The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1841-12-25

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The annual message Of Gov. Roman com
mends itself to public attention both for its bust
ness-lke qualities and its breyity.
There are many important topics in it consid-
cred, some of local, others of general ma
ture-the latter of which only we shall have oc-
Of the finances of the State, and of the banks,
are of the chief importance
FINANCES, PUBLIC DEBT, &c
OF tie condition of the finances of the State,
and the amount and increase of the public debt.
the Governor speaks in no very hatering terms;
but he speaks to the purpose.and the point, and
speaks with equal plainness and ability
He reminds the Legislature that he called
their attention to the condition of the public
treasury at their last session but that no mta-
sure had been adopted to check the evil he had
disclosed and he now deems it his duty to in
wife them to ''devote their chief abors, during
the session, to tins important subject" He then
proceeds thus, Gas Antony would say)
" To tell them what they all do knew =
"You are fully aware that the income Of the State
lis considerably below It's expenditures. Our debts
annually met by loans, the interest which
added to the capital and the appropriations at each
sion Of the Legislature, pcsen, every year heavier
deficit Our loans from the banks, hich in 1889
amounted TO 15 900, had reached $S5OU00 in the be
ginning of this year and by the report of the Trea
surel you will perceive that they amount to
SLIGO 600, including $3OOG6 paid for matured into
res. 500 0OD OF bonds granted To the Port Hudson
and Clinton Railroad Company, and which thai, in
stution, during your found itself unable 10
meet this issue OF bonds had taken place by virtue Of
a law which refused To sanction, and which was
passed by constitutional majority Of Your predeces-
sors Happily of all the numerous bills for the ssu-
/ ing Of bonds and appropriations Of public MONEYS
which have passed the Legislature and TO which re-
fused my saclion, this tho only that became
law Notwithstanding my objections.
Here is an evil set forth which has no apology
TO plead but a bad example, public debt, an
increasing and accommodating public debt, that
can only be cancelled by taxing the industry and
labor perhaps Of future generation! What
an Inheritance his for posteruy!
Buff misery loves company, it has a plenty
Of company. twenty-five States in the Union
are in the same ''company," owing debts to the
enormous amount of 100000, zoe, far exceed
ing the public debt Of the Revolution, and the
purchase Of the soil andliberties of the country.
But ii is proper to mention here that there are
four States in the Union, four New England
States, that owe no public dcbt--Nep Hamp-
shire, Jiermont, Connecticut and II. Islaid And
yet these States are in quite as lourlshing con-
dition, as if they owed more than they could
pay, and had the satisfaction Of knowing that
they were bequcathing TO postefity their proper
tiona shares Of tlro hundfed million dollars
Of dccuRuidtiag deUfS.
But to return to the Message Ills to be re-
marked of the passage we have quoted that the
Governor felicitates hims elf upon his vetoes );
and reminds the Legislature, that in the only
case where he was out-retoed, the interest on
half million of bonds has been lost to the State
by corporate "dbstrdctions :" Commend us to
any distractions but the perfdious distractions
Of soulless corporations.
Another comment is to be made upon this
text, touching the increase of the public debt.
an incrcse Of Sl025,00O in two years and from
loans, too from banks that loan nothing but ir
redeemable paper and whose paper in the State
and out, is from GIVE will keep within safe linn
its) one to ten per cent discount What pic
ture Of prosperity! But let us hasten to follow
the footsteps of the Governor. He continues:
" It becomes indispensable, as have before stated.
to place the income Of the State in harmony with its
Expenses During the current year these cxpcnses
have exceeded income $4,000, and the deficit
for Sig will probably reach 100000.
Here it will be perceived that the deficit of
the Treasury will be almost 100000 beyond
the whole annual expenses, Executive, Legisla-
tive, and Judiciary, Of the State,--which we
learn, from table before US, is computed at but
S107,280! How long cana State maintain lis
credit and integrity under such dspcnsation
as this 2 Heaven knows How this condition
of things is TO be met the Message proceeds to
consider:
To meet such deficit, it will be necessary to OBJ
all the economy possible to rercnch all public
expenses as far as can be done without mpaiinc
the good administration of the State and to increase
at the same the taxes, 50 as to eccually bring our
income to level with our expenditures | have al
ready had the honor to suggest to You measures the
adoption of which would, in my opinion, tighten the I
burden Of the new taxes required. Permit me now
only to repeat, that new loans made with view TO re
tard the day when taxation shall have TO be submitted
TO- can be productive of no Other effect than to increase
the disorder in finances
Here is prophetic warning of consequences
that must inevitably result from the prodgalitv
OF public Indebtedness
It will no doubt be as painful for YOU TO order an
increase OF taxation, as it is for me TO propose if but
the view nave gwen you the melancholy condition
of our finances must bring You TO the conviction tlot
such measure Is now inevitable. Your constituents
cannot fail to perceive that the blame that may nj
tach TO this new burden ought not to be incurred hy
those imposing it, but by those who have made il nc
ccssary, by creating debt without providing at the
time for the means of its gradual rcdemplion
and Of paying the current interest thereon