Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-12-23


7 70 safe and uaVarytng Standard re
: suit vitality important as well 10 the inter
estS as to the morals of the People. There
can surely be no difference of opinion il
I regard to the incaIculable evils that would
have arisen if the Government. at thai
critical moment, had suffered itself-to b.
deferred from unfolding the only true
standard of value, either by the pressure
OF adverse circumstances orthe violence
! OF unmerHed denunciation. The manner
in which the People sustafned the per-
iormance Of this duty was highly honor
| able to their f5rtitnde and pafflolisln. 1t
can not fail 10 stimulate ii eif agents to
adhere under all circumstances, to the
line of duty; and to satisfy them of the
safety with which a course really right,
and demanded by financial crisis, may,
in community like ours, be pursued,
however apparently severe It's immediate
operation
The policy of the Federal Government,
in extinguishing- as rapidly as possible the
national deb, and subsequently in resist
ling every temptation to create new one.
deserves 10 be regarded in the same favor
able light. Among the many objections
to a national debt, the certain tendency OF
public securities to Concentrate ultimately
in the Golfers OF foreign stockholders is
oneWhich is every day gathering strength
Already have the resources Of many Of
the States and the future industry of their
citizens been indefinitely mougaged TO
the subjects of European Governments to
the amount Of twelve millions to pay the
Iconstantly accruing interest on borrowed
noney-a sum exceeding half the ordin-
larry revenues of the whole United States.
| The pfetext which this relation affoId DIS 10
| foreigners to scrutinize the management
of our domestic affairs, if not actually to
| Entermeddle with them, presents a subject
| tor earnest attention, not to say Of serious
alarm. Fortunate Y the Federal Govern
nent. with the exception of an obligation
entered into in behalf of the District of
Columbia. which must soon be discharged,
is wholly exempt from any such embar-
rassment. 1t is also, as is believed, the
only Government which, having fully and
faithfully paid all its creditors, has also
relieved itself entirely from debt. To
! maintain distinction so desirable, and so
| honorabeto our national character, should
be an object of earnest solicitude.
Never should a free people, if it BE-
possible to avoid it, expose themselves to
the necessity of having to treat Of the
peace, the honor, or the safety of the Re-
public, with the Governments Of foreign
creditors, who, however we'll dfsposedahey
may be to cultivate with US in general
friendly relations, are nevertheless, by the
law of their own condition, made hostile
to the success and permanency of political
institutions like ours.
Most humiiating may be the embar-
rassment consequent upon such a condl-
ton. Another objection, scarcely less for
mdable, to the commencement Of a new
debt, is its inevitable tendency to increase
in magnitude, and to foster national ex-
Itravagence. He has been an improbable
observer Of events, who needs at this day
ito be admonished OF the difficulties which a
government, habtuaiIy dependent on loans
to sustain its ordinary expenditures, has 10
encounter in resisting the influences con
stantlv exerted in favor Of Traditional loans;
: bV capitalists, who enrich themselves by
government securities for amounts much
exceeding the mony they actually advance
"a prolific source Of individual aggran-
= dizment in all borrowing countries; BY
| stockholders, who seek their gains in th(
! rise and fall Of public stocks; and by thu
= selfish opportunities Of applicants for ap
: preparations for works avowedly for tht
e accommodation Of the Public, but the rea
~; IF oh
Y advancement of private interests. TIL
r known necessity which so many Of tn
: sStatesawiI be under to impose taxes 70
h Fthe payment of the interest on their debts
V furnishes an additional and very cogen
l. reason why the Federal Governmen
IF should refrain from creating nationa
debt, by which the people would be eX
e noseG TO double taxation for a similar OF
p iiect. We possess witEin ourselves ampI
:. resources for every emergency and w
At may be quite sure that our citizens. in II
t. future emergency. will b. unwilling t.
IT supply the government with all the mean
10 asked for the defence ofthe country |
le lime OF peace there can, at all events, b
~ 40 Justification for the creation OF a per
{, ,nanent debt by the Federal Government
of Is irnited range of constitutional dane
Re nav certainly, under such circumstances
lie be performed without su,-h resort.
X has, it is seen, been avoided during fot
s, years ofgreater fiscal diffienl.ies than ha'
ee existed ia a similar period siace the ado
in Ition of the constitution, and one also r
of raarkable for the occurrence OF exLfaofd
lot nary causes of expenditures.
~ But, to accomplished desirable an o.
lie, isct, Two things are Indispensable: mrs
be Thai the action of the Federal Cover
q La,