The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-04
COLUMBIA COUNTY,, PA. SATURDAY, JANUARY 4, 1889.

Confederation, to observe its treaty supula- /
tiOns, will no doubt be soon understood, ,and |
it is presumed that no indisposiGon will ex-
ist to fulfil those which it contracted with |
the United States.
The financial operations of the Govern
ment during the present year have, am
happy to say, been very successful The
difficulties under which the Treasury de-
partment has lahored, from known defects
in the existing laws relative To the safe keep.
ing of the public moneys, aggravated by the
suspension Of sperie payments by several
OF the banks holding public deposllee, or
indebted TO public officers for notes received
in payment Of public dues, have been sur-
mounted to very gratifying extent. The
large current expenditures have all been
punctuaIly met, and the faith of the Gov
ernment in all its peruniary concerns has
been scrupulousIy maintained.
The nineteen millions ef Treasury notes
authorized by the act Of Congress Of 1887,
and the notifications thereof, with view
to the indulgence OF merchants on their duty
bonds,and of the deposte banks in the pay.
ment Of public moneys held by them, have
been so punctually redeemed as to leave
less than the original ten millions oustands
ing at any one time, and the whole amount
unipdeemed now falls short Of three millions
OF these the chief portion is not due till
next year, and the whole would have been
already eXtnguished, could the Treasury
have realized the payments due to it from
the banks. If those due from them during
the next year shall be punclualIy made, and
if Congress shall keep the appropriations
within The estimates, there is every reason
to believe that all the outstanding Treasury
notes can be redeemed, and the ordinary
expenses betrayed, without imposing on
the people any additional burdens, either OF
loans or increased taxes,
To avoid this and to keep the expCndit-
ures within reasonable bounds, is a duty
second only in importance To the preserVn-
ton of our national character, and the pro-
lection OF our citizens in their civil and po-
! ltical rights. The creation in time oi peace
of debt likely to become permanent, is an
evil for which there is no equivalent The
rapidity with which many OF the States are
apparently approaching to this condition,
admOnshes us OF our own du. es, TOO i'm
ptessive TO he disregarded. One, not the
least important, is to keep the FederalG Gov
egnment always in a condition to discharge
with ease and vigor, its highest functions,
should their exercise be required by any
sudden coniuncture Of public ailairs--a con-
diljon TO which we are always exposed, ,and
which may occur when least expected. TO
this end, il is indispensable that its finances
should be untrammeled, and It's resources,
as far as practicable, unincumbered. No
circumstance could present greater obstacles
to the accomplishment of these vitality I'M
poriant objects, than the creation OF an one
rous national debt. Our own experience,
and also that Of other nations, have demon-
strated the unavoidable and fearful rapidly
with which public debt is increased, when
| the Government has once surrendered itself
to the ruinous practice of supplying lis onp-
posed necessities by new loans. The
struggle, therefore, on our part, to be sue
ccssiul, must be made at the threshold, TO
/ make Onr Efforts effective, severe economy
/ is necessary. This is the surest provision
for the national welfare; and it is, at the
same time, the best presnrvaiivo Of the prin-
cpIes on which our institutions rest. Sim
pIicity and economy in die alairs Of State
have never failed 10 chaslen and invigorate
Republican principles, while these have
been as surely subvcrted by national prodi.
gaIity, under whatever specious procXls II
may have been introduced or loslcred.
These considerations cannot be lost on .
people who have never been inaronlive to
the effect OF their policy upon the instilu-
lions they have created for themselves; bul
at the present moment their force is aug
mented by the necessity which decreas-
ing revenue must impose The check late.
| Iy given to importations Of articles subject
to duties, the arrangements of The opera.
! tions of internal trade, and especially the
reduction gradually taking place in our Ia
riff Of duties, all tend materially TO lessen
the receipts; indeed, it is probable that the
dminution resulting from the last cause a.
| lone, will not fall short of five millions OF
dollars in the year 1912, as the final reduc-
/ ton of all duties to twenty per cent, then
takes effect. The whole revenue then ac-
cruing from the customs, and from the sales
of public lands, if not more, will be wanted
to deiray the expenses of the Government
under the most prudent management of its
affairs. These are circumstances that i'm
pose the necessity of rigid economy, aud
| ranuirn its nrOn1nt ard cppstaut ayorrisa