The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-12-19

every engagement, and leave a suitable bal
ance in the Treasury at the end of the year,
If the remedial measures connected with the
customs and the public lands. heretofore re-
commended, shall be adopted, aid the new
appropriations by Congress shall not carry
the expenditures beyond the official esli-
mates.
The new system established by Congress
for the safekeeping Of the public money,
prescribing the kind Of currency 10 be re-
ueived for the public revenue, and providing
additional guards and securities against los.
ses, has now been several months in opera
,ion. Although it might be premature, up.
OH an experience of such limited duration,
10 form definite opinion in regard to the
extent Of its influences in correcting many
evils under which the Federal Government
and the country have hitherto suhered--es-
pecaly those lha; have grown out Of bank
ing expansions, a deprecated Currency, and
official defalcalions yet it is but right 10
say that nothing has occurred in the practi-
cal operation of the system 10 weaken in
the slightest degree, but much to strengthen,
the confident anticipations Of its friends
The grounds of these have been heretofore
SO fully explained as TO require no recaptu-
lation. In respect to the facility and con-
yenienoe it affords in conducting the public
service, and the ability of the Government
TO discharge through its agency every duty
attendant on the collection, transfer, and dis
bursement Of the public money with promp-
titude and success, can say, with conf
dence, that the apprehensions OF those who
felt ii to be their duty TO oppose its adoption
have proved TO be unfounded, On the con-
trary, this branch of the fiscal affairs Of the
Government has been, and it is believed
may always be, thus carried on with every
desirable facility and security, A few chan
ges and Improvements in the details of the
system, without affecting any principles in
vclved in il, will be submitted to you by the
Secretary of the Treasury, and will, am
sure, receive at your hands that attention to
which they may, on examination be found
to be entitled.
l have deemed this brief summary of our
fiscal affairs necessary to the due perform
ance Of duty specially eEjoined upon me
by the constitution. 1t will serve also, to
illustrate mere fully the principles by which
1have been guided in reference TO two con-
tested points in our public policy, which
were earliest in their developement. and
have been more important in their conse-
quences, than any that have arisen under
our complicated and difficult,yet admirable,
system of governmental alude to national
debt, and national bank. l, was in these
that the political contests by which the
country has been agtated ever since the
adoption of the constitution, in great mea-
sure, originated: aud there is too much rea-
son TO apprehend that the conflicting inter
ests and opposing principles thus marshall
ed. will continue, as heretofore, to produce
similar, if not aggravated consequences.
Coming into Office the declared enemy of
both, Il have earnestly endeavored 10 prevent
a resort to either.
The consideration that a large public
debt affords an apology, and produces, in
some degree, a necessity alse, for resorting
TO system and extent of taxation which is
not only oppressive throughout, but likewise
so apt TO lead,i the end, to the commission
of that most odious of all offences against the
principles Of republican government-the
prostitution of political power, conferred for
the general benefit, TO the aggrandizement
of particular classes, and the qualification of
individual oupidity-is alone sufficient, in
dependently of the weighty objections
which have already been urged, to render
It's creation and existence the sources of
bitter and unappeasable discord. If we add
to this, its inevitable tendency to produce
and foster extravagant expenditures of the
public money, by which necessity is Gre
ated for new loans and new burdens on the
people; and, finally, if we refer to the ex-
amples OF every Government, which has ex-
listed, for proof now seldom it is that the
system, when once adopted and implanted
in the policy Of country. has failed 10 ex-
pand itself, until public credit was exhaust
ed, and the people were no longer able TO
endure its increasing weight seems impos-
sible 10 resist the conclusion, that no benefits
resulting from its career, no extent Of con-
quest, no accession of wealth TO particular
classes, nor any, nor all its combined ad.
vantages, can couIlerbalance its ultimate bot
certain results-a splendid government, and
an impoverished people.
Ii national bank was, as is undeniable,
repudisted by the trainers OF the constitution
as incompatible with the rights of the States
and the liberties Of the people; if, from the
beginning, it has been regarded by large
r .