Whatever agitations and
fluctuations might arise from our unfortunate paper system, they could
never be attributed, justly or unjustly, to the action of the Federal
Government. There would be some guaranty that the spirit of wild
speculation which seeks to convert the surplus revenue into banking
capital would be effectually checked, and that the scenes of
demoralization which are now so prevalent through the land would
disappear.
Without desiring to conceal that the experience and observation of the
last two years have operated a partial change in my views upon this
interesting subject, it is nevertheless regretted that the suggestions
made by me in my annual messages of 1829 and 1830 have been greatly
misunderstood. At that time the great struggle was begun against that
latitudinarian construction of the Constitution which authorizes the
unlimited appropriation of the revenues of the Union to internal
improvements within the States, tending to invest in the hands and place
under the control of the General Government all the principal roads and
canals of the country, in violation of State rights and in derogation
of State authority.
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