The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1848-07-22

ernment becomes purchaser OF its
wn stock, it shall command premi-
um in the market, it will be sound pol
lev to pay it, rather than to pay the
semi-annua interest upon il. The in
terest upon the debt, if the outstanding
treasury notes shall be funded, from the
end Of the last fiscal year until it shall
fall due and be redeemable, will be
very nearly equal to the principal,
which must itself be ultimately paid.
Without changing or modifying the.
present tariff OF duties, SO great has
been the increase Of our commerce un-
der its benign operation, that the reve.
nue. derived from that source and from
the sales of the public lands will, il Is
confidently believed, enable the govern
ment to discharge, annually, several
millions of the debt, and at the same
time possess the means Of meeting me-
cessary appropriations for all other pro-
per objects. Unless Congress shall au-
thorize largely increased expenditures,
for objects not Of absolute necessity,
The whole public debt existing before
the Mexican war, and that created du-
ring its continuance, may be paid off,
without any increase Of taxation on the
people, long before it will fall due.
Upon the restoration of peace, we
should adopt a policy suited to state
of peace. In doing this, the earliest
practicable payment Of the public debt
should be cardinal principle Of action.
Profting by the experience OF the epast,
we should avoid the errors into which
the country was betrayed shortly after
the close Of the war with Great Britain
in 1915.
In few years after that period, q
broad and latitudinous construction Of
the powers of the federal government
| unfortunately received but too much
countenance. Though the country,
was burdened with a heavy public debt,
large and in some instances unnecessa.
ry and extravagant expenditures were
authorized by Congress. The conse-
| ouence was, that the payment Of the
debt was postponed for more than
twenty years; and even then, it was
only accomplished by the stern will
and unbending policy Of Pesident Jack
son, who made its payment leading
measure of his administration. He re-
sisted the attempts which were made
to divert the public money from that
great object, and apply il in wasteiul
and extravagant expenditures for other
objects, some OF them of more than
. doubtful constitutional authority and
expediency.
. If the government of the United
States shall observe a proper economy
, in its expenditures, and be confined in
f its action to the conduct Of our foreign
relations and to a few general objects
, of its care, enumerated in the cons,itu
tion, leaving all municipal and local
, legislation TO the States, our greatness
as nation in moral and physical pow.
} er, and in wealth and resources, cannot
f be calculated.
By pursuing this policy, oppressive
{. measures operating unequal!y and un
: Justly upon sections and classes will b,
D avoided; and the people, having NJ
!, cause of complaint, will pursue thei
: own interests, under the blessings o
!. equal laws and the protection Of a jus
n and paternal government.
!. by abstaining from the exercise Of al
f powers not clearly conferred, the ce
: ment OF our glorious Union, now nun
: bering thirty States,wil be strengthene
# as we grow in age and increase in poi
n ulation, and our future destiny will b
l. withou, a parallel or example in th
d history Of the world.
= JAMES X. POLK.
l. WAsHINGToN, July 6, l848.