Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-01-02
No. AZ.

OF the Republic, with the Governments oi
foreign creditors. who, however well dis
posed they may be to cultivate with US IN
general friendly relations, are nevertheless.
! bv the law of their own condition, made
hostile to the success and permanency OF
political institutions like ours. Most hu-
initiating may be the embarrassmenls con
scquent upon such condition. Another
objection, scarcely less formidable, TO the
commencement Of a new debt, is its inevlt-
able tendency to increase in magnitude.
and 10 foster national extravaganza. He
has been an improbable observer Of events.
who needs at this day to be admoniShed OF
the difficulties which Government, habitu
ally dependent on loans to sustain its Ordl
nary expenditures, has to encounter in re-
Sislng the influences constantly cxcrt"d in
favor Of additional loans; by capitalists,
who enrich themselves by Government Sc
curities for amounts much exceeding the
money they actually advancC-a prolific
source OF individual ACKNOWLEDGEMENT IN all
borrowing countries; by Stockholders, who
seek their gains in the rise and fall ot public
stocks; ard by the selfish opportunities "t
applicants for appropriations Tor works
avuWedly for the accommodation OF the
public, but the real objects Of which are,
too frequently, the advancement of private
interests. The known necessity which 50
many Of the States will be under 20 impose
taxes for the payment OF the interest on
their debts, furnishes an additional and very
cngent reason why the Federal Govern
menl should refrain from creatinga nation
al debt, by which the people would be cX-
posed to double taxation for a similar OBJ
ject. We possess within ourselves ample
resources tor every emergency; and we
may be quite sure Il at our citizens, in no
future exrgency, will I've unwilling to supply
the Government with all the means ASKED
for the defence o! the country. In time ot
peace there can, at all events, be no luStli-
cation for the creation OF permanent debt
by the Federal Government. Its limited
range Of constitutional duties may certainly.
under such circumstances, be performed
without such resort. 1t has, it is seen,
been avoided during four years OF greater
fiscal difficulties than have existed III Il SIM
liar period since the adoption OF the consll-
! tuition, and one also remarkable for the oc-
t currence Of extraordinary causes Of eXpen-
dltures,
But to accomplish so desirable an object
: two things are Indispensable: first, that the
/ action OF the Federal Government Je kept
5 within the boundaries presciiyedhy its toun.
, ders; and, secondly, that all appropriations
for objects admitted to be constitutional
!! and the expenditure them also, he subject
ed standard OF rigid but well considered
; and practical economy. The first depends
: chiefly on the people themselves, the opin.
IONS they form of The true construction OF
the constitution, and the confidence they re
= pose in the political sentiments of those
, they select as representatives in the FEEDER
i nj Legislature; the second rests upon the II
= deity with which their more imnedmte rep
: reSentalveS, and Observation-Disclosures !scha {
' the trusts committed 10 Them. The duty
Il of economlsIng the expenses OF the pubic
; service is adulited on all hands; yet there
: are few subjects upon which there exists
T wider difference Of opinion than is constant
/ y manifested IN regard 10 the fidelity will
: which that duty is discharged. Neither di
. ver<lty of sentiment, nor even mutual &c
. ordinations, upon point IN respect Il
{! which the pablo mind is So Justly sensitive,
e can vel! be entirely avoldeI; and least 81
at periods of great political eXcitement.-
! An intelligent people, no" ever, seldom TAI
/ to arrive, IN the end. IT correct conclusions
: IN such matter. Practical economy in
j the management ofpubc affairs can have
q no adverse influence to contend with mule
; powerful than large surplus revenue; 0nC
c the unusually large appropriations 10
e 1887 may without doubt, independently o
J. Tho extraordinary acquisitions for the public
u service growing out vt the state .! our Ind
an relations, BE-, in no !nconSldera0e degree
;. traced to this source. The sudden an,
/, rapid distribution OF the large surplus theI
e in the Treasury and the equally sudden anl
unprecedenteI,y severe revu,sion in tH(
t. commerce and business OF the country
e pointing with unerIng certainty to grea
5. and prolracted redUnlion OF the revenue
=. strengthened the propriety oi the eartieS
l. practicable reduction OF the public eXpendl
o lures.
IF But, to change a system operating upol
y so large a surface, and applicable to such nu
.e merouS and diversified Interests and objects
h. was more than the work OF day. Tie at
lie tenton oievery department of the Govern
l. ment was Immediately, and in good faith
le directed to that end; and has been so con
lie tinued TO the present moment. The est
y mates and appropriations for the year 83
v (the first over which had any controD Wer
Ii, some what diminished. The expenditures q
5. l839 were reduced six million OF dollars
to Those of 1910, exclusive of disbursement
OF for public debt and trust claims, will proba
+. bly, not exceed TWENTY-FIVE and a hiatt mi
,r lions; being between two and three million
Us less than those of the preceding year, an