Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1840-12-29

crisis, may, in a community like ours, be
pursued, however apparently severe its
immediate operation.
The policy of the Federal Government,
in extinguishing as rapidly as possible the
national debt, and, subsequently, in resist
ing every temptation to create a new one,
deserves to be regarded in the same favo
rable light. Among the many objections to
a national debt, the certain tendency OF pa
per securities to concentrate ultimately inthe
Golfers Of foreign stockholders, is one which
is every day gathering strength. Already
have the resources of many Of the States,
and the future industry OF their citizens
been Indefinitely mortgaged TO the subjects
OF European Governments to the amount
OF twelve millions annually, to pay the
constantly ACQUIRING interest of borrowed mo-
ney--a sum exceeding half the ordinary re-
venues OF the whole UnitedStates. The pre-
text which this relation affords 10 foreigners
to scrutlnlze the management of our do
mestic affairs, if not actually to informed
die with them, presents subject for earn
est attention, not to say of serious alarm.
Fortunately, the Federal Gove.nmcnt,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 embarrassment. 1t is also,
as is believed the only Government which,
having fully and faithfully paid all its ere
ditors, has also relieved itselfentirely from
debt. To maintain a distinction so Gesi-
rable, and SO honorable to our national
character, should be IN object Of earnest
solci!ude. Never should free people, if
il be possible to avoid It, expose themselves
TO the necessity Of having 10 treat Of the
peace, the honor, or the safety of the Re-
public, with the Governments of foreign
creditors, who, however well disposed they
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 humiliatng
may be the embarrassments consequent
upon such condition. Another objection,
scarcely lcss formidable, TO the commence
ment o. a new debt, is it's inevitable ten
dency to increase in magnitude, and to fos-
ter national extravaganza. He has been
needs at this day 10 be admonished Of the
difficulties which a Government, habitualIy
dependent on loans to sustain its ordinary
expenditures, has TO encounter in resisting
the influences constantly exerted in favor
Of additional loans; by capitalists, who en-
rich themselves by Government securities
for amounts much exceeding the money
they actually advance-a prolific source
Of Individual ggrandzement il all borrow
ing countries: by stockholders who seek
their gain by the rise and fall Of public
stocks; and by the selfish opportunities of
aspirants for appropriations for works a
vowcdly for accommodation Of the public,
but the real objects Of which are, too fire.
quently, the advancement Of private inter
erests. The known necessity which so
many Of the States will be under to impose
taxes for the payment Of the interest on
their debts, furnishes an additional and We
ry cogent reason why the Federal Govern
mcnt should refrain from creating a nation
al deb;, by which the people would be OK
posed to double taxation for a similar OBJ
jcct. We possess within ourselves ample
resources for every emergency; and we
may be quite sure that our citizens, in no
future eXigency, will be unwilling to sup
ply the government with all the means ask
ed for the defence Of the countay. In time
of peace there can, at all events, be no
justification for the creation Of perma-
nent debt by the Federal Government. lis
limited range Of constitutional duties may
certainly. under such circumstances, be
performed without such a resort 1t has,
it is seen, been avoided during four years
Of great fiscal difficulties than have existed
in similar period since the adoption of
the constitution, and one also remarkable
for the occurrence Of extraordinary causes
of expenditures.
But, 10 accomplish so desirable an OBJ
iect, two things are indispensable: first, that
the action of the Federal Government be
kept within the boundaries prescribed by
It's founders; and, secondly, that all appro-
priations for objects admitted to be consti-
tutional, and the expenditure of them also,
be subjected to Standard of rigid, but well
considered and practical economy. The
first depends chiefly on the people them
selves, the opinion they form Of the true
construction Of the constitution. and the
confidence they repose in the political SEN
timents of those they select as their repre-
sentatives in the Fedora! Legislature: the
second rests upon the fidelity with which
their more immediate representatives, and
other public functionaries, discharge the
trusts committed to them. The duty of
economizing the expense f.he public SER
vice is admitted on all hands, YET there are
few subjects upon which there exists wi
der difference of opinion than is constantly