The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-12-10

| Deeh 80 clearly demonstrated that cOncentEa-
ted money power, welding so vast capital,
ard combining such incalculabIe means of in
huence, may, in those peculiar coniunctures
to which this Government is unayoidably ex-
posed, prove an overmatch for the political
power of the people themselves; whe The true
character of its capacity to regulate, according
| to its will and its interests, and the interests
of its favorites, the value and production of the
labor and property OF every man in this extern
ded cou1try, had been so fully and fearfully
developed; when 1t was notorious that all class
es of this great community had, by means the
| power and influence it thus posse sses, been in
! fected to madness with a spirit of needless
speculation; when it had been seen that, secure
| in the support of the combination of influences
! by which il was surrounded, it could violate
its charter, and set the laws at defiance with
! impunity; and when, too, it had become most
| apparent that to believe that such an accumu-
lation of powers can ever be granted without
the certainty of being abused, was to indulge
in fatal delusion?
10 avoid the necessity of permanent debt,
and its inevitable consequences, have advoca-
ted, and endeavored to carry into effect, the po-
hey of combining the appropriations for the pub
lie service to such objects only as are clearly
within the constitutional authority of the Fed
ses those improvident and unauthorized grants
of public money for works of internal improve
ment, which were so wisely arrested by the
constitutional interposition Of my predecessor,
and which, if they had not been so checked,
would long before this time have involved the
finances of the General Government in embar-
easements far greater than those which are
now experienced by any of the STATES; of lin
iting all our expenditures to that simple, I'M
ostentatious, and economical administration of
public affairs, which is alone consistent with
the character of our institutions, of collecting
annually from the customs, and the sales of
public lands, a revenue fully adequate to defray
all the expenses thus incurred, but, under no
pretence whatsoever, to impose taxes upon the
people TO q greater amount than was actually
necessary to the public service, conducted up
on the principles have stated.
In lieu of a national bank, or a dependence
upon banks of any description, for the manage
ment of our fiscal affairs, l recommended the
adoption of the system which is now in success
full operation That system affords every requi-
site facility for the transaction of the pecunary
concerns Of the Government; it will, 1t is conf
IDENTIFY anticipated, produce in other respects ma
ny OF the benefits which have from time to time
been expected from the creation of a national
bank, but which have never be- realized; avoid
the manifold evils inseparable from such an in
stitution; diminish to greater extent than could
be accomplished by any other measure of reform,
the patronage of the Federal Governmsnt-a
wise policy in all Governments, but more espe-
cially so i'll one like ours which works well on
y III proportion as it is made to rely for its sup
port upon the unbiased and unadulterated opin-
ions OF It's constituents; do away, forever, all
dependence on corporate bodies, either in the
raising, collecting, safe-keeping, or disbursing
the public revenues; and place the Government
equally above the temptation of fostering dan
gerous and unconstitutional institution at home,
or the necessity of adopting its pslicy to the
views and interests of d still more formidable
money power abroad.
1t is by adopting and carrying out these prin-
cIples, under circumstances the most arduous
and dlscouraging, that the attempt has been
made thus far successfully, to demonstrate to
the people of the United States that national
bank at all times, and a national debt, except
II be incurred at period when the honor and
safety fthe nation demand the temporary sac
rItice OF policy, which should only be aban-
doned IN such exigencies, are not merely un.
necessary, but IN direct and deadly hostility to
the principles of their Government, and to their
own permanent welfare.
The progress made in the developement of the
positions, appears in the 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.
that all the purposes for which this Government
was instituted have been accomplished during
tour years Of greater pecuniary embarrassment
than We're ever before experienced in time of
peace, and in the face of opposition rs formida-
PIC as any that was ever before arrayed against
the policy OF an administration; that this has
Ceea done when the ordinary revenues of the
Governnent were generally decreasing, as well
from the operation of the laws, as the condition
oil the country, without the creation of perma.
nent public debt or mourning any liability, 9TH
er Than such as tie ordinary resources of the
government will speedily discharge. and with
out The agency of a national bank.
II this view of the proceedings of the Gov
eminent, for the period it embraces, be warrant,
I'd by the facts as they are known to exist; if
The army and navy have been sustained to the
uil extent authorized by law, and which Con-
5ress deemed sufficient 70. the defence of the
country and the protection of its rights and
Is honor; if its civil aud diplomatic service has
'een equally sustained; if ample provision has
,een made for the administration Of justice and
he execction of the laws; If the claims upon
'nbilc gratitude in behalf Of the soldiers of the
revolution have been promptly met, and faith
uIly discharged; if there have been no failures
'hS WY grow
ne out of that long-continued and salutary 1ol-
cy OF peacefully removing the Indanste re-
;;ioRS OF comparative safety and prosperity, if
he public faith has at all times, and every |
where, been most scrupulously maintaine by |
rompt discharge of the numerous, extended, |
nd diversified claims on the Treasury-if all |
hese great and permanent objects, with many
theirs that might be stated, have, for series
! years, marked by peculiar obstacles and |
iiiiculties, been successfully accomplished |
Without resort to to permanent debt, or the !
i'd OF national bank; have we not right to |
xpect that policy, the object of which h as
cen to sustain the public service indopen-
emily of either of these fruitful sources of |
iscord, viii receive the final sanction of a |
eople whose unbiased and fairly elected |
Judgment upon public affairs is never ultimate
Y wrong'
That endorsements in the pecuniary concerns
individuals, of unexampled extent and dura-
ON, have recently existed in this as in other
nations, IS undoubtedly true. To
oppose 1t necessary now TO trace these reverses