The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-12-19


year. The small amount of Treasury notes,
not exceeding four and half millions Of
dollars, still outstanding and less by twenty
three millions than the United States have
in deposite with the States is composed OF
such only as are not yet due, OF have not
been presented for payment, They may
be redeemed out Of the accruing revenue, if
the expenditures dc not exceed the amount
within which they may, it is thought, be
kept without prejudice to the public interest
and the revenue shall prove 10 be as large |
as may justly be anticipated
Among the reflections arising from the
contemplation Of these circuelances, one,
no; the least gratifying, is the consequences
that the Government had the resolution and
ability 10 adhere, in every emergency, to
the sacred obligations of law; to execute all
It's contracts according 10 the requirements
of the constitutions; and thus to present,
when most needed; a Iallying- point by
which the business of the whole country
might be brought back to safe and unva-
rying standard--a result vitality important
as well to the interests as TO the morals of
the people. There can surely new be no
difference of opinion in regard 10 the incal-
culable evils that would bave arisen if the
Government at that critical moment, had
suffered itself 10 be deferred from upholding
the only true standard of value, either BY
the pressure Of adverse circumstances or
the virulence of unmerited denunciation. -
The manner in which the people sustained
the performance Of this duty was highly
honorable to their forlitude and patriotism
1t cannot fail to stimulate their agents to ad.
here, under all circumstances, 10 the line oil
duty; and to satisfy them Of the safety with
which course really right, and demanded
by financial crisis, may, in a community
: like ours, be pursued, however apparently
severe its immediate operation.
The policy of the Federal Government
. in extinguishing as rapidly as possible, thu
. natioual debt, and, subsequently, in resist
ing every temptation 10 create new one
j deserves to be regarded in the same favora
bic light. Among the many objections to
e national debt, the certain tendency Of pub
: lie securities TO concentrate ultimately in tn
q Golfers of foreign stockholders, is one whic
: Is every day gaining strength. Already hav
: the resources of many Of the States, an
the iuture industry OF their citizens, bee
Y indefinitely mortgaged TO the subjects c
I European Governments, to the amount O
a twelve millions annually, 10 pay the con
: slant accruing interest on borrowed none
: "a sum exceeding half the ordinary reve
!, nue. Of the whole United States. The pre-
f text which this relation affords 10 foreigner
I to scrutlnize the management Of our domes
f tic affairs, If Iot actually TO intermeddle wit
:, them, presents subject for earnest atten
i ton, not to say of serious alarm. Fortu
\ nately, the Federal Government, with tn
= exception Of an obligation entered into i
: behalf Of the District of Columbia, whic
: must soon be discharged, is wholly exemF
C from any such embarrassment. 1t also a
e is believed, the only Government which
/ having fully and faithfully paid all its cred
! itors, has also relieved itself entirely from
I debt To maintain distinction so desira
; BILE, and SO honorable 10 our national cha
racter, should be an object Of earnest solici
lude. Never should free people, if it b.
possible to avoid it, expose themselves to th
= necessity OF having to treat of the peace, th
! honor, or the safety of the Republic, will
! the Governments of foreign creditors, whC
however well disposed they may be to cul
f tivate with Us in general friendly relations
are nevertheless, by the law of their owl
! condition, made hostile 10 the success anl
4 permanency of political institutions Iii ours
Another objection, scarcely less formidable
r to the commencement of new debt, is il:
> inevitable tendency TO increase in magnitude
and to foster national extravaganza.
D lie has been an improbable observer o.
J events, who needs at this day to be admon
lshed Of the difficulties which a Govern
I ment, habitually dependent on loans to suS
tain its ordinary expenditures, has 10 en-
counter in resisting the influences constants
~ exerted in favor of additional loans; by
! capitalists, who enrich themselves by Go
vetnment securities for amounts much ex
ceeding the money they actually advance
prolific source of individual aggrandze
ment in all borrowing countries; by stock
holders; who seek their gains in the rise
and fall of public stocks; and by the selfish
opportunities of applicants for appropra
, tions for works avowedly for thea ccommo.
I dation Of the public, but the real objects o.
which are, TOO frequently, the advancement
Of private interests. The known necessity
) which so many of the States will be under
to impose taxes for the payment of the in
al, ILL L =