Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-12-18

nitely mortgaged to the subjects of European
Governments, to the amount of twelve mill
ions annually, TO pay the constantly accru.
| ing interest Of borrowed money! sum ex.
ceeding half the ordinary revenues of the
whole United States. The pretext which
this relation affords 10 foreigners to scrutinize
the management of our domestic affairs, if
| not actually TO intermeddle with them, pre-.
sents a subject for earnest attention not to say
of serious alarm. Fortunately, the Federal
Government, with the exception Of an obl-
cation entered into in behalf of the District
of Columbia, which must soon be discharged
is wholly exempt from any such embarrass-
ment II is also, as is believed, the only gov.
eminent which having fully and faithfully
paid all its creditors, has also relieved itself
from debt.
To maintain distinction 90 desirable, and
SO honorable to our national character,
should be an object of an earnest solicitude.
Never should a free people, If it be possible
to avoid it, expose themselves to the necessi-
ty of having to treat of the peace, the honor,
or the safety of the republic, with the gov.
ernmcnts of foreign creditors, who however
well disposed they may be to cultivate with
us in general friendly relations, are neverthe-
less, by the law of their own condition, made
hostile TO the success and permanency of po-
litical institutions like ours. Most humiliat.
ing may be the embarrassments consequent
upon such a condition. Another objection,
scarcely less formidable, to the commence.
mcnt of a new debt, is its inevitable tendency
TO increase in magnitude, and to foster ma
tional extravaganza. He has been an un-
profitable observer of events, who needs al
this day TO be admonished of the difficulties
which a Government habitually dependant
on loans to sustain the ordinary expenditures,
has to encounter in resisting the influences
constantly eXcrted in favor of additional
loans--by capitalists, who enrich themselves
by Government securities for amounts much
/. exceeding the money they actually advance
"a prolific source of individual aggrandize-
ment in all borrowing countries; by stock
/ holders, who seek their gain by the rise and
| fall of public stocks, and by the selfish i'm
portunities of applicants for appropriations
for works avowcdly for the accommodation
are, too frequently the advancement OF pri-
vate interests.
The known necessity which so many OF
the States will be under to impose taxes for
, the payment of the interest on their debts,
furnishes an additional and very cogent rca-
, son why the Federal Government should re.
: irain from creating national debt by which
|; the people would be exposed to double taxa.
: ton for similar object We possess with.
: in ourselves ample resources for every emcr.
= gcncy; and we may be quite sure that oul
0 citizens, in no future exgency. will be un
h willing to supply the government with all the
: means asked far the defence of the country
4 In time of peace there can at all events, be
no justification for the creation of a perma
i nent debt by the Federal Government. II.
e limited range of constitutional duties may
a certainly, under such circumstances, be per
|. formed without such resort 1t has, it i.
n seen. been avoided during four years OF great
E err fiscal difficulties than have existed in a
d similar period since the adoption OF the con
a stitution. and one also remarkable for the oc
e currence of extraordinary causes of expendi
i. lures
!. But to accomplish 50 desirable an object
!. two things are indispensable: first, that the
t action of the Federal Government be KEEP
d within the boundaries prescribed by its foun
% ders; and, secondly. that all appropriation.
E for objects admitted to be constitutional. ant
( the expenditure of them also, be subjected tc
J. standard Of right. but well considered ant
= practical economy The first depends chiefly
c on the people themselves. the opinions they
e form oi the true construction of the consti
=. tu,ion. and the confidence they repose in the
J, raiica /. sentiments OF those they select a.
n ture; the second rests upon the fidelity with
n when their more immediate representatives
S ana other public functionares, discharge the
S trusts committed to Them The duty of econ.
: om'Iing The expenses of the public service is
auili'led on all hands; yet there are few sub.
| ]cc's upon which there exists wider differ.
enee OF opinion than is constantly NANTES
lea IN regard to the fidelity with which that
, duty is discharged.
Neither diversity OF sentiment, or even mu.
l'al DENOMINATIONS. upon point in respect
10 winch the public mind is so Justly senti.
1--WE, can well be entirely avoided and least
80 d! periods OF great political excitement
An intelligent people, however seldom fail to
"'I'e IN the end at correct conclusions in
such matter. Practical economy in the
management of public affairs can have no al.
verse influence to contend with more power
inl than large surplus revenue ; and the
unusually large appropriations for 1897 NAV
without doubt, independently of the extraor.
binary acquisitions for the public service
growing out of the state of our Indian rela.
'lons,be in no inconslderable degree. traced
TO this source. The sudden and rapid dstri.
button OF the large surplus then in the trea
s"ry, and the equally sudden and unprcce
denledly severe revusion in the commerce
and business of the country pointing with
uneTrng certainty to great and protracted
reduction of the revenue, strengthened the
propriety of the earliest practical reduction of
the public expenditures
But. to change system operating upon 70
large surface, and applicable to such nu.
merous and diversified interests and objects.
was more than the work of day. The at.
tenlIon of every department of the govern.
men' was Immediately, and in good faith, di.
rected to that end and has been so continued
to the present moment. The estimates and
appropriations for the year 1888, the first
over which had any control, were some.
what diminished The expenditures of 1889
were reduced six millions OF dollars. Those
of 1870. exclusive OF disbursements for pub. |
nc debt and trust claims, will probably not
exceed twenty-five and half millions be. |
ing between two and three millions less than
those of the preceding year. and nine or ten
millions less than those of 1897. Nor has II
been found necessary, in order to produce
this result, to resort 10 the power conferred
by Congress, of postponing certain classes of
me public works, except by deferring expen.
dltureS for short npriOd unon , En;,.d =.