The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-12-25


execution, even o the existing statutes oil most 81
The States. would redress many evils now endured
would eifecinay show the banks the dangers OF
mismanagement which impnnity encourages them
10 repeat and would teach an corporations the use.
nl lesson that they the subjects OF The law aed
the servants Of The people. What is still wanlingto
effect these objects must be sought in additional le-
gisaiioni or, II that be inadequate, n such further
constitutional grants or restrictions rs mPy bring US
back into the path from which we have so widely
wandered
In The meantime, Il Is The duty az the General Co
vernment 10 cooperate with The States BY wise ex-
ercisc Of It's constitutional powers, and the enforce
ment Of It's existing laws. The extent To which II
may do so by further enactmens, have already adj
vertedio, and the wisdom Of Congress may yet
large them. But, abave all il Is incnmoent upon
us TO hold erect the principles Of morality and law,
constantly executing our own contracts IN accordance
with The provisions Of the Constitution, and thus
serving rallying point by which our whole conn-
try may be brought back to that safe and honored
standard.
Our people vii! not long be :nsensible 10 the ey-
tent Of the burdens entaied upon them by the false
system that has been operating on their sanguine
energetic, and industrious character; nor TO The
med:i necessary 10 exlreate themselves from these
embarrassnents. The weight which presses upon
large portion Of the people and the States, is an
enormous debt, foreign and domestic.
The foreign debt of our Safes, corporations, and
men OF business, can scarcely be less than 2oo NIL
lions of dollars, requiring more than ten millions
of dollars year 10 pay the interest This sum has
10 be paid out OF the exports of the country and must
Of necessity cut off imports 10 that extent or plunge
the country more deeply in debt from year TO year
1t is easy TO that the increase OF this foreign debt
must augment the annual demand on the exports 10
pay the in,cree', and 10 The same extent diminish the
Imports and in proportion To the enlargement OF the
foreign debt and the consequent increase of interest,"
must be The decrease of the import trade. In lieu OF
the comforts which 1t now brings US, we might have
our gigantic banking institutions, and splendid, but,
ia many instances prof'less, railroads and canals,
absorbing, to great extent, in interest upon the ca
pal borrowed 10 construct them the surplus fruits
Of national industry for years to come, and securing
TO posterily no adequate re urn for the comforts
which the labors OF their hands might otherwise
have secured IL is moi BY the increase oil this debt
that relief Is 10 be sought but In its diminnton Up
on this point, there IS am happy to say, hope be-
fore us not so much In the return Of confidence
abroad, which will enable the States TO borrow more
money, as in change Of public feeling at home,
which prompts our people TO pause in their career,
and think OF The means by which debts are to be
paid before they are contracted. @@@
II we would escape embarrassment, public and pri-
vae, we must cease to run in debt except for objects
of necessity, or such as will yield certain return.
Let the faith of the States corporations, and indv-
duals already pledg d, be kept with the most pune
tlious regard 1t is due TO our national ter,
well to justice, that this should, the part Of
each be a fixed principle of conduct But il be-
hooves US all to be chary in pledgng it here
after. BY ceasing to run in debt and applying the
surplus of our crops and incomes to the discharge of
existing obligations, buying less and selling more,
and managing all affairs, public and private, with
strict onomy ahd frugality, we shall see our coun
try recover from a temporary depression, arts
ing not from natural and permanent causes but from
those have enumerated, and advance with renewed
| vigor in her career OF prosperity. w..
| Fortunately for us, at shss moment when the bal
of trade is greatly against us, and the difficulty
of meeting il enhanced by the DISTURBED state of
money affairs, the bountes of Providence have come
I, relieve from the consequences Of past
| - ar
abors of the last will AFFORD partial relief for
| the p esent, and perseverance, in the course
will, in due season. accomplish the rest. We have
had full experience in times past, Of the eXtraord-
nary results which can, in this respect be brought
about in a short period, by the united and well di-
rected efforts of a community like ours. Our surplus
/ profits, the energy and industry of population,
and the wonderful advantages which Providence has
bestowed upon our country, in its climate, its vari.
productions, indispensable to other nations, will,
| in due time, afford abundant means to perfect the
most useful Of those objects, for which the States
have been plungng themselves of late in embarass.
n"nt and debt, without imposing on ourselves or
our children such fearful burdens.
But let it be indebly engraved on minds that
reliefis not to be found n expediens. Indebtedness
cannot be lessened by borrowing money, or by
changing the form Of the debt. The balance Of trade
is not to be turned in our favor by creating new
demands upon us abroad. Our currency cannot be
improved by the creation of new banks, or more
issues from those which now exist. Although these
devices sometimes appear to give temporary relief
they almost Invariably aggravae the evil in the end,
1t is only by retrenchment and reform, by curtaiing
public and private expenditures, byp paying debts,
and by reforming banking system, that we to
expect etfectual relief security for the future, and
enduring prosperity In shaping the institutions and
policy OF the General Government so as to promote,
as far as il can with its limited powers, these Impair
tant ends, you may rely on my most cordial coop
Grafton. i. ..... Kris.
That there should have been, in the progress of
recent events doubts in many quarters, and in some
heated opposition to every change cannot surprise
us. Doubts properly attendant on all reform;
and it is peculiarly in the nature Of such abuses as
we now encountelng, to seek to perpeua,e their
power by means of the influence they have been per-
med TO acquire 1t is their result, il not their OBJ
ect, to gain for the few ascendency the many
by secur ng TO them monopoly of the currency, the
medium through which most of the wants of mankind
supplied-to produce throughout society chain
of dependence which leads all classes to look to pri-
veged associations for the of speculation and
extravaganza nourish in preference to the man
ly virtues that give dignity TO human nature, crav
ing desire for luxurious enjoyment and sudden wealth,
which renders those who seek them dependent on
those who supply them-to substitute for republican
simplicity and economical habits sickly appetite for
efemnate Indulgence, and an imitation of that reck
less extravaganza which Impoverished and ensaved
the Industrious people of foreign lands; and at last
to fix upon us, instead Of those equal political rights
the acquisition of which alike the object and
supposed reward of our revolutionary struggle sys-
TEN of exclusive privileges conferred by partial legs-
ation To remove the influences which had thus
gradually grown up among us-to deprive them Of
their deceptive advantages-to test them by the light
of wisdom and trulh-to oppose the force which they
concentrate in their supportall this necessarily
the work Of time, even among people enlighten.
ed and pure as that Of the Unitod States. In most
other countries perhaps it could only be accomplish
cd through that series of revol utionary movements
which too often found necessary to effect any
great and radical reform; but it is the browning
merit Of Institutions that they create and nouris
in the vast majority of our people, disposition and
power peaceably to remedy abuses which have
elsewhere caused the eison of rivers of blood and
the sacrifice OF thousands of the human race. The