Page 1 of 31 Dec 1836 Issue of Logansport Canal Telegraph in Logansport, Indiana

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Logansport Canal Telegraph (Newspaper) - December 31, 1836, Logansport, Indiana I a pgffl.l8rbdbr Losselle amp Dillon. Teu Kilfin two dollars per Anfinn in Advance two and fifty cents at six Montzi or three dollars at the expiration of the year. Terms lines or Leas in sered three times for $ 1, each continuance is cents. Office on commercial Row opposite the Post office Xay Ujj Toni. , ii vii diva sat rat dec. 31, �8s6.is. Presidents message. Gentle Man of the Senate and of the House of representatives. Addressing to you the last annual message i shall Ever present to the Congress of the United states it is a source of the most Heartfelt satisfaction to he Able to congratulate you on the High slate of Prosperity which our beloved country has attained. With no causes at Home or abroad to Lessen the Confidence with which we look to the future for continuing proofs of the capacity of our free institutions to produce ail the fruits of Good government the general condition four a furs May Well excite our National Pride. I cannot avoid congratulating you and my country particularly on the Success of the efforts made during my administration by the executive and legislature in conformity with the sincere constant and Earnest desire of the people to maintain peace and establish cordial relations with All foreign Powers. Our gratitude is due to the supreme ruler of the universe and i invite you to unite with me ill okie ring fervent suf plication that his providential care May Ever he extended to those who follow us enabling them to avoid the dangers and horrors of War consistently with a just and indispensable regard to the rights and Honor of our country. But although the present state four foreign affairs standing without important change As they did when you separated in july last is flattering in the extreme i regret to say that Many questions of an interesting character at Issue with other Powers Are yet unadjusted. Amongst the most prominent of these is that of our northeastern Boundary. With an undiminished Confidence in the sincere desire of his Britan Rew Stablish its Dominion. The depart arc of this minister was the More singular As he was apprised that the sufficiency of the causes assigned for the Advance of our troops by the commanding general had been seriously doubted by me and that there was every reason to suppose that the troops of the United states their commander having had Lime to ascertain the truth or falsehood of the information upon which they had been marched to Nacogdoches would be either there in perfect accordance with the principles admitted to be just in his conference with the Secretary of state by the mexican minister himself or were already withdrawn in consequence of the impressive warnings their commanding officer had received from the department of War. It is hoped and believed that his government will take a More dispassionate and just View of this subject and not be disposed to construe a measure of justifiable precaution made necessary by its known inability in execution of the stipulations four treaty to act upon the Frontier into an encroachment upon its rights or a stain upon its hour. In the mean time the ancient complaints of injustice made on behalf of our citizens Are disregarded and new causes of dissatisfaction have Arisen some of them of a character requiring prompt remonstrance and ample and immediate redress. I Trust however by tempering firmness with Courtesy and acting with great forbearance upon every incident that has occurred or that May happen to do and to obtain Justice and thus avoid the necessity of again bringing this subject to the View of Congress. It has been my duty to remind you that no provision has been made to execute our treaty with Mexico for tracing the Boundary line Between the two countries. Whatever May Nic majesty s government to adjust that question i am not yet in Possession of the precise be the Prospect of Mexico s soon being Able to grounds upon which it proposes a satisfactory execute the treaty on its part it is proper adjustment. With France our diplomatic relations have been resumed and under circumstances which attest the disposition of both governments to preserve a mutually beneficial Intercourse and Foster those amicable feelings which Are so strongly required by the True interests of the two countries. With Russia Austria Prussia Naples Sweden and Denmark the Best und re standing exists and our commercial Intercourse is gradually expanding itself with them that we should be in anticipation prepared at All times to perform our obligations without regard to the probable condition of those with whom we have contracted them. The result of the confidential inquiries made into the condition and prospects of the newly declared texan government will be communicated to you in the course of the session. Commercial treaties promising great advantages to our enterprising merchants and navigators have been formed with the Distant and Are it is encouraged in All these countries except governments of Muscat and Siam. The Rati quot fictions have been exchanged but have not reached the department of state. Copies of the treaties will be transmitted to you if received before or published if arriving after the close of the present session of Congress. Nothing has occurred to interrupt the Good understanding that has Long existed with the Barbary Powers nor to Check the Good will which is gradually growing up in our Intercourse with the dominions of the government of the distinguished chief of the ottoman Empire. Information has been received at the department of state that a treaty with the emperor of Morocco has just been negotiated which i Hope will be received in time to be Laid before the Senate previous to the close of the session. You will perceive