their De.
pendants have right to glory in seeing those
rlnclples recognized, even at this late day, by
he acClsmations of a nation, and one Of the Il.
annIeal acts against which they protested yir,u.
!ly expunged from the records Of the country.
While 10 aged patriots it is a subject Of con.
and Joy, il teaches the young that OF.
orts at reform IN the Government Of their coun-
~ ought never 10 be considered hopeless as long
8 there is any thing TO improve, and that, If the
athers do not enjoy the fruits Of their exertIons
q the cause OF democratic principles, they are
ertain TO fall in blessings upon the children.
| am most happy TO inform you gentlemen
hat have this day signed the bill for the es,ab.
ishment Of an Independent Treasury, measure
f which you speak in decided communication. By
his measure, the management Of an important
ranch OF CvT national nnns-~-~s asfeE <t-r
aIu nearly haif a century, VIII be brought
,ack 10 the letter, well as to the obvious spirit
md intention Of the Constitution. The system
low superseded was, in fact one Of those early
measures devised By the friends and advocates of
privileged orders for the purpose Of perverting
The Government from its pure principles aud le-
climate objects, Wasting all power IN the hands
Of the few, and enabling them to profit at the ex.
1ense Of tho many | need no, inform YOU. gen
lemen, that the effect of deposiling the public
money IN banks was 10 lend 1t to those nsttu-
lions, generally without interest, 10 be used as a
part Of their capital and that they lent il out up
On interest TO their customers thereby largely
increasing the profits of the siockho Thus
The few we're enabled to enrich themselves by Us.
ing the money which belonged TO the many and
the public funds in fact drawn from tho
Treasury without an appropriation by Congress,
IN clear violation Of the spirit Of constitutional
prohibition.
The manner IN which this abuse crept into the
Government and fastened itself upon the coun
ry, with the acquiescence Of the whole People,
g an impressive lesson, teaching the necessity of
vigilance and energy in detecting and
rsistinE tho first encroachments, however seem. {
ngly irting, upon the principles Of onr Govern.
uent. From the deposi,s Of the public money
a Banks, It did not necessarily follow that the
Janks should use 1t. It's was mover, until
atsly, and then only 10 a limited extent directly
by any act of the Government. Bat,
- the Banks were IN tho habit of using dspoaites,
hey silently treated those Of the Government
Ike those Of private citizens, and the Govern. .
Eent silently acqniesced in the practice. As for
many wears the revenues OF the Government were
moderate, ahd the surplus was wanted to pay the
principal and interest Of the public debt, the
amount lolned out by the hanks was comparative.
y small, aud the profits Of the stocs holders less
considerable But IN the progress Of tho Gov.
.fHment It's revenues Increased, and the amount
lueH pended became greater, until it amounted
10 FIVE. ten, and, after tho extipguishment Of the
public dGbt, to nearly thirty II b ons.
The disastrous effects now became apparent
An extensive interest had sprung up, deriving
wealth from the use Of the Peoples money, md
having powerful Inducements so 10 act upon the
Ggverlment as TO increase the source Of their in.
come. Their influence was first directly felt in
IHterfefences 10 prevent tho payment Of thu pub.
Inc debt; then IN efforts, through the use Of the
public press, and ia attempts 10 secure the inha.
once Of the loading politicians and of men in au.
,hority, TO procure pr0longation Of their char
tered privilege and, finally, in panic and pres.
sure inflicted upon the country with the hope Of
controlling the action Of the Government through
TIE alarms and the sufferIngs Of the People. By
shifting the dcposites from one great institution
10 many smaller Onrg the unity Of This intprp1t