Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-12-22
mo. 81

embarrassment II Is also. ~ Ia believed. the
only government which having fully and faith.
fully paid all lis creditors, has also relieved IA.
self entirely from debt To maintain a dis.
iincion 30 desirable and no honorable to our
national character, should be an object of earn.
est solicitudc Never should fec people, II
II be possible 20 avoid II, expose themselves to
The necessity oi having to tteat Of the peace,
the honor, or the safety OF the republic, with
the governments OF foreign creditors. who,
however well disposed they may be 10 ,uhl.
waite with Us 10 general friendly relations. arc
nevertheless, by tho law Of their own condi.
ton, made hostile TO the success and pcrma.
nency Of political institutions like out.
Most huinilIailng may he the cmbatrassmenis
consequent upon such condition. Another
objections rsrcrly lSss formidable. 10 the CON.
mcnccmcit ola new debt, Is It's inevitable ten.
dency to increase IN magnitude, aud to foster
national extravaganza. He has been an IN.
profitable observer of events. who needs AT
this day TO he admonishcd Of the dflicult,c,
which government, habi,ually dependant on
loans TO sustain It's ordinary expenditures, has
10 encounter III resisting the influences con.
stanty cxer,ed In favor Of additional loans; by
capitalists, who enrich themselves by Govern.
ment securities for amounts much exceeding
the money they actually advance-s prolific
rowing countries; by stockholders, who seek
their gains in the rise and fall Of public stocks.
and by the selfish opportunities Of applicants
for appropriations for works avowcdly for the
accommodation Of the public, bu, the re Al OBJ.
Jects OF which are, too freqcnily the advance
ment of private interests. The known neces-
sity whlchso many of the states will be under
to impose taxes Tot the payment OF the inter
est on their debts, furnishes an additional and
very cogeni reason why the Federal Govern
ment should refrain from creating n national
debt, by which the people would he exposed
TO double taxation for a similar object. We
possess within ourselves ample resources for
every emergency; and we may be qaiic sure
that our citizens, In no future exigency, will
be unwilling to supply the Government with
all the means asked for the defence Of the
country. In the time Of peace there can, at
all events, be no justification for the creation
Of a permanent debt by the Federal Govern
ment. Its limited range Of constitutional du-
ties may certainly, under such circums,an noes,
be performed without, such resort. II has,
il is seen, been avoided during four years Of
greater fiscal difficulties than have ever exist
ed in similar period since the adoption Of
the constitution, and one also remarkable for
the occurrence of extraordinary Causes of CT.
pendilures
But, 10 accomplish so desirable an object,
two things are Indispensable; first. that tho
action Of the Federal Government he kept
within the boundaries prescribed by its foun-
ders; and, secondly, that all appropriations for
objects admitted 10 be constitutional, and the
expenditure Of them also. be subjected TO q
standard Of rigid but we'll considered and prae-
tical economy The first depends chiefly on
themselves the opinions they form Of the true
construction OF the constitution, and the conf
dence they repose in the political sentiments
Of those they select as their representatives in
the Federal Legislature; the second rests up
on the fidelity with which their more immedi-
ale representatives, and other public function
aries, discharge the trusts committed to them.
The duty OF economizlng the expenses Of the
public service is admitted on all hands vet
there are few subjects upon which there exists
a wider difference Of opinion than is constant
manifested IN regard ~ the fidelity with which
that d'ty IL discharged Neither diversity IL
sentiment, nor even mntnal recfimnaiiops,
upon point m respect 10 which the public
mind Is 50 justly sensitive, can well lie entire.
" avoided and leas, so at periods Of great
political excitement. An intelligent people,
however, seldom fail to arrive, In the end, al
correct conclusions in such n matter. Prsc-
teal economy 10 the management Of public az
fairs can have no advese influence TO contend
with more powerful than large surplus rev.
enue; and the unusually large appropriations
for 1897 may, without doubt, independently OF
the extraordinary acquisitions for the pubic
service growing out Of the state Of our Indian
relations, be. In no moons dersble degree, ira
ccd 10 this source. The sudden and rapid
distribution of The large surplus then IN the
Treasury and the equally sudden aud unpre-
cedenied severe revision In the commerce.
and business Of the country, po ning with I'M
erring certainty 10 great and p.otracied re =
duction Of the revenue, strengthened the pro-
pfieiy Of the earliest practicable reduction Of
the public expenditures.
But to change a system operating upon so
large a surface, and applicable 10 such Dumer-
Gus and diversified interests and objects, was
more thsn the work Of day. The attention
Of every department Of the Government was
Immediately, and 10 good faith, directed 90 that
end and has been continued 60 the present
moment. The estimates and appropriations
for tie year 1888 fihe first over which had
any cOnifo) were somewhat diminished. The
Expenditures Of 1880 were redu ced ak millions
Of dollars Those II 1910, exclusive 81 dis
bursemenis for public debt ard uusi claims.
will probably not exceed iveniy-two and half
millions being between two and three mill
ions less than those Of the preceding year, and
nine OF ten millions less than those Of 1887
Nor has u been found necessary. IN order 20
produce this result, 10 resort 90 the power con-
iened by Congress. Of poslponing certain class
e. Of the public works, except by deieirng on.
penditurss for 2hori period upon limited
portion Of them aud which posiponetnsnt ter
minated some time since, Al the moment the
Treasury Department, by further receipts from
ihe indeb ed banks. became fully assured Of
It's ability 20 meet them without prejudice 10
the public service in other respects Causes