No such
appeal has been taken, and in my opinion a distribution of the surplus
revenue by Congress either to the States or the people is to be
considered as among the prohibitions of the Constitution. As already
intimated, my views have undergone a change so far as to be convinced
that no alteration of the Constitution in this respect is wise or
expedient. The influence of an accumulating surplus upon the legislation
of the General Government and the States, its effect upon the credit
system of the country, producing dangerous extensions and ruinous
contractions, fluctuations in the price of property, rash speculation,
idleness, extravagance, and a deterioration of morals, have taught us
the important lesson that any transient mischief which may attend the
reduction of our revenue to the wants of our Government is to be borne
in preference to an overflowing treasury.
I beg leave to call your attention to another subject intimately
associated with the preceding one--the currency of the country.
It is apparent from the whole context of the Constitution, as well as
the history of the times which gave birth to it, that it was the purpose
of the Convention to establish a currency consisting of the precious
metals.
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