The North-Carolina standard., 1840-01-08


! Constitution and laws. To the people it is i'm
material whether these results are produced by
Eopen violations of the latter, or by the workings
OF a system OF which the result is the same
An lnf1eXlble execution even of the existing
statutes of most of the States, would redress ma
ny evils now endured; would effectualy show
the Banks the dangers Of mismanagement which
lmpunity encourages them to repeat; and would
teach all corporations the useful lesson that they
are the subjects of the law. and the servants Of
the people What is still wanting to effect these
objects must be sought in additional legislation;
or If that be inadequate, in such further cOnsti-
tutional grants or restrictions may bring US
back into the path from which we have so wide
Iy wandered.
In the meantime, it is The duty of the General
Government to cooperate with the States, by
wise exercise of its constitutional powers and the
enforcement of existing laws. The extent to
which it may do SO by further enactments.
have already adverted 10, and the wisdom Of
Congress may yet enlarge them. But, above
all, 1t IS incumbent. upon to hold erect the
principles of morality and law, constantly exc
cutting our own contracts in accordance with the
provisions OF the Constitution, and thus serving
as rallylng point by which our whole country
may be brought back to that safe and honored
standard
Our people will not long be insensibIe to the
extent of the burdens entsiIed upon them by the
false system that has been operating on their
sanguine energetic and industrious character;
nor TO the means necessary to extricae themselves
from these enbarrassments. The weight which
presses upon large portion of the people and
the States is an enormous debt, forei On and do
mestic. The foreign debt of our States, corpora
tons, and men of business, can scarcely be less
than Two hundred millions of dollars, requiring
more than ten millions of dollars year TO pay
the interest. This sum has to be paid out of the
exports OF the country, and must OF necessity cut
off imports to that extent, or plunge the country
more deeply in debt from year to year. 1t is
easy TO see that the increase OF this foreign debt
must augment the annual demand on the exports
to pay the interest, and 10 the same extent dimin-
sh the imports; and in proportion to the en-
largement OF the orei gn debt and the consequent
increase of interest must be the decrease of the
import trade. In lieu OF the comforts which it
now brings US, we might have our gigantic
banking institutions, and splendid, but in many
instances proftless rail roads and canals, absorb
lng to great extent, in interest upon the capital
borrowed to construct them, the surplus fruits Of
national industry for years to come, and secur-
ing to posIerity no adequate return for the com-
forts which the labors of their hands might 9TH
erwise have secured. 1t is not by the increase
of this debt that relief is TO be sought but in IFS
dimlnutlon Upon this point, there is, am hap
py to say, hope before US; not so much in the
IeluIH vi Confluence uOEOaQ, Wnlcn Will 6nuDi0
the States to borrow more money, In a change
of public feeling at home, which prompts our
people 10 pause in their career, and think Of the
means by which debt are to be paid before they
are contracted. If we would escape embarrass-
ment, public and private, we must cease TO run
in debt, except for objects of necessity, or such
as Will yield a certain return. Let the faith Of
the states, corporations. and individuals, already
pledged, be kept with the most puncnlious re-
gard. 1t due national cha a
we'll as to justice, that this should the part OF
each, be liked principle of conduct. Bot it be-
hooves US all 10 be more chary in pledging it
hereafter BY ceasing to run in debt and ap-
plying the surplus of our crops and incomes to
the discharge of existing obligations, buying less
and selling more, and managing all affairs, pub
lie and private with strict economy and frugal
Ity, we shall see our country soon recover from
temporary depression, arising not from ma
tural and permanent causes, but from those have
enumerated, and advance with renewed vigor in
her Career Of prosperity
Fortunately for US at this moment, when the
balance OF trade is greatly against US, and the
difficulty OF meeting It enhanced by the disturb
ed State of our money affIrs, the bounties of
Providence have come to relieve from the
consequences OF past errors. A faithful applca-
ton of the immense results of the labors of the
past season, will afford partial relief for the pre-
sent, and perseverance In the same course will
in due season. accomplish the rest. We have
had full experience, in times past of the exraor-
dlnary results which can, in this respect be
brought about in short PERIOD by the united
and well directed efforts of IL community like
ours. Our surplus profits, the energy and in
dustry of our population and the wonderful nG
vantages which Providence has bestowed upon
our country, IN its climate, its various produc
tions, indispensable to other nations, will, in due
time, afford abundant means 10 perfect the most
useful OF those objects, for which the states have
been plunglng themselves Of late in embarrass-
ment and debt, without imposing on ourselves
or our children such fearful burdens.
But let it be indeIibly engraved on our minds
that relief is not 10 be found in expedients. In
debtedness cannot be lessened by borrowing
more money, or by changing the form of the
debt. The balance of trade is not to be turned
in our favor by creating new demands upon us
abroad Our currency cannot be improved by
the creation Of new banks or more issues from
those which now exist Although these devices
sometimes appear to give temporary relief they
almost invariably aggravate the evil in the end
1t Is only by retrenchment and reform, by cur
tailiuO Duhic and nrivate oYnandituras hv nav.