The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1840-12-31

Jay, every uemanu upon Tie government,
at home or abroad, has been promptly
met. This has been done, not only with
out creating permanent debt, or a resort
to additional taxation in any form, but in
the midst of steadily progressive reduc-
ton Of existing burdens upon the people,
having still considerable balance of a.
valuable funds which will remain in the
treasury at the end of the year. The
small amount of treasury notes, not ex-
ceeding four and a half millions of dol
lars, still outstanding, and less by twenty
three millions than the United States
have i'll deposit with the states, is COM
posed of such only as are not yet due, or
have not been presented for payment.
They may be redeemed out Of the accru-
ing revenue, if the expenditures do not
exceed the amount within which they
may, it's thought, be kept without pre-
JUDGE to the public interest, and the reve-
nue. should prove to he as large as may
justly be expected.
Among the reflections arising from a
contemplation of these circumstances,
one, not the least gratifying, is the con-
sciousness that the government had the
resolution and the ability to adhere, in
every emergency, to the sacred obliga-
tons OF law; to execute all its contracts
according to the requirements of the con-
stituion; and thus to present, when most
needed, rallying point by which the
business of the whole country might be
brought back to safe and unvarying
standard-a result vitality important as
we'll to the interest as to the morals of the
people. There can surely now be no diff
ference of opinion in regard to the meal
culable evils that would have arisen if the
government, at that critical moment, had
suffered itself to be deferred from uphold
ing the only true standard of value, either
by the pressure of adverse circumstances
or the violence of unmerited denuncia-
ton. The manner in which the people
sustained the performance Of this duty
was highly honorable to their fortitude
and patriotism. 1t cannot fail to stimu-
late their agents to adhere under all cir
cumstances. to the line of duty; and to
satisfy them of the safety with which
course really right, and demanded by a
financial crisis, may, in community like
ours be pursued, however apparently Sc
we're it's immediate operation.
National debt.
The policy of the federal government
in extinguishing as rapidly as possible the
national debt, and subsequently, in resist
ing every temptation to create new one,
deserves to be regarded in the same favor
able light. Among the many objections
to national debt, the certain tendency of
paper securities to concentrate in the cof-
fers of foreign stockholders, is one which
is every day gathering strength. Already
have the resources of several of the states
and the future industry of their citizens
been indefinitely mortgaged to the sub
jects of European governments to the
amount of twelve millions annually, to
pay the constantly accruing interest of
borrowed money-a sum exceeding half
the ordinary revenue OF the United States.
The pretext which this relation affords to
foreigners to scrutinize the management
of our domestic affairs, if not actually to
intelmeddle with them, presents subject
for earnest attention, not to say of serious
alarm. Fortunately, the general govern
ment. with the exception of an obligation
entered into in behalf of the district of
Columbia, which must soon be discharg.
ed, is wholly exempt from any such en-
barrassment. 1t is also, as is believed,
the only government which, having faith
fully and fully paid all its creditors, has
also relieved itself entirely from debt. To
maintain distinction so desirable, and so
honorable to our national character, should
be an object of earnest solicitude. Never
should free people, if it be possible for
them to avoid it, expose themselves TO the
necessity of having to treat Of the peace,
the honor, or the safety of the republic
with the governments of foreign creditors,
who, however well disposed they may
be to cultivate with us, in general, friend
ly relations, are nevertheless, by law Of
their own condition, made hostile to the
success and permanency of political insti-
tutions like ours. Most humiliating may
be the embarrassments of such condi-
ton. Another objection scarcely less
formidable, to the commencement Of a
new debt, is its inevitable tendency to in
crease in magnitude, and to foster nation
al extravaganza. He has been an unprof-
table observer of events, who needs at
this day to be admonished Of the difficult
ties which a government, habitually de-
pendent on loans to sustain its ordinary
expenditures, has to encounter in resist
ing the influences constantly exerted in
favor of additional loans; by capitalists,
who enrich themselves by government
securities for amounts much exceeding
the money they actually advance pro-
life source of individual ACKNOWLEDGEMENT
in all borrowing countries; by slockhold-
ers, who seek their gain by the rise and
fall of public stocks; and by the selfish
opportunities Of aspirants for appropria-
tons for works avowedly for the accom-
mediation Of the public, but the real OBJ
jects of which are too frequently the adj
vancement If nrivate interests Tho