Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-12-17
WHOLE No. 562.

not 10 say Vf serionis aiurm. FOrtunutc-
", The Federal Government, with the.
exception OF an obligation entered into
in behalf of the District of Columbia,
which must soon be discharged, IS Who'll
ly exempt from any such embarrassment.
II Is also, as Is believed, the only G"ver|
menl winch, having fully and faithfully
paid all rs creditors, has ulso relieved
itself eniuely from debt. To maintain
distinction 40 desirable, and 80 hon"n-
bile To our national character, should be
an oh; ;eci of earnest solici'ule. Never
should free people, II It be possible to-
avoid IL, expose themselves 10 the ueces-
sny OF having 30 iioai o, the peace, the
honor, or the safety of the Republic.
with the governments Of foreign credi-
tors, no, however well disposed they
may be in cultivate with us III general
friendly relations, are nevertheless, by
the law of their ow n condition, made hos
tile 10 the success and psrnianency oi
poliiicnl institutions like ours.
Most Illuminating may be the enbar'
rassmcnta consc queut upon such con
d,iou Another objection, scarcely less
new debt is It's inevitable tendency tn ~"
crease IN magnitude aud to foster nation
al eNttaywgunce. lie has been an un-
profitable observer d events who needs
al this day to be admonisired OF the diili-
cuIiies which n government habnuaily
dependent on loans 10 sustain lis ordina"
~ expenditures has 10 encounter III re-
ssting the Influences constantly excrtrd
in favor OF additional loans, by capitalists
uho cnrich themselves by Govern nnient
securities for amounts much exceeding
the money they actually advance-n
prolific source of individual nggrandiz'"
men, in all borrowing countries, by stock-
holders, who seek their gnin by the rise
and fall Of siocks /; and by The sel'isi'
importuniirs Of applicants Tor appropria-
tions for works avowedly Tor the accom-
,nodu,ion of the public, bot the real or.
lects of which are, too frequently the Nd
vancemcnt of private interests. J nc
known necessity which so many of the
Staies will be nnder to impose ,azss lar
The payment OF the iptercs, on their debts
furnishes an additional and very cogeni
reason why The Federal Government
should refrain from creating a national
debt, by which the people would beck
posed 10 D double taxation Tor similar
object. We possess within ourselves
ample resources for every emergency,
and we may he quite sure that our cli-
zcns, 10 no future exigency, Will be ,n1
willing to supply the government WITH ab
the means asked for the deleDce al The
country. In time OF peace, there ca"
nt all events, he no Jns'ihcniion ior ms
creation of Il permanent debt ny The
Federal Government. lis bmhed ranges
of constitutional duties may certainly,
under such circumstances, be Periormtd
without such n resort II has, u ., seen,
been avoided during four yeats of great
er fiscal difficulties than have existed m
a .imilar period since the adoption Of the
Constitution, and one also remark able Tor
the occurrence Of extraordinary cans' 4.
Of expenditures.
But, 10 accomplish so desirable an OBJ
ject, two things are Indispensable: first,
that The action nf the Federal Govern
men, Ec kept within The boundaries pre-
scr,bcd by its founders and, secondly,
that all appropriations ioT ohlerts admit
ted to be constitutional, and the cxpendi-
tore of them also, be subjected la n stand
ard Of rigid, but we'll considered and
practical economy. The first depends
| chiefly on the people themselves, the o-
pinion they form OF the true cons,rucir'p
of the constitution, and the confidence
they ieposc in the polHical sentiments "i
those they select as their rcprese n'aiIves
in the Federal Legislature; the second
: rests upon the 6delity with which their
more Immediate representatives., ana
other public tuntt,onaries, discharge the
| trust committed to them. The duty of
economizing The expenses of the public
service Is admitted on all hands YET
there are few subjects upon which there
exists a wider difference OF opinion than
is constantly manifested IN regard 10 the
fidelity with which that duty is discharg-
/ ed. Nrmhp, diversity of sentiment, nor
even mutual rerrminat,ons, upon poIns
in respcc, ~ which the public mmd IS Sd
+ iu.,iy sensitive, can wcH se entirely "
yo,ded. and lras, SO at period of great
political excitement
An intelligent people, however, sell
dom fail 10 arrive, N the cnd, NJ correct
conclusions ~ sach matter. PrnciicaI
, economy in the management of publ't
affairs ran have no adverse inSuence &c
contend With mo,e powerful than large
snrplas ,e,rnue and the unusually
| larae appropriations for 1881 may, with
ont doubt, pcndenily Of the ex'raor-
, dmary rcquisnions for the pubiic service
growlngout Of tho state oi our Indian
relations, I've, in no ,nconsl'lerable de-
gree, traced ~ this sr,rce. The svd'
= den and ,apid distribution OF The a'ae
. surplus revenue then ~ the bre"suy'
! and the equally sudden AM u"preeode"-
e ,edly severe revul-ion ~ the con"n'frs
e and business ol the country, P"""nx
- with unr,rluu certainty To Rre"t ana
,,,,r,c,cd reduction "i the revenue,
!. .,,c,y,hened the rroprie'y"l the earliest
y ,,,,,,,nhle reduction oi the public es-
;, rndanr's.
R,r. ~ change system operating
' ,,o, so Inrp. ~ surface, and npplicabl"
., .,rb uu,nrrous and diversified inter