Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-12-24


naucial crisis, may, in community like
ours, be persuaded, however apparently
severe its immediate operation.
The policy of the Federal Government
in extingrshins AS rapidly as possible The
J national debt, and subsequently. in resist.
. ing every temptation I" create n. W one
deserves 10 be regarded in the shine favor.
able light. Among the many objections tc
u uarnnal debt. the certain tendency o
public securities to concentrate ultimately
in the cutters of foreign s,orklInIders, i.
one which, is every day gathering strength
Already have The resource, of many Of the
States, and the future industry Of their cl'
tizcas, been Indefinitely mortsaSel 10 !hc
subjects Of European Governments. 10 the
amount Of Twelve miIiiuu, annually, 10
pay lI,o constantly accruins interest on
borrowed mOacy--a sum exceeding bali
the ordinary rcvcnne.; cf the whole UuIIci
States. The prelext which this relation
affords 10 fore igncrs TO scruliniZe the ma
naaement of our domestic affairs, il NOT
actually 10 intermetlllc with l!:am, pre-.
senls suhecf for ear.est attention, not To
say 0i serIn:is alarm. Fortunately, the
sIderal Government, with the exception
Of an obligation entered into in behalf of
the District Of Columbia. which must soon
be discharged, is wholly exempt from any
such embarrassment. IL is also as is he
lieved. the only Government which, hav-
ing fully and faithfully paid all its credit
ors, has also relieved itself entirely from
debt. To maintain distinction so tlesira-
bic, aud so honorable 10 our national cha
ractcr, should be an object Of eurnest soil
cilude. Never should Il free people, il it
he possible TO avoid it, expose themselves
TO The necessity Of having TO treat Of the
peace, the honor or safety Of The Republic,
with the Governments of loreign creditors,
who, however well disposed they may be
10 cultivate with US in general friendly re-
lations, are nevertheless, by the law Of
their own condition. made hostile to the
success and permanency Of political iust-
luliOns like ours. Most hulniliaiing may
be the embarrassmenls consequent upon
such a condition. Another objection,
scarcely less formidable, 10 The commence.
nent Of new debt. is its inevitable ten
foster national extravaganza. He has been
an Improbable observer of events who
needs at this day to be admonished of the
,'iTlcultles which Government. habitu
ally dependent on loans To sustain lis or
tlinary expenditures, has 10 encounter in
resisting tie influences constantly exerled
in favor Of additional loans by capitalists.
who enrich themselves by Government Sc
curilies for amounts much exceeding the
money they actually advancc-a prolific
source of individual agarandizrmenl in all
borrowing countries Ly Stockholders, ho
seek their gains in The rise aud fall Of pub
lie stocks; and by The selfish imporlunilies
of applicants for appropriations Tor works
av0wedly for the accommodation of the
public, but the real objects Of which arc
too frequently the advancement of private
interests. The known necessity which so
many Of the States will be under to i'm
pose taxes for the payment nf the interest
on their debrs, furnishes an additional aud
very c0gent reason why The Federal Gov
errInenl should refrain from creating n na-
tional debl. by which the people would be
exposed to double taxation for similar
object. We possess within ourselves am
pie resources Tor every emergency; aud WE
may bcqulle sure that our citizens, in no
future eXgency, will be unwilling 10 sup
ply The Government with all tho means
asked for the defence of the country. IL
! time Of peace there can. at all events, be
no Justification for the creation Of n per-
manent debt by The Federal Government.
lis limited range OF constitutional duties
may certainly, under such circumstances
he performed without such resort. Ii
has, il is seen. been avoided during four
years Of greater fiscal difficulties lan have
existed in a similar period since The adnp
tOu Of the constitution, aud one also re.
markahle for the occurrence of cxtraordi-
nary causes of expenditures.
But to accomplish 50 desirable an object,
two things are Indispensable: irsl. thai
The action ofrhc Federal Government be
kept within the boundaries prescribed by
its lnunders; and. secondly, that all APP
preparations for objects admiIrd TO be con
s,iIutiunal, and the expenditure Of item
also, i've subjected To standard of rigid
but well considered AID practical econ6-
my. The iirs, depends chiefly on the peo-
pie themselves, the opinions they fnrIn Of
The true construction of tho constitution,
aud the confidence they rerosc in the pu
litical sentiments of those they select as
their representatives in tho Federal Leg.
islaiure; the second rests upou the fidelity
with which their more immediate repre-
sen'alivrs and other public fiInci;onaries,
discharge the trusts committed 10 lI,em.-
The duty ofeconomizins the expenses of
the public service is admitted on all hands;
clthere are few subjects upon whicI, there
exists wider difference ofopinion than is
constantly manifested in regard to tho Il
tIrli,y with which that duty is discharged.
Neither diversity Of sentiment, nor even
mutual recrmnal"ns upon point in re-
spec, to which The public minds So Justly
sensitive, eau well he entirely avoided {;
and least so al periods Of great political ex
| -. A., ,,t, ,I, t.,