Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-06-28
A NATIONAL. DEBT.

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We are not among those who consider Nation
al debt national blessing. In England II works
well i'm one way only tho government is 60 deep
" indebted to the people, thatthe people are com
PEELED TO stand by the government in 0ll it's eX-
travarnnce and fckleness; in the cost and hazards
Of war, and in the vast expenditures and displays
Of peace II; leaving even the payment Of the inter
est OIL the debt contingent on the taxation ofcvery
comfort Of light, OF air, and even Of locomotlon
The English people contribute tho interest OF the
rational debt, on the same principle thnt tho cred
ilors of a man deeply involved, lend him money
from day to day that he may keep up appearances,
nnd ayol the total ruin which It is the policy Of
nil paites to prevent. The result, therefore, of
the national debt of England is, that the people
nre always in tho power OF the government, and
the government in 10 manner controlled by the
people. We, in this republic, arc certainly bound
10 guard against accumulated national debt,
and 10 make the income equivalent TO cxpenscs---
for nations arc like individuals; and man is ad-
monsbed Ivy every consideration of prudence to
live within his income But it so happens that the
weakness aud rnsllncss of the Into administrations
to call their condnct by no harsher namcs---
have involved this government deeply. General
Jackson said C leave this country prosperous
and happy"
Mr.. Van Buren, said on his retirement, wo have
sufficient money in tho treasury 10 pay all tho
debts Of The Nation Neither spoke the truth
for OIL transferring the books TO new udministra-
INbll, IL was UlSCONcGcU lliut Iils country Woh w
debt iu;I twenty millions ut dOlars-probably
more. Such have beon Tho waste, the frauds and
wickcdness both of men and measures, during
the inst twelve years. government which had
no national debt, and hsd immense surplus rcve-
niue aud comm srcal facilities, was found on clos
ing the Jackson and Van Buren, lcdgers, to be
deeply involved. What was TO he done? Con.
cor from the people the true state Of things
cover III all the traces Of Acknowledgement aud
fraud continue to issue Treasury notes to meet
contingent claims? The people in their reccn,
elections, hud decided against such steps. Moth
ing remained, therefore, for the wing administers
ton, than to say honestly and candidly to the
people, "You nre now indebted some twenty
or twenty five millions, which must DO paid
and the shortest way il to borrow the money and
pay all you owe; borrow it Tor eight ycnrs, and
bring up your rates OF duties 80 os To wipe of
principal ind interest in that time, mud at its ex
pirnlion your annual income will do more thar
meet your expenditures, with economy" The
locofocos with their usual modcsy, cry out, "Ex
travagsnco-- waste wing folly wlig madness
n national debt is to be created y when in truth
this money is borrowed to ray the debts of thu
iocofoco administration, and maintain the credit o
the nation at home and abroad. The wings ar
executors of mn estate of great RESOURCES, b,l
whirh has been drcadfiilly msmanaged and
greatly embarrassed Like trusy agents. the
must set to work ploughing planting, renping an
selling, and thus gradually relieve the estate ror
indebtedness.
The Secretary of the Treasury presents prnc
tlcal, feasible plnn perfectly safe and simple i
its operations, to extricae tho government fror
embannssments. /" Borrow ms much us you owe
and pay your debt, and TO meet this new LOAF
impose all ad paiorem duty of twenty per cent. Of
all articles of import now free, Excepting thos
included in the compromise act0 and ON article
paying less than twenty per cent. impose an nd
ditionnl duty up to that rate. Here we have III
means of meeting all our obligations at once
The loan will be taken up forthwith, at 10,
rate our dehis will he paih--our duties under tn
rates will lquidate tho entire debt in eight year:
without diminishing tho amount of our imports.
~ y. Times