Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-12-17


coming into Office the declared enemy of
ooui' nave earnestly endeaYored to prevent
resort to either.
The consideration that a larue public deh,
affords an apology, and produces. in some de-
gree, necessity also, for resor,inu TO n svs-
TEN and extent of taxation which is not only
oppressive throughout, hut likewise so apt TO
icau, III the end, to the commission of that
".oS' odlous Of all offences, against the Drin-
ciPies oil republican government-the pros,i-
'"''oh Oh poiitical power, conferred for the
general benefit, to the ACKNOWLEDGEMENT of par
ucuiar classes, and the qualification of indi.
viuuni cupldlty-is alone sufficient indepen-
ueh'y OF the welshty objections which have
already been urged, 10 render its creation and
existence the sources of bitter and unappea-
sable discord.
Ii we add to This, its inevitable tendency
to produce and foster extrayauant exnend;.
TIRES OF the public money, by which a neces-
sity is created for new loans and new hn,do,,s
~. GA 'he people and, finally, if we refer to
'"c examples oil every Government which has
cAlsteu' ior proof how seldom it is that the
yS'en,, when once adopted and Implanted in
.ne Poiicy oi country, has failed 10 expaud
.tSeii' until public credit was exhausted. and
.ne people Were no longer able to endure its
increasing weight, it seems impossible to re-
' '"e CONCLUSION, that no benefits resultinp
n"i! us career, no extent of conquest, no ac-
cesslon of wealth to particular classes NOV
NY, nor all its combined adyaptaues. can COW
terbalance its ultimate but certain results,
splendid Government, and an IMPOVERISHED
people. ''"e"
III national bank was, as is undeniabIe. re
pudIated by the trainers of the constitution &C
incompatible with the rights of the States and
lne Liberties OF the people; if, from the be-
sih'iing, IL has been regarded by large por-
UonS y! our ciliZens as coming in direct COLI
sion WIN that great and vital amendment of
lhe constitution, which declares that all pow
els hol conferred by that instrument OH the
General Government are reserved to the Statos
and to the people; lift has been viewed Inv
mem as The first great step in the march of
iai'ualnous construction, which unchecked
would render that sacred instrument of as lit,
lie value as an unwritten constitution, depen-
den:, as 1t would alone be, for its meanipG. On
the Interested Interpretation of a dominant
party and aiiording no security to the rights
Oh 'he minority ;-if such is undeuiablv tho
case' what rational grounds could have been
conceived Tor anticipating aught but detorm
med opposition to such an institution At tbo
present day9
| Gould different result have been exnec,od
~heh the consequences which have flowed
from us creation, and particularly. from its
suuSS'es 10 perpetuate its existence, had con-
flrmed, In SO striking manner, the appreben-
slons OF Its earliest opponents when il had
been so clearly demonstrated that a copcen-
tFa'eo money power, welding so vast a CAM
tai ana combining such incalculable means
OF influence, may In those peculiar coniunc-
lures TO which this Government is unavoid.
bly, exposed, prove an overmatch for the noI;t-
zeal power OF the people themselves; when
the true character of its capacity to regulate.
according to It's will and its interests, and the
interests OF Its favorites, the value and pro-
uuotioi Oh the labor and property of every
man In this extended country, had been so FIJI
ly and fearfully developed; when it was nc
torions that all classes of this great commu-
nily mao, by means of the power and influence
IL mus possesses, been infected to madness
win spirit OF needless speculation when
1t had been seen that, secure I'm the spnnort or
the combination of influences bv yh;ch :,
had been surrounded, it could violate its
charter, and set the laws at defiance with i'm
Puhity and when, too, il had become most
| apparent that to believe that such an accumu.
ration OF powers can ever be granted without
the certainty of being abused, was to INDULGE
in fatal delusion1
10 avoid the necessity of permanent debt.
and Its inevitable consequences, | have ad.
voca'ed, and endeavored to carry into effect.
the policy OF combining the appropriations for
the Paolic service to such objects only as are
clearly within the constitutional authority of
.lie Federal Government; of excluding from
Its expenses those improvident and unantbor-
lZcd grants OF public money for works of in.
| iernai Improvement, which were so wisely ar
! res'ed by the constitutional interposjtiou of
my predecessor, and which, if they had not
been so checked, would long before this time
nave involved the finances of the General
government In embarrassments far greater
| than those which are now experienced hy sn,,
OF the States of limiting all our exnenGi,
lures to that simple, transformations. and econ
omlcal administration of public affairs, which
is alone consistent with the character Of orr
institutions; of collecting annually from tho
customs, and the sales of public lands. y
revenue fully adequate to defray all the ey-
Penses thus incurred, but, under no pretepce
whatsoever, to impose taxes upon the people
10 greater amount than was actually neccs-
saIy TO the public service, conducted upon the
principles have stated
In lieu of national bank. or adenendenco
upon banks of any description. for The rnan-
| agement Of our fiscal affairs. recommends
the adoption of the system which is now in
successful operation. That system affords
every requisite facility for the transaction of
me pecrniary concerns of the Government
WILL it's confidently anticipated, produce in
othef respects many of the benefits which
nave been from time to time expected from
| the creation of a national bank hit which
nave never been realized avoid the manifold
! evils lnseParabie from such an institution
oiuiinish, to greater extent than could he ar,
| con Plshed by any other measure of reform
| the patronage of the Federal Iovor,,,on+ =