A Compilation of the Messages and Papers of the Presidents. Volume 3, part 2: Martin Van Buren
History
A Compilation of the Messages and Papers of the Presidents. Volume 3, part 2: Martin Van Buren
Presidents -- United States; United States -- History -- Sources; United States -- Politics and government; Van Buren, Martin, 1782-1862
But it was not designed by the Constitution that the Government should
assume the management of domestic or foreign exchange. It is indeed
authorized to regulate by law the commerce between the States and to
provide a general standard of value or medium of exchange in gold and
silver, but it is not its province to aid individuals in the transfer
of their funds otherwise than through the facilities afforded by the
Post-Office Department. As justly might it be called on to provide for
the transportation of their merchandise. These are operations of trade.
They ought to be conducted by those who are interested in them in the
same manner that the incidental difficulties of other pursuits are
encountered by other classes of citizens. Such aid has not been deemed
necessary in other countries. Throughout Europe the domestic as well as
the foreign exchanges are carried on by private houses, often, if not
generally, without the assistance of banks; yet they extend throughout
distinct sovereignties, and far exceed in amount the real exchanges of
the United States. There is no reason why our own may not be conducted
in the same manner with equal cheapness and safety. Certainly this might
be accomplished if it were favored by those most deeply interested; and
few can doubt that their own interest, as well as the general welfare of
the country, would be promoted by leaving such a subject in the hands of
those to whom it properly belongs. A system founded on private interest,
enterprise, and competition, without the aid of legislative grants or
regulations by law, would rapidly prosper; it would be free from the
influence of political agitation and extend the same exemption to
trade itself, and it would put an end to those complaints of neglect,
partiality, injustice, and oppression which are the unavoidable
results of interference by the Government in the proper concerns of
individuals. All former attempts on the part of the Government to carry
its legislation in this respect further than was designed by the
Constitution have in the end proved injurious, and have served only
to convince the great body of the people more and more of the certain
dangers of blending private interests with the operations of public
business; and there is no reason to suppose that a repetition of them
now would be more successful.
Public-domain text, read in full here on John Shaqi.
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