Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1848-12-15


lis probable ,hs, neither the Bank Of 1891,
nor that Of 1916. would have been chartered boz
for the embarrassment Of the government ia iis
finances, in the arrangement Of the currency.
the pecuniary pressure which existed-ihe first
the consequence Of the war Of the revolution.
the second the Consequence Of the war Of 1919
both we're resoried 10 in the delusivs hope
that they would restore public credit, and afford
relief to the government, and 10 the business Of
the country.
Those Of our public men Who opposed the
whole American System At It's commencement,
and throughout is progress, lOresaw aud Predic.
ted that il was fraught with incalculable mischief
aud must result in serious consequences 70 the
best Interests Of The country.
For series Of years these wise counsels were
unheard, aud the system was established. Ii
was soon apparent that It's practical operation
was unequal and unjust upon different portions
of the country. and upon the people engaged
in different pursuits. All were equally entitled
to the favor and protection Of the government
II fostersd and elevated the monied powers, and
enriched the favored few at the expense Of the
many. lis effect was "to make The rich richer
and The poor poorer" It's tendency was TO Gre
ale distinctions in society based on wealth, and
10 give the favored classes undue control and
sway in our government. Ii was an organized
money power, which resisted the popularwill and
sought TO shape and control the public policy by
taxing labor.
Under the pernicious workings Of this "com.
bined system, Of measures, the country witness.
eG alternate seasons Of temporary apparent pros
perty; Of undue and disastrous commercial re-
vulsions; Of Unprecedented fluctuations Of pri-
ces, and the oppression of the great interests Of
agriculture, navigation and commerce, and gen.
eral pecuniary suffering, and of final bankrupt.
cy Of thousands After a severe struggle oI
more than quarter Of 4 century, the system
was overhrown.
The bank has been succeeded by practical
system of finance, conducted and controlled
solely by the government. The constitutional
currency has been restored; the public credit
maintained unimpaired, even in period Of for
eign war; and the whole country has become
satisfied that banks, national or state are not ne
cessary as fiscal agents ofths government. The
revenue duties have taken the place Of a pro-
iectve tariff The distribution Of the money
derived from the sale Of the public lands ha:
been abandoned, and the corrupting system o.
internal Improvements, ii is hoped has been efec
,usIly checked.
It's not doubted, that if this whole train o
measures designed 10 take wealth from the ma.
ny and bestow il upon the few, were to prevail
the effect would be 10 change the entire charac.
ter OF the government One only danger re.
mains, it is the seduclons of that branch Of the
system which consists in internal improvements
holding out as il does, inducements 10 the peo.
pie Of particular sections and localities TO EN-.
bark the government in them without stopping
10 calculate the inevitable consequences. This
branch ofthe system is so intimately linked and
combined with the others, that as surely as an eG.
feet is produced by an adequate cause, ifi be 70.
suscitated and firmly established, il requires no
sagacity 10 foresee that il will necessarily and
speedily draw after it the establishment Of a
national bank, the revival Of protective tariff
the distribution Of the land money, and nOt on
| ly the postponemOnt TO the distant future Of the
payment Of the pl lesent national debt, but its an.
nuRl increase.
| | entertain solemn conviction that if the in.
ternal improvement branch of the American
system be not firmly resisted at this time, III,
whole series Of measures composing it will be
speedily established, and the country will be
thrown back from its present high state of pros.
perty which the existing policy has produced
and be destined again TO witness all the evils
commercial revolutions, depression Of prices
and pecuniary embarrassments through which
we have passed during The last rs years.
10 guard against consequences so ruinous, is
an object of high national importance, invol.
wing, in my judgment, the continued prosperity
of the country.
have felt it TO be an imperative obligation to
withhold my constitutional sanction from two
bills which had passed The TWO Houses of Con.
gress, involving the principle of the internal i'm.
provement branch of the American System,
and conflicting in their provisions with these
views.
This power, conferred upon the President by
the Constitution, have on three occasions, du.
ring my administration of the Executive De.
parlment of the Government, deemed il my du.
~ to exercise; and on this last occasion of ma
king to Congress an annual communication on
the sateof the Union, it is not deemed inappro.
pirate to review the principles and considera.
tions which have governed my action. deem
this ths more necessary, because, after the
lapse OF nearly sixty years since the adoption ol
the constitution, the proprety of the exercise Of
this undoubted constitutional power by the Pres
ident, has for the first time been drawn seriously
in question by portion of my fellow citizens.
The constitution provides that ''every bill
which shall have passed the House Of Reprssen.
tatves and the Senate, shall, before il becomes
a law, be presented to the President of the Uni
ted States; if he approve HE SHALL sign it, but il
not HE SHALL return it with his objections to thai
house, in which it shall have originated; who
shall enter the objections at large in their jour.
nails, and proceed TO reconsider it,"
The preservation Of the constitution from in
fraction, is the Presidents highest duty. He is
bound 10 discharge that duty, at whatever haz-
ard of incurring the dspleasure of those who
may differ with him in opinion. He Is bound 10
discharge it as we'll by his obligations to the peo-
pie who have clothed him with his exalted trust
! n q hV his nothS Of ofroa uh;ob ho y,oo,, J;,vo