If I rightly read “the signs of the times,” there has seldom been a period when the Democratic party of the country, to which you and I are warmly attached, was in greater danger of suffering a defeat than at the present moment. In order to avert this catastrophe, we must mutually forget and forgive past dissensions, suffer “bygones to be bygones,” and commence a new career, keeping constantly in view the ancient and long established landmarks of the party. Most, if not all the great questions of policy which formerly divided us from our political opponents, have been settled in our favor. No person, at this day, thinks of re-establishing another national bank, or repealing the Independent Treasury, or distributing the proceeds of the public lands among the several States, or abolishing the veto power. On these great and important questions, the Whigs, after a long and violent struggle, have yielded; and, for the present, at least, would seem to stand upon the Democratic platform. The compromise measures are now a “finality”—those who opposed them honestly and powerfully, and who still believe them to be wrong, having patriotically determined to acquiesce in them for the sake of the Union, provided they shall be faithfully carried into execution.
On what issues, then, can we go before the country and confidently calculate upon the support of the American people at the approaching Presidential election? I answer unhesitatingly that we must fall back, as you suggest, upon those fundamental and time-honored principles which have divided us from our political opponents since the beginning, and which from the very nature of the Federal Constitution, must continue to divide us from them until the end. We must inscribe upon our banners a sacred regard for the reserved rights of the States—a strict construction of the Constitution—a denial to Congress of all powers not clearly granted by that instrument, and a rigid economy in public expenditures.
These expenditures have now reached the enormous sum of fifty millions of dollars per annum, and, unless arrested in their advance by the strong arm of the Democracy of the country, may, in the course of a few years, reach one hundred millions. The appropriation of money to accomplish great national objects sanctioned by the Constitution, ought to be on a scale commensurate with our power and resources as a nation—but its expenditure ought to be conducted under the guidance of enlightened economy and strict responsibility. I am convinced that our expenses might be considerably reduced below the present standard, not only without detriment, but with positive advantage both to the government and the people.
An excessive and lavish expenditure of public money, though in itself highly pernicious, is as nothing when compared with the disastrous influence it may exert upon the character of our free institutions. A strong tendency towards extravagance is the great political evil of the present day; and this ought to be firmly resisted. Congress is now incessantly importuned from every quarter to make appropriations for all sorts of projects. Money, money from the National Treasury is constantly demanded to enrich contractors, speculators, and agents; and these projects are gilded over with every allurement which can be imparted to them by ingenuity and talent. Claims which had been condemned by former decisions and had become rusty with age have been again revived, and have been paid, principal and interest. Indeed there seems to be one general rush to obtain money from the Treasury on any and every pretence.
What will be the inevitable consequence of such lavish expenditures? Are they not calculated to disturb the nicely adjusted balance between the Federal and State Governments, upon the preservation of which depend the harmony and efficiency of our system? Greedy expectants from the Federal Treasury will regard with indifference, if not with contempt, the governments of the several States. The doctrine of State rights will be laughed to scorn by such individuals, as an obsolete abstraction unworthy of the enlightened spirit of the age. The corrupting power of money will be felt throughout the length and breadth of this land; and the Democracy, led on by the hero and sage of the Hermitage, will have in vain put down the Bank of the United States, if the same fatal influence for which it was condemned, shall be exerted and fostered by means drawn from the Public Treasury.
To be liberal with their own money but sparing of that of the Republic was the glory of distinguished public servants among the ancient Romans. When this maxim was reversed, and the public money was employed by artful and ambitious demagogues to secure their own aggrandizement, genuine liberty soon expired. It is true that the forms of the Republic continued for many years; but the animating and inspiring soul had fled forever. I entertain no serious apprehensions that we shall ever reach this point, yet we may still profit by their example.
With sentiments of the highest respect, I remain your friend and fellow-citizen,
James Buchanan.
To these should be added an address made at a festival in Philadelphia on the 11th of January, 1851, on the establishment of a line of steamships between that city and Liverpool. The account is taken from the journals of the time.
After Governor Johnston had concluded, Morton McMichael came forward, and said that he had been instructed by the Committee of Arrangements to propose the health of an eminent Pennsylvanian who was then present—one who had represented his State in the National legislative councils, and had occupied a chief place in the administration of the National Government, and in regard to whom, however political differences might exist, all agreed that his high talents, his unsullied integrity, and his distinguished public services had justly placed him in the foremost rank, not only of Pennsylvanians, but of all Americans. He therefore gave