The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-12-22
Vol. A. No. 9H---yVhoHe no. a77.

Whilst such has been our condition far tho last
-four years in relation to the revenue, have, dur
ing The same period, been subjected 10 an unaVOjd
able continuance of large extraordinary expenses
necessarily growing out of past transactions, and
which could not be Immediately arrested without
great pre- udce To the public interest Of these the
charge upon tho Treasury, in consequence OF the
Cherokee treaty alone, without adverting to others
arising out of Indian treaties has already exceeded
five millions Of dollars that for the prosecution of
measures for the removal ofthe Seminole Indians,
which found IN progress, has been nearly four
teen millions; and the public buildings have requir
ed the unusual SUN OF nearly three millions.
IL uifords me, however, great pleasure to he abl
to say, that, from the commencement Of this peri
cd 10 the present day, every demand upon the Gov
eminent at home abroad. has been promptly
met, This has been done, only without create
ing permanent debt, or resort to additional tax
alton in any form, but in the midst of steadily
progressive reduction of existing burdens upon the
People, leaving still n considerable balance of
valuable funds which will remain in the Treasury
at the end ofthe year. The small amount Of Treas
ury notes, not exceeding four and half millions
OF dollars, still outstanding, and less by twenty
three millions than the Untod States have in de
posit-wilf the States, is composed such only
are not yet due, or have not been presented for
payment. They may be redeemed out of the
cruing revenue, it The expenditures do not exceed
the amount within which they may, it is thou ght
be kept without pre- adice 10 the public interest,"
and the revenue shall prove to be as large as may
he justly anticipated.
Among the reflections arising from the conten
pation Of these circumstances one, not the least
gratifying, is the consciousness that the Govern
ment had the resolution and the ability adhere,
in every emergency, to the sacred obligations of
law; to execute all Its contracts according 10 the
require Is ofthe Constitution; apd thus pre-
vent, when most needed, rail- wing point by which
the business of the whole country might be brought
back to safe and unvarying slandard-a result vi
tally important well to the interests as to the
morals Of the People. There surely be- no diff
ference of opinion in regard to the incalculable
wills that would have arisen, ifIhe Governne mt at
hat ltjrul n1nn mt had rpN he q
tered from unfolding the only true standard Of
value, either by the pressure OF adverse clrcum
stances, or the violence of unmerited denunciation
The manner in winch the people sustained tie
performance of thus duty was highly honorable 10
their fortitude and patriotism 1t cannot fail 10
stimulate their agents to adhere, under all crcum
siances to the line of duty; and 10 satisfy them of
the safety with which course really right, and de
manded by financial crisis, may, in a community
like ours, he pursued however apparently severe
its Immediate operation.
The policy OF the Federal Government, in
tnguishng rapidly possible the national debt,
and subsequently in resisting every temptation 10
create new one deserves TO be regarded IN The
same favorable light. Among the many objections
to a national debt the certain tendency of public
securities 10 concentrate ultimately IN the Golfers
of foreign stockholders is which is every day
gathering strength. Already have The resources
of many OF the states and the future industry of
their cluZens been indefinitely mortgaged To the
subjects Of European governments to The amount
oftwelve millions annually TO pay the constantly
ceeding half the Ordinary revenues of the United
States. The pretext which this relation affords to
70, eigners scrutnze the management of our do
mestic affairs, if not actually 10 inermeddle win
them, presents sub ect for earnest attention, not
10 say of serious alarm. Fortunately the Federal
Government, with the exception of an obligation
entered into in behalf OF the District of Columbia,
which soon be discharged, is wholly exempt
from any such embarrassment. IL Ii also ms Is be
iieved, the only Government which, having fully
and faithfully paid all its credltors has also rei'ev-
,.,If Ia, fra. ,fhf IA ina
tinctiun so desirable, and SD honorahe t" our nh.
tiona character, should be object ntenrnesi so
licitudc.
Never should free people, if it he possible TO
avoid it, expose themselves to the necessity of hav
ing to treat Of the peuce, the honor: or the
safety ofthe Re public, with the Governments of
foreign creditors, who, however we'll disposed they
may be to cultivate with us in general friendly re-
latiuns, nevertheless, by the law of their own
condition, made hostile to the success and pernan
ency of political institutions like ours. Most HUI
miliaiing may he the endorsements cunseque mt
upon snch condition. Another objection, scarce,
~ less formidable, to the com nenccmcnt OF II new
dcbt is It's inevitable tendency to increase in
ma gnilude, ami TO foster national extravaganza.
He,has been an un profitable observer ofeveuts who
needs at this day be admonished OF the difficult
ties VIII ich Government, babauaiIy dependent on
loans to sustain its ordinary expenditures, has to
encounter in resisting the influences constantly
exertod in favor of additional loans ; 10y capital
lists, who enrich themselves by government secu
rites Tor amounts muc h exceeding the money they
ACKNOWLEDGEMENT in all borrowing countries by
stock holders who seek their gains in the rise aud
fall ofPubIic stocks; and by the selfish mporuni-
ties of applicants for appropriations for works IL
vowedly for the acoo mmodat'on OF the public, but
the real objects of which are, too frequently, the
advancement of private interests. The known ne
cesSity which so many of the States Will he under
mpose taxes for the payment OF the interest on
their debts, furnishes additional and very cogent
reason why the Federal Government should re-
train from creating national det;, by which the
people would be exposed to double taxation for
similar object. We possess within ourselves ample
resources for every emergency and we may be
quite that citizens, in no future einefgen
cy, will be unwilling 10 supply the government
with all the means asked for the defehco Oh the
country In time of peace there can at all events,
he n - Ius,;ficaton for the creation of permanent
debt by the Federal Government It's hniteo
range of constitutional duties may certainly, unoer
such circumstances, be performed without such re
sort 1t has i, is seen, been avoided during lou1
wears of greater fiscal difficulties than nave existed
In a similar period since the adoption OF Inc con
s,itution and one also remarkable iot .he occur
renee Of extraordinary causes oil expenditures
Ru,. 10 accomplish so desirable an object, two
things are indispensable first that the action OF
ha kan Al he hon