Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1841-01-02
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Founded On the eonifsfy. lhls bfsaeh
II iha nAeal Affairs of he Gsv.es,east
haH boen, nna u Us believed NAV stw.vn
b. thus, carried 30 With every d.Ufable
facility and security 4 rw rh.ng..
and Improvements IN the detail. N ne
system without Affecting any Of Inc
principles Involved 10 il, will be sub,ai,tsI
10 you BY the Secretary Of the Treasury
and will, ! am sure, receive Al yolr
hands that attention 10 which they nav.
On examination, 30 found 10 81 entitled
to.
have deemed this brief summary Of
our fiscal affairs necessary 10 the due
performance q duty specially snloInei
upon me by the constitution. Ii will
serve, also, to illustrate more fully tho
principles by which have boon guided
n reference 10 two contested points in
our public policy, which were earIas,
nthelr development, and have been moro
important 10 their consequences, than
any that have arisen under our complica.
ted agd difficult, yot admirable system Of
government; ! allude TO a national deb.
and national bank. /, was in these
that The political contests by which tho
country has been agitated ever since tho
adoption Of the constitution, 10 a grsa,
measure, originated aud there is too
much reason 70 apprehend that the con
conflicting interests and opposing princ.
pics ihus marsholled, will continue as
heretofore, 10 produce similar, Il not az.
grayaled consequences
Coming into Office tho declared enemy
Of both, have earnestly endsayored 10
prevent resort 10 either
! The consideration thut large public
debt affords an apology, aud produces.
IN some degroo, necessity also, for re
sorting 10 system and extent OF taxa
ton which is not only oppressive thro'.
out, bat likewise SO apt 10 lead in the end,
to the commission Of that most odlous of
all offences against the principles Of 70.
publican governments, the prostitution Of
political power conferred for the goner-
al benefit, TO tho aggrandizomon, Of par.
tcular classes and the qualification Of
individual cupldlty--is alone sufficient
independently Of The weighty objections
which have already been urged, to rem.
der rs creation aud existence the source,
o. bitter and unappsasable discori. If
va Md TO this, is inevitable, tendency to
produce and foster extraysgant sxpendi-
lures Of the public money, BY which a
necessity i, created for new loans and
new burdens on tho people; aud finally,
{ wo refer 10 the examples Of every
government which has existed, for proof,
hos seldom is il that the system, once
adopted and implanted in the policy OF a
country, has failed to expand itself, until
public credit was exhausted, and tho peo-
pie were no longer able to endure It's in.
croaslng weight, 1t seems impossible to
resist the conclusion, that no b,ueii,s re.
suliing from its career. no extent Of con.
Iques', no accession Of wealth to parlcu-
lar classes, nor any, nor all its combined
advantages, can counierbalance its ulii-
mate but certain results--a splendid gov
eminent and an impoverished people.
If a national bank was, as is undenia
bic, repudiated BY the trainers Of the con-
slitution rs incompatible with the rights
Of the States asd the liberties of ths
people; If, from the beginning, il has
oeen regarded BY large portions Of our
citizens as coming in direct collision with
that great and vital amendmaul of tho
constitution, which declares that all pow
Iers not conferred by ihat instrument on
the General Government are reserved 10
The STATES aud 10 the people; It it has
been viewed by them as the first great
step in the march Of lsitudnous con
s,ruction, which, unchecked, would rem
der that sacred instrument Of as little
value a. an unwriltsn constitution, de-
pendent, as il would alone be, for It's
msaning, on the interested Interpretation
Of a dominant pariy, and aiordIng no
security to Tho rights Of The minority; II
such is undeniably the case, VIVA, ration.
al grounds could have boon conceived for
anticipating aught bat determined oPPo
s,ion 10 such al institution a, the pres
ent dayl
Could a different result have been ex
pecled, when the consequences which
have flowed from lis creation, and par
ucularly from ls struggles to perpstuat'
! its existence, had confirmed, in so stri
i king mannor, the apprchensions OF it
/. earliest opponents, when il had been $
i clearly demonstrated that q concentrate
n money power, welding % vast capital