The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1841-01-01

law; 10 execute all its contracts accord
ing to the requirements of the constitu-
ton; and thus TO present, when most
needed, q rallying point by which the
business of the whole country might be
brought back to safe and unvarying
Standards result vitality important as
well to the interest as to the morals of the
people. There can surely now be no
difference of opinion in regard TO the in
calculable evils that would have arisen if
the Government, at that critical moment,
had suffered itself to be deferred from
unfolding the only true standard of value,
either by the pressure of adverse circum-
stance or the violence of unmerted de-
nunciation. The manner in which the
people sustained the performance of this
duty was highly honorable to their forti-
tude and patriotism. 1t cannot fail to
stimulate their agents to adhere, under all
circumstances, TO the line Of duty and to
satisfy them of the safety with which a
course really right, and demanded by a
financial crises, may, in community
like ours, be pursued, however apparent
ly severe its immediate operation.
The policy of the Federal Government,
in extinguishingas rapidly as possible the
national debt, and, subsequently,, in rcsis-
ting every temptation to create a new one,
deserves to be regarded iii the same favor
able light Among the many objections
to a national debt, the certain tendency OF
public securities TO concentrate ultimately
in the Golfers of foreign STOCKHOLDERS, is one
which is every day gathering strength
Already have the resources of many of the
States, and the future industry of their cit
liens, been indefinitely mortgaged to the
subjects of European Governments, to the
amount Of twelve millions annually to pay
the constantly accruing interest on borrow
ed money--a sum exceeding half the or
binary revenues of the whole United
States. The pretext which this relation
affords to foreigners to s.rutinize the ma
nagement of domestic affairs, ii not actu-
ally to intermiddle with them, presents 4
subject for earnest attention, not to say OF
serious alarm. Fortunately, the Federal
Government, with the exception of an
obligation entered into in behalf of the
District of Columbia, which must soon
be discharged, is wholly exempt from any
such embarrassment. 1t is also, as is be.
licyed, the only government which, hay
ing fully and faithfully paid all its credi-
tors, has also relieved itself entirely from
debt. TO maintain distinction so desi-
rable, and so honorable to our national
character should be an object of earnest
solicitude. Never should free people,
if it be possible to avoid it, expose them
selves to the necessity of having to treat
of the peace, the homer, or the safety OF
the Republic, with the Government of TO-
reign creditors, who, however well dis
posed they may be to cultivate with us in
general friendly relations, are nevertheless
by the law oftheir own condition, made hos.
tile to the success permanency oipolllcaI
institutions like ours. Most mmiliating
may be the embarassments consequen,
upon such a condition. Another objec.
ton scarcely less formidable, to the com
mencemcnt of a new debt, is It's inevitable
tendency to increase in magnitude, and to
foster national extravaganza. He has been
an improbable observer Of eyeuts, who
needs at this day to be admonished Of the
difficulties which government, habinal
| ly dependant on loans to sustain its ordi
nary expenditures, has to encounter in re-
sisting the influences constantly eXerted il
favor of additional loans; by capitalists
who enrich themselves by government Sc
curties for amounts much exceeding thu
money they actually advance-a prolific
source of individual ACKNOWLEDGEMENT in al
borrowing countries; by stockholders, WHIT
seek their gains by the rise & fall Of stocks
and by the selfish opportunities of appli
cants for appropriations for works avowed
" for the accommodation ofthc public, bu
the real objects Of which are too frequent,
the advancement ofprivate interests. TIN
known necessity which so many Of tn
states will be under to impose taxes for tn
payment Of the interest on their debts, fur
uishcs an additional and very cogent rea
son why the federal government shoul
refrain from creating national debt, b.
which the people would be exposed I
double taxation for similar object. w
possess within ourselves, ample resource
for every emergency; and we may be quit
sure thatour citizens, in no future oxygen
cy, will be unwilling TO supply the gov
eminent with all the means asked for til
the defence of the country. In time {
peace there can, at all events, be no Just
tication lor tho creation of n Dprmanpt