Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-11
can be found in principle, and is to be expected

ton of existing debts but embraces also the current
expenditures of the States. Fit BE- deemed expedent
- assume the debts Of The States it is apprehended
that il will soon be found expedien to call on the &C.
neral Government pay their current expenditures.
After it is consented 10 pay the first, IS dIncu!t 10
perceive what ground refusal to pay the last could
be placed.
The compensation Of all Executive, Judicial, and Lee
gisatyc officers wei all incidental expenses OF
the State Governments will Lccomc charge upon the
general Treasury We sal! have twenty Govern
mens to spend money, ana only TO raise IT. nd that
the most distant from, and the least Responsible +,
the people The direct responsibility Of the State Legs
atures TO the people, in raising money, will be entirely
destroyed that essential check upon expenditure will be
cut off, the salaries OF State officers will be raised extra
yagance will every where take the place economy the
States VIII rival each other in attempts get money
from the Treasury OF the United States; their excuse
iof levyug taxes lie members of Congress will Justly
plead not an increased expenditure, caused BY their
own votes, but the demands brought upon the Govern
mcn hy The action of the States Ali the checks which
render Governments careful OF expenditure, will be
removed from the State as we'll as General Govern
nens; and the country will first he plunged into IN
enormous debt, to be succeeded BY system Of grind
mr. taxation, from which neither we, nor our chill
drcn, nor our chLrens Children can hope TO
cape There is another effect of the proposed mea-
sure, which Will, IN great degree, be immediately
felt and will increase with The progress OF time IL
is not proposed that the General Government shall
run in debt ITSELF in amount sufficient TO pay them
To preserve the scnbancc of equality in THIS scheme
the General Government must give to the STATES less
indebted, sums Of MONEY equal in proportion to the
largest debt it shall assume. For instance, suppose
that State has incurred debt OF eight millions OF dol
lars with single representative in the popular branch
of Congress In to make lis benefcence equal!
the General Government must give to all the other
S,a-cs sums of money! which, added tn their debts II
any, would make them equal 10 that State upon, the
basis of Federal representation and taxation 10
raise I'll the other States TO the same level in that
rcsrcc would require net less than nineteen hundred
and thirty-six millions of dollars, to which amount
the United States must rush into debt at 4 single
plurre The interest on this debt would, at five per
cent. ne nnety-sx millions eight hundred thousand
dollars annually, sum equal 10 the far average value
of the whole annual exports Of domestic produce from
the L. $ Nearly all this debt would soon find its way
to foreign hands, which hold most OF The State
debts constituting annual drain upon our country
eqna to its interest. Nothing is mere evident than
that if Government not IN debt abroad at all
all It's exports would be returned to in money and
articles OF merchandise, adding 10 the wealth and com
fort OF tie people The condition OF country con.
ncctcd with other nations Isl in this respect not differ
ent from that of farmer among his nei9lbors II ne
be not debt all BIS surplus produce, when sold, brings
something in return to enrich him, add to the ENJOY
ments of his family If he be in Debt part Of his sur
plus produce must 20 pay the interest. the interest
on his debts be equal to the vanc OF his surplus pro-
ducc he cannot pay II, and at the same lime purchase
any thing for his family and if the interest exceeds ms
surplus produce, he every year becoming poorer, and
must be bankrupt in the end. So II IS with our coun-
rv The interest on fore;. daa: mist i paid out
If IL surplus produce Just in proportion as that debt
and tie interest increases, the imports OF the country
must be less than they otherwise would be; and II the
interest become equal in value 10 the exports, importa-
lions must cease altogether. The ass mplion oil tue
State debts aud the project To make the States equal
would be fearful stride towards this state of things
The cx;ravagaTcc which would inevitably grow OUT oi
the removal of all effective checks upon expenditure,
would rapidly augment that debt, until there IS reason
10 fear the interest it would exceed III amount
The value of all the exports OF the country. what
would then be the consequence: The cessation o! To-
reign trade the breaking up OF the great mercantile N
erest Of the country: our ships would indeed, sail
rciuh.ed with the rich products OF our soil, bLl would
bring nothing in return All would be swallowed up
in paving interest on TIE debts of the nation. The
crops of all our cotton region the surplus flour Of the
Middle and Western Staes the surplus products oil
our fisheries and manufacturing skill, instead OF m
cTcasnr our national wealth and individual comfort,
wculd al he Sunk IL this fathomlcss ocean OF ma
tonal debt and all 70 to enrich the people OF foreign
lands.
The only circumstance that makes the debt of Great
Britain to!erable is, that the interest is paid 10 her own
subjects The effect there is, to concentrate property
in the hands Of few, while impovershes the great
mass; but it does not throw her wealth into foreign
countries; With national debt operates differently
Il does not increase the wealth ecea oil few among
ourselves, lut inpoverses all 1t operates upon all
Of our people, in proportion 10 its magnitude, as the
British debt operates upon those whose sweat and toll
are taxed TO pay The interest If shall e;cr rise 20
the magnitude which 70 be appehended if the fear
cl inroad, III agitation he made upon the pFnc'-
Ycs Of responsibility in our Government, IT Will make
The eople of the United States colnborcrs and cosut
f;rrrs with the peopr Of the British isles. The same
men will hold the debt Of Great Britain and America;
fox Their aggrandzcn!cnt must he people OF 10th
countries labor with this diiierpncethat The people Of
Great Britain labor for lords among themselves I'd
our people would labor for lords beyond the
ia proportion foreign debt Increases, the means
of raislnr revenue to pay the interest upon It d
lnnises Our revenue is chiefly raised from duties on
Imports and if imports diminish our means of raising
revenue diminish. II lmportatioas shall cease, IN
consequence of demands upon the country to pay IN
ircst abroad, this will be entirely cut oil
The Govcrnmcn. mus, then resort TO system OF ~
trrual taxation, reaching every hamlet and hearth III
the country 1t must take all tie income of people
hcvond bare subsistence, that OF most OF the Brit
fish people is now taken, TO send abroad for the pnr
nose Of paying the interest upon our foreign debt
Every man would be made 10 feel that he is laborng
fer masters beyond Inc sea, and to dcplorc the policy
which had virtually made tier country the plantation
Of the foreign fund holder and this free Government
their ovcrseers and taskmasters.
This is not an overweight picture of the conse-
Gucnces which would naturally follow the carrying ont
of the principles suggested ii any think so, let
them look at the mass Of the British population and the
condition of Ireland. Like causes must produce like
effects If they shall not be realized here 1t viii be be-
cause our people intelligent and too firm 10 be
seduccd or driven into the fatal palcy Of creating a
heavy national debt. Upon our system of Government,
the effect of the policy suggested must OF necessity be
fatal When the General Government becomes the
collector of axcs and the distributor of the proceeds
consolidation Will have been accomplished The States
will lose their power, their dirny and their ndePend.
encc The State Governments will become Tie sub
ordnales OF the General Government Losing their
Importance from day to day, they will sink into IN,
significance, without the power of redemption; ana
the objects of those, in the Convention, IN ll'o VINO
desired to subject the States to the direct Gnntro
of the central power, will have been Accomplished
or, if all do not sink in mass beneath the {. Galln
sea of consolidated and despoc power, meme OF them
can be rescued but BY convuve throes and bloody re-
volution. If, hapy, we should remain u"'teo as one
people, it would be substantially under the control 9.
single Government itself the agent OF foreign money
mower TO collect it's revenues in America, too poor and
too mpotent to resist foreign aggression or preserve