Lexington union. (Lexington, Miss.) 1838-18??, 1841-01-02


degree necessity also, for resoriing to
system and extent ola taxation which IS not
only oppressive throug bout, but likewise
so apt to lead, in the end, 10 the commits
sion of that most odious Of all offences a.
gainst the principles Of republican govern.
ment; the prostitution Of political power
conferred for the general benefit to tho
aggrandizement Of particular classes, and
the qualification ofindiyidual cupidity, is
alone sufficient, independently Of the
weiahty objections, which have already
been urged, render its creation and exls-
teuce the sources Of bitter and unappeasa-
BILE discord. live add to this its inevitable
tendency, to produce and foster extrava-
CANT expeditures OF the public money, by
which necessity is created for few loans
and new burdens on the people; and hpal-
" if we refer TO the examples OF every
Government which has existed, for proof
how seldom it is that the system, when
once adopted and implanted in the policy
Of country, has failed to expand itself
until public credit was exhausted, and the
people were no longer able to endure its
increasing weight, It seems impossible to
resist the conclusion, that no benefits re-
sulting from its career,no extent Of conquest
no accessionlof wealth to particular classes
nor any, nor all its combined advantages,
can counterbalance its ultimate but certain
results--a splendid Government, and an
impoverished people.
If a national bank was, as is undenlable
repudiated by the trainers Of the conotltu-
ton, or as incompatible with rights of the
States and the liberties CT the people; il
from the beginning, it has been regarded
by large portions Of our citizens as coming
IN direct collision with that great vital a.
mendment of the constitution, which de-
clares that all powers not conferred by that
instrument of the General Government
are reserved to the States and The people;
lift has not been viewed by them as the
first great step in the march OF latitudinous
construction, dependent, as il would alone
be, for its meaning or the interested inter-
probation ola dominant party, affording no
security TO the rights Of the minority;-if
such is undeniably the case, what national
grounds could have been conceived for an
ticipaling aught but determined opposl-
ton to such an institution at the present
day2
Could o different result have been ex-
lpected, When the cUnsvquenoes which
flowed from lis creation. md naftialllarlsr
from IFS struggles TO perpeluase It's exis-
tence, had confirmed, in striking man
ner, the apprebensions of its earliest oppo-
nents, when it had been SO clearly demons
strated, that concentrated money power,
welding so vast capital, and combining
such incalculable means of influence, may,
in these peculiar conjuuctures to which
the Government is unavoidably exposed,
prove an over match for the political pow
er Of the people themselves, when the
true character Of its capacity to regulate
according TO its will and its interests, aud
the interests Of its favorites, the value and
production Of the labor and the property Of
every man in this extended country, had
been so fully and fearfully. developed;
when it was notorious that all classes Of
this great community had, by means Of
the power and Influence il thus possesses,
been infected to madness with spirit of
needless speculation, when it had been
seen that secure in The support Of the con-
tinuaion Of influences by which it was
surrounded, il could violate Its charter, and
set the laws at defiance with impunity.
and When, too, it had become most appa-
rent that to believe that such an accumu.
ation of powers can ever be granted with
out the certainty of being abused, was to
indulge in fatal delusioni
oavoid the necessity Of permanent
debt and its inevitable consequences, L
have advocated, and endeavored 10 carry
into effect, the policy Of combining the up.
preparations for the public service to such
objects only as are clearly within the con.
situlional authority Of the Federal Gov.
eminent; of excluding from its expenses
those improvident and unauthorized grants
OF public money for works of internal i'm.
provement, which were so wisely arrested
by the constitutional interposition Of my
predecessor, and which, If they had not
been so checked, would long before thi,
time have involved the finances Of The Ge-
neral Government in embarrassments far
greater than those which are now experi-
enced by any Of the States, Of limiting oil
our expenditures to that simple, unostenta-
tlous and economical administration Of
public affairs, which is alone consistent
with the character Of our institution, Of
collecting annually from the customs, and
the sales of public lands, revenue fully
adequate 70 dcfray all the expenses thus
incurred, but under no pretence whatever.
to impose taxes upon the people in great.