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FAREWELL ADDRESS
ANDBEW JACKSON
TO THE PEOPLE OF THE UNITED STATES.
Fellow-citizens—Being about to re
tire finally from public life, I beg leave
to offer you my grateful thanks for the
many proofs of kindness and confidence
which I have received at your hands.—
It has been my fortune, in the discharge
of public duties, civil and military, fre
quently to have found myself in difficult
and trying situations, where prompt de
cision and energetic action were necessa-
rv, and where the interest of the country
required that high responsibilities should
be fearlessly encountered; and it is with
the deepest emotions of gratitude that I
acknowledge the continued and unbroken
confidence with which you have sustain
ed me in eveiy trial. My public life has
been a long one, and I cannot hope that
it has, at all times, been free from errors.
But I have the consolation of knowing
that, if mistakes have been committed,
they have not seriousl^Bnjured the coun
try I so anxiously endeavored to serve;
and, at the moment when I surrender my
last public trust, I leave this great people
prosperous and happy; in the full enjoy
ment of liberty and peace; and honored
and respected by every nation of the world.
If my humble efforts have, in any de
gree, contributed to preserve to you these
blessings, I have been more than reward
ed by the honors you have heaped upon
me; and, above all, by the generous con
fidence with which you have supported
me in every pci il, and with which you
have continued to animate and cheer my
[ mill to the closing hour of my political
ife. The tune has now come, when ad
vanced age and a broken frame warn me
to retire from public concerns; but the re
collection of the many favors you have
bestowed upon me is engraven upon my
heart, and 1 have felt that I could not part
from your service without making this
iv i__ v i . .r .L_ t
may endeavor to W eaken its bonds;” and
he has cautioned us, in the strongest
terms, against the formation of parties, on
geographical discriminations, as one of
the means which might disturb our Union,
and to which designing men would be
likely to resort.
The lessons contained in this invalua
ble legacy of Washington to his coun
trymen should be cherislied in the heart
of eveiy citizen to the latest generation;
and, perhaps, at no period of time could
they be more usefully remembered than
at the present moment. For when we
look upon the scenes that are passing a-
round us, and dwell upon the pages of his
parting address, his paternal counsels
would seem to be not merely the offspring
of wisdom and foresight, but the voice of
prophecy foretelling events and warning
us of the evil to come. Forty years have
passed since this imperishable document
was given to his countrymen. The Fedcral
constitution was then regarded by him as
an experiment, and he so speaks of it in
his address, but an exjierimcnt upon the
success of which the best hopes of the
country depended, and we all know that
he was prepared to lay down his life, if
necessary, to secure to it a full and a fair
trial. The trial has been made. It has
succeeded beyond the proudest hopes of
those who framed it. Every quarter of
this widely extended nation has felt its
bk^ciaj^, ami shared in die general pros
perity produced by its adoption. But a-
mid tliis general prosperity and splendid
success, the dangers of which he warned
us are becoming every day more evident,
and the signs of evil are sufficiently ap
parent to awaken the deepest anxiety in
the bosom of the patriot. We behold sys
tematic efforts publicly made to sow the
seeds of discord between different parts
of the United States, -and to place Party
divisions directly upon ^graphical dis-
<?MCii.e tiie south against the
Unctions; to
• public acknowledgment of the gratitude 11 north, and the north against thc south, and
own you. Aud if I US'? llfo occasion to I to force into the controversy the most deli-
offer to you the counsels of age and ex- i cate aud exciting topics;—topics upon
i
perience, you will, I trust, receive them
with the same indulgent kindness which
you have so often extended to me; and
will, at least, see in them an earnest de
sire to perpetuate, in this favored land,
the blessings of liberty and equal laws.
We hare, now lived almost fifty years
under th^ constitution framed by the
. sages aud patriots of the revolution.—
The conflicts in which the nations of Eu
rope were engaged during a great part of
this period; the spirit in which they wag
ed war against each other; and our inti
mate commercial connections with every
part of the civilized world, rendered it a
time of much difficulty for the govern
ment of the United States. We have had
our seasons of peace and of war, with
all the evils which precede or follow a
state of hostility with powerful nations.—
We encountered these trials with our con
stitution yet in its infancy, and under the
disadvantages which a new and untried
government must always feel when it is
called upon to pat form us wiioie Strength,
without the lights of experience to guide
it, or the weight of precedents to justify
its measures. But we have passed tri
umphantly through all these difficulties.
