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
The connection which formerly existed between the Government and banks
was in reality injurious to both, as well as to the general interests
of the community at large. It aggravated the disasters of trade and
the derangements of commercial intercourse, and administered new
excitements and additional means to wild and reckless speculations, the
disappointment of which threw the country into convulsions of panic, and
all but produced violence and bloodshed. The imprudent expansion of bank
credits, which was the natural result of the command of the revenues
of the State, furnished the resources for unbounded license in every
species of adventure, seduced industry from its regular and salutary
occupations by the hope of abundance without labor, and deranged the
social state by tempting all trades and professions into the vortex
of speculation on remote contingencies.
The same wide-spreading influence impeded also the resources of the
Government, curtailed its useful operations, embarrassed the fulfillment
of its obligations, and seriously interfered with the execution of
the laws. Large appropriations and oppressive taxes are the natural
consequences of such a connection, since they increase the profits
of those who are allowed to use the public funds, and make it their
interest that money should be accumulated and expenditures multiplied.
It is thus that a concentrated money power is tempted to become an
active agent in political affairs; and all past experience has shown
on which side that influence will be arrayed. We deceive ourselves if
we suppose that it will ever be found asserting and supporting the
rights of the community at large in opposition to the claims of the few.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account