Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-01-26

up anu ali PREVIOUS uchCichCcS ihouo
good. So that, when the present Admin
istration began, plain uninc umbered and
well defined path lay directly before it
Under the measures which have been
devised, in the short term Of fifteen years,
the Government has paid nearly one
hundred millions of principal, and about
an equal sum Of interest, leaving the
small remnant behind Of twenty-four mil
lions.
OF that remnant, thirteen millions con-
sist of the per cent. stock, created by
the act of 1890, which the Govern
ment does not stand bound to red eem. at
any prescribed time, but which it may
discharge whenever it suits its own con-
venience; and when it Is discharged il
must be done by the payment Of dollar
for dollar. cannot think, and, / should
suppose, Congress can hardly believe,
with the Secretary of the Treasury, that
it would be wise to pay off a stock ofthir-
teen millions, entitling its holders to but
three per cent. with capital of thirteen
millions, worth an interest Of six per CT
In other words, to take from the pockets
of the people two dollars to pay one, IN
the hands of the stockholders.
The moral value Of the payment Of n
National Debt, consists in the demonstra-
ton which It affords of the ability Of a
country to meet, and its integrity in full
filling all its engagements. That the re-
sources of this country, increasing as It
constantly is in population and wealth,
are abundantly sufficient to meet any
debt which it may ever prudently con-
tact cannot be doubted And its pune
tuality and probity, from the period of the
assumption, in 1880, of the debt of the
Revolution down to the present tinse,
rest upon solid and unc onte stable foun-
dation. The danger, perhaps, is not that
it will not fairly meet its engagements,
but that from an inordinate avdity, aris-
ing from temporary causes, it may bring
dIscredit upon itself by improvident ar
rnngcments, which no prudent man, in
the management of his private affairs,
would ever think Of adopting
OF the residue ofthat twcnty-four mil
lions of debt, after deducting the thirteen
millions Of three per cent, less than two
millions are due, and of right payable
within the present year. If to that sum
be- added the moiety which becomes due
on the 3lst Of December next ofthe ST.
454, 1877, created by the act of26th May,
1924, we have but a sum of about four
millions which the public creditor can
lawfully demand, or which the Govern
ment is bound to pay in the course ofthis
year. If more is paid, it can only be
done by anticipating the periods of its
payment, and going into the public mar
bct to purchase the stock. Can it be
doubted that if you do 80, the vigilant
holder Of the stock, taking advantage Of
your anxiety, will demand greater price
than it's value? Already we perceive
that the three per cents. have risen to-
the extraordinary height Of sc per cent.
The difference between a payment Of
the inconsiderabIe portion remaining Of
the public debt, in one, two, or three
wears, is certainly not so important as to
Justify resort to highly disadvantageous
terms.
Whoever may be entitled to the cred
it Of the payment of the Public debt, ]
you, sir, and the country,
most cordially, that it is so near at hand
il is so near being totally extingushed,
that We may now safely inquire whether,
withom pre- ludice to any established pol
icy, we may not relieve the consumption
OF the country, by the repeal or reduction
of duties, and curtail considerably the
Public revenue. In making this inq,n-
ry, the first question which presents it.
self is, whether it is expedient to preserve
the existing duties In order to accumu-
late a surplus in the Treasury for the
purpose of subsequent distribution among
the several States' thak not. 1.-THE
collection, for the purpose Of such sur
plus, is to be made from the pockets of
one portion of the people, to be Ultimate
ly returned to the same pockets, the pro-
cess would be attended with the certain
loss arising from the charges of collec-.
tion, and with the loss also Of interest
whilst the money is performing the un-..
nee cessary circuit; and it would therefore
be unwse. If is to be collected from
one portion Of the people and given TO a
mother, it would be unjust. If it is to be
given to the States, in their corporate ca
pacity, to be used bv them in their pub
lie expenditure, | know of no principle
in the Constitution which authorizes the
Federal Government to become such a,
collector for the States, nor Of any prin-.
ciplc of safety or propriety which admits
Of the States becoming such recipients of
gratuity from the General Government.
The Public Revenue, then, should be
regulated and adapted to the proper SER
vice Of the General Government. 1t
l.--..ll L. .xa..lo. G.. l..E1.4 .., !