The Winchester home journal. [volume] (Winchester, Tenn.) 1857-1858, 1858-09-02
The United States again Borrower

The United States again Borrower.
Four times since the formation Of the
Confeleracy have the United States come
into tho market to borrow money. First,
for the most legitimate OF all possible
purposes, the conquest Of Independence;
next, for very necessary purpose, the
war which secured American vessels from
search by foreiY Powers; next, for the
war which was waged with Mexico; and
now, lastly, for tho ordinary expenses Of
the Government, which the ordinary
sources OF revenue are inadequate to de.
f,ay. There is tall events a satisfaction
in rehectng that the tax which is now
being imposed on the people Of the Uni.
tel States and their posterity, in the
guise Of now Government loan, is not
TO be the means Of gratifying eny greedy
lust for unnecessary territory, or any ig'
no.ant prejudice agains, foreign nations.
No future demagogue can complain that
IL the years l847 and ls49 errors Of
judgement laid an unnecessary load on
the backs o( the American people. The
loan was imperati,ely required.
Those who assail Mr.. Buchanan's
administration for the financial straits to
which it has come, sacrifice honesty to
p,rly prejudice. They know il they know
any thing, that Mr.. Buchanan is innocent
Of the cause OF the pecuniary enharrass.
ments of the Government. There has
been no material increase in the cost Of
the Government since he bacame Presi
dent, Indeed, considering tho constant
ly increasing cost Of every commodity
which money can purchase, the Govern
nent of the United States appears really
10 be the most economica and parsimo.
nious corporation in the country, for half
its servants are underpaid. If the Utah
expedition--a very costly performance,
undoubtedly, bnt nevertheless unavoida.
hIe-be excepted, Mr.. Buchanan's ad.
ministration may be said to have added
nothing to the usual BURDENS Of the coun.
try The want Of money which embar.
rasses the Government arises not from an
increased expenditure, but from dimn.
ished revenue-a matter over which the
President has no more control than the
Queen OF Great Britain.
1t was undoubtedly a mistake in the
early financial chiefs OF the Confeleracy
70 derive the whole substsntal revenue
olthe country from customs dDl!es. Pro.
tec,iyo falIacies probably underlay the
blunder; there was time, it must be
remembered, when ever the clearheaded
Southern Democrats thought we'll of pro.
tec,ive duties. Blu, from whatever mint
the false coin sprang. ofitssbaseness there
can now be no question. The United
States, which couple OF years ago were
buying in their promises to pay at twenty
per cent premium, are now in tho market
as borrower; and this because, through
unwss action on the par, Of the banks
merchants, and corporate institutions OF
various kinds, the people Of the country
have been forced 10 curtail their consump.
ton OF foreign commodities. Thus it ap.
pears that whenever Smith Of Ohio, or
Jones OF Wisconsin, chooses to deny
himself French claret, and his vile Lyons
silks, or his children British pen knives,
the Government Of the country may be
brought to dead lock for want Of mon.
ey. - 't.
However, the nation is generally so
prosperous, and the system Of government
in general so satisfactory, that even those
who see most clearly the radical fallacy
ofour present financial methods rebel but
very mildly against them. The sugges.
rioh that tho Government ought to meet
ihe.presen! deficiency in the revenue by
diiect taxation was eminently proper and
logical; but no one took it up, and il was
hardly considered worth discussion by
Congress. An idea prevailed tho next
year, at farthest. the revenues from Gus.
toms would reach their old standard, and
tha, the Government, would begin again
to redeem its bills payable, so that no
burden would DO laid on posterity.-
Furthermore, people generally, being
used to form superficial judgments. pre-.
ferred heavy tax which was indirect and
concealed, TO light one which they could
SEQ and feel in the sxsctions OF the tax.
gatheret They would rather pay twenty.
i've cents additionsl on the pound Of sok