The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-09-24

bellion, and who feel patriotic shudder at tho word
"sponge" We own to a degree OF this sntipathy our
selves and canddy confess that had read the pas
fsge above quoted without knowing its author, We
should have conceived an unfavorable opinion not
much Of his Judgment as Of his decAcy and tact But
the name ut the foot of the letter sufficient reply to
any such suspicious 1t Is Samuel Quincy who tells
that we persist In our present course and do not
avail ourselves Of our comparative prosperity to pay of
our debt time Of adversely will come when we shall
be bankrupt
II is hard saying but nevertheless true one and
however may dislike the obtrusien Of such unpaea-
SAINT thoughts, cannot dispel them Indeed our
readers will remember that We have repeatedly ssid
the same In substance ourselves Not to reduce debt
We have said Is to increase it, Debt il ultimate inse
vency. Bankruptcy is revolution. These topics
and her desperate finances long before the starving
inhabitants Of the faubourgs set Europe in flame
The French revolution very near event P,orimus
ardet. IL Is evident that France has hitherto only
aggravated her financial difficulties by revolution She
has only wdened the gap between her income and her
expenditure She has put the screw but in vain
large military force, we read to- day, Is employed in
collecting the as csntimes additional added last March
twelvemonth to the direct taxation; while Govern
ment sndsavoripg to borrow high rate Of inte-
rest But France Is only before us on the same path
Within three years We have added twelve millions to
our debt and have barely attained, II we have at
tanned an equilibrium between mornings and
sutgoiDgs. At the present moment therefore,
At stand STILL with debt the interest Of which Is
about f28 600 900 per But is 1t reasonable is
IL possible to suppose that maintain this eQu-
lbIiun Any one OF many very probable casualties
hur the state another step in the downward to
bankruptcy. War 10 not tho only danger, nor IL in
creased expenditure There are ether less violent
changes which might render the present. taxation in
toleTsble.
OF course there ia bright side well a dark side
to the prospects before u.s. The embarrassed trader
hopes for a gsd-send and perhaps it comes We may
have our windfas. 1t he's been suggested that
great depreciation Of the valuable metals would pro-
portonately reduce the OF debt which IL
metallic undertaking After borrowing in q dear mar
ket, may pay in = cheap one. But such result 10
much too problematc not romantic to be allowed
place in financial specuatens The most rational
spppositon Ia, that the currency will remain all
time much il and that there will be change
Of kind In favor In other respects experience
teaches US to expect change for the Changes
generally are for the Should the year 1850 pro-
duce any great event. 1t will most probably be
pensive Even In private life,
lucky windfalls profitable discoveries, and sudden
promotions very comparedtwith the generally
adverse tendency Of events States still less in the
way of luck. Theirs Is almost uniform pull against
difficulties. 1t would therefore be imprudent 10
would certainly be impious TO expect some extraord
nary relief from national burdens For this relief
must look TO ourselves and unless begin betimes
to help ourselves and pay debt like men, shall
be bankrupt. so says Samuel Quincy, and 80 say we
also Nay 10 not be IN time that Pennsyirdnia shall be
enabled to retort the charge Of epdiosn But cannet
to suffer debt to outgrsw power OF repayment
and to bequesth TO our posterty task which there
by confess to BIZ impossible.