Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-12-02

The estimated crpenses 46,756,22l
4o4,77e
So at the surplus Of revenue over expenditure
would be only Surplus so SMALL as to make tho
English Sinking Fund mere name" 80 -
"mr Gouburnc ailcr the Chancellor ofthe Exchc-
qucr.
He admitted Lord Mthorp statement TO be clear frank
and distinct but he surprised hat the noble lord
should feel himself satisfied with having larger sur
plus than 100, 000 "a totally Inadequate in his Opt
Mon, to guard against those contingencies which might
happen, and very much smaller than what Parliament
had always required finance minister hold in reserve
for the sake of public credit If the public debt were
remain unrcduced demand the finances would como
with accumulated force il the country were called upon
10 come forward in warlikc attitude, maintain her ho-
nor and support her interests. In 1928 the permanent
debt of the country III OCc and in 1881 was
OOO The debt had been reduced by 20 900 0C0l
and the interest by 400 000 On the other hand there
increase by the terninabe annuies of CSC OOCl
nuo charge Of about 7oo,oooi This absolute
cfo the country. Between January, 1929 and Janua-
ry 1881 the amount of Exehcqucrbs bad been greatly
reduced and tie total annual saving 10 the country
about l,oo0,o00 The country oucehed too much i'm
pordnce to irhdt appeared soting reduction oftar-
es and they did not sufficiently contemplate The uhi
mate benefit derired from system Of making sacrifices
an The FIRST instance. The mode of reducing taxes with
ont gripping The national interests, in the first in
stance TO apply the surplus paying of the debt
The reduction of taxes which he had effected was tho
result OF reducing the interest of Tie debt and Of economy
in the public departments
| Thanks to Eychcquor, ice have no such dread
full alternative before us, Mr.. Coulbunc here de-
picts. We arc not obliged to choose between re-
ducing the tares, or reducing the public debt.-It
appears from these statements, that the permanent
debt of England amounts to the frightful sum of Sc
ven hundred and ftty-seyen millions storng--that
IL, III currency thousand millions of pounds;
or in Spanish Dollars S3,333, 1893 3333-a sum- which
almost detics the imagination conceive, and GER
tainly the means of any nation to dischargc-Con-
trast it with situation, and how fortunate is
our condition. Otr debt scarcely exceeds S30,-
OOOOOO. We need no sponge TO clear it off, We
have bonds, &c. TO discharge the whole if we think
proper, in months-and certainly we shall be able
to pay it off, under such administration
enjoy in = or years. We shall exhibit the unpre-
cedented example of great nation, free from all
debts.-What follows? We may reduce our taxes at
least one half-Wc may leave the money in tho
pockets of the People.
In these respects, condition offers most bril-
liant contrast to that of q. Britain She is forced to
keep up her tariff system. She is unable TO afford
any relief TO the burthens of her people--if she
ever intends discharge her debts. But we pay off
our dehts-we may reduce our duties-we may re-
lievc citizens from least one half their bur-
'hens. We may do so at least, if we adopt proper
rule of reduction. by Applying ouch portions of
H. Fi".oc'lve system, as most heavily tax the con-
sumner for the benefit of the manufacturers VIVA,
argument, then, does the tariff system of G. Britain
the precedent applicable?
Our Constitution gave Congress the "power 10
lay and collect taxes duties inposts and excses tn
pay tie debts" that is, IN order to pay the debts
III tIic tOlIIilOn defence ana general
welfare Of the u. States."-Thus Congress is author
ised 10 lay taxes and duties, for the two purposes LIST
OF paying the debts; and Cd, of providing for tho
common defence and general wcare--(in other
words, of dcfraying those expenses of the Govern
nenwhich are necessarily incurred in the exercise of
cerlan limited and specified powers.) When, then tho
pubic debt has been paid one oftle two great pur
roses of the tax-layng power las been fulfilled.
ne duties are so far Gmcti o0fcio. The power,
therefore, so tar ccascsand only remains for the
purpose OF raising much revenue as is sufficient
to dcray the necessary expenses ofthe Government.
reduced " %
.Notso in Great Britain! The mighty mountain
OF her debt still presses upon her ScarccDva grain
oi sand mas pecn taken away. She must have duties
-, Hh nc. must have excises-Sho cannot modify her
ianii system. "Ihere it is, the dark" and sullen
eVii al her doors-and how it is ever to be driven
away 1t IS beyond the wit ofmoral man 10 conceive
we are appalled, by such difficulties in this
country. The debt las almost vanishcd-rnd tho
pcopc have right TO demand and hey ,c;N dcna,ly,
n dimiDution Of their burdens.