Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-01-16

Integrity IN luiulllUS W is :.
the resources of this country. Increasing as 1t
con stantly is in population and wealth. are aoun-
dainty sufficient 70 meet any debt which II may
ever nrudently contract, cannot be dOuOted; ana
its punctuality and probity. from the period OF
the assumption, in 1890. Of the debt of the Revo-
luton, down to the present time. rest upon a SO
Ind and uncomfortable foundation. The danger
perhaps, is not, that it will not fairl meet its en-
sasements, but that, from an inordinate av'dity'
arising from temporary causes. II may bring hiS-
credit upon itself by imprOvident arrangements
which no prudent man, in the management OF MS
private affairs. would ever think of adopting.
OF the residue of that twenty-four millions ct
debt. after deducting the thirteen millions OF three
per cent, less than two millions are due. and OF
right payable within the present wear. II te
that sum be added the moiety which becomes due
ON the Slst Of December next OF the S4.454.727.
created by the act of Goth May, 1924, we have
but a sum of about four millions which the pub
lie creditor can lawfully demand, or which the
Government IS bound to pay in the course OF this
year. Ii more is paid, it can only by done by
anticipating the periods Of its payment. and go
ing into the public market to purchase the stock.
Can it be doubted that if you do so. the vlg'lan'
holder Of the stock, taking advantage OF yeur
anxiety. will demand a greater price than Its va
Iue? Already we perceive that the three per
cents. have risen to the extraordinary height OF
90 per ct. The difference between a payment OF
the nconsiderable portion remaining OF the pub
lie debt, in one, two, or three years, is certainly
not 50 important as to justify a resort to highly
disadvantageou terms.
Whoever may be entitled to the credit of the
payment of the public debt, | congratulate you,
sir, and the country, most cordially, that it is so
-. - honJ IL 10 or nor huinr fatally ayfIu.
suished, that we may now safely inquire whe-
Their, without prejudice to any established poll
cy, 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 inquiry, the first question which
presents itself is, whether it is expedient to pre-
serve the existing duties in order to accumulate
a surplus in the Treasury for the purpose of sub.
seauent distribution among the several States!-
think not. If the collection, for the purpose of
such a surplus, is to be made from the pockets OF
one portion of the people, to be ultimately re-
turned to the same pockets, the process would
be attended with the certain loss arising from the
charges of collection. and with the loss also OF
interest whilst the money is performing the un-
necessary circuit; and it would therefore be un-
wise. If it is to be collected from one portion
of the people and given 10 another. it would be
unjust. II it is to be given to the States, in
their corporate capacity, to be used by them IN
their public expenditure. l know of no principle
in the Constitution which authorizes the Federal
Government to become such a collector for the
States, nor Of any principle Of safety or propriety
which admits of the States becoming such reel.
pien,s of gratuity from the General Government.
The Public Revenue. then, should be regulat-
ed and adapted to the proper service ut the &C.
neral Government. 1t should be ample; tor a
defei it in the public income. always to BE- depre-
Gated. is sometimes attended. as we know well
from history, and from what has happened in our
own time, with fatal consequences. In a coun.
try so rapidly growing as this Is, with such d..
versified interests. new wants and unexpected
calls upon the public treasury must frequently
occur. Take some examples from, this session.
The State of Virginia has presented a claim, for
an amount but little short of a million, which
she presses with an earnestDess demonstrating
her conviction of its Justice. The State of South
Carolina has also a claim for no incOnsiderable
sum, being upwards Of S100,000, which she
urges with equal earnestness The gentleman
from Pennsylvania (Mr. Wilkins) has brought
forward a claim, arising from French Spoliations
previous to the Convention Of 1900, which is
perhaps not short of five millions, and to ONE
extent | have no doubt it has a just foundation.
In any provision of a public Revenue, Congress
ought so to fix it as to admit of the payment of
honest and proper demands, which its justice
cannot reject or evade.
| hope too that either in the adjustment of the
public revenue, or, what would be preferable. in
the appropriation oil the proceeds of the public
lands. ~effectual or permanent provision will be
made for such Internal Improvements as may be
sanctioned by Congress. This is due to the
american People, and emphaticaIly due to the
Western People. Sir. temporary causes may
exact a reluctant acquiescence from the People
of the West, in the suspension of appropriations
to objects of internal improvement. but as certain
AS you preside in that Chair, or as the Sun per-
forms its durnal revolution. they will not be
satisfied with an abandonment Of the policy
They will come and tell you. not in a tone Of
menace or supplication, but in the language of
conscious right, that they must share with you in
the benefits, as they divide with you the burthens
and the perils of a common Government. They
will say that they have no direct interest in the
expenditures for the Navy, the Notifications,
nor even the Army, those greatest absorbanls of