The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-06-09
NEW YORK CORRESPONDENCE.
New YoRK, June 9th, 1s43.

New YoRK, June 9th, 1S43
| am much pleased 10 see in your paper OF the
Sd inst, The publication of a table, showing the
gradual increase and enormous amount Of the
present national debt of Great Britain. How
pregnant il is with practical instruction 10 the
American People WhaI an idea is that of
Lord Brougham, that this enormous Debt is
recognizance Of $500 000,0 900 10 keep the peace!
Said not truly, in one of my late letters, that
what we had IN ST to dread in this country is,
the moneyed power becoming identified with
the Government? What has been the advan-
lages Of tue expenditure of these immense
sums in extending British power, compared
with the misery it has brought upon the mass of
the British Pecple2 do not believe the ma
ture of the influence produced by national
debt is well understood by my felloW-cilIzens,
aud, therefore, shall devote this letter TO that
subject in connection with the national debt
of Grrat Britain. Sir Robert Peel, by his in
come tax, has denied 10 give currency 10 The
idea that th. money raised in that way has
| lightened the burden upon the producing classes
10 The amount Of the sum assessed upon in
come This view OF the subject is entirely
destitute OF ruth. The interest upon the na-
ional debt of Gn at Britain, is an annual tax
upon h'r labor over and above the current ex-
penses Of the Government; for unless the
amount paid was annually produced by, and
drawn from, the Industry of the People, the
money ed mt would have no means to pay it.
! The nobility, in general the large landed pro-
pretors, aud all those who own soil charge The
tenants so much higher rent in consequence of
the immense taxes they have 10 pay to disburse
the interestof the debt and Government expen-
diture The owners Of m MS aud the W althy
manufacturers reduced the prices paid their
hands from the same cause. Their expenses,
taxes included, are a regular charge up
on the cost of the articles resulting from
the industry oflhe wolkingclas es and although
| in the firm Of an income lax they are aid ty
another class that class produces no part Of
them and this is shown by the fact that since
the income tax has throw an additional bur
den uIon their Industry, the proceeds of their
labor has much diminished, aud produced
| To use homely adage, the iacome tax has rob
bed Peter 10 pay Paul Thus, then, the inte-
rest on the national debt being about 100000
600 sterling or Sl50,000,000 per annum is an
additional charge upon the People, and goes
every year from the comparatively empty peck
et Of the poor man to cause the full pocket ofIhe
rich capitalist 10 overflow and this is Lord
! Brougham's recognizance TO keep the peace
10 my opinion l. has only TO be little further
extended TO produce civil war-this il is that
causes one eighth Of the population to be under
the necessity Of receiving poor rates. What
lesson is this and how should it op rate as
most solemn warning to US 10 beware how we
entrust With political power those who consider
a national d bl a national bIes. ing Il teaches
Us, also, ia my opinion, a still more important
lesson, and that is the danger arising to free in-
sutuiions in this state Of society, which fosters
to TOO great an extent the accumulation Of wealth
without labor, and it ought to teach US to watch
closely the money power. | trust we shall do
this, and that we may always have President
Tyler Of the true Democratic school to prevent
US from being betrayed into its clutches for
if ev.r this latter shall happen, il will hold on
to US with an iron grasp.
Happily for US the genius Of our institutions is
unfavorable to the ACCUMULATION ofsuch amounts
10 so few hands uts from the right of pri-
mogoniure and the privileged orders in Eng
land-while the soil in this county being owned
by tLo,e who till it, a d our earlier marriages,
with the general distribution Of property equally
divided among he descendants Of the rich, have
also salutary check uIon the aggregation of
property.
Still, as have stated on another occas. ON,
here can be no doubt the greatest danger we
have TO fear is, that Of suf ring money to 90
vern US, as il would undoubtedly have COM
nenced to do, had the ultra Wing leaders sue.
ceeded in their attempts TO intimdate or corrupt
President Tyler.
Does any one doubt this refer him TO the
well known history Of the late Bank of the Uni
ted States which, at one time, had expand d its
coDc rus TO upw.rds Of ninety millions Of dol
lars. Had it then been in close connection with
the Government, can there be a doubt what
might aud probably ,oouId have been the resut7
Backed by the Government its credit in Europe