Ui)ur constitution is no longer a doubtful
experiment; and, at the end of nearly
halt a century, urc find that it has preserv
ed unimpared the liberties of the people,
anfi secured the l ights of propertv, and that
our country has improved and is flourish
ing beyond any former example in the his-
iory of nations.
In our domestic concerns there is every
thing to encourage us; and if you are
true to yourselves, nothing can impede
your march to the highest point of nation
al prosperity. The States which had so
long been retarded in their improvement,
by the Indian tribes residing in the midst
<ef them, are at length relieved from the
■evil; and this unhappy race—the original
•dwellers in our land—are now placed in a
situation where we may well hope that
they will share in the blessings of civili
zation, and be saved from that degrada
tion and destruction to which they were
rapidly hastening while they remained in
the States; and while the safety and com
fort of our own citizens have been greatly
.promoted bv their removal, the philan
thropist will rejoice that the remnant of
that ill-fated race has been at length
placed beyond the reach of injury or op
pression, and that the paternal care of
the general government will hereafter
watch over them and protect them.
At we turn to our relations with foreign
powers, we find our condition equally
gratifying. Actuated by the sincere de
sire to do justice to every nation, and to
preserve the blessings of peace, our in
tercourse with them has been conducted
on the part of this government in the
spirit of frankness, and I take pleasure in
saving, that it has generally been met in
■a corresponding temper. Difficulties of
old standing have been surmounted by
friendly discussion, and the mutual desire
to be just; and the claims of our citizens,
which had been long withheld, have at
•length been acknowledged arid adjusted,
and satisfactory arrangements made for
their final payment; and with a limited,
and, I trust, a temporary exception, our
relations with every foreign power are
now of tlie most friendly character—our
commerce continually expanding, and our
flag respected in every quarter of the
world.
These cheering and grateful prospects,
and these multiplied favors, we owe, un
der providence, to the adoption of the fed
eral constitution. It is no longer a ques
tion whether this great country can remain
happily united, and flourish under our pre
sent form of government. Experience,
the unerriiig test of all human undertak
ings, has shown the wisdom and foresight
of those who formed it; and has proved,
that in the Union of these States there is
a sure foundation for the brightest hopes
of freedom, and for the happiness of the
people. At eveiy hazard, and by every
sacrifice, this Union must be preserved.
The necessity of watching with jealous
anxiety for the preservation of the Union,
was earnestly pressed upon his fellow-
citizsns by the father of his countiy, in
his farewell address.* He has there told
tis, that “while experience shall not have
demonstrated, its impracticability, there
will always be reason to distrust the pa
triot fern of those who, in any quarter,
which it is impossible that a large portion
of the Union can ever speak without
strong emotion. Appeals, too, are con
stantly made to sectional interests, in or
der to influence the election of the Chief
Magistrate, as if it were desired that he
should favor a particular quarter of the
country, instead of fulfilling the duties of
his station with impartial justice to all;
and the possible dissolution of the Union
lias at length become an ordinary and fa
miliar subject of discussion. Has the
warning voice of Washington been for
gotten? or have designs already been
formed to sever the Union? Let it not
be supposed that I impute to all of those
who have taken an active part in these
unwise and unprofitable discussions, a
want of patriotism or of public virtue.—
The honorable feeling of ritute pride, and
local attachments, find a place in the bo
soms of the most enlightened and pure.—
But while such men are conscious of their
own integrity and ! JUliesiy ot ' purpose,
ihey ought never to forget that the citi
zens of other States are their political
brethren; and that, however mistaken tliev
may be in their views, the great body of
thi'io ure equally honest and upright
with themselves. Mutual suspicions aud
reproaches may in time create mutual
hostility, and artful and designing men
will always be found, who are ready to
foment tnese fatal divisions, and to in
flame the natural jealousies of different
sections of the count rv. The history of
the world is full of such examples, and
especially the history of republics.
