Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1824-04-27

by mental MANAGES, Ias'eHeu Oh lneu oy
the church: whilst The few, ever on the
alert, act in the siric,est concert, ana sup
ported IN their expressions OF the many,
with all the physical powers oil well e.
uIpped, disciplined army, and navy.
have been irresistible heretofore, and pro-
baby wil,he Tor long time TO come. Inc
insupporlable contributions too, for all this
vast parapharualla OF tue government.
are thrown upon the productive labor OF
the whole nation, and thus the contribu-
tors are made the instruments Of their own
expressions and sufferings These con-
tributions are made by coercive variations
in the proceeds OF labor-.by taking mo-
Dey out oil the pocket OF the productive la
borer, and putting it into the pockets OF the
favored unproduc'lve few ms opera
ton js effected oy taxes, monopolies, SC.
The frs .tfru It's are gwen to the priests,
by ltbes, and al TIE rest distributed a.
mongst the civil ist. a'my md navy; lear'
ing The productIy laborer scarcely enough
OF the proceeds of his own labor 20 keep
his body IN good condition to labor on tor
the purpose Of pampering the pride, snd
administering 10 the luxurious Induigen-
cies of the unproductIve favored few
Notwithstanding the unjust, cruel and
oppressive effect OF the funding system
upon the gre4, mass OF productive Iabours,
a trite dogma Is not wanting 10 induce
belief that it's blessing TO the British ma
tion--lo wit: "a public debt is public
blessing
THIS dogma is true or false, according
TO its apple lion to the different classes Of
British subjects. Ii it be applied to the
holder. of the stock. and of course the re-
ceivers of the interest thereon, il would by
them, be coI.lIered great public bless
ing Ii it ,e applied to the contributors
# ibis annual interest, it would much
more certa ~ he known and felt by them,
az the glea,e.l curse that could possibly
be inflicted on them. As the receivers
do not amount 10 one hundreth part OF the
contributors, the public debt must be con
sidered as more than one hundred tunes
greater curse than blessing to the British
nation Indeed, one hundred times more
may be multiplied, H. arrive al The rea-
tive magnitude OF this curse; because The
receipt OF money by one, who had more
beforehand than he had genus 10 spend
handsomely, must in the nature OF things,
be almost infinite y lesser blessings, than
is the curse 10 one, wbo 10 Making his con-
tribution is. coercIvey stripped, not only
of all the little pi,taoce OF money he has,
but the bread from hi own mouth, and
the mouths OF his children This is but
faint glimmering outline view OF the de-
plorab BILE effects Of the public debt OF q b
upon this vast proportion OF British sub
jects. Yet this is one OF the political
schemes moi only recommended for The a.
doption of the u. S but actually adopted
The pre'exr for this false dogma, is:
that the stock issued, as the evidence OF
of the nation. by finding lis way into some
productive employmeDts and thus serves
to increase the productive powers OF labor.
The funded public debt never can have
this operation TO any great extent. il has
but very few Of the properties OF circu-
lafine currency. Ii is generally issued in
too large sums 10 answer the common pur-
pose, 81 exchange. Ii may, sometimes,
indeed he intsoduccd into large CONNER
cial specuiations and into large purchases
of landed or other property, but II never
can perform the ordinary functions of &C
tive capital This incapacIty constitutes
its principal distinction from bank bills
So ian from the funded debt performing
the office. OF active capital; it diverts a
great portion of that capital from its EN-
ploy ment in promoting productive labor to
its employment 10 the unproductIve bust
ness o: transferring stock from hand to
hand; it being IN perpetual course OF ex-
change. Stock itself being mercantile
commodity; and being OF great representa-
live value, requires of course, large por-
ton OF the crculationg currency, to etfec
| tus'e its own exchanges
From the enormous and increasing a.
mount OF contributions called for, to de
tray the expenses of the various political
schemes of government, national bank.
ruplcy has for long time been toretold,
and expected ny many .bre"d political
economists; but the astonishing efforts OF
the British people seem TO increase pro-
porionsbly with their accumulated, and
accumIatng burihens. The wonderful
| improvements 10 the productive powers
OF labor from the invention OF labor saving
machines, combined with the increased TO-
dividual industry. and exertion. have BIZ
lberto saved the nation from bankruptcy.
Indeed, funding seems just now, to have
arrived at its zenith London at this day
abounds with loans of ali sorts Spanish
ioans-South American loans-MexicaD
loans, and Greek loans, &c &c. &c.
The money lenders, too, appear 10 be
| the most important persoDages OF the age
Rotbschild, the Jew broker, is announced
in his tours through Europe. as o. more
importance than any one OF The legitmates.
He seems to direct and control tha mea-
sures Of all the legitimates, 10 this en-
ligh,ened age, bis scIips Tor cash seem TO
be regarded by the egitimates OF the day
with as much reverence as were the Bulls
of the Pope, by the temporal kings OF the
earth, during the benighted period of