from the report of the of the Treasury that the financial Means of the country continue to keep Pace with its improvements in All other respects. The receipts into the Treasury during the immediate neighbor Naples by their mutually advantageous Liberal treaty stipulations with a. The claims four citizens on Portugal admitted to be just but provision for the payment of them has been unfortunately delayed by frequent political changes in that kingdom. The blessings of peace have not been secured by Spain. Our Connexions with that country Are on the Best footing with the exception of the burdens still imposed upon our Commerce with her possessions out of Europe. The Clai is of american citizens for losses sustained a the bombardment of Antwerp Piave been presented to the governments of Holland and Belgium and will be pressed in due season to settlement. With Brazil and All our neighbors of this continent we continue to maintain nil actions of Amity and Concord extending our Commerce with them As far As the resources of the people and the policy of their governments will permit. The just and Long standing claims four citizens upon some of them Are yet sources of dissatisfaction and complaint. No danger is apprehended however that they will not be peaceably though tardily acknowledged and paid by All unless the irritating effect of her struggle with Texas should unfortunately make our Mexico an exception. It is already known to you by the correspondence Between the two governments communicated at your last session that our conduct in relation to that struggle is regulated by the same principles that governed us in the dispute lie tween Spain and Mexico herself and i Trust that it will be found on the most severe scrutiny that our acts have strictly corresponded with our professions. That the inhabitants of the United states should feel Strong pc possessions for the one party is not surprising. But this circumstance should of itself teach a great caution lest it Lead us to the great error of suffering Public policy to be regulated by partiality or prejudice and there Are considerations connected with the possible result of this contest Between the two parties of so much delicacy and importance to the United states that our character requires that we should neither anticipate events nor attempt to control them. The known desire of the texans to become a part of our system although its gratification depends upon the reconcile ment of various and conflicting interests necessarily a work of time and Uncertain in itself is calculated to expose our conduct to mis construction in the eyes of the world. There Are already those who indifferent to principle themselves and prone to suspect the want of it in others charge us with ambitious designs and insidious policy. You will perceive by the accompanying documents that the extraordinary Mission from Mexico has been terminated on the sole ground that the obligations of this government to itself and to Mexico under treaty stipulations have compelled me to Trust a discretionary authority to a High officer four army to Advance into territory claimed As a part of Texas if necessary to protect our own or the the neighbouring Frontier from Indian depredation. In the opinion of the mexican fun the opinion of the mexican tonary who has just left us the Honor of his country will be wounded by american soldiers entering with the most amicable avowed purposes upon ground from which the followers of his Golf torment have been cd jelled and Over which there 1� at present no certainty of a serious Effort on its pert being made to present year will amount to about �47,691,-898 those from customs being estimated at $22,523,151 those from lands at about �-24,-000,000 and the residue from miscellaneous sources. The expenditures for All objects during the year Are estimated not to exceed ,$�?�32,000,000, which will leave a balance in the Treasury for Public purposes on the first Day of january next of about �41,723,959. This sum with the exception of five millions will be transferred to the several states in accordance with the provisions of the act regulating the deposits of the Public Money. The unexpended balances of appropriation on the 1st Day of january next Are estimated at 814,636,062, exceeding by $9,636,062 the amount which will be left in the Depolite Banks subject to tiie draft of the treasurer of tie United states after the contemplated transfers to the several states Are made. If therefore the future receipts should not be sufficient to meet these outstanding and future appropriations there May be soon a necessity to use a portion of the funds deposited with the states. The consequences apprehended when the Deposit act of the last session received a reluctant approval has been measurably realized. Though an act merely for the Deposit of the surplus monies of the United states in the state treasuries for Safe keeping unti quot they May be wanted for the service of the general government it has been extensively spoken of As an act to give the Money to the several states and they have been advised to use it As a gift without regard to the Means of refunding it when called for. Such a suggestion has doubtless been made without due consideration of the obligation of the Deposit act and without a proper attention to the various principles and interests which Are affected by it. It is Manifest tha that the Law itself cannot Sanction such a suggestion and that As it now stands the states have no More authority receive and use these deposits without intending to return them than any Deposit Bank or any individual temporarily charged with the a afe keeping or application of the Public Money would now have for converting the same to their private use without the consent and against the Wil of the government. But independently o the violation of Public Faith and moral obligation which Are involved in this suggestion when