The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-12-23

Ienly without creating permanent debt
Ior a resort to additional taxation in an!
form, but in the midst rof a steadily pro
'Fgressive reduction Of existing burdens
upon the people, leaving still "a consider
able balance Of available funds which wal
remain in the Treasury at the end OF the
year. The small amount. Of Treasnr,
notes, not exceeding four and half mil
lions Of dollars, still outstanding, ant
less by twenty three millions than the
United States. have in deposite with the
Estates 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 accruing revenue, if the ex-
! lpenditures do not, exceed the amount
within which they may, it is thought, be
kept without prejudice to the public inter
est, and the revenue shalt prove to be as
large as may justly be anticipated. -,
Among the reflections arising from the
contemplations of these circumstances.
one, not the least gratifying, is the coun-
fsciousness that the Government had the
resolution and the ability to adhere, in
1every emergency, to the sacred obligations
of law; to execute all its contracts accor-
ding to the requirements of the constitu-
ltion; 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 vitally important as
well as to the interests as,to the morals of
the people. There can surely. now be
no difference of opinion in regard to the
inealculable evils. that would have arisen
if the Government, at that critical mo-
tment, had suffered itself to be deferred
from upholdingthe only true standard of
value, either by the pressure Of adverse
circumstances or theviolence Of unmeri-
ted denunciation. The manner in which
1.-THE people sustained the performance of
this duty was highly honorable to their
fortitude and patriotism. 1t cannot fail to
stimulate their agents to adhere, under
ali circumstances, to the line Of duty;
[a1d to satisfy them Of the safety with
(which course really right, and demaln::. :
Idsd by a financial Crisis, may, in 4, COM 20.
Emunity like ours, be pursued, however
apparently severe its immediate opera
ton. - :. = "la d@..1 a5J.;.. c2Si T5tass
The policy Of the Federal ! Govern
ment, in extingushing as rapidly as pos
sible the national debt, and, subsequently,
I'M resisting every temptation to cFeateia
new one, deserves to be regarded in the
same favorable light. Among the many
objections TO national debt the certain
tendency of public securities to concen-;
trate ultimately in the Golfers Of foreign
stockholders, is one which is every day
gathering strength. Already have the re:
sources Of many of the States, and the
future industry of their citizens, been in
definitely mortgaged to the subjects of
of European Governments, to the amonnt
of twelve millions annually, to pay the
constantly ACQUIRING interest on borrowed
money-a sum exceeding half the ordina-
ry revenues of the whole United States.
The pretext which this relation affords to
foreigners to scrutinize The management
of our domestic affairs, if not actually to
intermeddle with them, presents asubject
for earnest attention, not to say Of serious
| alarm. Fortunately, the Federal Govern
ment, with the exception Of an obligation
entered into in behalf Of the District of
! Columbia, which must soon be dischar-
ged, is wholly exempt from any such en-
barrassment. 1t is also, as is believed,
the only Government which having fully
and faithfully paid allits creditors, has al
so relieved itself entirely from debt. To
maintain distinction so desirable, and so
honorable to 4 our; national character,
should be an object of earnest solcitude.
Never should free people,: if it be pos
sible 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 credi-
tors, 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 politi-
cal institutions like ours; Most humilia-
ting; may be the, mbarrassments conse-
ouent upon such a condition. Another
| ob;aot;on scarcely lnss formidable, to the