Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-12-14
From tho Psnnsyivaniau.
ANATIoNAL DEBT.

Tho whole amount Of Government debt
proposed 10 be created by the new admin
istration at Washington; is upwards OF 2S
millions oil dollars, including the ariount
10 be subscribed to the Fiscal Agent in
Government stocks. Twenty-einht mil.
lions of debt 10 be created in the frst half
wear Of retrenchment administration mot
one cent Of which is necessary, and not
one cent of which would have been cre-
ated had Martin Van Buren, been re-slec-
ted.
Mr.. Clay says this debt, or stock, will
be sent abroad and sold, and the money
brought back, and that this will make
business brisk. Yes, it will make bu'I:
ness brisk, and so did the IL millions oi
specie borrowed in Europe in 1Sl6-lI,by
the bank ofthe United States Hake busl-
ness brisk, and so did the money borrow
ed in Europe by Mr. Biddle in 1885, to
bnd OUT here, make business brisk ;-Snd
what was the RESULT The Bank, in each
csue, scted as long as it could on Mr..
Biddle's policy of "hoding up good hou-
sss,' 'tbat is increasing the loans TO spec
ulaling houses, 10 prevent their failing,
mill it could hold them up no longer and
until The bank itself was on the point of
failing, in the one instance, and did fail in
the other. Then came the crssh-the
crash OF 1Sl9-and that of lS38-the
crash when the bubbles which borrowed
abroad to lend at home had blown up and
were bursed,-,he crash, when the
'good housesn could be held up no lon
ger, and wero changed in a single day 10
bad houses paying but 25 cents on the
dollar the crash which must ever come
from attempts TO make the county and
individuals rich, by any other means than
industry ard economy, as certainly az
night must follow upon day. And after
the crash, came the general stagnation -
the want Of employment for labor,--the
general complaints ofall classes, &c. &c,
that which Mr.. Clay g. CO., are pre-
pared 10 bring on again, after they have
made BUSINESS brisk for a while.
The nation for the last two years has
bsen gradually getting out Of debt, and =
gradual revival Of business coming on, aS
tho sure result Of those natural causes
which must have operated alike whether
Van Buren or Harrison were elected -
Business will, the ensuing year, if left
70 itself, be as brisk as it ever ought to
be. In other words, we shall import as
much as we can aiford--as much az the
Surplus crops Of those who are not in
debt will pay for. But if tbs mad haste
of political and commercial gamblers, to
make business suddenly and exlravagant-
ly brisk is 10 succeed, then the day ofitS
success will be n sad one for the country,
and one tho results of which the country
will ere long feel, as it has folt like results
from like causes heretofore, to itS great
affliction.
We feel it right TO warn the people of
the natural tendency Of this policy. 1t
may at least serve some good purposes
for future years, as TO the present there is
but littlo hope ofany use in warnings. -
The people cannot control Congress, even
If they wish 10 do il. Henry Clay ap-
pears, mounted on tho political car, whip
and reins in hand, with full control TO di.
rect the machine where he will; and from
9 political gambler 1t cannot be expected
that landing will be effected in place
very desirable for the happiness Of the
country.
lfhe can make business brisk Just bo.
fore he stsLds a candidate for cleo.
lion, what will il influence him to know
that distress and misery will surely fol-
low.