Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-01-09

Ia the slightest degree lncren,s, at The e1rcnss
If the Suites, The power of the Federal su.
tliOrllcs; nor do doubtthat the States will up
ply the remedy. Within. lle lust few years e.
vents have appealed To tlu III too strongly 10 be
ri re, arded. They have q, ell thai the Con.
h rticalIy adhered to, is sub.
,erted III practice; tllat while on the statute
bucks there il ! legal lei der bul gold und sill
yer. no law rmEairne the obligations Of cot.
iracts, yet thai III point oI fact, the privileges
conferred on barking corporations have made
ln'ir nnirs The currency Of tie country that
,he "blI. ulions imposcdby these notes are vic.
laled under The imrnIs, OF iniere>t or convent.
eiice; aud that the number and power of tho
persons connected with these cor Orationa, or
placed under their Influence give them fcar.
ill welShi wnehtl'eir interest is in Oprosiriun
to Tile srl!lt oi The Constitution md lava. To
tie people 1t Is Inma'eriaI whether ,hese RI.
suits arc produced by OF EN- viola,ious of Tho:
latter, or ly the workings Of a system of which
The result is the same. An ilflexible execution
even OF The existing statutes of most of the
States would redress many evils now cndured:
would ctirciua ly s.w the banks the dangers
OF msmaungement which in'punity encour.
ages them to repeat; a, d would teach all cor.
p"rations the useful lesson that they ore tho
subjects Of the Inv and the servants OF the Pen.
Pile, What is still wanting TO effect these ob.
jeci must he sought in additional legislation: or
il tat be inadcqua e. in such further cons,itu.
tional grants or restrictions as may bring us
back into the path from which VIC have so wide
ly wandered.
In The mean time. il is The duty of the Gen.
eral Govern mrnt to ca operate with the States.
by wise exercise of H. constitutional rower,.
and the enforcement of its existing laws. Thu
extent 10 which it may do so by further enact.
me,rs, have already a!vercd TO, and thu
wisd, Ill Of Congress may yet enlarge them.-
But above all. it is incumbent on us to hold
erect The principles Of morality, and law. con.
stantll executing our own contracts in accord.
ance with the provisions of the Constitution.
and thus serving as rallyimg point by which
our whole country mny be brought back to that
safe and honoreG standard.
Our people will not long he insensible 10 the
extcrt OF the budens entacd upon them
y the false system that has been operating in
their sanguine. energetic. and industrious char.
acter; nor TO the means necessary 10 cxtricate
themselves from these tmbarrasslncnts. The
weight which presses upon large portion of
tile People and tie States is an enormous debt.
foreign and dome< ic, The foreign debt of our
Sttrs corporations and incn of business. can
scarcely be less than two hundred millions of
dollars, requirin: more than ten millions Of dol.
lars. Il year TO pay the interest. This sum has
to he paid out rf the exports Of the country and
must of reces ty cur of imports to that extent,
or plunge ;he country more deeply in debt from
year to year. II is easy TO see that the increase
of this foreign debt must augment the annual
demand on The exports t" pay III interest and
10 the same extent diminish the imports; and
in proportion to the enlargement OF the foreign
debt. and the consequent increase ofinterest,
must he the decrease of the import trade. In
lien nf the comforts which it now brings US, We
might have orr gigantic banking institutions,
and splcniid but in many Instances. proftless,
rail roads and canals absorbing TO great extent
in interest upon the cnpitn borrowed to con-
strict them, the surplus fruits of national indus.
rIy for wears TO come, and securing for posieriiy
no adequate return for the comforts which The Ia.
bors oftheir hands mig ght otherwise hnve secured.
it is rot by ibe increase of this debt that relief
is 10 be sought. but in its dimnution. Upon
this poin., there is. am happy to say, hope be-.
fore us: moi so much in the return of confidence
abroad, which will enable the States to borrow
more money. as in change of public feeling
ut hnnr which prompts our people To pause
in tI.eir career. and think oftlIe means by hich
debts are TO be pad before they are contracted.
five would escape embarrassment public
and private. we must cease To run in debt e1.
celt for bjec of Necessity, or such as will
yield !, certain return. Let the faith of tho
States, corporations and individuals already
pledged, be kept with tho most puncil1iolts re-
gard. II is due 10 our national character, %
well rs tollsIice. this should on the part of each
be fixed principle of conduct. But it bellooves
rrs all t" be more chary in rledeng il hereafter
BY ceasing to run in debt, and applying the sur.
PIN, 'Ol our crops and incomes 10 TIE discharge
o! existing obligations. bu, ing less and selling
more. ans managing all affairs. public and pri.
yate with strict economy and frugality We shall
see Onr country soon recover from temporary
depression, arising not from natural and per.
nranenl CAUSES, hut fiom those have rnunler.
a,cd, and advam with renewed vigor in her
career Of prosperity.
ortunn,e.y for u.s. at this moment when tho
haluncc Of trade is greatly against us. and the
dit; ;.cu!iy OF meeting il enhnrcrd by the disturb.
ed state nI cur none, anars the bonnties of
Providence have come 10 relieve ils from tho
consequence Of past errors. A faithful appli-
cation of Tie inmriise results OF the lnbprs Of
the last session will afford partial relief for tho
pi esent, and persever nee in the same course
will, in due season, acr ompish the rest. We
have had full experience, in past times, Of tho
extraordinary results " hicb cnn. in this respect
he brought about in short period, by The uni.
ted aud well directed effort Of community
like ours. Onr surrlus profits, the energy and
industry Of our population, and the wold. rul
advantages which lrov- -delce has bestowed
upon nllr country in it, climate, its various FRO
duclons indispensable to otl.er nations. will, in
due time, afford ubnndan; means 10 perfect the
most ils fi,l of those objects for whic the States
have been plungil.g themselves Of late in en-
banassmeils and debt wtl:ont imposing on
ourselves or our children such fearful burdens.
But let il be irdalbly engraved On our minds
d. I L,sdness e canro, u % be lessened by borrowing
more money. or by changing the form Of the
debt. The balance ofhade is u to be turred
i'm our favor by creating new demands upon (