Lexington union. (Lexington, Miss.) 1838-18??, 1841-01-02
LEXINGTON, MISSISSIPPI, JANUARY 2, 1s41.

w P"J "O SVhSluHtly dCCIulHB INTERESTS on
borrowed m0ney-a sum exceeding hall
the ordinary revsnUe of the whole United
States. The pretext which this relation
affords to foreigners to scrutInize the man.
agement Of our domestic affairs, if not
actually TO ntermeddle with them, pres
ents subject for earnest attention, not to
say Of serious alarm. Fortunately, the
Federal Government, with the exception
of an obligation entered in behalf of the
District of Columbia, which must soon be
discharged, is wholly exempt from any
such embarrassment. II is also, as is
believed the only Government, which,
having fully and faithfully paid its credit.
ors, has also relieved itself entireltss ss'-rn
debt. To maintain distinction
rable and $50 honorable to our ma.
character, should be an object of earnest
sollcltudc. Never should free people, il
it be possible TO avoid il, expose themselves
to The necessity Of having to treat OF the
peace, the honor, or the safety Of the
Republic, with the Governments of for.
elgn creditors, who, however we'll disposed
they may be to cultivate, is general,
friendly relations, are nevertheless, by the
law Of their own condition, made hostile
to the success and permanency of institu-
tons like ours. Most humiliating may
be the embarrassments consequent upon
such condition. Another objection,
scarcely less formidable, to the commence
ment Of new debt, is its inevitable ten.
dency TO increase 10 magnitude aud to
foster national extravaganza. He has
been an Improbable observer of events,
who needs at this day to be admonshed OF
the difficulties which Government, habit.
ually dependent on loans to sustain lis
ordinary expenditures, has to encounter in
resisting the influences constantly exerted
IN favor of additional loans, by capitalists,
who enrich themselves by Government
securities br amounts exceeding the mon
ely they actually advance prolific source
Of individual ACKNOWLEDGEMENT IN all Dor
rowing countries; by stockholders, who
seek their gains in the rise and fall of
public s'ocH s and by the selfish importuni-
ties Of applicants for appropriations for
works avowedly for the accommodation of
the public, but the real objects 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 On their debts, furnishes m add.
tional AMI very cogent reason why the
reuerafs RyerDment should refrain IRON
creatieg{ national debt, by which the
people wtfill be exposed to double taxation
for siailar object. We possess within
ourselves ample resources for every
emergency; and we may be quite sure that
our citi1ns, in no exigency, will be I'M
willing d supply the Government with all
the means asked for the defence Of the
country In time Of peace there can, al
all event, be no justification for the crea-
ton Of a permanent debt by the Federal
Government. Its limited range of consti.
tutional duties may certainly, under such
circuumstances be performed without such
a resort. 1t has, it is seen, been avowed
during four years Of greater fiscal Difficult
ties than have existed in a similar period
since the adoption Of the constitution, and
one also remarked for the occurrence Of
extraordinary causes of expenditures.
Bat, to accomplish so considerable an
object, two things are Indispensable: first,
that the action Of the Federal Govern.
ment be kept within the boundaries pre-.
scribed by its founders; and secondly, that
all appropriations for objects admitted to
be constitutional, and the expenditures o.
them also, be subjected to standard o.
rigid, but well considered and practical
economy. The first depends chiefly or
the people themselves, the opinions they
form Of the true construction of the consti
tuition, and the confidence they repose in
the political sentiments ofthose they select
as their representatives in the Federal
Legislature; the second rests upon the
fidelity with which their more immediate
representatives and other functionarles,
discharge the trusts committed TO them
The duty of economzlng the expenses o.
the public service is admitted on all hand;
yet there arc few subjects upon which
there exists wider difference of opinion
than is constantly manifested in regard e
the fidelity with which that duty is dis
charged. Neither diversity of sentiments
nor even mutual determinations, upon q
point respecting which the public mind il
so Justly sensitive can well be entirely
avoided, and least so at periods Of greu
political excitement. An intelligent peo
Pile, however, seldom fails to arrive in the
end, at correct conclusions in such {
matter. Practical economy in the man
agement Of public affairs can have nj
adverse influence to contend with, mor'
powerful than large surplus revenue, ant