Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-12-27

by further cnactmcnts have already adyered to- and
the wisdom of Congress may yet enlarge them. But
above ALL incumbent upon to hold erect the prn
cipes of morality and law, constantly executing our
own contracts in accordance with the provisions Of the
Constitution, and thus serving raliying point by
which whole country may be brought back to that
safe and honored standard.
Our people will not long be nsensble TO The extent
of the burdens entaled upon them by the false system
that has been operating on their sanguIne, energet
ic, and Industrious character; to the means neces-
to exrcate themselves from these embarrassmcns
The weight which presses upon large portion of the
people and the States, debt, forc and
domestic The foreign debt Of our States, corpora
tons, and of business, scarcely be less than
two hundred millions of dollars, requiring more than
ten millions of dollars year pay the interest This
sum has 10 be paid out of the exports of the country,
and must of necessity cut off imports to that extent
plunge the country deeply in debt from year to
year. IL TO that the increase OF this foreign
debt must augment The annual demand the exports to
pay the interest, and to the extent diminish the i'm
ports and in proportion the enlargement fe foreign
debt and the consequent increase must be the
decrease of the import trade. In lieu of the comforts
| which it brings Us, might have our gigantic
banking institutions, and splendid but, IN many IN
stances, protless railroads and canals, Absorbing TO
great extent interest upon the capital borrowed to
construct them the surplus fruits of national industry
for years come, and securing to posterity no ade-
quac return for the comforts which the abors of their
hands igt otherwise have secured 1t is not By the
increase Of this debt that relief is to be sought but
in its diminution: Upon this point, there is, ! am
happy to say, hope before u.s. not much IN the re-
turn of confidence abroad, which will enable the States
to borrow more money, in change of public feel
ing at home, which prompts our people to pause IN
their career and think Of the by which debts
| to be paid before they contracted. IT we
would escape embarrassment, public and private, we
to in debt, except for objects of ne
ccssty, such will yield certain return. Let the
faith of the States, corporations and individuals, AREA
dy pledged, be kept with the most punctlous regard
| ~.
that this should on the part of each be fixed principle
of conduct But it behooves us all to be more chary
in plcdging it hereafter BY ceasng to run in debt,
and applying the surplus of our crops and incomes TO
the discharge of existing obligations, buying less and
selling more, md managing all affairs, public and pr
vate with strict economy and frugality, we shall
our country from temporary depression
arising not from natural and permanent causes, butrom
those have enumerated, and advance with renewed
vgor in her career of prosperity.
Fortunately for us this moment, when the balance
of trade is greatly against us, and the difficulty OF meet
ing it enhanced by the disturbed state of our money at
fairs the bountcs of Providence have come TO relieve
US from the consequences of past errors. faithful
application Of the immense results of the labors OF the
last season will afford partial relief for the present. and
perseverance in the will, IN due season.
accomplish the rest. We have had full experience, in
times past of the extraordinary results which can i'll
this respect be brought about short period, by the
united and well-directed efforts of community like
ours. Our surplus profits the energy and industry of
population, and the wonderful advantages which
Providence has bestowed upon country, in its eli
mate its various productions, indispensable to other
nations, will, in due time afford abundant to
perfect the most useful of those Objects for which the
States have been plungng themselves of late in embar
rassment and debt, without imposing ourselves
our children such fearful burdens.
But let it be indelibly engraved minds that
lief is not to be found in expedents Indebtedness can
not be lessened by borrowing money or by chang
ing the form Of the debt. The balance of trade
to be turned in favor by creating demands upon
US abroad. Our currency cannot be improved by the
creation of banks, issues from those which
now exist Although these sometimes appear to give
temporary relief they almost invariably aggravae the
evil in the end II is only by retrenchment and reform,
by curtang public and private expenditures, by pay
ing our debts, and by reforming banking system,
that to expect cccual relief security for the
future, and enduring prosperity In shaping the in.
stitutions and policy of the General Government
promote far il with its limited powers, these
important ends, you may rely my most cordial CO.
operation.
That there should have been in the progress Of
cent events doubts in many quarters, and i'll some
heated opposition to every change, cannot surprise
Doubts properly attendant on all reform; and it
peculiarly in the nature of such abuses now
encounterng, to seek 10 perpetuate their powers by
means of the influence they have been permitted to
qurc IL is their result, If not their object to gam Tor
the few ascendancy the many, by securing to
them a monopoly OF the currency, the medium through
which most OF the wants OF mankind are SupplCu-lO
produce throughout society chain of dependence
which leads all classes to look to privileged assoca
tons for the OF speculation and extravaganza
to nourish, preference to the manly virtues that
give dignity to human nature, craving desire for
luxurious enjoyment and sudden wealth, which rem
ders those who seek them dependent those who
supply them-to substitute for Republican simplci-
" and economical habits sckly appetite for etfemi
nate indulgence, and imitation of that reckless c1-
travagance which impoverished and ensaved the in
l,,a, n,ff ND nj m fly
upon u.s. instead Of those equal political rights the &C
ausition of which alike the object and supposed
reward of Revolutionary struggle system of e1
elusive privileges conferred by partial legislation. 10
remove the influences which had thus gradually grown
up among us-to deprive them ofther deceptive advan-
tages-to test them by the light OF wisdom and truth
to oppose the force which they concentrate in their
support-al this necessarily the work OF time,
even among people enlightened and pure as that
of the United States In most other countries perhaps
it could only be accomplished through that series of
evolutionary movements, which too often found ne
cessary 10 effect any great and radical reform: but
is the browning merit of our Institutions that they
ate and noursh in the vast majority of our people,
disposition and power peaceably to remedy abuses
which have elsewhere caused the efuson OF rivers OF
blood and the sacrifice o thousands of The human
The result thus far is most honorable to the self
denial the intelligence, and the patriotism of our clt-
zens: il ustifes the confident hope that they will carry
through the reform which has been we'll begun,
and that they will go still farther than they have
yet gone in illustrating the important TRUTH that
people as free and enlightened ours, will, whenever
It becomes necessary, show themselves to be indeed
capable of sefgovernmen by voluntarily adopting ap-
propriate remedies for every abuse, and submitting to
temporary sacrifices however great, to insure their
permanent welfare.
NV own exertons for the furtherance of these desra
bic objects have been bestowed throughout my official
career with zeal that is nourished by ardent wishes
for the welfare of my country, and by unlimited re-
lance on the wisdom that marks its ultimate decision
ON all great and controyerted questions. Impressed
with the solemn obligations imposed upon me by the
Constitution, DESTROYS also of laying before my fellow
citizens, with whose confidence and support have
been so highly honore such measures appear to me
conducive to their prosperty-and anxious TO submit 10
their fullest consideration the grounds upon which my
opnons are formed, have this, as on preceding oc
casons, freely offered my views on those points OF
domestic policy that seem at the present time, most
nxan,nanti To rennire the action of the Government