The enquirer. [volume] (Richmond, Va.) 1804-1815, 1806-07-11

u"oSe"ce, only, know now 10 appreciate.
Mol.
NEUTRALITY-SUSPICIOUS. PUBLIC CREDIT
Z" nun eon66 that svbrn I fee princes and
T" Rafe5 quaryeiiing and fg5iing amidR their
:" to ms n'ixd & eateb Of endgeI.piayiag fought
+" IN a China Esop."
Hume's Eilays, vol. /, p. ss2.
There is, perhaps, no1p,litica, principle more
generally received by every party or feet of po-
liticians in this as well az in other countries,
than the one. that tie duration Of a fate, its
power and refpeetabi'ity, depend materially or
wholly upon It's extent Of credit. The power
Of obtaining frequent and large fGppIes O: mo-
ney, IS regarded re the vital principle OF the ex-
ifence OF nation; as Barometer by which
to meafire the degfec of its proiperity or the
ttage OF its decline. Whether or not this is
correa opinion, a mere novice in the fcience of
government may determine. ! propoie in this
efay to give compendnus Ind confsqaently
Imperfect view ofthe fyfem CT public credit
generally. N
1ae admirers o. this fytern, in the excefs Of
their corruption or in the bndnefs Of their ig-
norancc, have extended their admiration &
/
with holding up to view it's mott fpendid fea-
lures, they have even defended it in its WORT &
mott odious tendencies. aud maintained that
I" national debt is national bleiiing." This
maxim, which the legitimate & darling off
fprug OF corruption, fprang up under the aufpi-
Gee Of defpotiim was I,sred by its ttep- mother,
fock-jobhing idio:y. That aate o. unnatural
and convufve vigcur, that tate OF otrentatious
hut tottering credit, which Immediately pre-
held up to view as the nfaiib!e token of po!iti-
cal health, and the full maturity Of public Gre
dit. As we'll might the defigning rmpyrick
/ attempt 20 periuadc the di.confolatc relatives
of ms confumptive patient, that the cohvuiaJe
!truggles of approaching diGolut,,n, tie lat a.
comics OK death itelf, are the efforts of incresr-
ing itrength, the unerring figns Of fpeedy reco,
very. The deluion NUT vaEilh iooner or later,
| antethe hideous monitsr, public credit, wiiI be
,een in its Estivc defordlity. I do not intend
in this place to exaraine the eyftem OF public
credit as j. ex;'ts in this OF in that country, or
as it is isttraiRcd by this or that modification.
Twill attend only 10 the general principles on
which 1t reas (: the abHes 20 which IL j, Eab.s {;
It's hottie afpee to freedom, and IFS natural ten
| dency to national bankruptcy.
II is worthy of remark that from the remoteft
ages Of antiquity to the prefent time, from the
| irf rudiments of civil tociety to the prefent
| advanced fage OF civilization, the expedients
| of boarding up features for political or civil
| purpoies, and of borrowing large fums of mo-
| ney TO fJppIy the wants of government. have
been adopted in lomc fhape O.; other. Ancient
| hiffory will inform us that every monarch, eve.
ry petty fover=ign Of an inconGderable fate, G.
! very fmail republic, had its treafure 10 employ
IN the prof-cut'on Of foreign wars, and TO car
| ry on the affairs of goeernmsnt. The ancient
| republics OF Gau!, 2re laid 10 have had large
tnnls of money at command. Philip and Ser
nus, ancient kings Of bidccdo. had eowfiticrabie
creatures. Alexander is faid by an ancient hif-
toriaa to have found $4,000 talents when he
conquered Sufa. The Roman emperors Au-
guftus. Tiberius, Veipafian and Scverus, took
the fame wife precaution OF boarding up trea-
! lure. But modern princes and fates, have, as
civilization and refinement advanced, invented
new mode of providing for the exieencjes o.;
government. The focsiobbers and political
| emoyricks of Europe. have itunb!ed upon the
plan of 2,'rro7ving large iums of money and
providing for the payment of II by morteagine
the public revenue and bequeathihg the pu5Iie
de6t5 as 1iah4abke Legacy to poGsfity. This
plan which 10 abundautly teens with iniau;ty,
has been kept op in many countries by an I'M
accountable ignorance and delu6on. It's per-
| nicious consequences are 70 fingularly conipi-
| cuous that it is indeed wonderful how they ha We
efcaped the blindnefs ofignorance itfelf. fwlil
| barely mention fome of thefe obvious evils.
Firft object to the fytem of public credit,
hecaufe it is radically uiuialt aud peYnicious.
In the common affairs oe men as we'll as Of pa-
tons, 1t would feem but rcafonabIe that that
m;T or that people who have borrowed large
fums of money for the purpofe of fuppiying
their own wants, fhou.d refund this money
when it becomes due. The fyitem of credit,
however, is bo.toned' on the idea thai poteri-
ty are bound to diicharge the debts of their an-
ceitors; it is, fays Mr.. Paine, SO fyaem of anti,
cipation." The generation who borrowed an
hundred years ago, Ga'icipAted tie rejaR,1ss of
! thoie who were to conc an hundred years after
l2dly 1t is boundleis in its operation; il ola-
ces IN the hands of government a dangerous
weapon which it may WELD without oppofiti-
on. Had each generation TO pay t',e price OF
Its own prodigaIity and to refund the Sums of
money which If fquanders In foreign wars and
con9uets, we ih0uld not probably now fee
all Europe one expanded theatre Of war. Wbilft
the lnit, regular aHd equal mode Of taxation r.
purified to annals revenue, the avarice, am
bitten and extortion of rulers cannot be graft
he'd they cannot indulge themfelves in the
w'ld and ProRtIefs ichemes offoreign conoaen
they mutt invent lorne new plan by which to
deprive ndufry Of its reward and fupnly their
immediate necefiities. There is no pan that
can be deviied which would fooner or more
efteetualv lead to thefe ends, than the eftabIi:h
ment OF public credit.
Sdly a nation derives An unnatural and adj.
yentitious PROPERTY from the practice of con-