Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-02-20

sighted rs Mr.. Calhoun, to the idea of trust
ING the execution of such plan TO men sin
whom he had no manner ofconfidence,'' | am
at loss to understand. But let that pass
My remarks are not for him. He does not
not deem himself infallible, for his life is
spent in reversing his own judgments yet i
should despair of convincing him of any err
ror, unless could show him at the same time
that he could advance himself, or betray a
friend by recanting it. 1t may be asked why
it is, that if the Administration do indeed
the establishment of system so
favorable to the commercial prosperity of the
they do not throw out some init
nation of this purpose, with a view to soothc
the angry feelings of the mercantile interest.
My answer TO this is two fold.
/. The system, however favorable to the
interests of commerce in the end, could not be
carried into effect, but at the hazard of great
confusion and great distress, and the utter rti-
i'll of many of those who, if permitted to go
on in the beaten road of business, see their
way clear to ease and aflluence. TO such it
would be no consolation, in their latter days
of poverty and obscurity, to look upon the
prosperity and the splendors of others, en-
riched by the very system, the establishment
Of which had been fatal TO them. There is
no reason, therefore, to believe that an open
avowal of the ultimate purpose of the Adj
ministration, would have the effect of concil-
iating the mercantile interest, and winning
their support.
,. But surely do not deceive myself, in
supposing, that among the supporters of the
Administration, there are many whose aid is
Indispensable in this crisis, and who would
be driven into fierce and implacable oppose
ton by such an avowal. make no account
of the tens of thousands, who, on reading
this, would so declare, and then excuse their
mistaken loyalty, by protesting that their I'M
maculate chief is incapable of such design.
Let him avow it the next day, and they Will
presently find out that it is replete with wis
dom and self denying patriotism. These are
| they who chaled and fretted at the federal
doctrines which the indiscretion of Mr.. j. q.
Adams introduced into his inaugural address,
and then swallowed the Proclamation and
SwOre allegiance to its author. Or they, who,
having condemned the doctrines OF that IN
Struinent, and sworn never TO sheathe the
sword of opposition, while the Force Bill
remained on the Statute Book, have now lden-
titled themselves with the authors of these a.
nominations, and with u zeal for State Rights
in their mouths, Join in a crusade against the
Sovereignty of New Jersey. But all are
not such, and among those who approve the
Sub-rreasury, or are unwilling TO enlist UNI
der the banner of General Harrison, even a.
gainst this Administration, there are enough
to turn the scale in his favor, who have not
yet bowed the knee 10 the Baal of Consollda-
ton. 1t is to these l address myself, earnest
ly entreatlng them to pause and look before
them, ere they take step which may plunge
our country into ruin.
Let it be remembered then, that to the sue
cess of this plan. it is necessary that the
Government should be involved i'll debt, and
that not contracted by regular loans, but by
the issue of Treasury notes. Ii, for series
of years, the expenditures should exceed the
revenue of the Government, the amount OF
these notes in circulation must steadily In
crease, and would soon extend so far as to
make il manifest TINT their prompt r.ieHPtion
would be impossible. In such state of
things, common Justice would demand that
the interest at least should be paid. The on
ly way to turn a public debt not paying inter-
est, into a debt paying interest, Is to fund 1t );
or in other words to authorize the holders OF
Treasury notes to fund them at theirpleasure.
This being done, the system is complete
The treasury paper would fill so large a
space in the channels of commerce that
great part of the notes could not be spared
from circulation, and new issues would be
eagerly demanded by the necessities OF COM
merce to fill the place Of all that might be
withdrawn. Public creditors, as in Russia,
would choose to receive their dues III Treas
ury notes, in preference to gold and silver,
and all the specie which might not be wanted
for payment of taxes, would be LETT IN the
Treasury.
Now, take upon me to affirm, that, aoheth-
en- al be intended or no, repeated deficiency
of revenue supplied by issues of Treasury
I. q n L. &c
affirm that this conclusion must he 0bOioms 70
erery one, and hence infer the design of the
Administration to bring about this result,
from their avowed determination to curtail the
revenue, to increase expenditure, and TO
supply all deficits, not by loans, but 10y Irea-
sury notes.
On the first topic, I beg leave to advert to
the eagerness of the party at this moment to
throw away the revenue derived FROM the
public lands; and the vehomence OF their op-
position to your proposal to impose duty
on silks. These 'hlngs are done, at a no.
ment when the tariff Of compromise (Which
YOU and I. ~, consider as a sacred thingj is
about to 20 into full effect, and to produce an
esse~.fal dlminution of the revenue, already
adequate to the established rate of expendi |
ture. This rate, therefore must be reduced, |
or a deficiency of revenue will be found at
The end of every year.
-. Now what prospect is there of reduc-
non OF the rate of expenditure
ne saa sax ig5 R2t Eg Of the
lged by host of officers on salaries, compa-
ed to which those Of the Governor or Chief
Justice of any State, are contemplate.
will content myself with pointing out these
tens.
|. The Florida war is to be pressed with
enewed vigor, and on new plan. which.
tc iy,v-o1to |