The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-12-22

dens OF 'I'1 r'Jtl neoc, rnvornmeu; which has
W. ;,oJ Cnr u,ooc how seldom il ~ maj me syN'
rom, when once adopted ara ihl"""'o" N',' ~"
noltcy of n country. tns Ia"'" J
itself until public crrdit WINS e.. ',,r,
,oo,Ia ware no longer hble 10 t',""'"
o :ra,snr weight, il seems lInposS'pe i"
y" 80 to conclusion, TINT no Dement'S resulting
-, ire career, no extent OF conq"eS'' no "''
lassnu of wealth to particular classes nor any
nor nil its combined advantages, connlernhLn"cr
irs II Inmate but certain resus-h Fp'en""' WV
eminent, and an impoverished fcnPlt'
II n nntlonnl bank WIS as Is .llnUtiithbIe' T'P'
inflated by the trainers ofthe constitution MS M
Communicable with the righIsof ME STATES an" al
the liberties of the people +; il from me heShi'
ing il lias hecn rgircd ny large rof''"fS ~ op'
citizens ~ coming in direct COLLISION WIN '!h'
great and vital unu,andmeni "i III" CONSTITUTION
which declares thai an powers NOT conferred ny
ihnI instrument on the General Government are
rs served 10 the States aud TO III" People V u
has been viewed by them M the hrSt great tl'p
in the march OF lhttitudnous c"nSrueliuh.Whirh
unchecked, would rruder that sacred instrument
of as little value rs ~ uuwrllirn constitution,
dependant. as il would alone G,'"r its meaning
on the Interested Interpretation OF doninnh'
party, and affordng security TO the r'Gh'S "l
the minority if such is nndenhhly the r"S',wlln
rational grounds could have been c"nrriVeu tor
anticipating aught but determined Opposition 1"
such IN institution ut the present day
Could different result have he"n expected
when the consequences which nave MOVIE"
from its creation, and particularly from us Sirlg
giles to prrpctuale lis existence, had confirmed.
in so striking manner, HE apprehr'HI"hs OF
it's earliest opponents when IL had been so
Clearly demonstrated inut n concentrated money
power welding so vast "a capital. and ;oIn"I''"g
such mcnlrulablc means 0t influence, may III
those peculiar comiuucnrcs TO which this Cow
, eminent is uuav0idnhly exposed, prove an over
match for the political power OF the People
themselves when the true character ot IFS ca
pac;y TO regulate, according ro It's interests, nud
the interests OF it's nvoriieS, the value nId proc
dncion of the labor AMI proPrrtv OF every man
in This extended country. Ind heen so fully aud
4eartully developed when il was nOoriiS thai
all classes of this great community had, by
means Of ihc power and influence it tlIiS posses
c., been infected 20 nn,tness with sprir Of
Needless speculation when II had been
seen that secure in the support OF the comba'
ton ol Influences hy wi.ich it was surrounded,
it could violate its charter. and set the laws NJ
defiance with impunity ; and when TOO, 1t had
become most appnrnnt that 10 believe that such
an Accommodation OF powers can ever he granted
without the certainty of being abused, was 10
indulge in n fatal delnSlOn
To avoid the necessity Of permanent tlch'
and its nev table consequences. have nhv"rh'
ted, and cndrnvored to carry INFO effect, The pol.
icy of combining the appropriations Ter The pub
lie service to sucl. ohlrcs only ms. are clearly
within The constitutional authority of the FEEDER.
nj Government ufcxclndng from its cxpnns"
those mprovident anht unauthorized grants Of
public money for works OF internal improve
ment, which were so wisely arrested 10y the con
stitntional hterpos, on of my predecessors and
which, If they had not been so checked, would
long before this time have involved the finances
OF the General Government in eubarrassinrujs
far greater Than those which nra now expert.
enced Ivy my of The STATES of limiting all our
expenditures to that simple unostenrniious and
economical administration Of public affairs,
which is lone consistent with the character of
our institutions OF collecting annnaIly from the
customs aud the sales Of the pnhc lands rev
enue fully adequate 10 defray all The expenses
thus incurred, but under no pretence whatever
to impose taxes upon the people to greater n
amount than was aCtrnlly necessary to the pub. |
lie service, conducted upon the principles have
stated.
In lieu ofo national hank or dependence up. |
on banks Of aDv description for the management
o { our fiscal affairs, / recommend the adoption
Of the system which is now in successful opper-
nion. That system affords every requisite IA.
cty for the trans actiOn Of the pecuninry con
Germs OF the government will it is confidently
anticipated, pro'luce in other rosperts many of
of the benefits that have been exrer,ed
from the erection OF naiona hnnk I'm, which
have never been realiZah avoid the manifold
evils pseparahle from such Nh institution, ,ii.
Tlnisli, TO n greater cXtrnt than could be accom-
plisled by any other means OF reform, the pat.
ronnge Of the Federal Govern ment-n wise pol.
icy in all Governments, bnt more especially so
in one like ours, whit h works well only IN pro.
portion as ii is made to rely for las support upon
the unbiased aud unauthorized opinions Of It's
constituents do away forever, all dependence
upon corporate br,1i6S, either in the raising, col.
Letting. saf f. Keeping. or dSlurssihg the public !
aid place the government equally ~
hove the temptation of fostering dangerous
md unconstitutional institution mt home
or the necessity oe adapting its policy to he
views and interests of a still more Formidable
money power abroad
il is hy adopting and carrying out these prin- !
ciPles, under circumstances the mos, arduous !
and disconraging, and the attempt has been |
made. thus far successfully. to demonstrate to |
the People Of the United Stacs that II national |
bank at all times aud national debt, except j, !
he incurred nj period when the honor and safe |
~ of the nation demand the temporary sacrifice
of policy, which should only he abandoned
in snch eSigencies. are not merely unnecessary
but in direct and deadly hostility to the princi
pies OF their government and TO their own per.
inanent welfare.
The progress mn'ie in the tevcIoue,nept of |
these positions appears in the proceeding sketch
OF the past history and present state Of the imam
ciaI concerns OF the Federal Government. The
facts there stated fully authorize thu. assertion
m Ill