, 1840-12-26


however well disposed they may be to cult
vate with US in general friendly relations.
are nevertheless by the law of their own
condition, made hostile to the success OF
permanency of political institutions like ours.
Most humiliating may be the embarrassments
consequent upon such a condition. Anoth-
er objection, scarcely less formidable, to
the commencement of a new debt, is its inc
vitoble tendency TO increase in magnitude,
and to foster national extravaganza. He
has been an Improbable observer of events,
who needs at this day to be admonished of
the difficulties which a Government, habitu-
ally dependent on loans to sustain its ordi-
nary expenditures, has to encounter in re-
sisting the influences constantly exerted in
favor of additional loans, by capitalists who
enrich themselves by Government securities
for amounts much exceeding the money
they actually advance prolific source Of
individual ACKNOWLEDGEMENT in all borrowing
countries; by stockholders, who seek their
gains in the rise and fall ofpublic stocks; and
by the selfish opportunities Of applicants for
appropriations for works avowedly for the
accommodation of the public, but the real
object of which are, too frequently, the adj
vancement of private interests.
The known necessity which so many Oh
the States will be under to impose taxes for
the payment of the interest on their debts,
furnishes an additional and very cogent rea-
son why the Federal Government should
refrain from creating 4 national debt, by
which the people would be exposed TO double
taxation for Il similar object. We possess
within ourselves ample resource for every
emergency and we may be quite sure that
our citizens, in no future exirencv. will lie
unwilling to supply the Government with all
the means askcd for the defence Of the coun-
try. In time of peace there can. at all
events, he no justification for the creation
of Il permanent debt by the Federal Gov
eminent. Its limited range of constitutional
duties may certainly. under such circumstqn-
ccs, be performed without such Il resort.
II has. It is seen. been avoided dErin" four
years of greater fiscal difficulties than have
existed i'll 4 similar period since tie adoption
o! the constitution. and one also remarkable
for the occurrence of extraordinary cause
Of expenditures.
But. 10 accomplish So deSirai,c IN object.
two things are Indispensable: iirs:. that the
action Of the Federal Govcrnncu, be kept
within the boundaries prescribed by lis f,un-
ders; and, secondly. that al approximations
for objects admitted To- be constitutional, and
the expenditures Of them also. be subjected
la a standard Of ri-il bur vel considered
and practical ECONOMY. The fist depends
chiefly on the peCp'e themselves. the oIin-
ions they form Of the ,ru" constitution Of
the constitution. and the coy :i,i"ncc they re-
pose in the political sentiments O.. utn>c ti.cV
select as their representatives. ~ lie Fed
errl Legislature. III" >Cccud rests u-,nn the
fidelity with which their more Immediate
representatives. and other pua!i: Functional
RES. discharge the trusts comEi:ici 20 them.
The duty of ecnnoni,!n- the expenses o.!
the public service is Admitted On al hnnA>;
vet there are few subjects upon which there
exists Il wider difference of opinion than is
constantly manifested in regard 10 the fieli-
" with which that duty is discharged.-
Neither diversity of sentiment, nor even
mutual denominations, upon Il point in res
pect TO which the public mind is so Justly
sensitive. can well be entirely avoided; and
least so al periods Of great political excite
mcnt. An intelligent people, however, sell
dom fail 10 arrive, in the end. al corrcc, con-
illusions in such i matter. Practical econo-
my in the management D: public affairs can
have 70 adverse influence 10 contend with
more powerful than 4 large surplus revenue.
and the unusually large appropriations for
1897 may, without doubt, independently of
the extraordinary acquisitions Tor the public
service growing out of the state of our In.
dian relations, be in no incOnsiderable de-
gree, traced to this source. The sudden and
rapid distribution Of the large surplus then
in the Treasury, and the equally sudden and
unprecedented severe rcvulsion in the COM
merce and business OF the country, pointing
with unerring certainty to Il great and pro-
reduction Of the revenue, strengthen
ed the propriety of the earliest practicable
of the public expenditures.
But, TO changea system operating upon
so large Il surface, and applicable to such
and diversified interests and ob.
lectS, was more than the work OF 4 day.
The attention OF every department of the
Government was Immediately, and in good
faith, directed to tina, end; and has been so
continued to the present moment. The es-
and appropriations for the year 1887,
the first over which had any controD were