What have you to gain by division and
dissension? Delude not yourselves with
the belief that a breach once made may
be afterwards repaired. If the Union is
once severed, the line of separation will
grow wider and wider, and the contro
versies which are now debated and set
tled in the halls of legislation, will then
he tried in fields of battle, and determin
ed by tlie sword. Neither should you
deceive yourselves with the hope, that
the first line of separation would be tl
mony and concord won 1 : 1 , l c ; n , [r .
new associations formed upon the disso
lution of tlr* Union. Local interests
would still b e found there, and unchasten-
cd auibition. And if the recollection of
common dangers, in which the people of
these United States stood side by side a-
gainst the common foe; the memory of
victories won by their united valor; the
prosperity and happiness they have en
joyed under the present constitution; the
proud name they bear as citizens of this
great republic: if all these recollections
and proofs of common interest are not
strong enough to bind us together as one
people, what tie will hold united the new
divisions of empire, when these bonds
have been broken and this Union dissev
ered? The first line of separation would
not last for a single generation; new' frag
ments would be torn off; new leaders
would spring up; and this great aud glori
ous republic would soon be broken into a
multitude of petty States, without com
merce, without credit; jealous of one an
other; armed for mutual aggression; load
ed with taxes to pay armies and leaders;
seeking aid against each other from for
eign powers; insulted and trampled upon
by the nations of Europe, until harassed
with conflicts, and humbled and debased
in spirit, they would be ready to submit
to the absolute dominion of any military
adventurer, and to surrender their liberty
for the sake of repose. It is impossible
to look on the consequences that would in
evitably follow the destruction of this gov
ernment, and not feel indignant when we
hear cold calculations about the value of
the Union, and have so constantly before
us a line ol conduct so well calculated to
weaken its ties.
There is too much at stake to allow
prideor passion to influence your decision.
Never for a moment believe that the great
body of the citizens of any Slate or States
can deliberately intend to do wrong.—
They may, tinder the influence of tempo-
raiy excitement or misguided opinions,
commit mistakes; they may be misled for
a time by the suggestions of self-interest;
but in a community so enlightened and
patriotic as the people of the United
States, argument will soon make them
sensible of their errors; and, when con
vinced, they will be ready to repair them.
If they have no higher or better motives
to govern them, they will at least per
ceive that their own interest requires
them to be just to others as they hope to
reoeive justice at their hands.
But in order to maintain the union un
impaired, it is absolutely necessary that
the laws passed by the constituted au
thorities should be faithfully executed in
every part of the country, and that every
good citizen should, at all times, stand
ready to put down, with the combined
force of the nation, every attempt at un
lawful resistance, under whatever pre
text it may be made, or whatever shape it
may assume. Unconstitutional or op
pressive laws may no doubt be passed by
congress, either from erroneous views, or
the want of due consideration; if they are
within the reach of judicial authority, the
remedy is easy and peaceful; and if, from
the character of the law, it is an abuse of
power not within the control of the judi
ciary, then free discussion and calm ap
peals to reason and to the justice of the
people will hot fail to redress the wrong.
But until the law shall be declared void
by the courts, or repealed by congress,
no individual, or combination of individu
als, can be justified in forcibly resisting
its execution. It is impossible that any
government can continue to exist upon
any other principles. It would cease to
be a government, and be unworthy of
the name, If it had not the power to en
force the execution of its own laws within
its .own sphere of action
‘ Ris trfie tW. cases mav b* imagined
disclosing such HActt^d pu rpoSP of usur
pation and oppression, on t h e part of the
government, as wouVJ justify an appeal
to arms. r l hesc, however, are extreme
cases, which we have nti reason to appr*-
. . ,n a government where the power
is in the nands of a patriotic people; and
no Cozen who loves his country would,
in any case whatever, resort to forcible
resistance, uuless he clearcly saw that the
time had come when a freeman should
prefer death to submission; for if such a
struggle is once begun, and the citizens of
one section of the count rv arrayed in arms
against those of another in doubtful con
flict, let the battle result as it may r , there
will be an end of the Union, and, with it,
an end to the hopes of freedom. The vic
tory ot the injured would not secure to
them the blessings of liberty; it would
avenge their wrongs, hut they would
themselves share in the common ruin.
