Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1847-09-15
NATIONAL DEBTS.

i1he views OF MIR. JEFFERSON upon tho subject
'Of National Debts are referred to with some fire.
'quency, we observe. That distinguished person.
age vast fond Of ingenious theories, Probabilities
and paradoxes. The novelty of a speculation was
10 his mind an irresistible charm: and no WAS
never more delighted than when he could succeed
in1mpartIng to some new idea an air of Justice and
.proPrety, at variance with the commonly received
oPlaions OF mankind. He was fond of being wiser
than other people. He sought to be at one and the
same time original, and leader of public senti-
ment.
MIR. Jeffersou's theory in relation to National
debts Is thus illustrated by himself: ''The earth
belongs to the living, not to the dead. The will
ana power OF man expire with his life by natures
law. Some societies give it an artificial continu-
ance, Tor the encouragement of industry. Some
refuse 1t; as our aboriginal neighbours whom we
call barbarians. The generations of man NAV
be considered as bodies or corporations. Each
generation has the us,fruct of the earth during
the period Of its continuance. When it ceases to
exist, that usufruct passes on to the succeeding
generation, free and unincumbered and SO on. to
anu from one generation to another forever. We
may consider each generation as Il distinct nation
with right by the will of majority, TO bind them
selces but none to bind the succeeding generation
more than the inhabitants of another country"
The theory goes OH to state that, upon an ave-
rage calculation, one-half of the adults who lnan-
age the affairs of nation will be dead in eiuhteen
years and eight months from any given date
Such Is the period allotted by statistics. MIR. JEFF
lerson, therefore, maintains that at the end of nine
teen years the majority Of the contractors of ma
tlonal debt would have expired, aud with them the
obligations of the debt. This is his own i!ustra-
tion.
The identity of national existence, transmitted
from age to age, in ell-governed country, is
mere destroyed utterly, in 50 far as a theory may
destroy fact. But the life of nation is not to be
cut up into sections, each of which, like the seq
'ments or the polypus or the earth worm, is sup
posed to have Il separate vitality of its own.
1.-The earth belongs TO the Iiring not TO the dead"
says MIR. Jefferson Behold how a principle of the
most momentous import is made TO rest upon word
which may have diverslties of meaning as wide
asunder as the poles The inference here implied
Is that the 'earth" passes from one generation to
another IN an unchanged state while it is entirely
overlooked that in the progress of civilization and
improvement each succeeding aye receives, as its
heritage, all that the labors the expenditures the
struggles OF the preceding ages had achieved. A
barren desert ''earth' might belong to the living
OF TO the dead, with pretty nearly equal results one
way or another.
But nation Is gigantic man. having the iden-
nty OF one lie with capacities for perpetuity OF
duration. What is done in the youth of this aopre-
gate existence must he felt ever after in its effects
Each generation in State holds in trust from
the past Tor the future. This connection, with its
lnseparable responsibilities, cannot be altered by
any arbitrary enactment or theory. Suppose one
generation Is false to Its trust-what then p Tx
tnctIon Of the national life NAV follow or the
olghtng effects OF the treason will remain for
ages. Our fathers achieved liberty and indepen-
-dence. For themselves only2 Nay, for us, also.
ana Tor those who shall come after u.s. What a
Pltltul preteXt would it be for any man, philoso
Pher or other, to sci up against the payment of
national debt contracted in the war of ndependence,
fhn nrnfn Nfs l,,t,, I.x ~.
falrs OF previous generation, and were not bound
10y Its obigations
Ii not bound by its obligations then we have no
right to inherit the benefits it has transmitted-
Suppose the other case: Suppose that a genera
ZION In Its day, or in its period Of eighteen gears
ana e,gh months holding the destines of the State
IN Its keeping, shall refuse to incur debt to repel
the aggresSons OF an enemy TO vindicate the ma
tional honour. Subugation follows, or a furnished
name This would be TO spare posterty from bur
dens, no doubt, but the People that should survive
such dlshonorabe crisis, in all after generations
II any spirit OF worth or manhood remained, would
have cause to blush for their fathers-.or they
would feel that foblgations of debt are not trans
mlsslble In the life OF State, the stains of disgrace
and humiliation are
The theory Of MIR. Jefferson, as miserable as it
ls fallaclous, we find published length in the last
number fthe Bankers Magazine; and along with
II Is an article OF the same purport extracted from
the financial, monetary, and statistical History OF
England for the year lS47. Although published
without comment, we cannot suppose that the doc
trlne or It's exposition there set forth receives the
sanction Of the intelligent conductor of that Mara-
zlne.-Bdttimore american.
The first thing the Representatives should do,
when they meet in Washington, in December is
TO demand of the President what he intends TO ac-
complish by further prosecution of the war. He
should be required TO give explicit and catagori-
cal answer to this inquiry, and until an answer is
obtained, the Wings should refrain from voting
new appropriations of money new levies OF men
for the The war must have some object, and
that object should be known When it is known.
then the Wings will understand precisely their po-
sitlon, and will act accordingly. In his message last
december, Mr.. Polk said, 1.-The object OF the war
was not one of conquest )" having, therefore, told
us what the war not for, let him in December
next tell what it is for. If it is not for conquest
what object has it2 If it has no object OF if it is
tor conquest, the sooner it is stopped the better
we take 1t that the people of this country have no
desire TO continue which yearly costs thou
sands OF lives and millions of money merely for the
qualification Of personal spite. for an equally
unworthy purpose, fighting for the love of it.
WHAT THE PEOPLE MEAN.
The Memphis Eagle, speaking of the large
Wing majority in that city, holds the follow ing Ian
guage:
"The vote Of our city is a proud and glorious a.
'chlevement Not as a mere partisan triumph do
ILL., .. b,,to