The Development of American Nationality

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The deficit, which Van Buren had met by the temporary expe dient of treasury notes, was now provided for by a loan of $12, 000, 000, though the objection to a permanent national debt was still so strong that the term of the loan was too short to make capitalists eager to buy the bonds. More important was the repeal of the Independent Treasury Act, which was speedily rushed through and signed by the President. The Whigs had now to provide a substitute for the system they had overthrown. In doing... so they wished to furnish a means not only for doing the business of the government, but for regulating the currency. They wished to put an end to the CLAY S PROGRAM 253 divorce between the government and the business world. Tyler, after discussing the subject in his message, con cluded: "To you, then, who have come more directly from the body of our common constituents, I submit the entire question, as best qualified to give a full exposition of their wishes. I shall be ready to concur with you in the adoption of such system as you may propose, reserving to myself the ultimate power of rejecting any measure " which may, in my view of it, conflict with the Constitution or otherwise jeopardize the prosperity of the country a power which I could not part with even if I would, but which I will not believe any act of yours will call into requisition.

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