The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-12-18

safety of the republic, with the governments of for
eign creditors, who, however well disposed they
may be to cultivate with us in general friendly re-
lutions, are nevertheless, by the law of their own
condition. made hostile to the success and perma-
nency of political institutions like ours. Most hu-
initiating may be the cmbarrassmens consequent
upon such condition. Another objection scarce
| " less formidable, to the commencement of Il new
debt is its inevitable tendency to increase in mag
ntude, and to foster national extravaganza. lie
has been an Improbable observer of events, who
needs at this day to be admOnished of the difficult
ties which government, habiiually dependent on
loans TO sustain its ordinary expenditures, has to
encounter in resisting the influences constantly en-
erted in favor of additional loans, by capitalists who
enrich themselves by government securities for a.
mounts much exceeding the money they actually
adyance-a prolific source of individual aggran-
disemcnt in all borrowing countres; by s,ockhold-
ers, who seek their gain by the rise and fall Of
public stocks; and by the selfish opportunities of
applicants for appropriations for works ayowedly
for the accommodation of the public, but the real
objects of which are too frequently, the advance
ment of private interests.
The known necessity which so many of the
states will be under, to impose taxes for the pay
mcnt of the interest of their debts, furnishes an adj
ditional and cOgent reason why the federal govern
mcnt should refrain from creating national debt,
by which the people wonld be exposed TO double
taxation for similar object. We possess within
ourselves ample resources for every emergency
and we may be quite sure that our citizens, in no
future eAigency, will be unwilling to supply the
government with all the means asked for the de-
fence Of the county. In the time of peace there
can, at all events, be justification for the crea-
ton of permanent debt by the federal government.
Its limited range of constitutional duties may GER
tainy under such circumstances, be performed
without such resort. 1t has, it is seen, been
avoided during four years Of greater fiscal difficult
ties than have existed in similar period since the
adoptian of the constitution, and one also remaka-
bic for the occurrence Of extraordinary causes of
expenditures.
But, to accomplish so desirable an object two
things are indispensable, first that the action of the
Federal Government be kept within the boundaries
prescribed by its founders; and secondly, that all
appropriations for objects admitted TO be constitu-
iional, and the expenditure of them also, be sub
jectcd to standard of rigid but wcll-considcred
and practical economy. The first depends chiefly
on the people themselves, the opinions they form
of the true construction of the Constitution, and
the confidence they repose in the political senti-
mcnts Of those they select as their representatives
in the Federal Legislature; the second rests upon
the fidelity with which their immediate representa-
tiycs and other public funclonaries discharge the
trusts committed to them. The duty of economic
zing the expenses of the public service is admitted
on all hands, yet there are few jccts upon which
there exists wider difference Of opinion than is
constantly manifested in regard to the fidelity with
which that duty is discharged. Neither diversity
of sentiment nor mutual recrimnations upon a
point in respect TO which the public mind is so
| L., 4
least so at periods of great political excilcmcnt-
An intelligent people, however, seldom fail TO ar
rive. in the end, at correct conclusions in such
a matter. Practical economy in the management
of public affairs can have no adverse influence to
contend with more powerful than Il large surplus
revenue; and the unusually large appropriations of
1887 may, without doubt, independently of the cx-
raortinary acquisitions for the public service grow
ing out of the state of our Indian relations, be, in
no inconsderablc degree, traced TO this source
The sudden and rapid distribution of the large sur
plus then in the Treasury, and the equally sudden
and unprccedenially severe reyulSion in the COM
mcrcc and business of the country, pointing will,
uncrrlng certainty to great and proractcd rcduc-
ton Of ,l,o rnv"""a strengthened the pr"pr.ty oi
the earliest practicable reduction of the public en-
penditurcs.
But, to change n system operating upon so large
vcrsiied interests and objects, was more than the
work of a day. The attention of every department
of the government was Immediately and in good
faith directed TO that end; and has been so con-
tinucd to the present moment. The estimates and
appropriations for the year 1898 (he first over
which had any controD were somewhat dimin-
shcd. The expenditures of 1889 were reduced six
millions of dollars. Those of 1910, exclusive Of
disbursements for public debt and trust claims, will
probably not exceed twenty-five and half millions
being between two and three millions less than
those of the preceding year, and nine or ten mill
ions less than those of 1897. Nor has i, been found
necessary in order to produce this result TO resort
to the power conferred by Congress, of poslponing
certain classes Of the public works, except by de-
terring expenditures for short period upon limi-
ted portion of thenl--and which postponemeni ter
minated some time since, at the moment the Treas
ury Department, by further receipt from the ndcbt-
ed banks, became fully assured of the ability to
meet them without the prejudice TO the public SER
vice in other respects. Causes are in operation
which WILL it is believed, justify still further re-
duction, without injury to any important national
interest The expenses of sustaining the troops in
Florida have been gradually and greatly reduced
by the perscvering efforts of the War Department;
and n reasonable hope may be entertained that the
necessity for military operations in that quarter will
soon cease. The removal of the Indians from with
in our settled borders is nearly completed. The
pension list one of the heaviest charges upon the
Treasury, is rapidly diminishing by death. The
most costly of our public buildings are either finish
ed or nearly so; and we may, think, safely prom
isc ourselves u continued exemption from border
difficulties
The available balance in The Treasury on the LIST
of January next is estimated ut one million and n
half of dollars. The sum, with the excepted re-
ccpls, from all sources during the next year, will,
it is believed be sufficient to enable the Govern
men' 10 meet every engagement, and leave suita-
bile balance in the Treasury at the end Of the year,
II the remedial measures connected with the GUS
toms and the public lands, heretofore recommend
ed, shall be adopted, and the new appropriations
by Congress shall not carry the expenditures be-
yond the official estimate.
The new system established by Congress for the
safe-kccpiug of the public money, prescribing the
kind of currency TO be received for the public rev.
enuc and providing additional guards and securities
against losses, has now been several months in
operation. Although it nigh, be premature, upon
an experience of such limited duration, TO form,
definite opinion I'm regard TO the extent of its innu