examined in reference to the terms o the Deposit act it is believed that the considerations which Raould govern the future legislation of Congress on this subject will be equally conclusive against the adoption of any measure recognising the principles on i hich the suggestion has been made. Considering the intimate connexion of the. Subject with the financial interests of the country and its great importance in whatever aspect Itcan be viewed have bestowed upon it the most anxious reflection and feel it to be my duty to state to Congress such thoughts As have occurred to me to Aid their deliberation in treating it in the manner Best calculated to Conduce to the common Good. The experience of other nations admonished us to hasten the extinguish ment of the Public debt but it will be in vain that we have congratulated each other upon the disappearance of this evil if we do not guard against the equally great one of promoting the unnecessary accumulation of the Public Revenue. No political Maxim is better established than that which tells us that an improvident expenditure of Money is the Parent of profligacy and that no people can Hope to perpetuate their liberties who Long acquiesce in a policy which taxes them for objects not necessary to the legitimate and real wants of their government. Flattering As is the condition of our country at the present period because of its unexampled Advance in All the Steps of social and political improvement it cannot be disguised that there is a lurking danger already apparent in the neglect of this warning truth Jed that the time has arrived when the representatives of the people should be employed ii devising some More appropriate remedy than now exists to Avert it. Under our present Revenue system there is every probability that there will continue to be a surplus beyond the wants of the government and it has become our duty to decide whether such a result be consistent with the True objects of our government. Should a surplus be permitted to accumulate beyond the appropriations it must be retained in the Treasury As it now is or distributed among the people or the states. To retain it in the Treasury unemployed in any Way is impracticable. It is besides against the Genius of our free institutions to Ock up in vaults the treasure of the nation. To take from the people the right of bearing arms and put their weapons of defence in the lands of a standing army would be scarcely More dangerous to their liberties than to permit the government to accumulate immense amounts of treasure beyond the supplies necessary to its legitimate wants. Such a treasure would doubtless be employed at some time As it has been in other countries when Opportunity tempted ambition. To collect it merely for distribution to the states would seem to be highly impolitic if not As dangerous As the proposition to retain it in the Treasury. The shortest reflection must satisfy every one that to require the people to pay taxes to the government merely that they May be paid Back again is sporting with the substantial interests of the country and no system which produces such a result can be expected to receive the Public countenance. Nothing could i e gained by it even if each individual who contributed a portion of the tax could receive Back promptly the same portion. But it is apparent that no system of the kind could Ever be enforced which will not absorb a considerable portion of the Money to be distributed in salaries and commissions to the agents employed in the process and in the various losses and depreciation Ich arise from other causes and the practical effect of such an attempt must Ever be to Burden the people with taxes not for purposes beneficial to them but to swell the profits of Deposit Banks and support a band of useless Public officers. A distil ution to the people is impracticable and unjust in other respects. It would be taking one Man s property and giving it to another. Such would be Tho unavoidable result of a Rule of Equality and none other is spoken of or would be Likely to be adopted inasmuch As there is no Mode by which the amount of the individual contributions of our citizens to the Public Revenue can be ascertained. We know that they contribute unequally and a Rule therefore that would distribute them equally would be liable to All the objections which apply to the principle of an equal division of property. To make the general government the instrument of carrying this odious principle into effect would be at once to destroy the Means of its usefulness and change the character designed for it by the framers of the Constitution. But the More extended and injurious consequences Likely to result from a policy which would collect a surplus Revenue Abr the purpose of distributing it May be forcibly illustrated by an examination of the effects already produced by the present Deposit act. This act although certainly designed to secure the Safe keeping of the Public Revenue is not entirely free in its tend Encis from any of the objections which apply to this principle of distribution. The government had with out necessity received from the people a Large surplus which instead of being employed As heretofore and returned to them by Means of the Public expenditure was deposited with sundry Banks. The Banks proceeded to make Loans upon this surplus and thus converted it into banking capital and in this manner it has tended to multiply Bank Charters and has had a great Agency in producing a spirit of wild speculation. The Possession and use of the property out of which this surplus was created belonged to the people but the government has transferred its Possession to incorporated Banks whose interest and Effort it is to make Large profits out of its use. This process need Only be stated to show its injustice and bad the same observations apply to the in fluence which is produced by the Steps necessary to collect As Well As to