Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-02-20


of the Autocrat, mass OF specie more than
sufficient to carry Russia through the two
longest foreign wars she ever waged.
Ii it be asked how this monstrous accumu-
lation has taken place, there is a two fold an
swer. I. The revenue of Russia is ample,
and all that she receives over and above the
interest of her debt, remains on hand. 2.
Russia contains mines of the precious metals,
hardly less rich than those of the United
States. The product of these mines is taken
to the mint, and the owners always prefer to
take away I'm paper much of the proceeds
as are not wanting for the payment OF taxes.
The bullion is stored away uncoined, so little
is it wanted in time of peace, and it is of this
uncoined bullion that the fund reserved Tor
the exigencies of future wars, foreign and do
nestle, is composed.
But how is ii that the continued issue OF
this paper for all the current expenditures OF
the Government, does not flood the country
at length with a deprecated currency The
answer is, that the exchange OF paper Tor
scrip still goes on, and as long as there are
great capitalists in the world, who wish, as
they always do, to invest their funds in inter-
est-paying stocks, well secured, any excess of
paper is unhesitatingly funded. The Gov
eminent, indeed, goes deeper and deeper IN
debt every year but, as the whole eXpendi-
every day more and more able to meet its en-
gagements. The rate of exchange affords an
enerring indication of any excess of paper,
and directs the holders to the never failing
remedy of funding. If, at any moment, this
is carried too far, the new issues OF Govern
ment soon make up the deficiency, and thus
Russia is supplied with circulating medium,
more uniform i'll supply, and more stable In
value, than any other under the sun.
| What, then, can be more enviable than the
commercial condition of a people blessed
with such system Nothing-so long as
| the Government Is administered by an Auto
crat, distinguished for ability, humanity and
Justice. But let the throne be filled by a
| Commodus or Domitian, who must wash
| his hands every morning i'll the best blood OF
the Empire-let Elagabelus appear to waste
the substance of the people in the indulgence
of his beastly luXuries-let the even handed
Justice which is alike careful of the rights
and happiness of the subject, whether on the
shores of the Baltic, the EuXine, or the sea
of kamtschatka, be exchanged for system
calculated to enrich the environS of the Cap
ital, at the expense of the provinces, and
where will be the remedy? No struggle
can be successfully maintained by people
absolutely without money, against power
commanding unbounded pecuniary resources.
Let an instruction take place of sufficient
importance to require the remedy, and moth
ing is necessary but to repeal the ukase 'au-
thorizing the funding of Government paper,
and Immediately the revolving province Will
be left without the means of buying mus
ket, blanket, or gun flint, while this mea-
sure would cost the Empire nothing more
than a temporary issue OF specie from the
Treasury. While contemplating the collos-
sal power of Russia, was once In the habit
of thinking that her ambition might defeat it.
self, ard that by pushing her conquests on
the Danube and Black Sea, she was preparing
the severance of her Empire. 1t seemed i'm =
possible that the inhabitants of country,
possessing the vast resources of Southern
Russia, should consent to be held In subJec-
ton to a monarch residing at the bottom of
the Gulf of Finland, and to submit the inter-
ests of their sunny and fertile region to a
Government conducted with d view to the nn-
natural and forced prosperity OF the frozen
tract that surrounds the Lake Lagoda. Thus
thinking, so expressed myself to Russian
gentleman, who set me right at once, by CIV
inc me a history of the financial system OF
the empire, and showing me that the success
of any attempt at revolt is impossible.
Nor is this all. Not only must revolt be
hopeless, but the spirit of resistance can new
er be effectually awakened by any tyranny,
however CALLING. When Alexander HamIl-
ton, fifty years ago, declared that he consld-
cred a public debt as public blessing, he
said so because he saw that the existence Of
such debt, secured by the plighted faith of
the Government, would engage the private
interests of the public creditors, to uphold the
Government, to which alone they could look
for payment. SO it proved, and none can
have forgotten, how, so long as the public
debt of the United States was unredeemed,
the whole body of fund holders were ever
ready to side with the Government on all
questions, and to support its claim to the ex-
ercise of every disputed power. But, from
the nature Of the thing, the public debt was
in the hands of great capitalists, and while
these Were thus engaged to uphold the dis
trbutors of the public treasure, 1t was not
without feeling of disalfection that the null
titude saw so large portion Of the revenue
drawn from the labors Of the poor, paid, how-
ever Justly, into the Golfers of the rich.
But in Russia, there is TO such countervail-
ing influence. Not only are the wealthy
bound TO the imperial throne by their interest
in the immense funded debt of the Empire,
but it is on tue stability of that throne til.
the value of every rouble and every o,e 1pJIN
in the hands of the poorest peasar- ~ ever~
man In the Empire,s Wife the coz and silver
u! IN The vaults Of the Treasnv would enable |
1he emperor to defy TIN res~c,'i.on IT.;
would have .nothinq 20 fear but from assassi-
nation ana IL never yet was known that the |
rights OF people were redeemed by the as
sassin's knife. The key of the Treasury is
the true sceptre, and the will of him who
bears it the only law, the only constitution
Into some hands this must fall, and that hand
would sway the destinies of the Empire