Jenks's Portland gazette., 1802-03-08
VOLUME w.

uus4 fesi i-FG Js AEiluts tne purify 0f the pub
he faith nor the fafety of the creditor. viii en-
dure the application Of tlrs principle ro any
other, than AZ aicertaired rsfpit it--Geiher, GER
tainly, viii tolerate, that merely a rseionzJk
ground Of eoHfdsnas fhAl authorize 70 mllefial an
alteration 10 the efence Of the iecurity which
profeas The debt.
The foregoing realoning as 10 the queaion Of
right, may be further elucidated BY the parti-
cular proyiGon in the Aa* which introduced
the excite on diftilled fpirits After permanent
appropriation of the proceeds Of the tax to the
intereh of the debt, il provides that the furplus
if any there hali beat the end of each year hsNbs
applied to the reduction of the principal; uulefs
that fnrplus or any part of it fhoul5 be required
for public exigences Of The United States, and
fhould be 70 appropriated BY fpecial /" A6s OF
Congrefs Y While at this early period of our
finances il was not thought expe 1ientto appro.
pirate this furplus aj0atciy to the Sinking Fund,
i was contemplated that il fiould not Be divert
Cd except for pa5Ec fsigescet GTatHitouAr to
relnquhh it, is therefore contrary 20 the letter
az we'll as TO the fprit of the original inGitniion
of the fund. The like obferya.ions, tho with
ief force, apply to the proyiGon noticed 10 aDo-
ther nun5er, refpe6fing the lurpludes of the
revenue generally, which, as we have ieen, are
al Appropriated 70 the Sinking Fund At the
ieEion OF Congrefs Immediately ihcceedng any
year ia which iuch farpllfIes may accrue, they
may be ipecialy a5tr6triatsf or rEJsyvsd by law,
tor other purpoies but il this be not done,
they are then 70 60 Of caurle the sirkiEg Fund.
TO appropriate or % rssyVs plainly can never
meauto rsEaq4Jib. The true meaning Of The
provGon appeats, therefore, to be thar, tho
Congrels, under the elrittiou exnreded as TO
time, may APPROPRIATE Or rtItr0- tho.e furplufes
for other objects fine pu plic f-ryic5, vet If nor
wanted for iuch othcr obie4s, they iii Ill con-
tinue to enure 10 the fund for the redu9ion of
the debt, 70 long as by the laws regulating their
duration they are 10 continue 70 be levied.
Thus, on whatever & L il is viewed, there is
temeritY and leviiy in the proposition VIII ch
confoCnds and am 3zes.--Ii, unhappv it lhau
receive the ianction Of Coagreis, ther@ WI re-
main nothing in principle of our fyG=m of Pub
lie Credt-nothing on which the confidence Of
the creditor can iafely repole. The precedent
of fatal innovation will have Been eaabliihed:
and its e6ten(on 10 8 total anniila.ioE OF the
fecurity, would be lteP, not much more vio-
lent, than that by whirh the inroad had COM
menced. But it is devoully 70 be hoped, Oh u
the dslirurn OF party lpirit will noE 70 far tranf
port the Legi1ative Representatives of the na-
ton, as TO induce them to pat the zeal o. a maa
fure, as motivelels-as preeiPiJ2te--aa impoh.
tic--as taifbkf--as could have been dictated.
even by deliberate hCailny 10 the vital prin-
ciPles of our national credit. Peculiarly the
guardians Of the PUBLIC FAITH, and OF the
public buris, they furely will not content % i'm
powerful the one, aud the other, through an abb
ed and criminal complailance.
1t is faa not unknown to himielf that
abroad as well as at home, diff ience has been
entertained of The opinions and views of the
perion now at The head Of our government with
regard to our fyaem of public credit. This
undoubtedly ought to have been with him
frong realon for caution, Especially at 70 early
Gage ofhis administration as to any Gep which
might Rrengthen that d,ifidence; which was in
the leaf equivocal in its tendency. Nor ought
It TO have been overlooked, that the intereR of
the Rate, and a regard for his own reputation
demanded this caution. The appearance Of
inaabuty in the paas of a government, parti-
cularly refPeeing is finances, can never fail 20
make injurious imprefions. To government.
ihe character of which has moi yet been eltab-
llhed by time, the example Of fudden and
quefoAable Innovations, may Be expected TO
be in the highe9 degree detrimental. Pruienr
men every where are apt 60 take the alarm az
great changes not manfeliy beneficial and
proper; difpoliton whch has been ncreaied
by the terrible eveats Of the Pr-ient revoiutiona-
ry era. Yet diireg glrding theie iaiutarY and
obvioas reflections. the Prefdeat has ventnred,
in the very infancy Of his adminiaration, upon
the bold and uniuti6able lep Recommending
TO the Legislative body, resunciaton Of the
whole ;atsraql re7,seue of the country. tho the
nation is at this moment incumbsred with
conlderable public debt and tho that very
revenue, is, BY The exiting laws, an eaablilhed
fund for its dicharge.
What then are we to think of the oRentatious
afurlnce in the Inaugural Speech as to the pre-
fervatlon Of Public Faith? Was il gi sea mercy
TO an,uie with agreeable, bur deceptive foaads
Is it po1;b9e thar Il could have besn Intended %
conceal ths inG lious ds6gn Of aimidg d,Ady
blow at a SYdem which was oPpoled II It's Or
IGN, add has been caiemuiite4 a every aage
of i,s progrels?
- ,..l,f,