But the constitution cannot be main
tained, nor the union preserved, in oppo
sition to public feeling, by the mere exer
tion ot the coercive powers confided to
the general government. The founda
tions must he laid in the affections of the
people; in the security it gives to life, li
berty, character, and property, in every
quarter of the country; and in the frater
nal attachment which the citizens of the
several States bear to one another as
members of one political family, mutual
ly contributing to promote the happiness
ol each other. Hence the citizens of evc-
r, ??ate should ...[umousiy avoid every
tiling calculated to wound the sensibility
or offend the just pride of the people of
other States; and they should frown UDon
any proceeding? within their own borders
likely to disturb the tranquillity of their
political brethren in other portions of the
Union. In a country so extensive as the
United States, and with pursuits so vari
ed, the internal regulations of the several
States must frequently differ from one an
other in imjKirtant particulars; and this
difference is unavoidably increased by
the varying principles upon which the
American colonics were originally plant
ed; principles which had taken deep root
in their social relations before the revolu
tion, and, therefore, of necessity influ
encing their policy since they became free
and independent States. But each State
has the unquestionable right to regulate
its own internal concerns According to its
own pleasure; and while it does not inter
fere with the rights of the people of other
States, or the rights of the Union, every
State pfust joe the sole judge of the mea
ses proper to secure the safety of its
permanent one, and that noth' 1 'ojtizcus and promote their happiness; and
"all efforts on the part of people of other
States to cast odium upon their institu
tions, and all measures calculated to dis
turb their rights of property, or to put in
jeopardy their peace and internal tran
quillity, are in direct opposition to the
spirit in which the Union was formed,
and must endanger its safety. Motives of
philanthropy may be assigned for this un
warrantable interference; and weak men
may persuade themselves for a moment
that they are laboring in the cause of hu
manity, and asserting the rights of the
human race; but every one, upon sober
reflection, will see that nothing but mis
chief can come from these improper as
saults upon tlie feelings and rights of oth
«rs. Rest assured, that the men found
busy, in this work of discord arc not wor
thy of your confidence, and deserve your
strongest reprobation.
In the legislation'of congress, also, and
in eveiy measure of the general govern
ment, justice to every portion of the U-
nited States should be faithfully observ
ed. No free government can stand with
out virtue in the people, and a lofty spir
it of patriotism; and if the sordid feelings
of mere selfishness shall usurp the place
which ought to be filled by public spirit,
the legislation of congress will soon be
converted into a scramble for personal
and sectional advantages. Under our
free institutions, the citizens of every
quarter of our country are capable of at
taining a high degree of prosperity and
happiness, without seeking to profit them
selves at tlie expense of others; and eve
ry such attempt must in the end fail to
succeed, for the people in every part of
the United States are too enlightened not
to understand their own rights and inter
ests, and to detect and defeat every effort
to gain undue advantages over them; and
when such designs arc discovered, it na
turally provokes resentments which can
not always be easily allayed. Justice,
full and ample justice, to every portion of
the United States, should be the ruling
principle of every freeman, and should
guide the deliberations of every public
body, whether it be State or national.
It is well known that there have always
been those amongst us who wish to en
large the powers of the general govern
ment; and experience’ would seenf to in
dicate that there is a tendency on the
part of this government to overstep the
boundaries marked out for it by the con
stitution. Its legitimate authority is »-
bundantly sufficient for all the purposes
for which it was created; and its powers
being expressly enumerated, there can be
no justification for claiming any thing be
yond them. Every attempt to exercise
power beyond these limits should be
promptly and firmly opposed. For one
evil example will lead to other measures
still more mischievous; and if the princi
ple of constructive powers, or supposed
advantages, or temporary circumstances,
shall ever be permitted to justify ibe as
sumption of a power not given by tlfe
constitution, the general government will
before long absorb all the pow ers of legis
lation, and you will have, in effect, but one
consolidated government. From the ex
tent of our country, its diversified inter
ests, different pursuits, and different hab
its, it is too obvious for argument, that a
single consolidated government woffld be
wholly inadequate to watch over and pro
tect its interests; and every friend of our
free institutions should be always prepar
ed to maintain unimpaired and in full vi
gor tlie rights and sovereignty of the
States, and to confine the action of the
general government strictly to the sphere
of its appropriate duties.
