It is by adopting and carrying out these principles under circumstances
the most arduous and discouraging that the attempt has been made, thus
far successfully, to demonstrate to the people of the United States that
a national bank at all times, and a national debt except it be incurred
at a period when the honor and safety of the nation demand the temporary
sacrifice of a policy which should only be abandoned in such exigencies,
are not merely unnecessary, but in direct and deadly hostility to the
principles of their Government and to their own permanent welfare.
The progress made in the development of these positions appears in the
preceding sketch of the past history and present state of the financial
concerns of the Federal Government. The facts there stated fully
authorize the assertion that all the purposes for which this Government
was instituted have been accomplished during four years of greater
pecuniary embarrassment than were ever before experienced in time of
peace, and in the face of opposition as formidable as any that was ever
before arrayed against the policy of an Administration; that this has
been done when the ordinary revenues of the Government were generally
decreasing as well from the operation of the laws as the condition
of the country, without the creation of a permanent public debt or
incurring any liability other than such as the ordinary resources of
the Government will speedily discharge, and without the agency of a
national bank.
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