The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-01-15

casiOn which called forth that message, the evils of
debt under any circumstances, however, under
whatever circumstances, and for whatever consid-
Grafton contracted, and attempting to convince them
that it should be avoided at all times and upon all
occasions, and for all considerations when the safe
ty and honor of the nation will permit Such he
understood to be the drift Of and purport of the
message upon this very topic. Yet he (Nlr W)
was prepared to 20 further than the President had
gone, and say what he had not said. He would
say not that there is political party in this coun-
try in favor of national debt, per Sc; but that
there are interests in this country so in favor of
national dcbt-intercsts which even had, do now,
and ever will favor the existence and perpetuatiOn
of national debt, per Sc, for ITSELF for the advant-
ages they derive from it. lie believed those inter-
ests existed in every civilized country-he beey-
ed they were ever acve-and he believed they
constituted an influence, against which it was one
of the prominent objects of the President to warn
Congress and the country. What are those inter-
ests which naturally favor national debt, per Sc +;
a national debt for itself, and for the benefit to be
derived from its existence? Retired capitalists,
men who have Withdrawn from business, with
capital which they wish to preserve for themselves
and families, constitute one such interest. Such
persons naturally desire permanent and sale IN
vestmcnt for their money and it is most rational
their debtor if it be Of good standing and credit, to
any other. Look at England. What supports and
perpetuatcs the aristocmcy of wealth there but the
British national debt 1t rests upon the debt, and
could not be sustained without it, and the indebt-
edncss of the country is lis strength and power
MIR w. said he spoke not Of this interest, as now
existing in this country, in censure it was as nat
ural as existence ITSELF il must grow up IN every
prosperous community will ever exist in some
form, and can only be curbcd and controlled by
people and government free from debt.
But was there not another interest, and an i'm
portant one in every commercial community, which
was benefited by, and therefore was in favor OF
the existence of national debt for itself; lie
spoke of that great interest connected with foreign
commerce, and DESTROYS of medium Of conyen-
lent remittance between its own and foreign coun-
tries. Why, he had seen frequently the utility of
a national debt pressed upon the country for tins
cause and quite recently articles had appeared in
the public newspapers--0nd articles written WIN
great ability-stating that since the eXnguishment
of our debt, fluctuations in our paper system had
been more fpqucn; and more decterous, and con-
tending that the existence of national debt, and
its influence on commercial transactions, were
necessary to give that system stability. But year
ago. a proposition was deliberately put forth of that
character, recommending that this country should
create debt, not singy TO furnish these CONNER
cal accommodations, but urging that these would
be necessary incidental benefits, while other great
objects, valuable in the mind of the writer, were
supposed to warrant the contraction of the propos
ed debt of hundreds of millions. These were not
all.
There was third interest, which embraced that
class OF cnterprslng, acute persons, who seek Nv
ing, and their fortunes, by dealing in stocks-he
class ofbrokers, They, as class of men, must be
attached to national debt per Sc, for nothing could
be more desirable in the stock market than an a.
bundance of national stocks and securities, and
that abundance Of customers, seeking investments
and market, which full supply of superior stocks
would never fail TO present that department of
trade. Such securities, too must have II tendency
to keep the prices of stocks more stable, and thus
render the profits of the broker more certain, and
his calling more safe, if not more lucrative.
a further interest, having the same natural ten
dcncy, was the money interpretations OF the coun-
try, authorized TO deal in stocks and exchange, or
practically so dealing, with or without authority.
These institutions, more naturally than the brokers,
must favor the existence of n national debt per Sc,
inasnnch as the profits of their business would be
equally involved, while their own stability would
be much more essentially promoted. He did not
enumerae this INTEREST with any political reference.
II was an existing interest in our Country, and in
every commercial country in the world ; and it
would, most likely, continue 10 exist, so long as
trade aud commerce existed. Properly restrained,
ii was heahrul interest to trade and commerce,
while, without restraint, it was fearful interest.
1t was always active, and at times powerful hey ond
the carlcss estimate of a coniiding people. Yet II
was an interest which people free from debt need
not fear, but from which any people loaded with
debt public private had every thing to apprehend.
1t was corporate interest," representing no feeling
TO which human beings are susceptible, and desi-
tute, from is nature, of all human sympaheS.
There was still another interest which should be
in his judgement in favor of national debt, per Sc.
lie referred 10 the men and interests in the country
which favored the establishment and preservation
of national bank as an institution to regulate our
currency and credit lie did not speak of this i'll
tcrcst as that of political party in The country, or
as connected with any existing political party
Ills object was To follow the course of argument of
the honorable Senator from Massachusetts,, and
take financial view Of the topics under discuss
ion and he believed in his heart, that every man
who desired the establishment and pcrpetuailon OF
a national bank in the United States, should desire
as the only safe and secure foundation for such an
institution, permanent national debt. In his o.
pnion that was the only safe corner stone the
country 1t was not his object, upon the present
occasion, to question the patriotism, or purity OF
purpose, of any friend of national bank lie
would not if he could avoid it make this discussion
political, much less partisan.
lie had looked at onr own history. and found
that a national debt had been the apology, and, as
he thought, the controlling cause, Of our two for
mer national banks and he believed further, that
the existence and continuance OF the debt had CIV
en- to both the most of the pcrmanenc. and stabii-
tv which they had manifested 10 the country, as
money Institutions controlling our currency and
credit
lie had also referred himself TO the pecuniary in
stituions Of England and became equally satisfied
that the national bank there could not sustain itself
for an hour, with its conceded power over the pa
per system of that commercial country. II dlscon-
neried fiom the British national debt. The capita
of the bank consists of the debt, and the country Is
its debtor for the credit it commands. How, then,
is the country TO get rid Of the bank but by the
payment Of the debt, and how can the debtor,
though the proudest government in the world, con-
troll the creditor. while these embarrassing rela-
tcns exist II cannot be done and hence the bank
of England must be as enduring as the debt of