Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-12-31

the people sustained The performance OF
this duty was highly honorable to their for
ttude and patriotism. 1t cannot fail to
stimulate their agents to adhere. under all
circumstances. to the line OF duty: and 10
satisfy them of the safety with which
course really right. and demanded b. f.
nancial crisis, may, in a community like
ours, be pursued, however apparently Sc
we're its immediate operation.
The policy of the Federal Government.
in extinguishing as rapidly as possible the
national debt, and subsequently, in resist
ing every temptation to create new one,
deserves to be regarded in the same favor
able light. Among the many objections
to national debt, the certain tendency Of
public securities to concentrate ultimately
in the Golfers of foreign stockholders, is
one which is every day gathering strength.
Already have the resources Of many of
the States, and the future industry of their
citizens, been Indefinitely mortgaged to
the subjects of European Governments,
10 the amount of twelve millions annually,
10 pay the constantly accruine interest on
borrowed money! sum exceeding half
: the ordinary revenues of the whole United
: States. The pretext which this relation af.
! fords to foreigners to scrutinize the man.
agement of domestic affairs, if not actual
" 10 intermeddle with them, presents a
subject Tor earnest attention, not to say of
h serious alarm. Fortunately, the Federal
It Government, with the exception of an OBJ
e legation entered into in behalf of the Dis
h trict Of Columbia, which must soon be
T discharged, is wholly exempt from any
lieved, tho only Government which, hav
. ing fully and faithfully paid all its credit
Z ors, has also relieved itself entirely from
m debt. TO maintain distinction SO desi
of rsble and so honorable TO our natiopa
n character, should be an object of earnes
L. sollcitude. Never should free peopl,
20 lift be possible to avoid it, expose then
selves to the necessity of having to tire;
of the peace, the honor or the safety of Il
III Republic, with the Government of foreig
en creditors who, however well dispose
IN they may be to cultivate with US in ge
re- eral friendly relations, are,,nevertheless,
u the law Of their own condition, made no
lly tileto the success and permanency of p
ltical institutions like ours. Most hum
iating may be the embarrassmenls cour;
vi quent upon such a condition. Anoth
dc' objection, scarcely less formidable, to
lue commencement Of d new debt, it lis ineV
ear able tendency to increase in magnitu
Tue and to foster national eXtravigance.
us has been an improbable observer Of
tue vents who needs at this day to be adm
mat ished of the difficulties which Cove
efa' ment, habitually dependent on loans
HNS' sustain its ordinary expenditures ha;
muse encounter in resisting the influences
'oStS- stantly exerted in favor of additional Il
,erh' by capitalists; VINO enrich themselve
ue' Government. securities for amounts n
oeen exceeding the money they actually
mas vance-a prolific source ofindlvidual
sns- grandizement IN alt borrowing count
ana by stockholders, who seek their gall
Nh'c'' the raise and fall of public stacks, an
ccur the selfish opportunities Of applicant
vaIIa- appropriations for works avowedly fl
honey accommodations ofthe public, but the
ion of objects which are too frequently tn
nah'S vancement ofprivate interests. The k
Tue a. necessity which so many of the
landS' will be under to impose taxes for the
perate won, Of rho interest," on their debts fu
erlod; es an additional and very cogent ]
reVe' why the Federal Government shou
Illlons FRAN from creating national de
= TWO which the people would be exposed
1885, BILE taxation for a similar object. w
he i'm COOS within ourselves ample resourc
SPecial every. emergency; and we may be
:, sure thai our citizens, in no future {
ION for CIV, will be unwilling to supply the I
venue ment with all the means asked for
zen SUP fence Of the country. In time
nee of thnro can 1T ali events. be no iust
sssarlly for the creation of a permanent q
which the federal Government. Its LIMITED
wlthon. Unconstitutional duties may certain
st. VI der such circumstances, be pei
Jury, 10 without such resort. 1t has, 1t
alone, been avoided during four years of
g out o! fiscal difficulties than have exist
xceeoeo similar period since the adoption
prose constitution, and one also remark
ii OF the the occurrence of extraordinary C
ln .U: u expenditures.
n'llions' But to accomplish so desirable a
required two things are indispensable; firFt
millions. action of The Federal Government
pleasure within the boundaries prescribed by
mmence ders; and, especially tnat all apPIe
slov av for objects admitted to be CONSTITUTE
49, the expenditure of them also be suble
t. This s o@v The FIRST denends chiefly on t
creating themselves. the opinions they form of
addition construction of the constitution, and
ne midst fidence they repose in the political Sc
an of ex. of those they select as their represen
1oou;nr the Federal legislature; the second
ioc'n5 on the fidelity with which their more
a aVallaOie ate representatives and other public
Treasury res discharge the. trust committed
Il amount The duty of economizIng the expens
four and nubIic service is admitted on all ma
there are few subjects upon w me-, =
~ " manifested in regard to the hde
Win Tue which that duty is discharged. II
y as are versitv of sentiment, nor even mutui
presented nations, upon point IN respect 10
,emed ont nnblic mind is so justly sensitive. ca
eXpendl- entirely aVoidea .aliu 49, A., ;ntalF
int within great political e1el.e zen to;arr;ve
t, be kept pie nOweses, s oI,'sons in such matt
interest," teal economy in the management
,e as large sas;rs can have no adverse infdent
tend with more powerful than a iare
e.o,n The revenue: and the unusually large
: - enc ~, for 1887 may; without doubf' lnuepe
atlceS: on0 tie extraordinary requlsltIcns ior
conscious service growing out of the state Oh (
the resolu- relations, be, in no inconslderaoe Ge
,arx, onnnr- = = .t;s ,o,,rea The sudden ana