Presidents -- United States -- Messages; United States -- Politics and government -- Sources
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.
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