Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-11

its policy the views and Interests Of still! for
rllaabic money power abroad.
1T is by adopting and carrying on. these primo pies,
under circumstances the most ardnons and discour
aging. that the aIenip, has been made, thus Far
cesstully 10 demonstrate 10 the people of the L. 5
that National Bank at all times, and National Debt,
except il be incurred at period when the honor and
safety Of the nation demand the temporary sacrifice n
policy, which should Only he abandoned in such ext
genci.s, not merely unnecessary, but in direct and
deadly hostility TO the principle OF their Government
and to their own permanent welfare.
The progress made III the development Of these
positions, appears in th- preceding sketch of the past
history and present state OF the financial ."
the Federal Government The facts there stated, iullg
authorize the assertion that all the purposes Tor winch
this Government instituted have been accomp sh-
ed during four Yeas OF greater pccnn,ary eGasrass
ment than were ever before experienced IN lime Of
peace, and IN the face OF opposition Formidable a.
any that before arrayrd against the policy Of an
Administration; that this has been done when the or
binary revenues oithe Government generally de-
creasng, we'll from the operation Of the laws the
condition of the country, without the creation OF per-
manent public debt, or mourning any liability, other
than such the ordinary of the Government
will speedily discharge, and without the agency OF a
National Bank.
If this view of the proceedings of the Government
for the period it embraces, be warranted By the facts
they Known exist if tie army and navy have
been sustained 10 the full extent authorized by law,
and which Congress deemed sufficient for tse defence
Of the country, and the protection ot It's rights and ITS
honor; IL IT'S ciYtl and diplomatic service has been
equally sustained il ample provision has been made
for tie administration OF justice and the execution os
the laws il the claims upon public gratitude IN behalf
of the soldiers Of the Revolution have been promptly
met, and faithfully discharged if there have been no
failures in deiraying the very large expenditures grow
ing out of that long continued and sauary policy o.
peacefully removing the Indians to regions o. com
paratve safety and prosperity if the public faith has al
all times, and every where been most scrupuuusly
Al
extended, and diversified claims the Treasury; II
all these great and Objects with many others
that might be stated, have for series Of years. marked
IL peculiar obstacles and difficulties, been successful,
accomplished without I resort TO permanent debt, or
hc AID Of a National Bank have not right to
pec ;la; po!icy the object Of which has been to
tain H. public independently " either Of these
fruitful Of discord, will reccl"c the final saac
ton Of people whose unbiased and fairly elected
Judgment upon public affairs is never ultimately wrong.
That cmbarrassmens IN the pecunary concerns Of
individuals, of une xamped extent and duration, have
recently existed in this, as in other commercial
tons, is undoubtedly true. To suppose 1t necessary
trace these reverses to their sources, would he
4 reflection tile intelligence Of my fellow citizens
Whatever may have been the obscury in winch the
subject was involved during the earlier stages Of the
revu!Slon there cannot now BE- many b. whom the
whole question is not tully understood
Not deeming II within the constitutional power OF
h- General Government 10 repair the private losses
sustained by rcvcrscs IN business having no connection
with the public service either by direct Pratons
from the Treasury by special legislation designed 10
secure exclusive privileges and Immuntes 10 ind:sI-
duas classes in preference TO- and at the expense 81,
the great majority necessarily dcbarrcd from any part
cipation in them, attempt to do 20 has been either
made, recommended, encouraged, By the present
Executive.
1t is believed however that the great purposes for
The attainment of which the Fedora! Government was
Instituted have not been lost sight Of ln:rrsed only
with certain limited powers, cautiously enumerated,
distinctly specified and defined with a precision and
ciearnc=s which would seem 10 defy m.sconstruc.on,
II has been my constant aim 10 confne myself within
the limits clearly marked eat, and carefully
guarded. Having always been ri opinion, that TIL best
prsserrave ottl union ot tic States IS 10 be found
IN a total abstinence from The exercise Of all doubtful
pnwcrs IN the part Of the Federal Government, ra-
Their than in attempts them by loose con-
sirucion Of the Constitution ingenious pcrvcr-
SION Of It's words, have cndeavorcd 10 avoid recon-
mending any measure which had reason to apprehend
would, IN the opinion even OF considerable minority
ofmy fellow citizens, By regarded renchng on the
rights Of the States, the provisions Of the haIlowed
instrument Of our Union. Viewing the aggregate pow
ers of the Federal Government voluntary conces-
Of the States, it seemed to that such only should
be exercised al the time intended 10 be gwen.
| have brca strengthened, too, in the ProPr.ety Of
this course bv the conviction that al efforts TO 90 be-
,ond hs tend only T. produce dissatisfaction and Dis
trust % excite icalouslcs, and u pr"vohe resisance
Instead Of adding strength 10 The Federal Government
even when successful they must ever prove source Of
lncurab. weakness by alternating portion OF those
whose adhesion indispensable u the great aggregate
Of united strength! and whose voluntary attachment
nv estimation, tar essential To the eic'ency Of
Government strong the best OF all possible streng
the confidence and attachment Of all those who make
up its constituent elements.
Thus believing, II has been my purpose TO secure 10
the whole people, and to every member Of the con-
fieracy, bv general, sauary, ana equal laws alone,
the benefit Of those Republican institutions winch u
was the end and ann OF the Constitution to establish,
aud tie impartial inference Of which IS, ny Judg
ment Indispensable 10 their preservation. cannot
bring ys,lf To believe that the lasting happiness 81
the people the prosperity al tie states Or III" pcrH:a
ncncy their Cnon, can ne maintained By giving pre-
ference priority 10 any class al ciiiz"ns the d.
tribution OF benefits privileges, or hy In" adoption 81
measures which enrich portion If tie In.on at The
expense Of another, nor can see in tie interference
of the Federal Government with he local legislation
and reserved rights Ut the States remedy for pre-
sent, or security against future dangers.
The first and assuredy not the least, important step
towards relieving the country from the condition into
which il had been plunged by excuses in trade bank
ing and credits of all kinds TO place the bushes:
transactions Of the Government itself solid basis
givln and receiving IN all cases value for value, ano
| neither countenancing encouraging in others tia
decisive system OF credits from winch his been tpnnt
drlicrlt to escape, and which las LEFT nothing BE-
/ hind IL but The wrecks that mark lis fatal career.
That the financial affairs oi the Government are now
and have been during the whole period of these wide
spreading difficulties conducted with strict and nra
rabc regard to this great fundamental principle anc
that BY the assumption and maintenance Of the san'
thus taken the very threshold of the approaching
crisis more Than by any other cause or causes what
ever the community at large has been shielded from
the ncaculable evils Of general and indefinite sus
pension of specie payments, and consequent annihi
a,ion for the whole period Il mi ght have lasted OF
inst and nyariable standard Of value Will! il believed
at this period, scarcely be questioned
4 steady adherence, on the part Of the Government
10 the policy which has prodnced such saluiary results
AIDED By ndicous Stale legislation, and, hat IS no
less important by the industry, enterprise, rersevrr
ance, and economy Of the American people, cannot tai
10 the whole country, at early PERIOD to stat
OF solid and enduring prosperity not subjec. 10 he agar
overthrow by The suspension Of banks the explosion
Of bloaied credit system II is for the people, an'
their representatives, decide whether not the per
manent welfare OF the country (Which all good citizen
equally desire however widely they may differ as 10 til
means Of liz accomplishment shall be in this way Sc
cured; or whether tie management Of the pecanlar
concerns of the Government, and b. consequence, to
,f ,pd,v s,lso ehall he