Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1840-01-11


number and power of the persons connected
with these corporations, or placed under
their influence, give them fearful weight
when their interest il in opposition to the
spirit of the Constitution and laws. To
the people it is immaterlal whether these
results are produced by opening vialo,ions
OF the latter, or by the workings Of system
pfwhlch the result is the same. An inffexlble
execution even of the existing statute OF
most Of the States, would redress many evils
now endured; would effectually show the
banks the dangers of fmismanagement which
impunity encourages them to repeat; and
would teach all corporations the useful es-
son that they are the subjects of the law
and the servants of the people. What is
still wanting 20 effect these objects must
be sought is additional legislation; Or if
that oe inadequate, in such further con-
stltutlonnl grants or restrictions as may
bring us back into the path from which we
have SO widely wandered.
In the meantime, it is the duty ofthe Ge-
neral Government to to.copcrate with the
States, by wise exercise of its constitutional
powers, and the enforcement of It's existing
laws. The extent to which it may do so
by further enactments, have already ad-
verted to, and the wisdom ofCongress may
yet enlarge them. But, above all, it is in
cumbent upon us to hold erect the princi-
Piles Of morality and law, constantly execu
ting our own contracts in accordance with
, the provisions Of the Constitution, and thus
serving as u ralIying point by which our
, whole country may be brought back to that
safe and honored standard.
| Our pcople will not long be insens,ble to
t the extent of the burdens cntuied upon
them by the false system that has been op-
: Grating on their sanguine, energetic, and
Industrious character; nor to the means
t necessary to eXtrlcatc themselves from
these embarrassmonts. Tie weight which
presses upon large portion Of the people
S and the States, is an enormous debt of our
r States, corporations, and men of business,
t can scarcely be less Than two hundred mill
5 ions of dollars, requiring more than ten
millions Of dollars a year to pay the inte-
rest. This sum has to be paid ont of the
r exports of the country, and must of necessi-
ty cut offimports to that extent, or plunge
; the country more in debt from year to year.
1t Is easy to see that the increase of this for
, eign debt must augment the annual demand
7 on lilc exports to pay the interest, and to
1 the same extent diminish the imports; and
4 in proportion to the enlargement Of the for
eign debt, and the consequent increase
: of interest, must be the decrease of the i'm
, port trade. In lieu Of the comforts which
/ it now brings us, we might haze our gigan-
G tic banking institutions, and splendid, but,
t in many Instances, profitless, railroads and
f canals, absorbing to great extent, in inte-
. rest upon the capital borrowed to construct
= them, the surplus fruits ofnatonal industry
e for years to come, and securing to posteri-
ty an adequate return for the comfort which
t the labors of their hands might otherwise
h have secured. It's not by the increase Of
! this debt that relicfis to be sought, but in
0 its dimnution. Upon this point, there is,
: | am happy to say, hope before us; no: so
S much in The return of confidence abroad,
0 which will enable the States to borrow
= more money, rs in a change of public feel
= ing at home, which promp;s our people 10
. pause in their career, and think of the means
. by which debts are to be paid before they
, are contracted. If we would escape en-
a burrassmont, public and private, we alust
I cease to run in debt, except for objects of
necessity, or such as will yield certain re-
q turn. Let the faith Of tie States, corpora :
$ tlons, aud individuals, already pledged, be
S kept with the most punctilious regard. Ii
is due to our national character, as well as
; to justice, that this should on the part of
$ each be fixed principle of conduct But
| it behooves us all to be more chary in pledg-
f ing it hereafter. By ceasing 10 run in debt,
and applying the surplus of our crops and
incomes TO the discharge of existing obi.
gations buying less md selling more, and
l managing all affairs, public and private,
with strict economy and frugality, we shall
see our country soon recover from Il tempo
rary depression, arising not from natural
: and permanent causes, but from those
J have enumerated, and advance with renew
4 ed vigor in her career Of prosperity.
Fortunately for us, at this moment, when
3 the balance of trade is generally against
r Us, and the difficulty of meeting it enhanced
by the disturbed state of oar money affairs,
the bountles OF Providence have come to re-
lleve us from tho consequences of past er-
t rors. A faithful application of the immense
, results of the labors of the last season will
, "iioiu Peiti"i i'iiSi Iot tHc pIcSeil, uHu per
severance in the same course will, in due
season, accomplish the rest. We have had
full experience, in times past, of the extra
ordinary results which can, in this respect,
, be brought about in short PERIOD by the
, united and well directed efforts of commu-
nifty like ours. Our surplus profits, the ener-
gy and industry Of our population, and the
wonderful advantages which Providence has
bestowed upon our country, in Its climate
its various productions, indispensable to
other nations, will, in due time, afford
bundant means to perfect the most useful
of those objects, tor which the States have
been plugging themselves of late in embar-
rassment and debt, without IMPOSING on
ourselves or our children such fearful bur-
dens.
But let it be indelibly engraved on our
minds that reiefis not to be found in expe-
dients. Indebtedness cannot be lessened
by borrowing more money, or by changing
the form of the debt. The balance o. trade
is not to be turned in our favor by creating
new demands upon us abroad. Our curren-
cy cannot be improved by the creation of
new banks, or more issues from those which
now exist. Although these devices some
times appear TO give temporary relief they
almost invariably aggravate the evil in the
end. 1t is only by retrenchment and reform