There is, perhaps, no One of lliQ pow
ers conferred on '.he federal government
liable ^ as tl, e taxing power.—
^ most productive and convenient
sources of revenue were necessarily giv
en to it, that it might be able to perform
the important duties imposed upon it; and
. the taxes which it lavs upon commerce
being concealed from the real payer in the
price of the article, they do not so readi
ly attract the attention of the people as
smaller sums demanded from them di
rectly by the taxgalherer. But the tax
imposed on goods enhances by so much
the price of tlie commodity to the con
sumer; and, ns. many of these duties are
imposed en articles of necessity, which
are daily used by the great body of the
people, the money raised by these imposts
is drawn from their pockets. Congress
has no right, under the constitution, to
take monej from the people, unless it is
required to execute.some one of the spe
cific powets entrusted to the government;
and if they raise more than is necessary
for such purposes, it is an abuse of the
power of taxation, and unjust and oppres
sive. It may, indeed, happen that tlie
revenue wif sometimes exceed the a-
mount anticipated when the taxes were
laid. When, however, this is ascertain
ed, it is easy to reduce them, and, in
such a case, i; is unquestionably the du
ty of the government to reduce them, for
no circumstancfs can justify it in assum
ing a jarwer not given to it by the consti
tution, nor in taking away the money of
the people when it is not needed for the
legitimate wants of the government.
Plain as these principles appear to be,
you will yet find that there is a constant
effort to induce the general government to
go Dcyoml tlie limits of its taxing power,
and to impose unnecessary burdens upon
the people. Many powerful interests are
continually at wort * G procure heavy du
ties on commerce, and to swell the reven
ue beyond the real necessities of the pub
lic service; and the country has already
felt the injurious effects of their combined
influence. They succeed in obtaining a
tarift'of duties bearing most oppressively
on the agricultural and laboring classes
of society, and producing a revenue that
eould not lie usefully employed within the
range of the powers conferred upon con
gress; and, in order to fasten upon the
jieople this unjust and unequal system
of taxation, extravagant schgipeg ;,f | u .
ternal improvement were got up in vari
ous quarters, to squander the money, and
to purchase support. Thus, one uncon
stitutional measure was intended to bo up
held by another, and the abuse of the
power of taxation was to be maintained
by usurping the power of expending the
money in internal improvements. You
cannot have forgotten the severe and
doubtful struggle through which we pass
ed, when the executive department of the
government, by its veto, endeavored to ar
rest this prodigal scheme of injustice, and
to bring back the legislation of congress
to the boundaries prescribed by the consti
tution. The good sense and practical
judgment of the people, when the subject
was brought before them, sustained the
course of the executive; and this plan of
unconstitutional expenditure for tlie pur
poses of corrupt influence is, 1 trust, final
ly overthrown.
The result of this decision has been
felt in the rapid extinguishment of the
public debt, and the large accumulation
of a surplus in the treasury, notwithstand
ing the tariff’ was reduced, and is now
very far below the amount originally con
templated by its advocates. But, rely
upon it, the design to collect an extrava
gant revenue, and to burden you with
taxes beyond the economical wants of the
government, is not yet abandoned. The
various interests which have combined
together to impose- a heavy tariff, aud to
produce an~overflowing treasury, are too
strong, and have too much at stake, to
surrender the contest. The corporations
and wealthy individuals who are engaged
in large manufacturing establishments,
desire a high tariff' to increase their gains.
Designing politicians will support it, to
conciliate their favor, and to oblaiu the
means of profuse expenditure, for the pur
pose of purchasing influence in other
quarters; and since the people have de
cided that the federal government cannot
be permitted to employ its income in in
ternal improvements, efforts will be made
to seduce and mislead the citizens of the
several States, by holding^it to them the
deceitful prospect of lynents to be deriv
ed from a surplus revenue collected by
the general government, and annually
divided among the States. And if en
couraged by these fallacious hopes, the
States should disregard the principles of
economy which ought to characterize
eveiy republican government, and should
indulge in lavish expenditures ’exceeding
their resources, they will, before long,
find themselves oppressed with debts
which they are unable to pay, and the
temptation will become irresistible to sup
port a high tariff) in order to obtain a
surplus for distribution. Do not allow
yourselves, my fellow citizens, to be mis
led on this subject. The federal govern
ment cannot collect- a surplus for such
puiposes, without violating the principles
of tue constitution, and assuming; powers*
which have not been granted. It is,
moreover, a system of injustice, and, if
persisted in, will inevitably lead to cor
ruption, and must end in ruin. The sur
plus revenue will be drawn from the
pockets of the jieople, from the farmer,
the mechanic, andtbe laboring classes of
society; but who will receive it when dis
tributed among the States, where it is to
be disposed of by leading State politi
cians who have friends to favor, and poli
tical partisans to gratify? It will certain
ly not be returned to those who paid it,
and who have most need of it, and are
honestly entitled to it. There ia.hut one
safe rule, and that is, to confine {he gen
eral government rigidly within the sphere
of its appropriate duties. It has; no pow
er to raise a revenue, or impose taxes, ex
cept for the purposes enumerated in the
constitution; and if its income is found to
exceed these wants, it should be forth
with reduced, and the burdens of the peo
ple so far lightened.
