Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1810-03-26

80 zet. IfeaeuEy Wesssss 49,
,,ayable 20 order, one year ftssr dass. ~
be annually issued 10 g uAodsFate asaenn,,
,na i. nut In cciirculasicn both thraash ne'
,y,.d;um ofbanks, md Ia ,Payment q .uP-
-plis.. A portion would be absorbed au.i
la the year she Paymeae Ct public l " :;
ard reyesius bonds. and heredsmpaoa ~ :
he residue be provided for by the loan g
the en- .uinz year. This annual antie'Pa'
.,iou ofthe revenue, though liable 70 abuse
may. is kept within strict bounds, facilitate
both the collection of the revenue aud the
loans themselves.
In relation to the sx.ingui,hmens OF the
debt contracted, those who borrow can 40
nothing more than 10 provide and pledge
sums sufficient for that object, and TO give
such form to the debt as may not impede
it's redemption. Torerder' it irredeema'
bic for no longer time than is necessary,
in order to obtain the money; to make It
reimburseable by instalments at fixed peri
DDS; never to create for the sake OF dimi-
nishing the annual interest, a greater no
minal amount of stock than the sum aetu.
ally borrowed, and>above ali never to IN
cur expences which arenot actually neces.
sary for the defence or welfare Of tho conn
try, are principles essential for a. nation
which, doris not contemplate a system OF
perpetual and increasing debt. But tor ito
actual reimbursement we must principally
depend on the rets'n of prosperous cireum-
stances, on the growing resources OF the
country, and on the wisdom Of our sue
cessors. The artificial provisions Of
sinking fund may always be rendered inef.
6cient BY the necessities or extravaganza Of
government. The real amount OF a nation
al debt cannot be diminished unless the az
gregate'o of revenue includ ng the funds as
signed to the sink ing fund, and exclusively
OF new loans, exceeds the aggregate OF ex-
penditures, other :hsn those for the pay
ment OF the principal Of the debt. Favora-
bic circumstances, and rigid economy in
the current expences have enabled the y.
States to reimburse during the last eight
years, one half of the debt created by the
revolutionary war, and during some OF the
enssing year. Similar circumstances, and
an adherence to the same principles will be
requisite to secure the a:tual reimburse.
ment Of the debt which it may now be ne.
eessary to contract. But that. government
will possess resources amply sufficient for
that object, cannot be doubted. The pro.
ceeds OF the public land. would alone slow.
" perhaps, out certainly extinsuistaa much
greater debt than the United States have it
now IN their power TO create. And ii is
sufficiently .ascersained tina, the national
wealth of the United States, and therefore
the means OF ..ising revenue increase in
ratio still more rapid than their population
which almost doubles every twenty years.
Those considerations, connected with o.
theirs stated a. large in the annual reports
OF Nov 1906 and Dec. 1903, have pro.
ducsd conviction that loans might with.
out danger br r~sor,ed to:.as the principal
resource tor supporting war. Psrmi. me
at the same time to observe. that the sug-
gestion has been confined to that object a.
lone, ard that, excepting the case Of war,
either immediate or contemplated, it .ap.
pears consistent with sound policy to raise
during the year the M ans Of defrayng all
the national expences, borrowing no larger
sum than the amount Of princi pal Of old
debt paid during the year. The propriety
for providing, even 10 time of war, a re.
venue equal to the annual expences on
peace establishment, tn. interest of the ex
listing debt, and that on the loans which
may be raised, has also been suggested ia
former reports.
Increase Of Duties.
On that subject, but little can be added
to the opinions expressed On former occa.
sions. still think that this source Of re.
venue is in the United States, and at this
time the most productive, and easiest to-
collect, the least burthensome to the great
mass of the people /; and that the duties on
generally may, in case OF war,
be doubled without Inconvenience or dan.
ger. -,......... !
In time Of peace, and particularly usder
existiro. circumstances hahi,e rs .u,us