distribute such a Revenue. About three fifths of All the duties on imports Are paid in the City of new York but it is obvious that the to pay those duties Are drawn from every Quarter of the Union. Every citizen in every state who purchases and consumes an article which has paid a duty at that port contributes to the accumulating mass the surplus collected there must therefore be made up of monies or property withdrawn from other Points and other states. Thus the wealth and business of every Region from which these surplus funds proceed must be to some extent injured while that of the place where the funds Are concentrated and employed in banking arc proportionally extended. But both in making the of the funds which arc necessary to pay the duties and collect the surplus and in making the re Transfer which becomes necessary when the time arrives for the disc libation of that surplus there is a considerable period when the funds cannot he brought into use and it is Manifest that besides the inevitable from such an operation its tendency is to produce fluctuations in the business of the country which Are always productive of speculation and detrimental to the interests of regular Trade. Argument can scarcely be necessary to show that a measure of this character ought not to receive further legislative encouragement. By examining the practical operation of the ratio for distribution adopted in the Deposit Bill of the last session we shall discover other features that appear equally objectionable. Let it be assumed for tiie Sake of argument that the surplus monies to be deposited with the states have been collected and belong to them in the ratio of their Federal representative population an Assumption founded upon Tho fact that any deficiencies in our future Revenue from imposts and Public lands must be made up by direct taxes collected from tiie states in that ratio. It is proposed to distribute the surplus say thirty millions not according to the ratio in which it has been collect cd and belongs to the people of the states but in that of their votes in the colleges of electors of president and vice president. The effect of a distribution upon that ratio is shown by the annexed table marked a. By an examination of that table it will be perceived that in the distribution of a surplus of thirty millions of dollars upon Itiat basis there is a great departure from the principle which regards representation As the True measure of taxation and it will be found that the tendency of that departure will be to increase whatever inequalities have been supposed to attend the operation of our Federal quot system in respect to its bearings upon the different interests of the Union. In making the basis of representation the basis of taxation the framers of the Constitution intended to equalize the burdens which i Are necessary to support the government and the adoption of that ratio while it accomplished this object was also the Means of adjusting other great topics arising out of the conflicting views respecting the political Equality of the various members of the confederacy. Whatever therel quot Ore disturbs the Liberal spirit of the compromises which established a fule of taxation so just and Cuquita que and which experience has proved to be so Well adapted to the Genius and habits of our people should be received with the greatest caution and distrust. A Bare inspection annexed table of the differences produced by the ratio used in the Deposit act compared with the results of a distribution according to to ratio of direct taxation must satisfy every unprejudiced mind that the former ratio contravenes the spirit of the Constitution and produces a degree of injustice in the operation of the Federal government which would be fatal to the to e of perpetuating it. By the ratio of direct taxation for example the state of Delaware in the collection of thirty millions of Revenue would pay into the Treasury �188,716 and in a distribution of.30,000,000 she would receive Back from the government according to the ratio of the Deposit Bill the sum of �31 6,122/ and similar results would follow the comparison Between the Small and the Large states throughout the Union thus realizing to the Small states an advantage which would to doubtless As doubtless As unacceptable to them As a motive for incorporating the principle in any system which would produce it As it would be inconsistent with the rights and expectations of the Large states. It was certainly the intention of that provision of the Constitution which declares that quot All imposts duties and excises quot shall quot be uniform throughout the United states quot to make the burdens of Taxa tion fall equally upon tie people in whatever stale of the Union they May reside. But what would be the value of such a uniform Rule if the monies raised by it could be immediately returned by a Dit Erent one which will give to the people of some states much More and to those of others much less than than their fair proportions were the Federal government to exempt in express terms the imports products and manufactures of some portions of the country from All duties while it imposed heavy ones on others the injustice could not be greater. It would be easy to show How by the operation of such a principle the Large states of the Union would not Only have to contribute their just share towards the support of the Federal government but also have to Bear in some degree the taxes necessary to support the governments of their smaller Sisters but it is deemed unnecessary to state the details where the general principle is so obvious. A system liable to such objections can never be supposed to have keen sanctioned by the framers of the Constitution when they conferred on Congress the taxing Power and i feel persuaded that a mature examination of the subject will satisfy every one that there arc insurmountable difficulties in tie operation