Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1848-12-12


the war the Revolution, and the second,
the consequences of the war of 1872
Both were resorted to in the delusive hope
that they would restore public credit, and
afford relief to the business of the coun-
try.
Those Of o9r public men who opposed
the whole of the s.American system,n at
its commencement, and throughout its
progress, foresaw and predicted that it was
fraught with Incalculable mischief and
must result in-serious injury to the bestin.
terests of the country. For a. series of
years their wise counsels were unheeded,
and the system was established. eco y6a 20
1t fostered and elevated the money pow
er, and enriched the favored few by taxing
labor, and at the expense of the many
Its effects were to make t'the rich richer,
and the poor poorer" Its tendency was
to create distinctions in society, based on
wealth, aud to give TO the favored classes
undue sway and control of osr govern
ment. TWAS an organized money power
which resisted the popular will, and soaght
to shape and control the public policy.
Under the precarious workings of this
combined systera and measures, the coun-
try Witnessed alternate seasons of tempo
rary apparent prosperity, of undue and
disastrous commercial revolutions, unpre-
cedented huctuation of prices and depres-
sion of the great interests of Agriculture,
Navigation, and Commerce; and general
pecuniary suffering, and Of fiscal bank
ruptcy Of thousands, latter a severe strug-
gle of century, the system was over
thrown" rsfa a -er'g s1
The Bank has been succeeded by a
practical system OF finance conducted and
controlled solely by the government; the
constitutional currency has been restored,
the public credit maintained uninlpaired,
even in period Of foreign war; and the
country has been satisfied that Banks, Ma
tional or State, are not necessary as fiscal
agents of government. The revenue du-
ties have taken the place of the protective
tariff; the proceeds received from the sale
of the public lands, have been abandoned,
and the corruptive system of internal inn
proYements, it is hoped has been efectual-
ly checked. 7aa3 -l.s-s bz.e-ae
1t is not doubted, that this old train of
measures, designed to take wealth from
the many and bestow it upon the few,
were to prevailS the effect would be TO
change the entire character of the govern
ment. One only danger remains. 1t is
the seduciioHs of that branch of this sys-
tenn, which consists in Internal Improve
ments, holding out as it does, inducements
Of particular sections and locations, to
embark the government in them, without
stopping the inevitable consequences
This branch of the system is so intimate
ly combined and linked with the others,
THAI, as surely as defeat is produced by
an adequate cause, lift be resascitated and
and revived and firmly established, it re-
quires no sagacity TO foresee that it will
necessarily draw after it the re-establish-
ment Of National Bank, the revival of
protective tariff, the distribution Of the
land money, and not only the postpone
ment of the present TO the distant future
of the payment of the present national
debt, but its annual increase. entertain
the solemn conviction if the Internal I'M
provement branch of the "American Sys-
tenn" be not firmly resisted at this time,
the whole series Of measures composing
il will be speedily established, and the
country will be thrown back from its pres
ent high state of prosperity which the ex-
listing policy has produced, and be destined
again to witness all the evils, commercial
revolutions, depression of prices, the Pc
cuniary embarrassments through which
we have passed during the last twenty
years.
To guard against ruioaRs consequences
is of high national Importance, involving
the continued posterity Of the country
have felt it to be an imperative obi.
cation to Withhold my constitutional sane
ton from two bills which have passed the
two Houses Of Congress, and involving
the principle ofiniernal improvements. a
branch Of the american System" and
conflicting in their provision with views
here expressed.
The power. conferred upon the presi
dent by the constitution, have on three
occasions, during my administration of
the Executive department of the gov.
eminent, deemed it my duty TO exercise;
and on this last occasion of making tn |
Congress an annual communication .sof |
the state of the Union," it is not inappro
pirate to give the principles and consid.
erations which have governed my action.
| deem this the more necessary, because
after the laps Of nearly sixty years since
the adoption Of the constitution, the pro-
priety ofthe exercise ofthis constitutional
power by the President, has been drawn
seriously IN question by portion of my
fellow citizens. .
The constitution provides that every
bill which shall have passed the House
of Representatives,, shall, before it be.
come law, be presented to the Presi.
dent of the United States, If he approve.