January 10

"To avoid the necessity of permanent debt and its inevitable consequences...I have advocated and endeavored to carry into effect...only such objects as are clearly within the constitutional authority of the Federal Government."

Martin Van Buren, 8th President, 1837-1841-Fourth Annual Message to Congress December 5, 1840-Van Buren followed Andrew Jackson as President and agreed with the policy of abolishing and limiting the federal bank. He correctly and greatly feared being in debt to either a national bank or any foreign power. He would no doubt be aghast at corporate bailouts, our national debt today, and the foreign powers to whom we owe money."...In lieu of a national bank or a dependence upon banks of any description for the management of our fiscal affairs, I recommended the adoption of the system which is now in successful operation. That system affords every requisite facility for the transaction of the pecuniary concerns of the government; it is confidently anticipated to...do away forever all dependence on corporate bodies either in the raising, collecting, safekeeping, or disbursing the public revenues, and place the government equally above the temptation or the necessity of adapting its policy to the views and interests of a still more formidable money power abroad...Not deeming it within the constitutional powers of the general government to repair private losses sustained by reverses in business having no connection with the public service, either by direct appropriations from the Treasury or by special legislation designed to secure exclusive privileges and immunities to individuals or classes at the expense of the great majority- no attempt to do so has been either made, recommended, or encouraged by the present executive. It is believed, however, that the great purposes for the attainment of which the federal government was instituted have not been lost sight of. Intrusted only with certain limited powers, cautiously enumerated, distinctly specified, and defined with a precision and clearness which would seem to defy misconstruction, it has been my constant aim to confine myself within the limits so clearly marked out and so carefully guarded.