Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-01-08

uien' OF the foreign debt, and the conse
quent increase of interest, must be the de.
I'eaSe OF the import trade. In lien a
tue comforts which it now brings us we
nngn1 have our gigantic banking institu.
.,ons' and splendid, but, in many instan-
ces' prohtless, railroadsand canals, absorb.
mS 20 great extent, in interest upon the
capiai borrowed to construct them. he
surplus fruits of national Industry for
years 10 come, and securing 10 poster.
" no adequate return for the Comforts
which the labors of their hands miobt
otherwIse have secured 1t is not by the
increase of this debt that relief is to he
sought, but in lis diminutIon. Upon this
point there is, am happy to saw, hone
oeiore us; not SO much in the return of
confidence abroad, which willenable the
'a'es TO borrow more money, as in 2
ehange OF pubic feeling at home, which
prompts our people to pause in their ca
reer,and think ofthemea by which debts
are 10 De paid before they are contracted.
II we would escape embarrassment. nub.
nc ana private, we must cease to run in
debt except for objects of necessity. or
such as will yield certain return. Let
the iata of the States, corporations and
individuals, already pledged be kept with
'he most pnnctdlous regard. Ii is due TO
our national character as we'll as 10 ins-
tlc', that this should on the part of each
be liked principle of conduct. But
oehooVes us all to be more chary in pIedg-
ing 1t hereafter. By ceasing to run in
deo', and applying the surplus of our
crops and incomes to the discharge of ex.
lstIng obligations, buying less and sell.
ing more, and managing all affairs, pub
lie and private, with strict economy and
irugality we shall see our country soon
recover from temporary depression,
arising not from natural and permanent
causes, but from those [ have enumerated
and advance with renewed vigor in her
career of prosperity.
Fortunately for U.s. at this moment
when the balance OF trade is greatly
against US, and the difficulty of meeting il
enhanced by the disturbed state of our
money affairs, the bounties of Providence
nave come TO relieve us from the conse
qaences of past errors A faithful annli
cation OF the immense results of the labors
OF the last season will afford partial re-
Ilet tor the present, and perseverance in |
the same course will, in due season. &C.
co'nplish the rest We have had full ex-
perlence, IN times past, of the extraordin-
airy results which can, in This respect, be |
brought about in short lperiod, by the |
united and well directed efforts of a com
munlty like ours. Our surplus profits, |
the energy and Industry of our popula- |
ton, and the wonderful advantages which |
Providence has bestowed upon our coun-
try. to lis climate, its various productions.
Indispensable to other nations, will, in
due time, afford abundant means to ger
iect the most useful of those objects, for
which The States have been plum g;ng
themselves of late in embarrassment and
debt, without imposing on ourselves or
our children such fearful burdens.
But let it be indelbly engraved on our
minds that relief is not to be found in ex-
pedients. Indebtedness cannot be les
sened by borrowing more money, or bv
changing the form of the debt. The
balance of trade is not 10 be turned in |
our favor by creating new demands upon
US abroad. Our currency cannot be i'm
proved 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 in
varably, aggravate the evil inl,he end
1t is only by retrenchment and reform, by
curtailing public and private expenditures,
by paying our debts, and by reforming
our banking system. that we are to ex-
pect efectual relief. security for the flu
ture, and an enduring prosperity. In
shaping the institutions and policy of the
General Government so as to promote, as
lar as it can with its limited powers, these
important ends, you may rely on my
most cordial cooperation.
That there should have been, in the
progress of recent events, doubts in ma
ny quarters and in some heated opposi-
ton to every change, cannot surprise US.
Doubts are properly attendant on all re-
form; and it is peculiarly in the nature
| of such abuses as we are now encounter
ing. 10 seek TO perpetuate their power by
means OF the influence they have been
permitted to acquire. 1t is their result, if
not their object, to gain for the few an
ascendency over the many, By securing
to them monopoly of the currency, the
medium through which most of the wants
Of mankind are supplied-to produce tro
out society chain Of dependence which
leads all classes to look to privileged as
sociaions for the means OF spec uEaton
and extravigance,-;o nourish, in prefer
ence to the manly virtues that give digni-
~ t. human nature, craving desire for
luxurious enjoyment and sudden wealth.
I 4l..on ,,hn cn,Ir H..