The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-10-28
HARD TIMES.

From one end of this fair land to the 9th,
er the press and orators, complain OF hard
times, and demand change of rulers as
remedy. Whatever changes change ol
rulers might make, the hard times must be
cured by other means. That this is true
we think candid investigation OF few
plain facts will show. Let us make the en'
uuiry, Ist, What has produced the present
pressure? I'd, What continues it! The cor
rect reply is brief and obvious. Foreign
debts. Debts alone debts of Individuals
of corporations, Of S,ates-excessiVc en-
penditures, together disproport'onate, 10
their revenue, was the sole cause OF lhls
pressure, and is of lis continuance. -
vsEi4s@A1ree E4A1 pSlates' alone Sc2ohEFaeted dc6t
Of nearly l7o millions (sl74, ,696,99ll In
the last four years Of this period this State
debt was increased more than lOS millions,
besides % millions Of surplus revenue dis
tributed by the United States to the States
Without including the vast amount Of
individual liabilities to Europe, the inter-
est on this immense State debt is about
TEN MILLIONS. This vast sum must be
annually paid in SPECIE; for the excess Of
our imports over our exports amounts to
many mllions-in 1888 and 1889, il was
estimated at fifty millions. Now, how can
any establishment, nation or individual,
be otherwise than oppressed, when taxed
with an annual tribute Of from ten 10 fifty
over and above their revenue!
This has been the condition Of this coun-
try for years.
When the vauntcd American system was
first broached, and promises made that
railroad, or turnpike should pass
almost every mans door, the folly of the
scheme was denounced, and by whom! BY
the Democratic members Of Congress and
Of State Legislatures. Their warnings
were derided, their predictions of failure
scorned, and the most alluring promises
held out 10 all those States which should
engage in the grand scheme of internal
1t was vainly urged that
after borrowing the amounts of the esli-
mated cost Of the several works, and cX-
pending 1.-THE works might not be COM
plete, or the expected profits might mol
he realised The country was yet too
young to afford such vast outlays upon
high ways and canals-thc travel and
transportation requisite 10 make them pro-
ductive, was not necessary in the business
Of the coun.ry-it would be better not to
engage in the improvements on BORROWED
This reasoning, every one
knows, was hooled at as I" inefabIy STU
pid" and ieiune.
Well, these forebodings are more than
realized. In some instances the credit of
the State is gone and their public works
arc not only unprodnc;irc, but unfinished,
and almost total loss without the eXE Gil
dilure Of vast additional sums which are
not to be obtained. In the most favorable
cases tho proceeds Of the fabrics, which,
were 10 enrich the builders, is not sulli-
cieni to pay the interest Of the outlay.
Nearly 200 MILLIONS have been borrow-
ed and vested in these unproduclivc In
provements.-Th credit Of most of the
States concerned in them is so low that
their bonds arc not as good as the bonds
Of solvent indipidualS. In this dilemma
what remedy is proposed! 1t is that the
United States shall assume the payment
of these State bonds the proceeds of which
have been worse than uselessly wasted in
eorruptin9 the public mind and deranging
The monetary affairs of the whole nation.
RocI I'll l., H.