The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-03-07

were mere commentaries on the text he had
read from the Message. The great injustice,
to say the least of il, Of holding up the debts
OF State, without at the same time present.
ing ITS resources, is too palpable to need COM
ment' Justices requires, at all times, that
both sides OF the account should be stated
Any other course was only calculated TO mis-
lead, and to prejudice the debtor in the eyes Of
The world If you say Of man that he owes
fifty thousand dollars, and say no more, YOU
affect his credit with the world; none would
trust him except those who knew his ability 10
pay. But il you say Of him, 10 addition that
he is amply good for treble that sum, the Gre
dit side brings up the balance in his favor. =
So in relation TO the debts Of the States and
People. 1t was possible they might amount
to the sum named by the President, but still
he only gave one side of the case, The
President had kindly told the States that :. it
is not by the increase ofthis debt that relief is to
be sought, but in its diminution." Nov, sir, thst
may or ii may not be so. according 10 the cir
cumstances surrounding the debtor State and
that was matter submitted exclusively to the
People and Legislature Of the particular
State. Did it not strike Senators that suspend
ed public works in the States, which must re-
main wholly useless unless completed, and the
money thrown away which had been expended
upon them, might be finished TO great advan-
tage in many instances, even should an in
crease of the debt Of the State be the conse.
quence! The error into which the President
and Senators over the way had fallen was in
the application Of their distractions to the
condition Of the People and the States as they
. H., l.. 4 4 -
abstraction laid down by the President might
be true, il the public works were completed in
The States but, in their present condition.
the States may find that, upon principles of
the strictest economy, it may be necessary
for them to extend their credit, and complete
some Of their unfinished works, and it was not
for the Federal Government to injure their
credit, or lecture them as to their internal
policy. That matter the People Of the States
understood best, and with them it should be
left. There was another remark in the ex-
tract which he had read, and which had been
repeated by Senator'S commented upon in the
public press, in essays, and tables of calcula-
ton, to which Mr.. S. desired TO call the atten-
ton Of the Senate, for the purpose of ex-
posing its fallacy-" profitless railroads and
SatiuiS. ACS, III VIC pICScn tulputeueu
age of the world. the internal improvements
of your country were to be reduced to ques-
ton of dollars and cents, to be brought to a
contingencies calculation, TO be conned over
by the usurcr, TO be weighed and tested by the
question whether they would pay the interest
upon their construction. The minds Of states
men seem to be limited to the most sordid and
circumscri5ed view OF the question. We
shall surely entite ourselves TO the character
that has been given US in the Executive Jour
nails" dollar and cent people," Were we,
in this enlightened, active, commercial and
enterprising age Of the world, to be told that
a canal or railroad that did not pay the inter
est on the cost Of its construction, was I" pro-
fitess" to the People! Why, sir, that is only
a question Of taxes; you may collect tolls to
pay only one per cent. on the construction OF
the work, or you may increase the tolls so rs
to pay five still you have not touched the
question of the value Of the work to the country.
Suppose there was not one dollar Of tolls col
lected on single work in the United States,
but all were left, like your great rivers, free
and public highways. Would they be the less
useful, valuable, or profitable to the People
Take for example, the N. Y. and Erie Canal.
Is il by the amount of tolls collected on that
great work that its utility and value to the State
are to he tested or ascertained Surely. not
Ii the State Of New York was in condition
TO dispense with tolls altogether, would it be
contended that her work would not be equally
as profitable and valuable to the great mass
of her citizens as it now is! What are tolls
Nothing more nor less than taxes on the com.
merce and business that passed through the
canal. That tax may be necessary to raise
the interest on the cost of construction but il
was principally drawn from her commerce,
and paid ultimately by the consumer, as it
entered into the price Of the produce and mer-
chandise that passed through the canal. These
remarks are equally applicable to railroads.
1t may then be asked, If the profit of a canal
or railroad is not to be tested by the amount Of
tolls collected, how is il to be done! The
answer is obvious by the benefits resulting
10 the State and its citizens, in the increased
facilities afforded to commercial and gricutu-
raj operations, with the corresponding increase
in the value of real estate and the price of
every article of produce, as well as the reduc-
ton in the price of every article conveyed over
the work 1t might well be assumed that the
State of New York would not be the loser by
taking off the tolls entirely from her public
works, as she would relieve her citizens from
that tax, while she would increase the con-
merce OF her great cities, as well as the bust
ness Of the State generally. Ii may be as
serted, and successfully maintained, that every
that increases the industry of the
People, which is the true wealth of nation.
is beneficial, and every policy which paralyzes
that industry is injurious in its tendency, and
diminishes the quantum of active wealth.
These great improvements have had the effect
to increase greatly the enterprising industry Of
the People, and have therefore been benefi-
cial to the country greatly beyond the simple