Literary cadet, and Saturday evening bulletin. [volume] (Providence, R.I.) 1826-1827, 1826-12-16

|
| public debt, with the annual charge of three mil
| lions of interest upon them, have been eXtin-
| gulshed. Az the passage of that act. OF the an
| nual appropriation OF tho ten millions. seven
were absorbed in the payment of interest and
| not more than three millions went to reduce the
capital debt. Ofthe same ten millions, at this
| time scarcely four are applicable 10 the interest,
aud upwards OF six are effective in melting down
| the capital Yet our experience has proved
| that a revenue consisting largely ct imposts
| and tonnage, Gibbs and flows on an extraordn-
ary extent, with all the fluctuations incident to
| the general commerce ofthe world II Is with
i'll our recollection that even IN the compass Of
| the same last ten years, the receipts of the
! Treasury were not adequate to the expenditures
! Of the year and that in two successive years
] 1t was found necessary to resort TO loans 10
meet the engagements Of the nation. Tho
returning tides OF the succeeding years replen-
shed the public Golfers, until they have again
begun TO feel the yicissltude oil a decline. 10
produce these alterations OF Iulness and exhaus-
ton, the relative operation of abun liant and UNI
fruitful seasons, the regulations of foreign Gov-
ernments, political revolutions the pr Iospefuus
or dccaylng condition of manufactures, COM
merclal spcculdtions, and many other causes,
not always to be traced, variously cOmbIne.--
We have found the alternate swells and dimin-
utlons embracing periods of from two to three
years. The last period of depression TO us was
from l-i9 to ~ The corresponding revival
wass from lc23 TO he commencement Of the
present year. Stlll we have no cause 20 ap-
prehend depression comparable to that OF the
former perlou, or even to anticipate dehCiency
wncn will ,ntrench upon the ability TO apply
the annual ten lnlllons to the reduction OF
the debt. IL is wcll' tor Us, nOwe'er' 10 be
admOnIshed Of tAe necessity oi abiding Uy the
mIAlIls OF tho most vigllant economy, and OF
resortng 10 all honorable ana useful cXpedients
tor pursuing with steady and iniiexibIc Ferss-
ia. t,,t., .Ilrrtf ,ttH lG
bcslues the reven millions oi the loans OF
l-l3 which will have been dischargcd Al the
course of the present year, there are mae Hhl-
lions, which, hy tue terms oi the contracts Would
have been, and are now redccnlanlc hirteen
milons more of the loan oi isl4, VIII become
redee able from and after the expiration o' the
present month and nine 'ther mil!4an iron aud
after the close uI the ensuing year. iuey con-
stItuto mass of tlA.ty one millions OF dollars,
all boarng an interest of siX per cent more thah
twenty millions of when VIII be Immediately
redecmable and the rest within Httlc more IMAM
year. Leaving Of tins amount, niieon MIN MS
to continue at the utcrest ui per cent. but to
be- as far as shal! be found practicable. PAID otlin
the years IS27 and lc2S, there Is scarcely
doubt, that the remaining sixteen mlill ms H'Ight
within a few months, be discharged by l. an not
exceeding five per cent. redeamd3e IN lie years
1929 and Ic30. BY this operation, sum Il near
ly half million of dollars may BE- savea to tho
y
one millions within the lour years, ma oe great
ly facilitated, if not wholly accomplished
BY an act of Congress Of Sd March, Ic-', q
loan, for the purpose now referred 10, or Il sup
scription to stock, was authorized, at an lnIe est
not exceeding four and half per cent. but 1T
that time, so large portion ot tue Hoatins CdpI-
tai of the country was absorbed In coln.letciai
speculations, and little was left for invest rient
in the stocks TN It the mcasn @ was but partially
successful. At the last session OF congress, tho
condition Of the funds was still unpropitiouS 10
the measure ; but the change so soon aitcfwards
occurred, that, had the authority existed to ge-
deem the ninc millions now redeemabe bt an
exchange oi STOCKS or a loan at five per cent. it
is morally certain that Il might have been effect
ed, and with it a yearly saving OF ninety ;hou-
sand dollars.
With regard to the collection Of Revenue Of
Impost, certain occurrences have, within the last
year, been disclosed, in one or :wo OF our prlnci-
pal ports, whcn engaged ;he attention nf Con-
gress at their last session, and may hereafter re-
qulrc iu"ther consideration Until within avery
few years the execution of the laws Tor raising
the revenue, like that Of all our other laws, has
been ed more by the moral sense ol the
community, than by the rigour5 Of jealous
prcclution or by penal >anct MS ConHding in
the exemplary punctuality and unsucd intcg-
rlty Of our Importing merchants, grldla! 70
taxation from the provisions G, the Coilactl1n-
Laws, a close adherence TO which would hive
caused mcOuvpnencc and eXpelce tr them, mud
long become habItual; aud Indul genccs had
been extended universally because the. had new
been abused. IL may be worthy o. our scri-
Gus consideration, whether some further leg .sa-
tive provision may not be necessary TO come II
AID Of this state Of unguarded security
The Message closes with the following para
graphs. made in ausion to the demise of Mes,Ts.
JEFFERSON and ADAMS. aud which partdk 80
largely OF the beautiful, that we cannot refrain
from copying them.
Ii closing his communication. trust that i
will not be deemed inapproprla" to the occasion
and purposes upon which We are here assembled,
To ind ulge n momeutary retrospect 'comtinlug,
in a single glance. the period oi our origin as
National Conlel eleration with that of our present
.elsteuce,at thsbrecs interval OF halta century,
from Zach other Since your last meeting. the
9th Anniversary of the day when Independence
was declared, has been celebrated throughout
our land and on that day, when every heart
was bounding with Joy, and every voice was
tuned TO graduation, amid the blessings of Free
don aud Independence, which the sires OF ior-
mer age la handed down to their children, two
of the principal actors IN that solemn scene, the
hand that pcnned the ever memorable Decara-
tlon, aud the voice that sustained u IN debate,
were. by one sum mons, at tho distance OF seven
hundred miles from each other, called be fore tho
JUICE ofal. TO account for their deeds done upon
earth. They departed, checred by the beneIic.
tsns oftheir country TO whom they left the in.
hciiauce OF their fame, and the memory oi their
bright example. five turn our thoughts to the