Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-12-17
an"tn's Spfctatnr s. gsrmrrau mnnrrtasrn.

mediately arrested without great prejudice 10
'"e pubic interest. Of these, the charue nm
on 'he reasury, m consequence of the Cher
oNce treaty alone, without advertino 20 9TH
,e "iS'ng out OF Indian treaties, has already
sAoeeuea hVe millions ofdollars; that for the
prosecution OF measures for the removal NJ
the Seminole Indians, which were Sod i,
progress, has been nearly fourteen mi,l;ors
ana the public buildings have required tho
unusual sum OF nearly three millions.
~ affords Inc, however, great pleasure To he
ape 10 say, that, from the commencement Of
e''s PERIOD 10 the present day, every demand
uPo" the governments, athome or abroad has
neeh promptly met. This has been done NOT
only without creating permanent debt. or a
resort 10 additional taxation i'm any form. but
IN the midst of steadily progressive rcduc-
uoh oil existing burdens upon the people. lea
wing sui considerable balance of available
luhas which will remain in the Treasury At
u, ane end OF the year. The small amount of
iiTrsury notes, not exceeding four and a half
unions i OF dollars, still outstanding, and less
oy twenty-three millions than the IT. States
have in deposite with the States. is co,nnosoJ
oi such only as are not yet due, or have NOT
been presented for payment They NAV he
redeemed out OF the accruing revenue, If the
expenditures do not exceed the amount with
IN winch they may, 1t is thought, be kent
without prejudice to the public interest, and
inc revenue shall prove 10 be as large as NAV
Justly be anticipated.
Among the reflections arising from the CON-
temptation of these circumstances, one. not
.ne least gratifying, is the consciousness that
inc government had the resolution and the a.
unity 10 adhere, In every emergency, to the
sacred obligations OF law; to execute all its
coh'lacts according to the requirements ofthe
constitution; and thus to present, when most
needed, rallying-poin by which the bust
ness OF the whole country might be BROUGHT
back to safe and unvarying standard-a re-
suit vitality Important as well to the interests
as to the morals of the people.
mere can surely now be 10 difference of
opinion III regard TO the incalculabie evils that
would have arisen if the Government, at that
critical moment, had suffered itself to be de-
TERED from unfolding the only true standard
oil value, either by the pressure of adverse cir
cumstances or the violence of unme.ited de-
ANNEXATION. The manner in which the peo-
pie sustained the performance ofthis duty was
highly honorable to their tortitude and patri-
otlsm. 1t cannot fail to stimulate their a.
gents 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 com
munlty like ours, be pursued, however appa-
rently severe its immediate operation.
The policy Of the Federal Government, in
eNtinguishing as rapidly as possible the ma
tlonal debt, and subsequently, in resisting ev-
cry temptation to create 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
CONGO nitrate ultimately in the Golfers of FOREIGN
I M L M. al
ering 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 accruing interest on bor-
rowcd money-a sum exceeding half the or
binary revenue of the whole u. States.-
The prctext which this relation affords to
foreigners to scrutniZe the management of
our domestic affairs, If not actually to inter-
NEEDLE with them, presents subject for ear
nest attention, not to say Of serious alarm.
fortunately, the Federal Government, 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 snch embarrassment. 1t is also, as
is believed, the only Government which.
having fully and faithfully paid ali its credit
oTs' has also relieved itselfentirely from debt.
| 10 MAINTAIN distinction so desirable. and
so honorable to our national character, should
De an object OF earnest solicitude. Never
should free people, if it be possible to a.
void 1t, 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 creditors, who, however well dis
posed they may be TO cultivate with us in
general friendly relations, are nevertheless by
the law OF their own condition, made hostile
10 the success and pernanency of political in
sututlons like ours. Most Iumiliatinp may
DC 'he eihoarrassments consequent upon such
condition. Another objection, scarcely less
formidable, to the commencement of a new
debt, is its inevitable tendency to increase in
magnitude, and to foster national extrava-
| gance.--lie has been an improbable observ-
er OF events, who needs at this day TO be adj
mohlshcd of the difficulties which Govern
ment, habitually dependent on loans to sus
tam Its ordinary expenditures, has to encoun-
tel III resisting the Influences constantly exer-
ted In favor of additional loans; bv capitaI
its' who enrich themselves by Government
securities Tor amounts much EXCEEDING the
money they actually advance-a prolific
source of individual aggrandizement in all
borrowing countries by stockholders. who
seek their gains in the rise and fall Of pub-
nc stocks; and by the selfish opportunities
Oh applicants for appropriations for works
dEoWediy Tor the accommodation of the pub
lie, but the real objects of which are. too fire.
quehuy, the advancement of private inter
estS.
Inc known necessity which so many ofthe
states VIII be under to impose taxes for the
payment OF the interest on their debts. fur.
iiShes an additional and very cogent reason
~ lyTt I'nxl Il