Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-01-09

the law, and the servants OF the people.
What is still wanting to effect these objects,
mus, be sought in additional Legislation; or,
if that be inadequate, in such further consti-
back into the path from which we have so |
widely wandered.
In the meantime, it is the duty Of the Cen |
eral Government to cooperate with the States,
by wise exercise of its constitutional pow
ers, and the enforcement of its existing laws.
The extent to which it may do so by further
enactments, have already adverted to, and
the wisdom of Congress may yet enlarge them.
But, above all, it is incumbent upon us TO
hold erect the principles of morality and law, |
constantly executing our own contracts in ac-
cordance with the provisions of the Constitu-
ton, and thus serving as rallying point by |
which our whole country may be brought |
back to that safe and honorcd standard.
Our people will not long be insensiblc
to the extent of the burdens entailed
upon them by the false system that has
been operating on their sanguine, energetic,
and industrious character nor to the means
necessary to eXtricate themselves from these
embarrassments. The weight which presses
upon large portion of the people and the
States, is an enormous debt, foreign and do
nestle. The foreign debt of our States, cor
| poratIons, and men of business, can scarcely
be less than two hundred million of dollars,
requiring more than ten millions of dollars a
year to pay the interest. This sum has to be
paid out of the exports of the country, and
must be paid out of the imports to that ex-
tent, 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 aug
ment the annual demand on the exports to
pay the interest, and to the same extent di-
mlnish the imports; and in proportion to the
enlargement of the foreign debt and the con-
sequent increase of interest, must be the de-
crease 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, profitless,
railroads and canals, absorbing to a great ex-
tent, In interest upon the capital borrowed to
construct them, the surplus fruits of national
industry Tor years to come, and securing to
posterlty no adequate return for the comforts
which the labors of their hands might other
wise have secured. 1t is not by the increase
OF this debt that relief is to be sought, but i'm
its dlminution. Upon this point, there is, l
am happy to say, hope before us; not so
much III the return of confidence abroad,
which will enable the States to borrow more
money, as In change of public feeling at
home, which prompts our people to pause in
their career, and think ofthe means by which
| debts are to be paid before they are contrac-
ted. 1t we would escape embarrassment,
public and private, we must cease to run in
debt, except for objects Of necessity, or such
as will yield certain return. Let the faith
OF the States, corporations, and individuals,
already pledged. be kept with the most pune
tllious regard. 1t is due to cur national
character, as we'll as to Justice, that this
should on the part of each be fixed princ-
pie of conduct. But it behoves us all to be
more chary in pledging it hereafter By
ceaslng to run In debt, and applying the sur
plus of our crops and incomes to the dis
charge of existing obligations, buying less
and selling more, and managing all affairs,
public and private, with strict economy and
trugalIty, we shall see our country soon re-
cover from temporary depression, arising
not from natural and permanent causes, but
from those have enumerated, and advance
with renewed vigor in her career of prosper
| ity.
Fortunately for us, at this moment, when
the balance of trade is greatly against us, and
| the difficulty OF meeting it enhanced by the
disturbed state OF our money affairs, the
bounties of Providence have come to relieve
| us from the consequences of past errors. A
faithful application the immense results of
the labors of the last season will afford par
tial relief for the present, and perseverance in
the same course will, In due season, accom-
plish the rest. We have had experience in
times past, of the extraordinary results which
can, In this respect, be brought about in |
short period, by the united and well directed |
efforts OF community like ours. Our sur |
plus profits, the energy and industry of our
population, and the wonderful ADVANTAGES
which Providence has bestowed upon our
country, in its climate, its various productions
indispensable to other nations, will, in due
time, afford abundant means to perfect the
most useful of those objects, for which the
States have been plunging themselves oflate
In embarrassment and debt, without imposing
on ourselves or our children such fearful
burdens.
| But let it be indelibIy engraved on our
minds that relief is not to be found in expe-
dents. Indebtedness 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 favour 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 20 give temporary relief, they almost
invariably aggravate the evil in the end. 1t
| is only by retrenchment and reform, by cur
falling public and private expenditures, by
paying our debts, and by reforming our bank
ing system, that we are to expect effectua
relief, security for the future, and an endu-
ring prosperity. In shaping the institutions
and policy of the General Government so as
to promote, az far as it can with its limited
powers, these important ends, you may relv
on my most cordial cooperation
| That there should have been in the progress
OF recent events, doubts in many quarters,