Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-12-27

hundred millippS Of dollars, -ssduiring more than
ten billions q dollars . Sesrlto pay the e in ,s.
experts of the country, and must Of necessity
cut of imports TO that extent, plunge the country
more deeply in debt from year 10 yeas-lt Is easy
TO see that the increase OF this foreign debt must
augment the annual demand of the exports to pay
,the interest, land 10 fhe same extent diminish the
imports; an6fn proportion TO the enlargement OF
the foreign debt and the consequent increase Of IN
tcresty-sn~st cecressc-~f import tradc--
In lieu &c the 6 smfor.s which il now br pgs uauweu
might have our gigantic banking isstt'hi9afs snf
spsgdids put an many N railroads
and canals, absorbing to great extent, interests.
upon tAi capital borrawea TO, construct them, the
SURPLUS rnits otpationa industry for years TO COME,
and cur ns posteriyn9 adequate return ioriges
comforts Which the lab,rs of their hands might
otherwise have secured. lispot By ihs incr ease 81
this Gsbt that relief isto be sought but in its dimn
nutiop, Upon this point, there iss am happy TO
say,p hope bel RE- US NOT SO puch in the re7I
turn Of confidence sabropd.a which viii enable the
states 70 norroW more money, as IN = change 9s
public feeling at hope, which, prompts our, people
TO pause in their career, and think Of the, msans by
which debts are TO be paid before they contracted
Ii we would escape embarrassment, public AUD Pri
Of necessity, 9T such as viii yield certain RETURN.
Let the faith OF the States, corporations aud iqdivir
duals, already pledged, be kept with the most pane
tiions regard u is due to our national character,
as well to justice, that this should, the part OF
each, be fixed principle Of conduct Bnt it behoyes
us all to be more chary in pledgng it hereafter. By
ceasng to rug, in debt, and applying the surplus Of
our crops and INCOMES TO the discharge Of existing
obligations, buying. less and selling more, and ma
naging all affairs public and private with stricteeo
nomy and fpgality, we hall see our, country soon
recover from temporary depression, arising pot
from patrral and permanent causes, but from those
have enumerated, and advance with renewed yigor
Fortunately for u.s., at this moment. when the ba.
lance etrades greatly against us and the difficulty
of meeting IL enhanced by the disturbed state of
money affairs, the bountes of Providence have come
to relieve from the consequences of past errors -
faithful application Of the immense results Of the
labors Of the last season viii afford partial relief for
the present, and perseverance, in the same course,
will, in due season, accomplish the rest We; have
had full experience, in times past, of the etraordi-
nary results which cam in this respect, be brought
rected efforts OF community like ours. Our SUR,
plus profits, the energy and industry eur poppa-
tion, and the Wonderful advantages which Pravi.
dence has bestowed upon our country, in its climate,
tions, VIII, in, due times afford abundant means TO
perfect the most useful of those objects, for hia
the States have been plungng themselves of late il
embarrassmept and debt. without imposing on oprs
selves or children such fearful burdens. !. ae,.
Bnt let it be ipdelibly engraved our minds that
relief is not to be found ip expedents indebtedness
cannot be lessened BY borrowing more money, or by
changing the form Of the debt. The balance Of trade
mands upon us abroad. Our currency cannot be i'm
proved by the creation Of new banks more issues
from those which now exist Although these devi-
almost invariably aggravatc the evil in the end. Ii
is only by retrenchment and reform, by curtailipg
public and private expenditures, by paying our
debts and by reforming our banking system, that we
TO expect eectqa relief security for the future
and an enduring prosperity In shaping the insttu-
tions and policy Of the General Government so as to
promote, as far as ii with its limited powers,
these importaPt ends, yoa may rely on my most cor,
That there should have been, in, the progress Of
recent events, doubts in many quarters aud in
some heated opposition to every change, can
not surprise us. Doubts are properly attendant
all reform; and its peculiarly in the nature II suca
abuses as we are now encounerpg,to seek TO Berpe
tsae their power by means ufae Influence they have
en- permitted 10 acquire. Ii 10 their result, If not
heir object, 10 gain for few an ascendancy over
the many by securing 10 them, monopoly OF the
currency, the medium through which most of the
wants OF mankind are suppled-to produce through
out society chan OF dependence which leads oil
classes 10 hook TO privileged associaiioDser means
OF Speculation and cxravagance--tO nOursh, IN pre-
ference 10 tho manly virtues that give dignity hi-
nature, craving desKe fus luxurious enjoy meat
and sndden wealth. which READERS tbose who seek them
dependenson those who supply them--to substitute
for republican simplicity and economical habits
sickly appetite for eemlnae lRdugence, and an imi
tation OF that which impover-
ished and ens'aved the industrious people OF ioregn
LANDS and II hast 70 fix upon u.s. iastead efthose
equal political rights, the acquisition Of which was
alike the object and supposed reward of our Re
voluhohary Struggle, system OF exclusive privileges
conferred by partial legislation To reno We the IN.
.huenoeswhich had thus gradually grown up among
us-to deprive them of their deceptive advantages-
to test them by the light of wisdom and Truth
10 oppose the force which they concentrate
on lher ,suppsri7all this was necessarily the
work Of time, even among people 50 eplipht-.
ened, IN pure ~, that Of the United Siaies.--
In nlps other countries, perhaps, u could only "
be accomplished through, that series Of revelation
AIRY movements, which are TOO often rfound me-
cessary 70 effect any great and RADICAL reform bat il
lis tbs crownDg merit of our ,inst ntens hat may
create and nourish IN the vast majority Of our pee
plo a-aispospoH and power peaceably 10 remedy
abuses which, have elsewhere caused she uflusloa
drivers Of blood, and the sacrifice ofthoasand s Of
the human race. The result thus Car is most homo
rable 10 the self denial the inte gcnce and she pa
trietism az our citixsns; ID jnstikes the confident
hope that they will carry through the reform which
has been so well begun, and that they viii no still
farther than they have yet gone in illustrating abe
important truth that people free and enlightened
as ours, will, whenever itbecomes nscessary, show
themselvesto be Indeed capable of self-govemment
by voluntarily adapting appropriate remedies for
abuse, and submitting TO Temporary sacrifice, how
ever great, to insuse their permanent welfare.
NY own exertons for the furtherance az these de.
sirable obIccts have been bestowed throughout my
official with zeal that 10 pcurrskcd by ardent
wishes for the welfare at my country, sDd by
limited reliance the wisdom that marks its ulti-
mate decision on all great and controvsr'ed qucs.
tionsa Impressed with the soiemn obligations ir.
posed rpoR by the Censttution, DESTROYS sIso Of
laying before my fslow- citizess, with whose conf.
denee and support have been 90 highly honered.