Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1813-02-18
WORTH READING.
FIRM, the Boston Centinel:


is an Excitement to nnc Loans.
was one Of those who predicted
in the year 1901. that the Virginia
dynasty, which was at that time com
ing into power, therein ever after
10 remain, would violate the public
faith then pledged to the public Gre
ditors. I didit upon grounds when
then thought and still think unan-
swcrab!e.
I,resumed that they were sincere
in their hatred OF the monied int
rest-that they disapproved the fund
ing of the public debt. that is to say.
they condemned the fulfi!ment ofthe
solemn obligations entered into by
the old Congress, and then binding
upon the nation. knew, that the
Southera and Western States, VIII"
were from that time forward with
The aid Of their Slaves and New
States to rule the Hcfots and Cerss
OF the North, were possessed OF very
little Of the pablo debt, and would
forever after be very little likely to
| become publis creditors, because
they accumulate capital less than the
Northern States, owing to their lux
ury and Incidence, aud whatever
.thev do accumulate is more protita-
bly laid out in human flesh.
Thus. for example, in the late
loan of eleven millions, there we're
but 100000 dollars loaned by all the
states south of Maryland. though
they compose one half Of the Union,
and have chosen a President fer us
in spite Of the greatest unanimity IN
the Northern States ever known
since the election of Washington.
Ifthen 10th their prejudices. their
hatreds, and their interest, are all
opposed to the maintenance Of the
public credit, why shall they do it?
and why have they done it
They have done it heretofore, be-
cause the uncommon prosperity of
the q. States, and lis liberal revenue,
both arising from the wise measures
of Washington and Hamilton. from
the excellent system Of finance, and
from the British Treaty, enabled
them to do it. and still left them E.
nough to squander upou favori'es.
upon wild projects, and upon the
purchases of new territories to ex-
tend and perpetuate their political
power.
But why should they continue to
do it? Do not the same hatreds.
jealousies and interests, still remain
against the monicd interest And
will the motive which has heretofore
Influenced them to keep up the pub
lie credit still exist
To be sure it will so long as the
revenue shall continue competent TO
pay the interest Of the Nationa!
Debt and all the exigencies of 60
vernment. and especially so long as
the monied interest 7ciH continue to
lend them money.
There ncver was bankrupt who
would not go on to pay the interest
Of his old debt as long as he could
get new loans of capital. much more
might ii be expected Of the moral
people of the South.
But our Secretary and Financier
states TO us that Cor the next year.
the revenue from imports will pre-
badly not exceed five millions, and
after that period not two millions
and an half, SO long as the war con-
tinues.
The southern members of Con-
gress also tell you that the people
will not endure direct taxes, and
could it be expected that any people
would pay them when told as they
have been for twenty years. that
they are taxed 10 pay the interest on
the debt due To Northern NabObs I
This objection will be as strong 10
the new Loans AS to the old ones;
for surely the debt Of the revolution
was as sacred as the debt created 70:
the conquest of Canada, or for the
aid of Bonaparie.
But the most curious expedicnt to
induce the Northern men, and the
present holders Of public debt TO
loan more money, is to be found in a
yir,sal but positive repeal Of the act
picdging the imposts and duties sa-
eredl. 10 the redemption of the debt.
L beg all holders of public stock to
examine the truth of my PROPOSE
tons, and earnestly invite a reply.