Litchfield enquirer., 1840-12-17

rested interpretation of dominant party, and eiord- ing no security to the rights of the minority h sucn is undeniably the case what rational grounds could have been conceived for anticipating aught put de- ermned opposition to such an institution at the pre-
 Could different result have been expected, when the consequences which have flowed from It's crea'
 on, and particularly from it's stEnggaes to peTpeuale its existence, had confirmed in 90 striking manner, the apprehensions of its earliest opponents; when H had heen 30 clearly demonstrated that concentrate1 money % welding so vast = capital aTo .S com" n those pecuNa! conjuncturee % which thls Govern ment unavoidably exposed, prove Oyermatch for the true character of it's capacity to regulate accord
 ing to its interests, and the interests of it's favotes, the value anc production o the labor and property ct every man in this extended country, had been 90 ul l ly and iearGuly developed; when it notorious that all classes of this great community had, by means of the power and influence it thus possesses, been infected to madness with spirit of needless speculation; when 1t had been seen that, secure in the support of the combination of influences by which
 was surrounded it could violate it's charter, and set the laws at defiance with impunity; and when too, | it had become most apparent that to believe that such an accumulation of power can ever be granted without the certainty of being abused was 10 indulge | in fatal delusion?
 To avoid the necessity of permanent debt and its inevitable consequences, have advocated, and en- deavored to carry into effect the policy of conning the appropriations for the public service to such ob- iects only clearly within the constitutional au- thorty 1.-the Federal Government; ofexcluding from. it's expenses those improvident and unauthorized grants of public money for works ointernal improve ment which were so wisely arrested by the consti- tutional interpositOn of my predecessor and which, if they had not been checked, would long before this time have involved the finances of the General l Government in endorsements far greater than those which now experienced by any states; of limiting all our expenditures to that simple, tentatous, and economical administration of public affairs, which is alone consistent with the character ot our institutions; ot collecting annually from the customs and the saes of public lands revenue fully adequate to defray a the expenses thus incurred but uIrntpS the people to greater umL mt than was actually cessary to the public service, conducted upon the principles have stated.
 In lieu of national bank, or dependence upon banks ot any description for the management ot fiscal afiuirs recommend the adoption of the system which IS now in successful operation That system the pee uniaTy concerns of the government will it is confidently anticipated. produce in other respects many of the benefits which have been from time to- time expected from the erection of national bank, hut which have never been renlized avoid the mani fold evils inseparable from such m institution dimi- nish, to greater extent than could be accomplished Federal Government-a wise policy in all Govern ments, but especially in like ours which, works we'll only in proportion as it is made to rely for it's support upon the unbiased and unaduterate1 opnbs of it's constituents; do away, forever, all Ge pendence on corporate bodies. either in the raising, collecting sac-keeping or disburslng the public re- venues and place the government equally above the temptation of fostering dangerous and unconstitu tOnal institution at hoe the necessity adapting ltS the views anu interests Of Stlll formidable money-Rower abroad.
 is by adopting and carrying out these principles, under circumstances the most arduous and discour aging, that the attempt has been made, thus far cessuly to demonstrate to the people of tue unitef States that national bank at all times, and naton- al debt, except it he incurred at period when inc honor and safety of the nation demand the temporary in such exigencics, nre not merely unnecessary, but
 in direct and deadly hostility to the principles of their government, ,ys and to their own permanent welfare.
 tnnH m ho dGyn Of hnc positions appears in the preceding sketch of the past
 history and present state of the financial concerns of the u Fedora! Government. The facts there stated which this government was instituted have been eomp'ished during four years of greater pecuniary embarrassment than were ever before experienced midable as any that was ever before arraye. against
 the policy of an hat s this has bee were generally decrcnsing. well frons the opera tion of the laws the condition of the country wir ring any liability other then such the ordinary re- sources Of the government will speedily discharge and without tf'e agency of national bank
 this view ot the proceedings of the government. for the period it embraces, be warranted by the facts rs they are known to exist; if the army and navy have been sustained to the full extent authorized bv I% nd o Ten M Uorgrerss ns I sueeH for hs and it's honor; fits civil and diplomatic ervice has been equally sustained if ample provision has bee ton of the laws; fine ck,ims upon public rratitude m behalf of the soldiers of the Revolution have hcen promptly met and faithfully discharged; ithere have been no failures in deiraying the very large expend
 tures growing out of that long continued and saluta ry policy of peacefully removing the Indians to re- gions of comparative safety and prosperity if the public faith has at all times nnd every where. heeu most scrupulonsly mali taned ty prompt dischal ge of the numerous, extended and diversified claims or the Treasury; if all these great and permanent ob- ie"ts' with many others that ght be stated, have, for series of years marked by peculiar obstacles and difficulties, been successfully accomplished with. out resort to permanent debt, or the aid of a licy the object of which has been si,snin the pub lie service independently of either of these fruitful sources of discord will receive the final sanction of apeople whose unbia and fairly cliced judgment upon public affairs iR never ultimately wrong
 That embarrassments in the pecuninry concerns of individuals, of 'ne xamped extent and duration have recently existed in this in other commercial nn- tions, is undoubtedly true To suppose it necessary be reflection on the intelligence of my fellow citi- zens Whatever may have been the obscurity in which the subject was involved during the earlier stages of the revulson, there cannot now be manyby whom the whole question is not fully understood.
 Not deemng it within the constitutional powers of the General Government to repair private losses taned by reverses in business having no connexicn with the public service either by direct appropria- tons from the Treasury or by special legslution de- signed to secure exclusive privileges and immuntes to individuals classes in preference to, and the expense of the great majority necessarily debarred from any participation in them, no attempt to do SO hns been either made, recommended, or encouI aged by the present Executive.
 It Is believed, however, that the great purposes for the attainment of which the Federal Government was instituted have not been lost sight of Intrusted only with certain limited powers, cautiously enume- rated, distinctly specified, and defined with prcci structon, has been my constant aim to confne my self within the limits clearly marked out and 90