Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-11-21
To Alexander Hamilton. Secretary Ol
the Treasury.
| Pirate and confidential

Mourn VERNON July 20. 1892.
Nv DEAR SR:-On my way home, and since nv
arrival here have cndeavorcd to learn from sensible
and moderate known friends 10 the government,
the sentiments which are entertained OF public mea-
Tnc-e all agree that the country Is prosperous
and happy, but they seem 10 be alarmed AT that sys-
TEN # policy. and tloe n'crprctaions of the consti-
tuition. which have taken lace in Congress. Others,
less friendly. perhaps. To the government and more
d posed 70 arrlign tic conduct of lis officers (among
whom NAV be clasSed my nelghbor and qaoadam
friend Colonel Nd 90 further and cnumerate a
ricty of matters. which. well rccollect, may
be adduccd under the following heads.
l. " That the public debt greater than we can
possibly pay, before other causes of adding new debt
t. Will o,cur; and that TIN, has been art ay Gre
atcd bv adding together the whole )unt oil the debt
or and the creditor sides of the accounts, instead OF
taking only Their balances, which could have been
paid Oft 1 short time.
> That this accumulation of debt has taken for
out of power those easy sources OF revenue,
which. applied To the ordinary necessities and exgen-
cIes of government, would have answered them habit
ually, and covered from habltual murmur.ngs
against taxes and ax-gatherers. reserving extraord
nary calls for extraordinary OCCASIONS, which would
animate the people to meet them.
g. THAT, though the calls for money have been
no greater we generally expect for the
or equivalent exigen res, yet already obliged
strain the imPost till it produces clamor, and Will
produce evasion and citizens TO COL
let IL and resort to ercse law, of od.ous
character with the people, partial IN lis operation.
productive. unless enforced by arbitrary and vexatIous
means. and committing the authority of the govern
mcnt in parts where resistance most probable and
coercion least practicable.
l. They cite pr positions in Congress- and sus-
pect other projects ON foot. still TO increase the
of the debt
j. i" They say, that BY borrowing al two-thrds of
the interest might have paid Oft the principal In
twothrds of the time; but that from this we pre-
cluded by It's being made irredeemabe but IN small
proportions and at long terms.
g. -. That this irredeemable quality was given TO it
for the avowed purpose of inviting Its transfer 10 for
eign countries.
T. They predict that this transfer Of the principal
when pleted, will occasion expectation OF three
millions of dollars annually for the interest dram
Of CON- of which as there has been no example, no
calculation can be made of Its consequences.
s. THAT the punishment Of our viii be COM
pleed BY the creation Of ten millions of paper money
the form of hank bile, issuing into circulation
q. They think the ten or twelve per cent. annu-
al profit, paid 10 the lenders of this paper medium
taken out of the pockets of the people, who would
have had without interest the coin II is furnishing
10. That all the capital employed In paper specu-
lation is barren and useless. producing. like that on