The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1840-01-09

Congress may YET enlarge them. bu',
above all, il is incumbent upon us TO hold
erect the principles of morality and law
executing our own contracts IN
accordance with the provisions OF the 'on-
stitu,ion. and thus serving as a rail-!
point by which our whole country may be
brought back to that safe and honored
standard.
Our people will not long be nscnslble to
the extent Of the burdens ontalled upon
them bv the false system that has been OPP
Grating on their sanguIne, energetic, ana
industrious character; nor to the means
necessary to extricate themselves from
these embarressments. The weight which !
presses upon large portion OF the people |
aud the States, Is an enormous debt, for
elm and domestic. The foreign debt OF
our States, corporations, and men ct busi-
ness, can scarcely be less than two hun
dred millions of dollars, requiring more
than ten millions Of dollars year to pay
the interest. Tins sum has to be paid out
Of the exports OF the country, and must OF
necessity cut off imports 10 that extent, or
plunge the country more deeply IN debt
from wear 10 year. Ii is ensy 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
diminish the imports and in proportion to
the enlargement OF the foreign debt, and
the consequent increase of interest, must
be the decrease 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 M
stances, prohtless, railroads and canals,
absorbing To a great extent, IN interest up
on the capital borrowed TO construct them,
/ the surplus fruits 81 national Industry Tor
years 10 come, and securing TO postcriiy
no adequate rc,urn for the comforts which
the labors of their hands might otherwise
have secured. II Is not by the increase Of
this debt that relief is TO be sought, bat in
its dlminution. Upon this point, there IS,
/ | am happy to say, hope before Us not SO
much in the return Of confidence abroad,
which will enable the States to borrow
more money, a. in a change Of public feel
ing at home, which prompts our people TO
pause IN their career, aud think of the
means bv which debts are 10 be paid be-
fore they are contracted. Ii we would
escape embarrassment, public and private,
We must cease to run IN debt except tor
objects Of necessity, or such as viii yield
a certain return. Let tic faith oil the
States, corporations, and individuals, al.
ready pledged, DO kept with the most
lpunclilous regard, !, is doc TO our ma
tunal character, as vel os TO justice. TINT
THIS should, on the port Of each, BE- fixed
principle Of conduct. Bot It behooyes us
all TO be more chary IN pledgIug 4 hcreai-
ter. BY ceasing 10 run IN debt, and apply
lng the surplus Of our crops and lnr"'nes
to the discharge OF existing obligations,
buying tess and selling more, and inanag'
ing all affairs, pubic and private, with
J Jtuct economy and fnlgality, we shall sec
our country soon recover from Temporal.
~ depression, arising not from natural and
permanent causes, but from those | have
. enumerated, and advance w,th rencwce
vigor in her career Of prosperity.
Fortunately Cor US, at this moment, whet
the balance Of trade IS greatly ugains. u
and the difficulty Of meeting il enhances
! by the disturbed state Of our money affairs
a the bounues Of Providence have eope {,
: relieve uH from the consequences ot pas
{ errors. A faithful application Of the im
e menso results Of the labor. OF the last sea
!, son will afford partial relcfi for The present
: and perseverance IN the same course val
' IN due season, accomplish tIc rest. W
: have had full experience, in tunes past
, ol tbs extraordinary results which can. i
; this respect, b. brought about IN a sAof
j period, by Tire united and veil directed a
o forts Of a community like ours. Our sun
. plus profits, the energy and industry ot ou
r populations and the wonderful advantage
!. which Providence has bestowed upon ca
:. country, III lts climate, rs various prodGf
II tons, indispensable 10 othcr nations, vii
5 in due time, afford abundant means to pei
Il feet the most useful OF those objects, "a
C which the States have been plungiug then
Il selves Of late IN embarrassment and deb
G without imposing on ourselves or our CHI
: dren such fearful burdens.
/, But let II BE- indchby engraved on on
/. minds that relief IS not to be found in e,
/. pedients. Indebtedness cannot be essenc
c by borrowing more money, or by chang
e lng TIC form Of the debt. The balance
0 trade is not to be turned N uGr favor b
: creating now demands upon us Abroad
], Our currency cannot be improved by til
J. creation Of new banks, or more is-uc- irni
J. those which now eXls;. Although thcs
i devices sometimes appear to give temp,
IS rary relief, they almost invariably aggr;
c waite the cyii ~ Tie end. Il ~ only Inv r,
+ trcnchmcnt and reform, by curtalIing pal
; lie and private expenditures, By paying OF
g. debts, and by reforming our banking ~
2 ten, that wc are to expect eliccmal relic
d security for the future and an cndurm
Is prosperity. III shaping the institutions az
d policy of the General Government so
Il 10 promote, as far as it can with its limlte
-, patgqrg fhaea tfurprtaf,t ar,Ig CON ,naHs >,