The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-03-05

OF INDIANA.
On The Report and Resolutions relative 10 the
assumption Of State Debts.
IN SENATE-February IL, 1910.

1873, mr. PRESIDENT, the Administration Inn
medlately preceding the last, terminated It's
legal and political existence. On the next
day, IN the presence Of many of us, and OF
the assembled multitude, on the east portico
OF the Capitol. President Jackson delivered
his inaugural address, and took upon himself
The administration Of public affairs in that
address will be found this language As
long as our Government is administered for
the good OF the people, and is regulated by
their will, as long as il secures 10 us the rights
of person and property, liberty of conscience,
and OF the press, It is worth defending. "-Po-
litical truths worthy of all acceptation, and
should be remembered by every American
citizen. They breathe the spirit of our insti-
tutions, OF freedom, Of liberty, and the rights
OF the People to every word Of which Mr.. 5.
heartily gave his assent. At the meeting of
the next session Of Congress. In the winter Of
1929, after President Jackson had had the
season to cast his vigiant eye over the coun-
try-to examine the operations Of the policy
that had preceded his administration since the
foundation of the Government, and to ascer-
tain the condition of The country in its various
interests, in his annual Message he says:
"Thc public prosperity is evnced in the increasing
revenue arising from The sales Of the public lands and
In the steady maintenance Of that produced by mposts
and tonnage, notwithstanding the additional duties
posed by the act of 18th May, 1928, and the unusual
importations in the early part of that year"
| This was the first official recognition, on
the part OF the President, Of the prosperity OF
| that country which he had received at the sur
render of the previous administration. 1t was
made at a time when he could look over the
whole ground, and after he had full time to be-
come well acquainted with the matter. Pre-.
vious to this period, it will be remembered that
the whole policy Of the Government had pass
ed IN review before the party that had just
come into power, and what of evil and what
OF good that had transpired in the policy Of the
Government from its foundation was before
the new administration, Of which President
jackson was the chief, and the only response
BILE exponent of its views. Nor can it be
presumed that he would, under the circum-
stances, have conceded to his predecessors
and their policy the merit of having left the
Nation in state of "public prosperity" un-
less such had been the fact
Mr.. ). said he would rapidly glance over
the policy Of the Nation previous to the nd
ministration Of President jackson, not for the
purpose OF entering into an argument to sus-
tain or deny the correctness or ncorrectness
of the measures to which he should refer
All that ground OF controversy had been fully
| explored and discussed again and again, and
he should enter into no controversy about
them now; they had passed and gone by. He
did not propose to bring them back, except as
| facts that had transpired, and were known to
all. This Government had at very early
period, adopted a course of policy that recog-
Missed currency composed of paper and me-
tails, or what IS denominated mixed curren-
cy, used by the Administration as well as the
People. The policy Of sustaining national
and individual credit was openly advocated
and defended from the earliest period Of our
national existence, and was at all times recog-
Missed by all political parties. The fiscal ope-
rations OF the nation were carried on in the
same kind of currency, through the instru-
mentality of National Bank, for about forty
years of its existence, during all of which
time, while those operations were progressing,
not dollar was ever lost to the Government
through that fiscal agent; nor did it cost the
Government one cent to collect and dsburse
her revenues in the different parts Of the ma
ton. On the contrary, she received large
bonus for that privilege, and the use Of the de-
posites. The exchanges between the differ
|
from one-half to one per cent. The national
debt was reduced to small amount, which,
under the operation of the sinking fund was
soon afterwards extnguished. The ordinary
expenses incident to an administration in
usual times were about thirteen millions Of
dollars. Works of internal improvement, Of
anational character, were sanctioned harbors
and rivers were cleared out, commerce pro-
tccted, and the national arm Of defence, both
land and naval, was honored and encouraged;
manufactures had sprung up, and, by mode
rate protection, had been enabled to start fair,
to maintain competition in our own markets
with the foreign manufacturer; while the du-
ties imposed operated in the character Of pro-
lection, and, at the same time, afforded the
means Of raising revenue to support the Co
vernmenh The nation, under this policy, had
marched, with strides unparalleled in the his
tory of the world, towards its destined great
ness. President jackson could do no less
than acknowledge all this when he received
the charge of administering the Government
from his immediate predecessor II was true
he spoke of some reform which he thought me-
cessary, but, as TO the general prosperity of the
nation, he bore willing testimony. The banks
were neither numerous, nor the paper money
and specie combined too much in quantity for
the business of the nation, in the opinion of
any body Thus stood the matter, as acknow-
lodged by President Jackson himself; and
none, surely, will refuse full credcnce to his
statement.
The Government was administered by the
late Administration for eight years. In some
respects, the policy of the preceding Admin
istra,ion was materially changed; amongst
which may be named the change in the fnau-
cial policy. The Bank of the United States