Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1824-04-27
From the Richmond Enquirer.
No. 2.
POLITICAL scHEMERs-HaRD TINES.

IL ne DSNt SIedt PoiItitoi SS"SHSf "''SSS
az conceive, heretofore has been, now
is. and for long time to come IN all pro-
liability will be she mos, destructive 40 It's
Influence on human affairs is the invention,
and practical use, of public credit, or IN
other words; the substitution OF paper
bills. without the property OF intrinsic va
Iue, as circulating medIum, 10 place
of the precious metals, gold and silver
which do pussess intrinsic value There
arc roo kinds of public credit now pro.
nose3 IN be examined. The one may be
called tne system of tund,ng-the other
,be system of banking. These, ought to
be carefully distinguished from each other
on account OF their different modes oil d
pera.,on; TO enable US 10 Judge more ac'
curstely of the different effects OF each
upon the affairs OF mankind. Both sys>
TENS arose from the uDwise, impr"viien',
and proa,gate political schemes OF 60
vsrnn.nts. | bese schemes ,Dynivet fbe
sche n,ng governments 10 greater expen-
SEES than could be betrayed by me reven-
ues Ut each year In consequence OF The
Deficiencies of tue reVenIe, tins scheme
was resor,ed To, Tor detraylng the surplus
of The expenditures. Ii consisted IN Dor
rowing money on interest by government,
from individuals or corporations; upon cer'
tam stipulated terms. In general, the
terms of the government were. 10 pay The
interest, in the course OF each year; and
moi 10 reimburse the principal, until some
speclied future, or al he pleasure OF the
government, according 10 the specified
terps of each proposed contract The
stipulation not 10 redeem the principal
uni,I some future day. was called the ir
redeemable quality OF the debt In the
early stages of funding, tins quality was
considered a. adding something TO the va.
lue of the debt. 10 the lender; but at pre-
sent, ] believe, the most irredeemable
quality OF the principal of the debts. ia 10
place its redemption on the pleasure Of
The Government Because, the British
debt particularly has arisen to such an E.
norm Us amount hat The government
could not redeem the principal It It would.
nor would IT ID IT could so that The public
debt of 6 B must be considered, as per-
petual Taxes are accordingly laid made
perpetual, and pledged 10 the creditoTior
the annual payment ct the interest and
the ultimate reimbursement OF principal,
This REIN oursement, however, is neither
intended. nor expected, ever TO lake
plac. Both the contracting parties con-
slider the perpetuity OF the debt, as of the
first importance TO each. The govern.
ment because it finds, that perpetual
public debt, consolidates and continues
great nonied interest, which will always
unite in supporting the government; and
thus adds greatly to its safety, and stabi-
liy. The creditor, because, by this per-
peruity, he may make permanent, 1omes-
tic establishments, or any others; ii he
should choose to continue to be the credI-
tor OF the government himself; and be.
cau,e, n he should choose to dispose OF
his debt, he can always get full price
for II 10 The market. These debts OF the
go, eminent, are evidenced by promisSory
notes trom the government to the lender,
or holder, with transferable ausliiy, and
are denOminated stock.
Great Britain has carried this 'ys'em OF
public credit, 10 greater excess tnan any
other modern patton and il has been
found 10 be proportionsbly more destruc-
tive m II, consequences TO the great mass
of British subjects than the same system
has peen TO those of any other nation
There are two onderiuI descriptions OF
effects resulting from the great political
scheme OF the British funding system. The
one in regard to posterlty--lhe other IN
reg,rd to the past and present generation
This system was first introduced with
small beginnings. IL, IS now swelled
"a an enormous amount. Its beginning may
be considered to have been ~ 1871
when the whole amount OF debt then fund
ed, very little exceeded 100000 sterl-
ing money. Ii has arisen al tins day, 10
above 5000 10000 sterling. TINS e.
enormous debt, cannot, nor is intended
tba, il should be, paid off by the pre-
sent general on: 1t must then necessa>
rIly be thrown upon Posieri'y; and % that
amount, must anticipate the resources OF
con ,ariops 10 come. What a pressure
nnon posterity, to Geirsy The expenses OF
the proAigate, Il wicked political schemes
of the past, ani present days! How nor
rible. TO be thus menaced, before 1t is
born !
It's first destructive Influence, upon the
mast. and present generation, has arisen
from its having created, and consolidated
q great NOME interest 10 the BRITISH ma
tiop; which has always united, aud always
will Unite itself, with church aud state, 10
support of their de-potic ani destructive
schemes over the great mass OF sochty.-
us most destructive influence has arisen
fro IN Is instrunentaIity, ~ producing ex-
treme Inequalities between the different
orders OF society. LIS perpetual, uniform
and inevitable tendency mas oeen TO make
the rich, richer. and the poor, poorer.-
Such have been, aud now are the astonsb-
ing effects OF tins tendency, combined
with the cooperating tendencies OF other
sche mes that al this moment, more than
one tenth of the whole Eng ',sh population
are cooped up in poor houses the miser-
able recep,scles of human wretchedness,