The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-02-19
THE NATIONAL DEBT.
We copy The following article from the organ OIL
the Pu,choguo Democracy in this village:

We copy The following article from the organ Of
the Pa'choguo Democracy in this village:
iITs"In the last presidential Message, Mr.. Van
Buren, remarks "Ihe policy Of the Federal Gov
eminent, in exlingushing rapidly MS possible the
national debt, and, subsequently in resisting every
temptation TO create a new one, deserves 10 be Ie-
garded in the most favorable light"
! He also says in the same document at is al
So ii is believed, the only Government which ,hav-
ing fully and faithfully paid all its creditors, has
also relieved itself entirely from debt"
How will all this correspond with an empty treas
ury and debt of fifteen millions Of dollars! LET
ALL THE PEOPLE JUDGE"
Let us examine the facts. In introducing the
Treasury Note Bill, the Chairman Of the Commit
tee of Ways and Means, Mr. Jones, stated that the
necessity for passing such bill, did not arise from
any permanent deficiency of revenue, bu, from the
inequality with which the receipts and disburse-
mens of the Treasury were distributed over the
year. u the estimates of the Secretary Of the
Treasury are correct, and the appropriations of
Congress DO not exceed what is asked for by the
government, the revenue Of the current year, will
be more than sufficient TO meet its expenditures
and to cover the reduction Of the outstanding
treasury notes. with that portion of the public debt
funded and unfunded, coming due within the same
period.
As these receipts and expenditures occur in DIFF.
ferent parts Of the fiscal year, it becomes necessary
10 anticipate the one to make provision for meeting
the other. As nm instance, the receipts for the
first quarter will be $500, OCO, and the expendi-
lures $4,000 The balance of more than one
million dollars can only be provided for out Of the
revenues subsequently accruing
The amount is, that, although the Treasury De-
par,men, is able TO meet all its demands during the
fiscal year, the expenditures of the first quarter will
be greater than the receipts and ii is necessary TO
anticipate n sum sufficient to make up the balance
This is all there is of the awful national debt and
the prosIra,on of the treasury, abou, which the
fedcralists talk SO much.
The southern wings have denounced this false
assertion of a National debt, and give the true
reason for the attempt Of few unprinciped north
ern Patchogucrs to induce The people 10 believe its
existence, that is, an excuse iol calling an extra
session This is the only possible prc,ext that can
be conured up for such useless waste Of the peo-
pies money.
federaists, to set this National deb, humbug, fitting
before the eyes Of people they have already suf-
6cienty deceived, awakens only ridiculc and con-
tempt from The southern wings.
But, say the advocates of this new mode Of
wasting money these new Reformers-lhe advo-
Gates of Retrenchment The Nation is in debt and the
present Administration will do nothing to relieve
the wants Of the Treasury! What miserable and
bare faced f.lsehood The Secretary of the
Treasury has shown, that the revenue Of the cur
rent year will be more than sufficient to meet lis
expenditures, and proposed plan for derrayng
the expenditures which must he met in the fiscal
year, before the receipts which will amour, to A.
bout eight hundred thousand dollars more than the
expenditures, taking the year together, fall due
The plan is opposed might and main by the ftder-
alists, while at the top Of their lungs they declare
that the administration will do nothing 10 meet the
wants Of the Treasury If a man were owing
$40. 900 which must be paid in May, and were
worth $50. 900 that he conld not command til,
June, his borrowing The $50 900 to meet the de-
n'and IN May, would not. to us. be evidence of
bankruptcy. And yet. the Treasury. being SINH
larry situated. is bankrupt TO the enormous amount
Of from fifteen to forty millions. Truly may the
remark made by Mr. Vanderpoel of Mr. Barnard be
aPty applied to the federal party. They arc bet
ter poets tb.n sribmatieians