In reviewing the conflicts which have
taken place between different interests
in the United States, and the policy pur
sued since the adoption of our present
nJI'in of government, we find nothing that
lias produced such deep-seated evil as the
course of legislation* in relation to the cur
rency. The constitution of the United
States unquestionably intended to secure
to the people a clrci'feiinc medium of
gold and silver. But the establishment
of a national bank by congress, with the
privilege of issuing paper money receiva
ble in the payment of the public dues,
and the unfortunate course of legislation
in the several States upon the same sub
ject, drove from general circulation the
constitutional currency, and substituted
one of paper in its place.
It was not easy for men engaged in the
ordinary pursuits of business, whose at
tention hud not been particularly drawn to
the subject, to lbrsce all the consequences
of a currency exclusively of paper; and
we ought not, on that aecounl, to be sur
prised at the facility with which laws
were oblaiued to carry into effect the pa
per system. Honest, and jeven enlight
ened men, are sometimes misled by the
specious and plausible statements ofThe
designing. But experience has now
proved the mischiefs and dangers of a pa
per currency; and it rests with you to
determine whether the proper remedy
shall be applied.
The paper system .being founded on
public confidence, and having of itself no
intrinsic value, it is liable to great and
sudden fluctuations; thereby rendering
pro pert insecure, and the wages of labor
unsteady and uncertain. The corpora-
wl^ch shonld still more strongly, press it
upon your attention.
Recent events have proved that the pa
per money system of this country may be
used as an engine to undermine yoar free
institutions; and that those who desire to
engross all power in the hands of the few,
and to govern by corruption or force, arc
aware of its power, and prepared to em
ploy it. Your banks now furnish your on
ly circulating medium, and money is
plenty or scarce, according to tlie quanti
ty of notes issued by them. While they
have capitals not greatly disproportioned
to each other, they are competitors in bu
siness, and no one of them can exercise
dominion over the rest; and although, in
the present state of the currency, these
banks may and do operate injuriously up
on the habits of business, the pecunjpry
concerns; and the moral tone of society;
3’et, from their number and dispensed situ
ation, they r cannot combine for the pur
poses of political influence; and whatever
may be the dispositions of some of them,
their power of -mischief must necessarily
be confined to a narrow space, and felt
ordv in their immediate ncighborlioods.
But when the charter for the Bank of
the United States was obtained from con
gress, it perfected the schemes of the jia-
per system, and gave to its advocates the
position they have struggled to obtain,
from the commencement of the federal
government down to the present hour.—
The immense capital, and peculiar privi
leges bertewed upon it, enabled it to exer
cise desjKitic sway over the other banks
in every part of the country. From its
superior strength, ii could seriously in
jure, if not destroy, the business of any
one of them which might incur its resent
ment; and it openly claimed tor itself the
power of regulating the currency
throughout tlie United States. In other
words, it asserted (and it undoubtedly
possessed) the power to make money plen
ty or scarce, at its pleasure, at anytime,
and in any quarter of the Union, bv con
trolling the issues of other banks, and per
mitting an expansion, or compelling —
general contraction, 61 the circulating me
dium, according to its own will. The
other banking institutions were sensible of
its strength and daw soon generally* be
came its obedient instruments, ready, at
all tim^s, to execute its mandates: and
with the banks necessarily went, also,
that numerous class of persons irj our com
mercial cities, who depend altogether on
bank credits for their solvency anil means
ot business; and who are, therefore, ol>l ig-
—i. ^ - m
States. Defeated in tlie general gnvem.
mi nt, the same class of intriguer*
politicians will How resort to the State*
and endeavor to obtain there the same o r ’
ganization, which they failed to perpc tu !
ate in the Union: and with specious atl( [
deceitful plans of public advantage*, an ,j
State interests, and State pride, they W jp
-
endeavor to establish, in the difc
vtejnt
States, one moneyed institution withotcr.