of any plan which can be Devi it eco of collecting Revenue for the purpose of distributing it. Congress is Only authorized to Levy taxes quot to pay the debts and provide for the common defence and general welfare of the United states. There is no such provision is would authorize Congress to collect together the property of the country under the name of Revenue for the purpose of dividing it equally or unequally among the states or the people. Indeed it is not probable that such an idea Ever occurred to the states when Thev adopted the Constitution. But however this May be the Only Safe Rule for is in interpreting the Power granted to the Federal government is to regard the absence of express authority to touch a subject so important and delicate As this is As equivalent to a prohibition. Even if our Power were less doubtful in this respect As the Constitution now stands there Are considerations afforded by recent experience we iii would seem to make it our duty to avoid a resort to such a system. A will admit that the simplicity and of the state governments mainly depend on the fact that Money has to be supplied to support them by the same men or their agents who vote it away in appropriations. He acc when there Are extravagant and wasteful appropriations there must be a corresponding increase of taxes and Tho people becoming awakened will Necess firmly scrutinize the character of measures which Titus increase their burdens. By tie watchful Eye of self interest the agents of the people in the state government arc repressed and kept within the limits of a just Economy. But if the necessity of laying the taxes he taken from those who make the appropriations and thrown upon a More Distant and responsible set of Public agents who have Power to approach the people by an indirect and Stealthy taxation there is reason to fear that prodigality will soon supersede those characteristics which have thus fur made us look with so much Pride and Confidence to the slate governments As the Mai is in of our Union and liberties. The state Legislatures instead of studying to restrict their state expenditures to tie smallest possible sum will claim credit for their profusion and harass the general government fori Norca de supplies. Practice july there Zouki soon be but one taxing Power and that vested in a body of men fur removed from the people in which tue farming and Mechanic interests would scarcely be represented Tho slate would gradually lose purity is nil a their Independence they would not dare to murmur at the proceedings of the cd enc al governor not lest Tivey lose their supplies All would be merged in a practical consolidation, by vide in and corruption which coulis Only be. Indira cd by one of those bloody a hich occasionally overthrow the i spoil or n3 of the old Virld. In al to to other pets in which i i ii ave been Ahe to look al tim eau it of such a Prin Cipoli of upon the Best in Oresto tie country i can Fea to compensate for the advantages to which 1 have adv ened if we consider the proc cd be duties Are in great degree tiie source of the it surplus Revenue beneficial to one Section of the Union and prejudicial to another there is no corrective for Tho evil in such a plan of distribution. On the contrary there is is reason to fear that All the complaints Vilich have sprung from this Cau a would aggravated. Every one must be sensible that a Disirio Baision of the surplus must beget a disposition to cherish the Means which create it and any system therefore into which it enters must have a powerful tendency to increase rather than diminish the Tariff. If it were even admitted Liat the advantages of such a system could be made equal to All the sections of the Union the reasons already so urgently calling for a reduction of the Revenue would nevertheless lose none of their Force for it will always he improbable that an intelligent and various Community can consent to raise a surplus for the Mere purpose of dividing it diminished As it must in Viia by be by the expenses of the various machinery to the process. Thesa Fost and simplest Mode of obviating All the Silti cuties which have been mentioned is to collect Only Revenue enough to meet the wants of the government and Lei the people keen the balance of their property in their own hands to to used for their own each state will then support its own government and contribute its due share Touras the support of the general there would be no surplus to cramp and Lessen the resources of individual wealth and Enterprise and the Banks would be left to their Ordinary Means. A Hatcher agitations and fluctuations might arise from our unfortunate paper system they could never be attributed justly or unjustly to the action of the Federal government. There would be some guaranty that the spirit of wild speculation which seeks to convert the surplus Revenue into banking capital would be effectually cheeked and that the scenes of demoralization which arc now so prevalent through the land would disappear. Without desiring to conceal that the experience and observation of the last two years have operated a partial change in my views upon this interesting subject it is nevertheless regretted that the suggestion made by my annual messages of 1829 and 1830, have been greatly misunderstood. At that time the great struggle was begun against that latin Diarian construction of the con Constitution which authorizes the unlimited appropriation of the revenues of the Union to internal improvements within the states tending to invest in the hands and place under the control of the general gov of the country in violation of state rights Aad in derogation Iff state authority. At the same time the condition of Tho manufacturing interest was such As to create an apprehension that the duties on imports could not without extensive mischief be reduced in season to prevent the accumulation of a con Idera he surplus after Tho payment