Inquiry Into the Origin and Course of Political Parties in the United StatesVan Buren, Martin
History
Inquiry Into the Origin and Course of Political Parties in the United States
Van Buren, Martin
Political parties -- United States
To this end he introduced a bill to impose impost and tonnage duties by
which he believed all the objects of a national revenue could be secured
without being oppressive to the country, and pursued his object day in
and day out, until his bill became a law. A prompt application of the
means thus acquired to the regular payment of the interest on the public
debt, with a resort to others authorized in express terms by the
Constitution if the impost had not proved adequate to all the objects of
a national revenue, as he believed it would, and a discreet use of the
power to borrow exerted in the ordinary way, accompanied by proper
efforts to keep public expenditures at the lowest point consistent with
an efficient public service, would in all probability have been the sum
of the measures which Mr. Madison would have deemed necessary to place
the public credit at the highest desirable point and to discharge all
the existing obligations of the Government. They constitute all the
means employed by the department now, and for several years past have
proved abundantly sufficient to meet infinitely higher responsibilities,
and there is in truth no conclusive reason to be found in the history of
the period referred to why they would not have performed the same
offices then.
But these simple and usually efficacious measures did not come up to
Hamilton's standard. They fell short of what he thought necessary to the
actual wants of the public service, and still more so in regard to what
he deemed due to the efficiency, stability, and dignity of the
Government. To secure all of these objects he desired to build up a
financial system which would approach to an equality with the English
model after which he designed to construct it; and he believed that it
was in that way only that the public necessities could be amply provided
for, the public credit placed at the point which he wished it to occupy,
and the respectability of the Government be properly consulted. But this
plan required the adoption of measures which, it is not too much to say,
he knew that neither those who framed nor those who adopted the
Constitution intended to authorize. This difficulty, which to ordinary
minds would have appeared insurmountable, was overcome by a device
either of his own creation or, as I have for many years believed, the
suggestion of another.
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