grown capital, and exclusive priviles suf.
ficicnt to enable it to control the operation*
of the other banks. Such
an institution
will be pregnant with the same evil*
duced by the Bank of the United States'"
although its sphere of action is more eon!
fined; and in the State in which it is char!
tered, ibe money power will be able t„
embody its whole strength, and to move
together with undivided force, t 0 accon*
plish any ohject it may wish to attain
You have already had abundant evidence
of its power to inflict injure upon the ag
ricultural, mechanical, and laboring elat
es of society; anil over those wlio** en
gagements in trade or speculation render
them dependent on bank facilities' jU
dominion of the .State monopoly \vfl]
absolute, and their obedience unlimited.
With such a bank and a piper currency
the.money power would, in a few veur/
govern the State and control its measurei-;
and'if a sufficient number of State* can.
be* induced to create such establishment*,,
the time will soon como whcn if wiij again,
take the field against the United ’State*,,
and succeed in perfecting and ixy-pujuat-
ipg its organization by a charter from con
gress.
It is one of the serious evils of «nr
present system of banking, that it enable*
one class of society—and that by j„,
means a numerous one—by it* control
over the currency, to act injuriously upom
the interests of all the others, and" to ex
ercise more than its just proportion of iV
flueuce in political affairs. Tho agricul
tural, the mechanical, and the laborjig
classes, have little or no share in the di
rection of the great moneyed corporatism;
and from iheir habits, and the nature of
their pursuits, they are incapable of form
ing extensive combinations to act togeth
er with united force. Sm h concert of
action may sometimes he d in *
single city, or in a small district of cwjo-
tjv, 1)3' means of personal communica
tions wiili each other; but tliev have no
regular or active correspondence with
those who are engaged in similar pursuit*
in distant places; they have but little pat
ronage to give to the press, and exercise
ed, for their own safety, to propitiate the but a small share of influence over it; they
favor of the money power l<v distinguish- have no crowd of dependents about them,
ed Zealand devotion in its service. The who hope to grow rich without laW, bv
result ol the ill-advised legislation which their countenance and favor, and who are,
established this great monopoly was, to therefore, always ready to execute their
lions which create the paper money can- I concentrate the whole moneyed power of I wishes. The planter, the former, the mc-
the circulating | the Union, with its boundless means of | chanic, and the laborer, all know
not be relied upon to keep
medium uniform in amount. In times
of prosperity, when confidence is high,
dure are tempted, b\’ the prospect of
gam, or Ity the influence of those who
hope to profit by it, to extend their issues
of paper beyond the bounds of discretion,
tue reasonable demands of business.
And when these issues httve been pushed
on, from day' to day*, until public confi
dence is at length shaken, then a reaction
takes place, and they' innnediately r with
draw the credits they have given: sudden
ly curtail their issues; and produce an un
expected and ruinous contraction,of the
circulating medium, which is felt by the
whole community*. The banks, by this
means, save themselves, and the mis-
§! tlist
their success depends upon their own in
dustry and economy, and that they inu.<!
not expect to become suddenly rich hr
the fruits of their toil. Yet these clajM*
of society form the great body of the peo
ple of the United States; they are thr
bone and sinew of the country; men vrixt
love liberty, and desire nothing but eqii.il
rights and equal laws, and who, moreov
er, hold the great mass of our nnt i*>tiaL
wealth, although it is distributed in mod
erate amounts among the millions of free
men who possess it. But, with over
whelming numbers and wealth on their
side, they are in constant ilangeroflosiog
their fair influence in the government, and
with difficulty maintain their just rights
against the incessant efforts daily made
to encroach upon them. The mischief
springs from the power which the mo
neyed interest derives from a paper cur
rency, which they are able torontrol; Inna
the multitude of corporations, with ex
clusive privileges, which they have suc
ceeded in obtaining in the different Staten,
ami which are employed altogether for
their benefit; and unless you liecomc more
watchful in your States, and check this
spirit of monopoly, and thirst for exclu
sive privileges, you will, in the end, find
that the most important powers ofgovern
ment have been given or bartered away,
md the control over vour dearest interest*
has passed into the hands of these corpo
rations.
