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

nowed from It's creation, and particularly
from lis struggles TO perpetuate its existence
had confirmed, in SO striking manner, the
apPrehensions of lis earliest opponents,
when It had been so clearly demonstrated
that concentrated money power, welding
SO vast a capital, and combining such meal
culsbe means of influence, may, in those
peculiar conjunctures TO which this Govern
ment is unavoidably exposed, prove an
overmatch for the political power of the
people themselves; when the true character
of lis capacity to regulate. according to its
will and ils Interests, ,and the interests of its
isyorltes the value aud production of the
labor and property of every man in this ex-
tended country, had been so fully and fear
fully developed; when il was notorious that
all classes OF this great community had, by
means OF the power and influence it thus
possesses, been infected 10 madness with
spirit oil needless speculation; when il had
been seen that, secure in the support of the
combination of influences by which il was
surrounded, II could violate its charter, and
set the laws at defiance with impunily; and
when, too, it had become most apparent
thai TO believe that such an accumulation of
powers can ever be- granted without the
certainty of being abused, was to indulge in
fatal delusion3
10 avoid the necessity of permanent
debt, and its inevitable consequences, have
advocated, and endeGvored 10 carry into ef-
feet, the policy ofconfining the appropria-
tons for the public service to such objects
only as are clearly within the constitutional
authority of the Federal Government,o of ex-
cludlng from its expenses those improvident
and unauthorized grants Of public money
fer works Of internal improvement, which
were so wisely arrested by the constitution
al lnterposlion of my predecessor, and
which, if they had not been so checked,
would long before this time have involved
the finances of the General Government in
embarrassments far greater than those which
are now experienced by any of the States:
OF limiting all our expenditures to that sim
pie, unostentatious, and economical admin
istration of public affairs, which is alone
consistent with the character of our institu-
tlons; OF collecting annually from the GUS
toms, and the sales of public lands, reyen-
ue fully adequate TO defray all the expenses
thus incurred, but, under no pretence what
soeUer, to impose taxes upon the people TO
a greater amount than was actually necessa-
ry to the public service, conducted upon The
principles | have stated.
in lieu Of a national bank, or a depen-
dence upon banks Of any description, for the
management of our fiscal affairs, | RECON-
mended the adoption of The system which
is nov IN successful operation That system
affords every requisite facility for the trans
action OF the peeuniary concerns of the Go
vernmenl, will, il is confidently anticipated
produce IN other respects many of the ben
etits which havv been from time TO time ex-
pected from the creation of national banL. |
but which have never been realized; avoid |
the manifold evils inseparable from such an |
institution, diminish, to a greater extent |
than could be accomplished by any other
measure of reform, the patronage Of the Fed
eral GoVernment--a wise policy in all Co
vernments, but more especially so in one
like ours, which works we'll only in pro-
portion as it is made to rely for its support
upon the unbiased ard unadulterated opjn-
IONS OF It's constituents; do away, forever,all |
dependence on corporate bodies, either in |
the raising, collecting, safekeeping, or dis-
bursting the public revenues; and place the
Government equally above the temptation
of fostering dangerous and unconsitution
al institution at home, or the necessity of
adapting its policy to the views and inter-
ests OF still more formidable money-pow-
er abroad
Il is by adopting and carrying out these
under circumstances the most ar
duous and discouraging. that the at,emp,
has been made, thus far successfully, TO de- |
monsrate to the people of the United |
States that national bank a. all times and
a national debt, except it be incurred at
period when the honor and safety Of the
nation demand the temporary sacrifice of a
policy, which should only be abandoned in
such exigencies, are not merely unnecessa.
ry, but IN direct and deadly hostility to the
principles Of their Government, nd to their
own permanent welfare.
The progress made in the developement
OF these positions, appears in she preceding
sketch OF the past history and present state
Of the financial concerns of the Federal Co |
vernment, The facts there stated fully au-
thorlze the assertion, that all the purposes
for which this Government was Instituted
have been accomplished during four wears
oi greater pecuniary embarrassment than