The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1848-12-20

iinrilaaas - ssrariN based On neaishs aud
10 giEe u lie laEoIed rlssses undue cun-
lEol and aNay in nnr gnErmmenL. Il Nas
IN organized nsaIlsy POSER. sIirh TFsis-
ied he Papslar VII, and soaghl 10 shape
and sonlrol de public policy.
UndeE lie Penirions workings Of lhis
enmhined sysiem nfmrasnEes. lie rrnriry
witnessed alternate seasons II lrmPnraTy
apparent prosperity: nf sudden AMI lisas
lrnus es,mmeErisl IsEulsinns; &c nnpRrs-
hen'rd flueinaiion ofpriees. and depression
OfIhe great Interests "f agriculture. naEigA-
linn. aud ramm~Tre: IL general pecunlaTy
suffering. and Of final bankruptcy ol llIou-
sands. Allrr a severe Single 81 more
ihan = quarter ii a eenlnTy. The system
was nKeFlhrown.
The hank has bern succeeded by a
rrsciiral SYSTEM of finance, eondnried and
controlled safely by The government. The
constitutional ruHrnry has heen restored;
the public CREDIT maintained unimpaire'l,
even in period Of fnFeign war; and the
whole country has heroine satisfied thai
banks. nationai or state. are mt necessary
n fiscal agents Of the government. REEVE
nue. dulles have taken the place 0f the pro-
IcrIive tariff. The distribution 0f the mo-
ney derived from the sale ef the public
lands has been abandoned. and the cor
rnpling system Of internal Improvements,
Il Is hoped, has been eiler,nally check
ell.
II rs NOT doubted, that if This whole train
Of measures. designed TO take wealth lrum
the many and hesinw II upon the few.
were 10 prevail. the elect would be to
change The entire character Of the govern
menI. One only danger remains. II is
the seducli"ns of that branch of the sys-
tenn. which consists in Internal improve
menis. holding out, as IL does, induce
menis TO the people &c particular sections
aud loralIlies To embark the government
IN them without stopping 10 Cslculale the
inevitable consequences. This branch Ol
the system is so Intimately combined and
linked with the Others, that as surely as
an effect is produced hy.an adequate cause,
if il be resuseilaled and revived, aud firm
ly established, il requires NJ sagaciiy 10
foresee that il will necessarily and specdi-
~ draw after il the re-esiahlishmenl Of a
naliunsl hank, the revival Of protective
tariff, the distribution nf the land money,
and moi only the iposIponement to the
distant future OF the payment Of The pre-
sent national debt, but. its annual in
crease.
| entertain the solemn conviction, that
if the internal improvement branch Of the
" American system" he moi firmly resisted
at this time. The whole series of measures
composing il will be speedily re-estahlish-
ell, and The country he thrown hack from
its present high state Of prosperity, which
the existing policy has produced, and be
destined again 10 witness all the evils, COM
mrrcial reyulsions, depression Of prizes,
and pecuniary embarassments, through
which we have passed during the last
twenty-five years. .-@ ~t+E IS
TO guard against consequences so rI-
mons, is an object Of high national impnr-
lance. involving in my judgment the con-
timed prosperity Of the country.
have lell il To he an imperative ohliga-
iinnIo withhold my constitutional sane
ton from two bills which had passed the
two houses,oft 'ongress. nvolving the prin
ciple nf The internal improvement branch
"f the l." American system" and conflict.
ing in their provisions with the views here
expressed.
This power conferred upon the Presi.
dent by the constitution. | have on three
occasions. during my administration oflhr
executive department Of The government.
deemed il my duty /" exercise; and on
this last occasion Of making to Congress
an animal communication "ol the state of
the Union,' i, is not deemed inappropri-
ate To review the principles and ronside-
raiions winch have governed my action.
deem this the more necessary, be.
rause. after the lapse of nearly sixty years
since the adoption Of the constitution. the
propriety of the exercise of this undoubied
constitutional power by the President has
for the first time been drawn seriously in
question by portion oil my fellow cltl-
zens.
The constitution provides tina, every
bill which shall have passed the House of
Representatives and the Senate shall, be.
l"re il bec"me law, he presented to the
President of the United States if he APP
prove. he shall sign il. hui if not. he shall
return it with his objections. 10 that house
in which il shall have originated. who shall
enter The objections at large On their jour
nal and proceed to reconsider it,"
The preservation of the constitution
from infraciion is the Presidents highest
duty. lie is bound to discharge that duty,
at whatever hazard Of mourning the di>plea-
sure of those who may differ with him in
opininn. lie is bound ap discharge it. as
well by his obligations toaAe people who
have clothed him with his exalted trust, as
BY his oath Of office, which, he NAV not
disregard. Nor are the obligations of the
! President in any degree lesseHetfby the pre-
valence of views different from his own in