The enquirer. [volume] (Richmond, Va.) 1804-1815, 1812-02-08

parhahty OF distant listoriars--rnc pore
We see, the more we are satisfied that per
sonai feelings are the bane ofthe poli,ician.
He who forms his views Of measures Or Of
men, not so much from their own intrinsic
Light, as Through the mist which his own
feelings cast around them, must always DC
deceived. dc who Is pushed on by ambition
or revenge, must sooner CT later trip and
tall, AT some evil hour or ctacr, his evil &c
mus Will surround him with temptation, &
poar into his ear the seductive councils that
viii conduct him to his ruin.
The Budget has been the subject oe much
general and indiscrininate abuse. Some
have completely damned it in gross---,e-
cause some of its suggestions arc is,prqper..
Mr.. q. has been charged rs jesuit; in the
profession If one thing and in the practice
ut another, slyly attempting to defeat n war
which he disli&es. by the unpopnlarity of
the means which he has proposed.-The1
error has not stopt there. Some have evengonc
solar as to say, that no<o IS ought to be laid,
and that the war ought only to be waged by
ioans.
We Shall not hesitate, therefore, to speak,
our sentiments both OF tho Budge.-and
its Amthor.
The first presents to us these two very
interesting points. 1st. Whether we shall
or shall not raise any rev taxes and 3D.
Are the fares proposed the best which can
be deyisedl "a.
On the first point, we are disposed to
move, heart and hand, with the Secretary of
the Treasury.--We are most clearly Of O.
pinion, that taxes ought to be imposed for
1t least the purposes which he points ont.
The very politicians who advocated the
repeal OF the Internal tares in 1901, had
anticipated such a Crisis as the present,
when our internal resources might re resor-
ted to--Ihis view did not escape Mr.. Jefrcr-
son, in his first Message to Congress, on
Dec. q, 1901, for, i'll recommending their re-
peal, he uses the following emphatic & pro-
phetic language: -.
Other circumstances, combined with
the increase of numbers, have produced
an augmentation of revenue arising from
consumption, i'll ratio far beyond that of
population alone and though the changes
in foreign relations, now taking place so
desirably for the whole world, NAV for a
season affect this branch of revenue, vet.
weighing all probabilities of expence, as
wellas of income, there is reasonable ground
Of confidence that we may now safely dis
pense with all the internal taxes, comp,e-
hendIng excuses, stamps, auctions, iicen-
ces, carrlages,Sl refined sugars to which
the postage on news papers may be added
20 facilitate the progress Of information and
that the remaining sources Of revenue will
ne sufficient toHprovide for the support of
government, to pay the interest of he pub
lie debt and to discharge the principals
IN shorter periods than the laws, or the gen
erai expectation had contemplated. War.
indeed, and untowa ard events. NAV change
this prospect of things. and call for EXPENSES
which the lmposts could not meet But
sound principles will not Justify our taxing
the industry of our fellow citizens TO accu-
muiate treasure for wars to happen We
know not when, and which might not, per-
haps happen, but from the temptations
offered by that treasure
AT the present crisis, what do we see p
=" H1Gr and nntozyard eue7its,'' HAVE
" changed this prospect of things - they
" call Tor eXpenccs which the Utmost cannot
meet" Were MIR. jefferson at The helm Of
affairs, he must, Consistent with his own
principles, ask TOR the use OF our int rnal
resources to meet the new expences of the
times.
What Mr.. Jefferson would have done, has
been substantially done by his successor. The
suggestion came from Mr.. Madison in his
Message of November, to raise revenue
- sufficient at least to defray the ordinary
expenses OF government and to pay the IN
terest Oh the pubic debt, nolut,ing that on
new loans which may be authorised. Mr..
Gailatin has conformed to the idea of Mr.
Madison in the general principle of the bud
get before us.
But this is not the suggestion of Mr.. Ma
iison only 1t is that OF r-oson--Ifw we do
rot have tares to this amosnt, we must have
l9anS-and the only question is, which is best,
Hl9ans, or part loans, part tare9f
In the lst way, we shall have to borrow
as much as VIII not only supply orr wants,
but pay the interest on that loan--:n other
words the interest will be continually mel
ting INTO the principal, and thus we shall
have to pay interest upon interest. for each
succeeding year. This is By way of c3mhound
interest; the other medc is in the operation
OF simple interest. This is one distinguished,
advantage which the latter has over the
ioiIner---and to form some rude conjecture
OF the amount let us take the following COM
parative view of the workings of each system.
Taking 10 millions as the guage Of the
annual costs of the war 4; & millions neccs-
sary to help to pay of ordinary cxpences &
interests OF dcbt; and per cent. as tic in
terest OF the loan lit being between the
highest and lowest rates ever given by the
y. - 1T will toil,>sy, that OF these mlliors,
1t will take 100000 to pay OF the interest
OF this loan OF 10 millions for the list year.
VI course we put down 1900, coo, az The es-
t'niated sum to- SO each year into the fund
for ordinary expences and interests &c. of
90 deb:. This sum (Sf.300 OO0,) is there
tore standing SUN to be raisedcvery ven.
ior these purposes---to this add 97OC,COO
as the interest OF 10 millions fo;. tie 1st
year, it Will make up the milli0ns.-For