The Portland gazette. [volume] (Portland, Me.) 1818-1824, 1819-05-18

dollars. The annual expense. Of the gov
eminent, including every branch, civil, mil
itary, and naval, embracing pensions OF eve
ry discriptisn, and every species OF expsn-
diture, amount, upon an average, 10 about
thirteen millions OF dollars, leaving bal
anoe Of about ten millions annually, towards
paying the principal and interest of the
national debt. The whole amount of The
national debt on tn first of January last,
embracing the debts of the revolution and
those of The late war, was about ninety tw 4
million Of dollars. There is Q standing sp-
preparation of ten million Of dollars annual
", sssidss surplus Of other appropriations,
commonly called the sinking fund, 20 be
applied 10 the payment OF the interest and
principal Of the national debt, which, as the
Interest is every year diminishing by les
sening the amount Of the principal qvtH H.
qudate the qutcEs debt IN a6ouf fourteen years,
without any extraordinary call upon the
people, and wiliou, tsxes of sny description
that can be feh. This arrangement will
meet the demands about as fast as the stocks
become redeemsble I"
The author of this letter has, for q con-
siderable number OF years, been on active &
influential member OF Congress, much IN
the confidence OF the various chief magis
trates under whose administration he has
acted, and, of course. must be Presumed TO
be we'll acquainted with The subjects about
which he is writing. His declarations are,
therefore. 10 be taken with no ordinary de-
gree of confidence. And We ere ready 10
acknowledge that the passage OF his letter
above reclted, contains very tiatteriDg &C
count OF our situation as it regards our an
snces, ara tie national debt If the pres
ent income of the United States is sufficient
10 defrsy the curren, expenses oil The gov
eminent, and TO apply ten millions annually
TO the payment oil the national debt, and
that debt is within such limits that at the
end Of fourteen years II may be all paid oh
and discharged, the fact is OF the highest
interest, 10 the future prospects and pros
perity of the nation. Hardly any circum-
stance connected with its political concerns
is Of more importance than the extlngossh-
meut OF its debt.--OnCe out OF debt, and the
very seeds of future embarrassment and
mischief will be rooted out. Out OF debt,
and the resources Of the nation Will rapidly
acquire a degree Of force and energy, OF
which il is not easy TO form beforehand adj
equate idcas.-As wars are the great sour
ces of national expenditure and national
deb,. il would seem 10 be only necessary for
us TO main,sin peaceabl lie policy Tor four
,een short years, and the whole public debt
may be discharged, and the ne,ion be leit -
suli possession Of all Its income, all It's pub
tic property, and all its natural resources,
ready TO prosecute every measure that may
he calculated 70 promote the prosperity snt
repu alton OF the coantry- IL abe compn-
ration made ~ Mr.. Johnson Is correct, the
suoce ssor of MIR. Mduroe IN the presideD-
,iaI chaic, allowing 20 them beth the
common period OF eigpt years, msy hsr,
the satisfaction Of seeing the las, dollar u
the national deb, paid, sHc when be shall
leave the office, of leaving the government
IN entire pecuuiaty independence.
Belie.ins that in the Ordinary course OF
events, there will be no serious call upon this
country TO engage III war within the ensuing
fourteen wears, we cannot bu' indulge the
hope, that the event mentioned may by that
time b. realized and the nation be placed,
III this respect, in siiustion emlnently more
advantageous Than taat of any other in the
civiliz.d woIid--that is, Ous 81 debt, and min
an income, osfatned without direct .taCnhon,
a6und9ntiy efficient for all us reasonable ana
legitimate zvanss. n Y Adv