Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-11

its consequences have ad vocated and esdeav red
to carry into effect, the policy OF conhning the ap
preparations for the public service to such Objects
only As are clearly within the constitutional autho-
| rty Of the Federal Government; of excluding from
| ITS expenses those improyident and unauthorized
| grants OF public money for works of internal I'M
proyement, which were SO wisely arrested by the
constitutional intsrpostion of my predecessor and
which, II they had not been So checked, would long
before this time have Involved the finances OF the
| General Government in omb rrassments far great or
than those which are now experienced by any OF the
States; OF limiting all our expenditures to that sim
ple unosteniious, and economical administration OF
pubhe affairs, which is alone consistent with the
character OF our Institutions; of collecting annually
from the customs, and the sales of public laads,
revenue fully adequate TO defray all the expenses
| thus incurred, but under no preteBce Whatsoever,
10 impose taxes upon the people to greater amount
than was actually necessary t. the public service,
conducted upon the principles have stated
| In lieu OF a national bank, or a dependence upon
banks of any description for the mana cement of
fiscal affairs, recommend The adoption of he sys'
lem which Is now in successful operation That sys'
TEN affords every requisite facility for the transac
ton OF the pecunary concerns Of the Government;
WIZ IL Is confidently antic pa.eJ, produce in other
respects many OF the benefits which have been from
time to time expected from tho creation Of nation
al bank, bat which have never been realized; avoid
the manifold evils ins eparable from such insitu-
tion diminish, to greater extent than could be
comp shed by any other measure of reform, the pa
| trenage Of the Federal Governments wise policy
| In all Cover. mcnts but more especially so in one
like ours, which WORKS well only in proportion as it
Is made to re for its support upon the unbiased and
unaduiterated opinions gifts constituents do away,
forever, all dependence corporate bodies either
IN raising, collecting, safe-keeping, disbuIsi sing
The public revenues; aud place the Government
equally above the temptation of fostering danger
ons and Unconstitutional ms tituton at home, or the
necessity OF adapting its policy to the views and in
terests OF a still more formidable money power
abroad.
1t is by adopting and carrying out these princi
pies, under circumstances the most aruous and dis
couraging 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
national debt, except ii be incurred at period
when the honor and safety of the nation demand the
temporary sacrifice of policy which should only
be abandoned In such exigencies, are not merely
unnecessary, but in direct and deadly hostility to
the principles OF their Government, and to their
own permanent welfare.
The progress made in the development of these
positions, appears In the preceding sketch ofthe
past history and present state of the financial
Germs OF the Federal Government. The facts there
stated fully authorize the assertion, that all the par
poses Tor which government was instituted have
been accomplished during four years OF greater Pc
cunary embarrass ment than ever before expe-
rienced in time Of peace, and in the face Of oppos
tion as formidable any that was ever before
rayed againat the policy Of an administration; that
this has been done W hen the ordinary revenues Of
the Government were generally decreasing, as well
from the operation OF the laws the condition Of
| the country; without the creation of permanent
public debt or mourning any liability, other than
such as the ordinary resources Of the Government
Will speedily discharge and without the agency of
| a national bank.
II this view Of the proceedings of the Government
for the period it embraces ed By the facts
| as they are known TO exist. IL the army and navy
have been sustained 10 the full extent authorized by
law, and which Congress deemed sufficient for the
defence OF the country and the protection OF its
rights and its honor; if its civil and Diplomatic SER
vice has been equally sustained; if ample prov
has been made for the administration of justice and
the execution Of the laws; if the claims upon public
gratitude in behalf the soldiers Of the Revolution
have been promptly met and faithfully DISCHARGED;
if there have been no failures in defraying the yery
| large expenditures growing ont of that long con.
t,nued ahd salu.ary policy of peaceably removing
the Indians TO regions OF comparative safety and
prosperity; 1.-THE public faith has at all times and
every where, been most scrupulously maintained by
| prompt discharge OF the numerous, extended, and
dVersihed claims oil the 1reasury;-h all these
great and permanent objects, with many others that
might be stated have, for series Of years, marked
| by peculiar obstacles and difficulties, been sue
cessfaliy accomplished without resort to perma-
nent debt, or the aid of national bank have we not
right to expect that policy, the object Of which
has been to sustain the public service independently
oil either oil these fruitful sources OF discord will
receive the iinal sanction OF people whose usbias'
sea and airiy elected judgment upon public affairs
Is never ultimately wrong!
| Iba, emoarrassments IN the Pecuniary concerns Of
| ihdViduais, oil unexaMpled extent and dsration,
have recently existed IN this as In other commercial
nations, is uodoub'edly true To suppose IT neces'
sary hoW 10 trace these reVerses 10 their sources
| would hea reflection on the intelligence 81 my TEL
| low ciiizens Whatever may have been the obscu-
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