The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1841-01-01
NUMBER SO.

I
against losses, has how been sever
months in operation. Although it mig
be premature, upon an experience Of sud
limited duration, TO form definite op
mon in regard TO the extent of its inf
ences in correcting many evils und
which the federal government and Il
country have hitherto suffered, especial
those that have grown out of banking e.
pansions. deprecated currency, and d
fetal deialcations yet it is but right
say that nothing has occurred in the prat
teal operation of the system to weaken
the slightest degree, but much TO strength
en- the confident anticipations Of il
friends, The grounds Of these have bee
heretofore so fully explained as to requir
no recapitulation. In respect to the fac
lity and convenience it affords in condud
ting the public service, and the ability d
the government to discharge through il
agency every duty attendant upon the col
lection, transfer, and disbursement of iii
public money with promptilude and sue
cess, | can say, with confidence, that thu
apprehensions Of those who felt it to BID
their duty 10 oppose its adoption have
proved to be unfounded On the contrary
this branch of the fiscal affairs of the gov
ernment has been, and it is believed NAV
always be, thus carried on with every de!
sirable facility and security. A few
changes and improvements in the details
of the system without affecting any prinl
ciples involved in it, will be submitted I'd
you by the secretary of the treasury, and
will, am sure, receive at your hands that
attention to which they may, on examina-
lion, be found to be entitled.
have deemed this brief summary ol
our fiscal affairs necessary TO the due peri
Torrance Of duty especially enjoined|
upon me by the constitution. 1t will
serve also to illustrate more fully the prin1
ciples by which have been guided in rel
ference to two contested points in our
public policy, which were earliest in their
Development, and have been more i'm
portant IN their consequences, than any
that have arisen under our complicated
and difficult. yet admirable, system Of 60
vernmen,. allude 10 a national debt and
a national bank.
1t was in these that the political contests
by which the country has been agiiated
ever since the adoption of the constitution,
in great measure, originated and there
is too much reason TO apprehend that the
conflicting interests and opposing princi-
plies thus marshalled, will continue. as
heretofore, to produce similar, if not ag-
grayated, consequences.
Coming into Office the declared enemy
of both, have earnestly endeavoured to
prevent resort to either.
The consideration that a large public
debt affords an apology, aud produces, in
some degree, necessity, also, Tor resort
ing TO a system and extent Of taxation,
which is not only oppressive throughout,
but likewise so apt 10 lead, in the end, 10
the commission of that most odious Of all
offences agGlnst the principles of republi-
can government--the prostitution of poll
teal power, conferred for the general be-
neft, to the ACKNOWLEDGEMENT of particular,
classes and the qualification Of individual
cupidity,i lis alone sufficient, independent Of
the wcighty objections which have alrea-
dy been urged, to render its creation and
existence the source of bitter and unappea-
sable discord.
/ II we add to this, It's inevitable tendency
to produce and foster extravagant expcnd-
imcs of the publio money, by which a
necessity is created for new loans and new
} burdens on the people and, finally, if We
refer to the examples Of every govern
monL which has existed for proof, how
seldom is it that the system, when once
adopted and implanted in the policy of the
; country, has failed to expand itself, until
= public credit was exhausted, and the peo-
pie were no longer able to endure its in
creasing weight, it seems impossible TO
resist the conclusion, that no benefits re.
; suIung from its career, no extent OF con
quest, no accession Of wealth to partioula,
, classes, nor all its combined advantages
can counterbalancc It's ultimate but certain
results--a splendid government and an
= impoverished people.
liza national bank was, as is undeniable,
4 repudiated by the trainers of the constiiu-
t ton as incompatible with the rights Of the
$ states and the liberties of the people; il,
i from the beginning, it has been regarded
5 by large portions of our citizens as COM
+ ing in direc, collision with that grea! and
G vital amendment of the constitution, which
d declares tha, all powers not conferred by
i that instrument on the general government
C are reserved to the states and the people;