The paper money system, and it* n«-
:ural associates, monopoly anrl exclusive
privileges, have already struck their root*
Jeep in the soil; and it will require all
four efforts to check its further growth,
md to eradicate the evil. The men who
irofit by the abuses, and desire to pet pet-,
late them, will continue to besiege the
tails of legislation in the general govern-
nent as well as in the States, and will
;eek, by every artifice, to mislead and de-
rcive the public servants. It is to your
selves that you must look for safety! and
he means of guarding nnd perpetuating
■our free institutions. In your hands is
ightfully placed the sovereignty of the
:ounlre, and to you every one placed in
mthoritv is ultimately responsible. It i»
ihvays in your power to see that the wish-
s of the people are carried into faithful
xecution, anti their wife, when once made
notVn, must sooner or later lie obeyed,
Lnd while the people remain, as I tmrt
bey ever will, uncorrupt and incorrupti-
le, and continue watchful and jealous of
tieir rights, the government is safe, and
lie cause of freedom will contiuue to tri-
tnph over all its enemies.
But it will require steady and prerert-
ig exertions on your part to rid your*
elves of the iniquities and mischief* of
ie jiaper system, and to check the spirit
f tnotwjKdy and other abuses which bar*
pning up Vriliv il, and of which it i»fi*
rain support. So uianv interests are
nited to resist all refewr/an this subject;
lat you must not hope {he conflict will
c a short one, nor success oasy.
lUnble efforts have not been spared* dur*
ig my administration of the government,
> restore the constitutional currency of
>ld and silver; and something, I trust,
is been done towards the accompli^ 1 *
entof tjijs most desirable object. H° l
tough yet remains to require all your
tergy arid perseverance. The power,
ovever, is in vour hands, and the rcine*
l must, and will be applied, if you de-
rniiue upon it.
Wliilc I am thus endeavoring to prc«*
•on vour attention the principles which
deem, of vital importance in the dome-**
i neae ebbs and flows in tbc currency, and
these indiscreet extensions of credit, na
turally engender a spirit of speculation in
jurious to the habits and character of the
people. We have already seen its effects
in the wild spirit of speculation in the
public lands, and various kinds of stock
which, within the last year or two. seized
upon such a multitude of our citizens
and threatened to pervade all classes of
society, and to withdraw their attention
from the sober pursuits of honest indus
try. It is not by encouraging this spirit
that we shall best preserve public virtue
and promote the true interests of our
country. But if your currency continues
as exclusively paper as it now is, it will
foster this eager desire to amass wealth
without labor; it will multiply tlie num
ber of dependents on bank accommoda
tions and bank favors; the temptation to
obtain money at any sacrifice will become
stronger aud stronger, and inevitably lead
to corruption, which will find its way in
to your public councils, and destroy, at
no distant day, the purity of your govern
ment. Some of tlie evils which arise
from this system of paper, press with pe
culiar hardship upon the class of society
least able to bear it. A portion of this
currency frequently becomes depreciat
ed or worthless, and all of it ix easily
counterfeited, in such a manner as to re
quire peculiar skill and much experience
to distinguish the counterfeit from the
genuine note. These frauds are most
generally perpetrated in the smaller notes
which are used in the daily transactions
of ordinary business; and the losses occa
sioned by them are commonly thrown
upon the laboring classes of society,
whose situation and pursuits put it out of
their power to guard themselves from
these impositions, and whose daily wages
are necessary for their subsistence. It is
the duty of every government so to regu
late its currency as to protect this numer
ous class as far as practicable from the
impositions of avarice and fraud. It is
more especially the duty of the United
States, where the government is emphati
cally the government of the people, and
where this respectable portion of our citi
zens arc so proudly distinguished from
the laboring classes of all other nations,
by their independent spirit, their love of
liberty*, their intelligence, and their high
tone of moral character. Their industiy,
in peace, is the source of our wealth;
and their braveiy, in war, has covered us
with glory; and the government of the
United States will but ill discharge its du
ties if it leaves them a prey to such dis
honest impositions. Yet it is evident that
their interests cannot be effectually pro
tected, unless silver and gold are rpg{p)pe4
to circulation.
These views alone, of the paper cur
rency, are sufficient to call for immediate
reform; but therejs another consideration
and with our present system of currency, J-tic concerns of the country, I ought
\vas sufficiently* demonstrated in the^trug- I pass over, without notice, the imp -
1c made by the Bar;k of the United I considerations wjch should govern ,,ur
not to
portant