The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-12-10


. | crease in'the revenue thus produced two and
i half millions Of duties have been relinbuisb.
by two biennial reductions under the act :
1883, and probably as much more upon the in
portation OF iron for railroads, by special leei.
, lation.
Whilst such has been our condition for N
, last four years in relation to revenue. we have
during the same period, been subjected 10 a
unavoidable continuance Of large extraordinar
expenses necessarily growing out of past trans
actions, and which could not be immediatel
arrested without great prejudice to the publi
interest. Ofthese, the charge upon the Treasu
nv, in consequence of the Cherokee treaty ,lone
without adverting to others arising out Of Ind;
an treaties, has already exceeded FIVE MILAN
of dollars; that for the prosecution of measure
for the removal OF the Seminole Indians, vhicl
were found in progress, has been nearly fourtee,
millions; ard the public buildings have reouire,
the unusual sum Of nearly three milliOn,
1t affords me, however, great pleasure TO h,
able to say, that, from the commencement of tbi
period to the present day, every demand amor
the Government, at home or abroad, has her
promptly met. This has been done. no, mi,
without creating permanent debt. or a resort
to additional taxation in any form, bat in tbe
midst Of a steadily progressive reduction of exis.
ing burdens upon the people, leaving still con.
siderable balance of available funds which will
/ the
| The small amount of Treasury notes. NOT ay,
ceeding four and hslfmiIlions of dollars still
outstanding, and less by twenty-three millions
! than the United States have in dcposite with
| the States, is composed of such only as are not
yet due, or have not been presented for pa vment
| They may be redeemed out OF the accruing rs-
venue, if the expenditures do not exceed the A.
.nouRt within which they may, it is thought.
DE kept without prejudice to the public interest,
and the revenue shall prove to be as large as
may justly be anticipated
| Among the reflections rising from the con-
| temptation of these circumstances, one, not of
the least gratifying, is the consciousness that
| the Government had the resolution and the abil-
ity to adhere, IN every emergency, ~ the sacred
obligations oflaw; to execute all its contracts
according to the requirements of the constitu-
ion; and thus to present, when most needed. a
rallying point by which the business of the whole
country might be brought back to a safe and I'M
varying standard-a result, vitally important as
well to the interests as to the morals of the peo
pie. There can surely now be no difference of
opinion in regard to the incalculable evils that
would have arisen if the Government. at that
critical moment, had suffered itselft to be deferred
from upholding the only true standard of value.
either by the pressure Of adverse circumstances
or the violence OF unmeritsd denunciation The
manner in which the people sustained the per-
Torrance of this duty was highly honorable to
their fortitude and patriotism. 1t cannot fail to
stimulate their agents TO adhere, under all cir
cumstances, to the line of duty; and to satisfy
them CT the safety with which a course really
right, and demanded by financial crisis, NAV. 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 nation
al debt, and subsequently,, in resisting every
temptation to create new one, deserves 10 be
regarded in the same favorable light Among
the many objections to a national debt, the GER
tain tendency Of pubic securities to concentrate
ultimately in the Golfers OF foreign stockhol-
ders, 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 mongaged to the sub
jscts Of European Governments, to the amount
oftwelve millions annually, to pay the constantly
accruing interest on borrowed money-a sum ex-
ceeding half the ordinary revenues of the whole
U. States. The pretext which this relation af-
fords to foreigners to serutinize the management
of our domestic affairs, if not actually to inter
NEEDLE with them, presents subject for earnest
attention, not to say of serious alarm Fortu-
nately, the Federal Government, with the ex-
ception 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 faith |
fully paid all its creditors has also relieved itself
from deOt To maintain distinction |
so desirable, and so HONORABLE, to our national |
character, should be an object of earnest solicit
tude. Never should free people, if it be posi-
Die te avoid it, expose themselves to the neces |
sity of having to treat of the peace, the honor,
or the safety of the Republic, with the Govern. |
ments of foreign creditors, who, however we'll |
disposed they may be tn cultivate with us in
general friendly relations, are nevertheless, by |
the law of their own condition, made hostile to
the success and permanescy OF political institu-
tons like ours. Most humiliating NAV be the
consequent upon such con-
dition. Another objection, scarcely less formid-
able, to the commencement OF new debt, is its
inevitable tendency to incl ease in magnitude and
10 foster national extravaganza. He has been
an Improbable observer of eveAts, who needs at
this day to be admonished of the difficulties
which Government, habitually dependent on
loans to sustain its ordinary expendi ures, has
to encounter in resisting the influences constant
ly exerteG IN favor Of additional loans; by Cant
tallsts, who enrich themselves by Government
securities for amounts much exceeding the mo-
ney they actually advance-a prolific source of
individual aggrandizement in all borrowing
countries; by stockholders, who seek their eains
III lhe rise anu IdIl Oh puOllc stocks; and bY the
s fish opportunities of applicants for appropria-
tons for works avowedly for the accainmoda-
ton of the public, but the real obje is Of which
are, too frequently, the advancement of private
interests. The known necessity which so many
of the States will be under to impose taxes for
the payment OF the interest OF their debts, fur
nishes an additional and very cogent reason wbv
the Federal Government should ,efr.;n fro. i
creating national debt, by which the ueon'r
would be exposed to double taxation for SINH.
ar object. We possess within ourselves annie
Resources for every emergency; and we NAV b.,
quite sure that our citizens, no future exioen-
ey, will be unwilling to supply the Government
with all the means asked for the defense of the I
country In time of peace there can, at all e.
vents, be no justification for the creation of a ,
permanent debt by the Federal Government It's
united range OF constitutional duties NAV GER {
AMY, under suci circumstances, be perlormed I
without such resort. 1t has, it is seen. been !
avoided during iour years of greater fiscal diff
;uities than have existed in similar period I
Iince the adoption Of the constitution, and also q
IL. i~-t - 1