Wlliam Gilmore Simms
Selections from the Letters and Speeches of the Hon. James H. Hammond, of South Carolina >> An Oration on the Life, Character, and Services of John Caldwell Calhoun, Delivered on the 21st November 1850, in Charleston, S.C., at the Request of the City Council >> Page 265

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Page 265

Speech | The Reprint Company; John F. Trow & Co. | 1866, 1978
Transcription 265
fatal vices of all Governments originate in the com-
mand of too much money. To lessen the necessary
amount of revenue by curtailing expenditures, was an
essential feature of Mr. Calhoun's great scheme of
reform. He did not fail to oppose every improper
appropriation, and defeated many ; and, finally, suc-
ceeded in carrying his proposition to relieve the dan-
gerous plethora of the Treasury, by depositing the
Surplus with the States--not to sustain tariffs as Jack-
son's recommendation of a similar substitution was
intended, and to be permanently maintained, but to
arrest the general waste of money, until the Compro-
mise Act materially reduced the revenue.
Some of the diseases of the Government Mr. Cal-
houn thought it would be dangerous to heal too sud-
denly. One of these- was the United States Bank,
whose charter expired in 1836. Gen. Jackson had, in
1832, vetoed a recharter of it ; and in October, 1833,
he removed the Government funds from its coffers, and
deposited them in the State Banks without any autho-
rity from Congress:
Mr. Calhoun condemned this high-handed and un-
constitutional measure, and, believing that the Bank
could not be closed immediately, without producing a
financial convulsion so completely had it brought
the whole financial and mercantile system under its
power proposed to give it twelve years more to wind
up its affairs. But he did not let the occasion pass,
without clearly indicating his views of the Banking
system. He said that the Government ought, at a
proper time, to be entirely divorced from all connec-
tion with Banks. " I have great doubts," he said, " if
doubts they may be - called, of the soundness and