Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1841-01-02


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uafasgI tha map There ESQ surely
Gov ha ~ llHGfsnes 90 upa5l .H ~
rfd 90 ih ineM ruIab.e eglItlhN enaid
astsad II lhe Government H that
critical or mont bal uIersi itself To- De-
deferred Ifpm ufh1dna fbt only true
standard u value. eiihef by the pressure
af adverse tircnms'ane.s 81 the vr
.sHa % uamafiled denuncouaa rhe
mAhhtf Ia which lh8 people sustained
Che pcrlormaace 90 tbs duty. was highly
honorable 70 their ioriuude and patriot.
ism. u cannot lnsl to stimulate their
agents o. adhere under al r.fcumsian.
eos, ~ ths Iiae Of duty; aud 10 satisfy
them 81 thc safety with which a cause
really right, and demanded by dnan.
cial crisis, may, iua community like
ours, be pursued, however apparently
severe ITS immediate operation.
The policy Of the federal government
inexlmgulshlng asrapidl ! as possible,lhe
National debt, and, subsequently,, IN re.
slsting every temptation TO create new
one, deserves TO be regarded 10 tho same
favorable light Among the many oh
IectloHs TO national debt, the certain
iendetcy Of public securities to concen.
trale Ultimately in the Golfers Of foreign
stockholders, is one which is every day
losing strength Already have the re.
sources 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 tho con
stontly increasing interest on borrowed
money! sum exceeding half the ord.
nary revenues Of the whole United
States The pretext which this relation
affords 70 foreigners to scrullnize the
management Of our domestic affairs, il
not actually to intermedde with them,
presents subject for earnest attention,
not 10 say Of serious alarm. Fortunate.
ly, 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 ex.
smpt from any such embarrassment
II is also, as is believed, the only Gov.
eminent which, having fully and faithful.
~ paid all its creditors, has also rsiev.
ed itself entirely from deb! TO main
tain a distinction so desirable, and 50
honorable to our' national character,
should DO an object Of earnest soicitude
Never should free people, If it be
possible TO avoid it, expose themselves to
the necessity Of having 10 treat Of the
peace, the honor, or he safety of the Re
public, with the Governments Of foreign
creditors who, however well disposed
they may be to cultivate with us in gen
era friendly relations, arc nevertheless
by the law OF their own condition, made
hostile 10 the success and permanoncy o
political institutions like ours Most hu
initiating may be the embsrrassments
consequent upon such a condition. Ano
Their objection, scarcely less formidable
to the commencement Of new debt, il
its inevitable tendency 10 increase II
ma gniude, and TO foster national exirav
agaucc. lie has been an unprohlobl'
observer Of events, who needs at this da,
10 be admonIshcd Of the diliculuc
which q Government, habilually aspen
dent on loans 10 sustain It's ordinary ex
/ pendiures, has 10 encounter IN resi5tini
/ the Influences constantly exerIod IN fa
yor Of additional loans, by capitalists
who enrich themselves by goyernmen
securities for amounts much eXcoedinI
the money they actually adysnce--a pre-
/ ~ &c source Of Individual aggrandl2emen
in all Borrowing countries; by stockhoI
lsrs who seek their gains IN the rls
and falI OF pub,i,. stocks; and By the SO.
fish opportunities Of applicants for az
propriations for works ayo~ca'Y Tor ~
accommodation Of the public, but NE 's'
objects Of which are, TOO frequently, ~
advancement Of private interests.
The known necessity which 50 man,
OF the States will be under TO impos
taxes for Inc payment Of the interest Of
their debts, furnishes an additional an
very cogent reason why tho Fedora
/ Government, should refrain from crea
( ting a national debt, By which the peopl
would be exposed 10 double taxalio
for similar object We possess With
ourselves ample resources for every q
mergency; and we may be quite .r
that our citizens, in no future exigency
will DO unwilling to supply the Govern
ment with all the means asked for the o.
fence of the country. In time Of peae
there can, at all events, be no Iusiliic'
ton for the creation Of a permaneE
deb, by the Federal Government. i
1 limited range Of constitutional duties ma
certainly. under such circumstances b
performed without such resort. tina
/ itissoen. been avoided during four year
. of greater fiscal difficulties than have e.