Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1832-01-26

not, however, neglect the performance Vt
that duty By yafisus acts, and more espe
eially b. the tssiG 0f isz<--tf1e sbssed tsriH
Of le24--ihs pubiic co6ers we're afnriy re-
plenisbed, and We have been enabled TO reach
osr present proud emiuence Of financial
prosperity. Alter Congress bad thus abuf
DAINTY provided funds, and directed their sys-
temsticsi application, the duty remained To
ply ministerial And no Executive, and no
Administration can justly claim for itself .
ny other merit 10 the discharge Of Che public
debt, than that OF faithful execution e the
laws. No other merit than that similar one
to which II Is eatitled for directing regular
payment Of what is doe from time 10 time.
to the army and nary, or to the officers Of
the civil government for their salaries.
The operation Of The sinking fund act.
commenced with the commencement Of Mr..
Monroe's administration. During the con-
tinuance Of eight years. ewing 10 the embar-
easements Of the treasury, the ten millions
were NOT regularly applied to the payment Of
the debt, and upon the termination Of that
administration, the treasury stood largely in
arrear to the sinking fund During the sub
sequeat administration Of four years, not on
y was the ten millions faithfully applied do
ring each year, but those arrears were
brought up aud all previous deficiencies made
good So thst, then the present admins
trsiion began, = plain, dnihcumbefed, and
well defined path lay directly before it Tn
der the measures which have bsen devised,
in the short term Of fifteen years. the govern
| meht has paid nearly one hundred eailIioAs
Of principal, aud about All equal sum Of in
terest, leaving the small remnant behind Of
twenty -four milli0n6
OF that remnant, thirteen milIions consist
| Of the 8 per cent. stock. created by The act
Of 1890, which the government does not
stand bound tosedsem at any prescribed tinie.
but which it may discharge whenever il suits
its own convenience; and when II il dischaf
gcd. il must be done BY the payment Of dol
lar for dollar. Icannot think. and. should
suppose, Congress can hardly believe. with
the Secretary Of the Treasury. that it would
be wise to pay off stock Of thirteen mil
liens. emitting its holders to but three per
cent with capital Of thirteen millions worth
All interest Of six per cent IN other words,
to take from the pockets of the people two
dollars to pay one. in the hands Of the stock
holder
| The moral vaiue Of the payment Of Ma
! tionL Debt, consists in the demonstration
" ,hich it affords Of the ability Of country to
meo, and its integrity in falflling all its en-
rapef,,>a nts That the resources Of this coun
try. incre. asing as it constantly b. in popula
ton and Va alth, are abukdantly sufficient to
meet any debt which il may ever prudenily
contract canr1os be doubted And its puhc
tuality and probity. from the period Of the
assnmp tion, in 1890. Of the debt q the Re
voiution. down to the present time, rest up
on solid and unecntcstblc foundation. The
danger, perhaps. is not that it will NOT fairly
meet its engagements but that from Az in
ordinate avidiiY arising from temporary eau
ses, It may bring discrcdit upon Itself 81 i'm
provident arrangements, which ~ prudent
man. in the management Of his private al
fairs, would ever think of adopting.
OF the rasidus OF that twenty four millisns
OF debt. after deducting the thirteen millions
of three per cent. less than tive millions are
due. and Of right payable within the present
I year If to that sum be added the noiety
which becomes due on the 3lst Of December
next Of the "a ,454.727 created by the act of
l2eth Nay, 1924. we have but sum Of
bout four millions which the public creditor
can lawfully demand, or which the Govern
ment is bound to pay in the course OF this
year II more is paid, it can only be done
| by anticipating the periods Of its payment,
aud going into the public market to purchase
the stock Can it be doubted that if you do
SO, the vigilant holder Of the stock, taking
advantage of your anxiety, will demand
greater price than its valuep Already we
perceive that the three per cents have risen
10 the extraordinary height Of SO per cent
The difference between payment Of the 10
considerable portion remaining Of the public
debt, in one, two or three years. is certain
liy nctso important as to justify resort 10
highly disadvantag eous terms
Whoever may ne entitled 10 the credit Of
the payment Of the public debt; congl atu
/ late you, sir, and the country. most cordially,
| that il is so near at hand II is so near be
ing totally extinguished. that we may now
safely inquire whether. without prejudice to
any established policy, we may not relieve
the consumption Of the country. by the re-
neal or reduction Of duties, ard cur,ail con-
siderably the Public revenue. In making this
'Iinohiry, the FIRST question which presents il
self is. whether il is expedient 10 preserve
the existing duties in order TO accumulate a
surplus 10 the Treasury for the purpose OF
subsequent distribution among the several
IStatesa l think not. II the collection. for
the purpose Of such surplus. is to be made
from the pockets Of one portion OF the peo-
Iple, to be ultimately returned to the same
ipocxets, the process would be attended with
1.-The certain loss arising from the charges Of
IlcoIIection. and with the loss alse Of the IN