of the National debt. In View of he dangers of a such a surplus and in preference to its application to in Ternai improvements in derogation of the rights and Powers of the states the suggestion of an amendment of the Constitution to authorize its distribution was made. A a was an alternative for what were deemed greater evils a temporary resort to relieve an Over burdened Treasury until the government could without a sudden and destructive i can lion in the business of the country gradually return to the just Principe e of raising Nomon Revenue from the people in taxes than is Necos Fary for its economical support. Even that Nike native was not spoken of but in eon Section with an amendment of the Constitution. No Lei Nicra by inconvenience can justify the of a prohibited Power or a Power not or in cd by that instrument and it was from a that the Power Jodi tribe to even a ovary surplus of Revenue is of that character let it a. Suggested Only in connexion Uii i an Appeal to the source of All Legal powering the government the states which have Stab listed it. No such Appeal has been taken ail in Rny opinion a distribution of the surplus Revenue by Congress Eillon r to the states or tiie people is to be considered As among tha p Ohi Binioris of the Constitution. As already inter Rivair my a views have undergone a change to f iras to be convinced that no alteration of tic inns i a tuition in this respect is Wise or expel Zient. Tic influx acc of an accumulating upon the legislation of the general government and the states its Pelicci upon the credit system o the country producing dangerous extensions and ruinous contraeiion.-, Fyk ictus tons in the Price of Roji Erly Rasli s Cri action idleness and a of morals have Laught us the irn Toriani. Lesson that any transient iii Schiffy hich May ailed the reduction of our Revenue Lottie of our government is to to boi no in prefer circe to an Treasury. I beg leave to Call your quention to a Mother subject intimately associated wit preceding one the currency of the country. It is apparent from the wik a context of the Constitution As Well As tin history of the times which gave birth to it that it was the purpose of the convention to establish a currency consisting of the precious meals. I hese from their Peculiar properties Wheeli rendered them the Standard of value in All other. Donn trips were adopted in this As Well to Esla Lillish ils commercial Landai a in refer enc to i reign countries by Apon Nancut i Nile As to sex elude the use of a mutable a Nedion of Exchange such As of certain agricultural commodities recognized by the statute of some As a Der for debts or the Siili More Penis pious expedient of quot a Jsaper in Runney. The , from tie experience of the evils of the issues of paper during the last Revo lations had in porn so justly obnoxious As not of iii to suggest Ibe Clau Acinthe Constitution forbid Ding the Chi Isginn of Bills of credit by the states list to produce that vote in the coat Calion which negatived the proposition to Grant Power to Congress to a Jiro pos in Well unders cod Ai. The time intended to a dior inc the establishment of a National Paiik win pc i was to Issue a currency of Bank notes on a capital to be created to some extent out of go a Ern ment stocks. Although this pro position was refused by a direct vote quot of the convention the object was after Ards in Cilent obtained by its ingenious advocates through a strained to i Striction of the Constitution. Imp debit of the revolution wore funded at prices which formed no equivalent compared Villilo nominal amount of the Siorek and under Circum stance which exposed the motives of some of those who participated in t be Pai Sego of tie act to distrust. The facts that the value of the Stock was greatly enhanced by the creation of Tho Bank that it was Well understood that such would be the Case and that some of the advocates of the measure \7ere largely benefited by it belong to the history of the tines and Are Well Willcu Latch to diminish the respect which might otherwise have been due to the action of the Congress which created tic instil Union. On the establishment of a National let a in it became the interest of its creditors that Gold should be superseded Byth paper of the Bank As a general currency. A value was soon attached to the Gold coins which made exportation to forcing countries As a m re Antic Community More profitable than retention and use at Home As Money la followed As a matter of course if not Desi Gaco by those who established the Bank that the Bank became in effect in substitute for the mint of the United states. Such was the origin of a National Bank currency Aud such the beginning of those difficulties which How appear in the excessive issues of the Banks incorporated by the various states. Although it May not be possible by any legislature mens within our Power to change at once the system which has thus been introduced and has received the acquiescence of All portions of the country it is certainly our duty to do All that is consistent with our constitutional obligations in preventing tic Cus chiefs which Are threatened by ils undue Extension. That the efforts of the fathers of our government to guard it by a constitutional provision were bund cd in intimate knowledge of the subject been frequently attested by the bitter experience of the country. The same causes we iii led them to refuse their sanctions to a Power authorizing the establishment of incorporation for banking purpose now exist in a much stronger degree to urge us to exert the utmost vigilance in calling into action the Means necessary to Correct the evils resulting from the unfortunate exercise of the Power and it is to be hoped that Tolfe Opportunity for effecting Good will be improved before the country wit Ermont al the principal roads and canal Nessus new Cas duds on our la it pc Jav

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