Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-10-02

, that did withdraw it. Let It be: supposed that
| a loan of Ten Millions is wanted and that
land tax and house tax are imposed & pledg-.
ed for the redemption: as these men sacrifice
all consideration to interest, in other words'to
ItohuIarity, will they not abolish the tax wheh
they find the people rest1ye under It VINO
lean doubtit The creditor then, lending his
money at an ordinary interest, is, alter the
experience he has had, to hazard it upon thiss
prccarious security. Ii the tax is popular, he
is safe; if not, he must take his chance OF the
encrease of imposts, which can be. the result
only of restoration of commerce An event
which no man in his senses can anticipate
while the present politicians remain pow
| er.
Can so substantial a thing then as money be
expected to be advanced upon SO uasubstan-
| tial and evanescent a security as mortgage
| Of funds by men whose violation of pubic tuth
lis registered in the Acts Of Congress? 1t is
| impossible.
1t has been seen that the excise on distilled
spirits was pledged as security to the pub
| lie creditors and that it has been withdrawn.
1t is not less evident that since the destruction
of commerce no Revenue is to be expected
from imposts. Ifthen recourse is to be had
| to internal taxation; it would seem to follow,
that such taxation ought to 'ie re-Pledged to
those from whom funds Of the same descrlp-
ton had been formally withdrawn; partlcu.
larly as their stock is now actually depreclat-
ing in the market, because there is no fund
pledged to secure the payment OF the interest
and instruments. If the fund then is to be
revived, or a similar one created, the first
MORTGAGE ought 10 come in hrst. The ans
wer to this will be, then the fund will not
probably be more than sufficient for the secu-
rity of such first mortgage, and therefore we
will pass him by, and pledge it to others from
whom we are obliged to borrow now. 10
short-sighted politicians this might appear
cunning enough, as we'll as base enough. But
what will be the reflections of the present
lender upon the subject? He will naturally
suppose that if they can pass BY the old ere.
ditors, for the purpose of catching him, in due
time they will pass him by to catch Others.
The same necessity must produce the same
profligate disregard Of public faith in the same
man.
In the present posture thereforesnf our af-
fairs, it seems that no loan can be negotiated
except with fanatics and they seldom have
money The evils which practical men fore.
saw from the folly, the levity, the frothy
boistcrousness Of Democratic demagogues,
are daily coming nearer and nearer to us---they
are becoming every day more and more pAlpable
and even tangible. Mr.. Jefferson's reliance
upon the justice of nations" has subjected
us to insults and robberies without number;
and the projects he has bottomed upon be-
lief, that our intercourse was indispensable to
them, has had the effect of rendering our sys.
tenn of resistance, not only contemplate in
their estimation, but destructive to the Agri.
culture, Commerce and Revenue of our own
country And to complete the misery OF our
condition, we find that at the moment when
revenue is extinguished, the credit of govern
,nent has been so deeply injured BY former
breach of faith that it will be difficult to obtain
relief from our present necessities by even
temporary loan. 1t has been government OF
fair pretences, and oracular sayings; it has
dealt iii most bewitching politic-l aphori3ms
it has said many plausible things; but if the
actual condition of the country may be war
rant for the assertion, it has never done wise
one. HANlLION.