Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-12-17


eminent to discharge through lis agency every duty
attond on the colec ion transfer and dishurse-
ment OF the public money with prompiude and sue
cess, can say, with confidence, that the apprehen
SONS Of these who felt it to be their duty to oppose
It's adoption have proved to be unfounded ON the
contrary this branch OF the fiscal affairs of the Gov
eminent, has been, and it is believed may ALWAYS
be, thus carried on with every desirable facility anl
security. few changes and improvements in the
details Of the system. without efectng any principle
involved IN 1t, will be submitted 10 yop by The Sec
rotary OF the Treasury, and will, am sure receive
at your hands that attention to which they may.
examination, be found to be entitled
have deemed this brief summary of our fiscal af-
fairs necessary TO the due performance of duty
specially enjoined upon me by the Constitution,
1t will serve, aso to illustrate more fully the prn-
ciples by which have been guided in reference 10
Two contested points in ouI public policy which were
earliest IN their deyelopement and have been moro
important in their consequences, than any that have
arisen under our complicated and dificut,yet admit
rable system of government alluie to n national
debt and a national bank II was in these that the
political contests by which he try has been ag-
tat'd ever since the ad"p ion of the Constitution, IN
a great measnre ORR mated and there is too much
reason to apprehend that the conflicting interests
and opposing principe thus marshaled will conIn-
ne, as heretofore, 10 produce similar, II not aggra-
'ated consequences.
The consideration that n large public debt nf-
a necessity also, for resorting to system and
extent of taxation which is not only oppressive
Throughout, but likewise apt to lead IN the
end, to the commits sion of that most odous OF all
offences against the principles of republican gov
orhment---the prostitution of political power, con-
ferred for the general benefit, to the aggrandze-
ment of particular classes, and the qualification
of individual cupidty--is alone sufficient. lnde-
pendently of the weighty objections which have
already been urged, to render its creation and ex-
istence the sources Of bitter and indispensable
discord.
If we add to this its inevitable tendency to
produce and foster extravagant expenditures OF
the public money, by which a necessity IS crea-
ted for new loans and new burdens on the peo-
pie and, finally, If we refer TO the examples OF
every government which has existed, for proof,
how seldom It is that the system, when once a.
dopied and implanted in the policy Of a country,
has failed to expand Itself, until public credit WIS
exhausted, and the people were DO longc able 10
endure its increasing weight, it seems impossible
to resist the conclusion, that no benefits resulting
from its career, no extent of conquest, no acces-
sion Of wealth to particular cIasses, nor any, nor
all its combined advantages, can counterhalanee
Is ultimate but certain r"snlis--a splendid Cow
erpment, ard an Impoverished people.
il a national bank was, as is undeniablo, fepu-
dated by the trainers OF the constitution rs in
compatible with the rights o! the States and the
liberties of the people; if, from the beginning, It
has been regarded by large portion Of our cItl-
zens coming i'll direct coll SION with that great
and vital ame ndncnt uf the constitution, which
declares that all powers not conferred by that IN
strutnrnt on the General Government are resefv-
I'd to the States and tn the people, II it has been
viewed by them as the first great step in the
, march of attudnous construction, VIII ch, I'M
checked would render that sacred instrument OF
as ljttie value unwrttcn constitution, de-
pendpnt, as il would alone be, for ITS Z. on
the interested Interpretation 81 dominant parts
tltY7f- Ia he 1t he
| nority; if snch is undcnable the case, what a
tonal grounds cotid have brcn conceived Tor
anticipating aught but determined cprositcn to
such an institution II The present day
Could different result have been exrcctedf
! when the consequences which have hon Cd from
It's creation, aud particularly from ita struggles To-
! pcrprtuatc It's existence, had confirmed in 81.
! striking u manner, the ar,,r en5ous OF lis ear.
lest opponents, when ii had been SO clearly de-
monstrated that a money power. welding so vast
It capital, and combining such incalcll ibic mt ans
of influence may, III those pecullar coriunceuies
to which this Government is unavodnbl
posed prove and overnatch for the political pow
or of the people themselves: when the true char
actcr of its capacity to regulate, according to ITS
will and its interests, and the interests Of rs ia
voritcs the value and production Of the labor and
property Of every man in this extended country,
bad been so fully and toarfully drQeoped when
it was notorious that all classes Of this great
munity had, by mean of the power and influence
il thGs nussesses been infected ifAmadne5a with Il
spirit Of needless speculation: when II had been
seen that, secure in the support of the combina-
ton of Influences hy which it surrounded, it
could violate its charter, and set the laws at def
ancc with impunity; and when, too, it had be-
come most apparent that TO believe that such an
accumulation of powers can never be granted
without the certainty Of being abused, was to in
dulge in fatal deusion'
To avoid the necessity of permanent debt,
and its consequences, have advocated and
deavored to carry into effect, the policy Of
fning the appropriations for the public service to
such objects only as clearly within the
stitutional authority of the Federal Government
of excluding from its expenses those improvIdent
and unauthorized grants Of public money for
works of internal Improvement, which were SO
wisely arrested by the constitutional interpostion
of my predecessor, and which, if they had not
been so checked, would long before this time have
involved the finances of the General Govern
ment in embarrassments far greater than those
which are now experienced by any of the States;
of limiting all our expenditures to that simple.
nnose nj atious and economical administration of
public affairs, which is alone consistent with the
character of our institutions; IF collecting annu-
ally from the customs, and the sales of public
lands a venue fully adequate to deiray all the
expenses thus incurred, but, under no pretence
whatsoever to impose taxes upon the people to a
greater amount than actually necessary to
the public service, conducted upon the principles
] have stated.
In lieu of a national bank, or dependence
upon banks of any description, for the manage.
rInnt If our fiscal affairs, | recommend the adOp-