It may safely be received as an axiom in our political system, that the state governments will in all possible contingencies afford complete security against invasions of the public liberty by the national authority.

They are not rules prescribed by the sovereign to the subject, but agreements between sovereign and sovereign.

States, like individuals, who observe their engagements, are respected and trusted: while the reverse is the fate of those who pursue an opposite conduct.

Here sir, the people govern.

A struggle for liberty is in itself respectable and glorious. . . . When conducted with magnanimity, justice and humanity, it ought to command the admiration of every friend to human nature. But if sullied by crimes and extravagancies, it loses its respectability.

I expect we shall be told, that the Militia of the country is its natural bulwark, and would be at all times equal to the national defence...The facts, which from our own experience forbid a reliance of this kind, are too recent to permit us to be the dupes of such a suggestion.

The natural effect of low interest is to increase trade and industry; because undertakings of every kind can be prosecuted with greater advantage.