The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1843-03-31
MORE FUNDiNG--THE PROGRESS OF
DEBT

IL will be rerollectpd, that when Mr. Van Buren,
retired, in March ~, the amount of Treasury
N"ies then outstanding was somewhat less Than
6,o00.0nO. Til, was our national Indebtedness
then. though The representative from This district
figured 1t up to $40 900 900, b, fling up old mud
rejected 'lains md supposed liabilities. Nom
mally tn redeem these notes, the wing congress
aulhoizrd n loan Of 2,0o0 900
Til. was the first step 10 funding since the en-
tinc,,on Of our previous dehh in '35. But as II
has heen truly rrual krd, "it Is the first step only
which cost" Treasury notes which had been ~
bitterly denounced under Mr. Van Buren's admin
is'ralion. were ugain authorized by the same whs
congress which had created the loan.
Let US now come 10 another chapter in wing
economy. The amount notes at present ouistand-
ing, Il $ll ,73O,000 As these are constantly
falling due, and he Sl2, 1000 900 loan is already
exhausted. new expedienis for raising money must
be resoried TO. II was propOsed to authorize an
additional issue Of notes TO meet il,ose falling due
This passed the House without opposition. II
went To the Senate hlolaer. of funded debt
amended it nv authorizing an issue Of U g. govern
nent stock Tor twenty wears in the place Of these
notes, as they became due. This passed The Sen.
,re. II went 10 the House; but even Mr. Fillmore
the representative Of Henry Clay, could not sus-
tain such II monsrnus proposition. He remarked
that when ,hn rate OF interest was very hight pro-
posed 10 authorize the funding OF this debt l,hat J..
6ti,7OO,0O) for II long time, pIltlng Il beyond
THUR power Of r"drmtinn Tie doubted not that in
three years this might be funded for four OF four
and half PEI cent. with ease"
A slight calculation will show at glance how
much the wing Senate would give to the fund NH
errs by this bill Mr. f. thinks in three years. and
with reason Ton. we can borrow ut 4 IL per cent.
or course twenty year stock at per cent issued
hoc, would Mer command premium Of at least
Is per cent. As the amount to be funded was
Sll ,000, 900, the bonus thus given to capitalists
would be NJ least Two millions Of dollars. The
House ncnroncurred in the S-na,e's amendment;
but as n wing senate insisted, the wing House CON
sen'ed To fund these uo'r. for ter years at per
cent. interest. Even this is had proposition -
II benefits capitalists. hut not the people; for the
former will make NJ least one million Of dollar,
in premiums On this stock. Had treasnr, notes
On, been authorized, it would have equally re
lieved the treasury, while it would have udvanta-
Xed The business community.
May there not he snlnhng IN this constant ef
Tor, Of The whis party 10 Withdraw treasury notes
from circuiaiion' These are now The only nation.
Al currency, except gold and silver. They are use
fal both rs means Of remittance, and in payment
for government dues; and loI these purposes they
are extensively and most bcneicialIy used in tn.
SCUM ana wrSi. In iact, they have bcco'Ie an
almn, Indispensable medium Of exchange, and n.
such have afforded nv, a little relief But this
conflicts with the darling schemes Of the wing
party. They are anxious to convince the people
that we have Rational currency blu, hard money
and as they seem to hold that the people are mare
easily convinced by their suiltrings Than by their
rcason,-by fundng these notes. they hope 10 re-
strict lhi. national currency and thus bring people
To II more "a ickrning sense af the necessity Of
national bank. We will not insist such was the
design Of the wings in funding Sll ,73o, 900, bu,
such is The tendency.
But TO return to the funding. The previous
loan was Sl2 900 900 The Prescn, will he 5 H.
200. 900. Sn we shalt soon have funded nn,ona
debt of S23,70O, 900; aud then probably n new
demand for treasury no,cs-whi,h will eyen,ua !,
br funded in the same way: and This is The stealth,
glide with which debt is role up. Like ball of
snow, il gathers NJ il advances, and that ton, al.
most lnsensibly, until il hccomes the avalanche
So with the debts of states az or nations, The
first loan Is -,rr protested against, aad donoun ced
~ dangerous: hut when The Il ubican ia once cross
ed, tho second loan !. rnn'ly opp"srd, the third j.
hardly noticed, dnd at last opposition ceases TO lr
a viIiar: and the icy bali Of debt, regardless Of
whom it may crush. rolls on. with accelerated
msmrn,uun, until il becomes The fearful avalanche,
albany Argus.