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Show 4()8 INAUGURAL AND FAREWELL ADDHESSES. to produce . an overllowing tren.snry, u.re too stt·ong, nnd have too llliiCh at stake, io Slll'l'Cnder the contes t. rl'ho corporations nnd wealthy individuals wl1o ar cng-ngccl in ]n.rgc tlHLnuf;ldnring CHLnbJi:-;hmcnLs desire a hi g·h tarill' Lo incren.. e their rra.in '. Designing politicians will .·uppurL it to concilia.tc their favor, and to ol>Lain the means of profuse expenditure, for the purpose of purcha.sintr inilncncc i11 othcl' quarters; and, ,·inco the people have decided that tho l'cdcrul govenltllent cn.nnot l>c pcrmitLccl to employ its ineomo in intel'llnl improvem nLs, cLl'oris will be mnde to seduce ana mislead the citizens of the several States, by hol<ling out to them the deceitful prospect of benefits to be derived from 11 surplus revenue collected by the general government, nnd annually divided among the Stat s; and if, encouraged uy thes fallacious hopes, the States should di reganl Lite principle of economy which onrrht to characterize every repuul. ican govcmmenL, and should indulge in lavish expenditures, exceeding their resources, they will, i)eforc 1ong, find tltcmRclv 'H oppn'sscd with debts which they arc unal.lle to p:1y, n1Hl the tcmplttLion will i)ecomo incsi tiule to 'SIIpport a high tariff in ordct· to ol>tain a surplus for dislriu11t ion. Do not allow your. elves, my fellow-citizens, to he rni,'lctl on this subject. The federal government cannot collect a snrplus for snch purposes, without violating the principles of the Constitution, and ussnming powers which have not boon granted. It is, moreover, a Rystem of injustice, and, if porsist.ed in, will inevitably lead to corruption, and must end in ruin. 'rhe surplus revenue will be drawn from tho pockets of the people, ft·om the farmer, the mocha n ic, and the laboring· classes of society; but who will receive it wh •n distriuuted among the States, where it is to be disposed of l>y leading StaLe politicians, who have friends to favor and political parLisatlS to gratify? It will certainly not be returucd to those who paid it, and who have most need of it, and arc honestly entitled to it. There is but ouo INAUGUHAL AND FAHE\V~~LL ADDHESSES. 4.69 safe rule; and that iR, to conflno tho general government rigi<lly withi11 the sph t'C of iLH appropriate <lnt.i •s. H has no power to raise a rev ·nne or inqwsc taxes xrcpt fl)r tho purpos<'S cnnmcraL '<i in tho Constitution; and if its income iH found to xeccd these wan tR, it shoul ll J,c forthwi th reduced, and the bunlen of Lhe p ople so far lightened. Jn reviewing the conflicts which have taken plucc l>ci'>VC<'Jl difl'erent interests in the United States, and the poliey pursued , inee lh adoption of our present. form of government , we find nothing llmt has procluce<l such tk ep-senLcd evil aH the cour·He of legisl ation in rel ation to the currency. 'r ile Constitution of the United States nnqucslionably in tcnclccl to secure Lo the peo ple u. <'ircuhting medium of' gold and silver. Bnt the c: lal>li shmeni of a national l>ank by CongrcsH, with the privilege of issuing paper money r ccivab lc iu the payment of the pnulic dtt CR, nn<.l tho unfortunate course of 1 gislntion in the scv rnl States upon tho samo subj ect, drove from circulation the constitutional currency, and sul>sii tu ted one of paper in i is place. lt was not caRy for men engaged in the ordinary pursui ts of business, who. c aLLen t ion had not been particn larly dnLwn to the su bjcct, to foresee all the consequences of a cmTcncy exclusively of pap~r; and we ought not, on that account., to be surprised at the facility with which laws wcro obtained to carry into efl'e ·t the paper sys tem. lionest and even enlightened men arc sometimes misled by the specious and plausible statements of the designing. But experience has now proved the mi chi efs and du.ngcr·s of a paper currency ; and iL r cslR with you to determine whether the proper remedy shall be applied. The pnpcr Ryslcm being founded on public confid ence, and having of it::;elf no intrinsic valne, it is li n.l>Io to great and su<l<l n flu ctuation::; ; thereby rc1Hlcring properLy insecure, and Lite wngcs of ]n,hor unRtcndy tllld nn e<' rlnin. Tho corporalious which create Lite paper money cnnHoi be relied |