Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1865-09-14

manhood, and an old age in individuals the
duration Of each has been proportioned to
the care and attention which has preserved
the constitution Of the body polite, as well
as the man, from the early and alinroads
Of disease. The accumuative character Of
public burdens is one of the most serious
diseases by which the vitality offre institu.
tions can be attacked; for no generation will
do more than to change the character Of
these burdens, removing them from one
position to another, where they will be more
easily borne, whilst another is to come after,
upon whom thoy can entail them; until, at
length the confidence and satisfaction OF the
public mind is destroyed, and public liberty
weakened by long continued endurance, sinks
beneath the weight of accumulated griev-
anccs, victim to the power Of money,
which has subverted it under the guise Of
public good.
But the remark have quoted, with the
argument upon which it is based, gives to
the character of our public debts, with the
facts which are gathered about them,
serious aspect. The relations Of debtor and
creditor are alike in all governments, and
among all people. If these relations will
accomplish the cohesive principles of mon
archy in the old world, by what magic is
their operations changed in favor ofreoubli-
can institutions, when the same men he
come the creditors Of free and sovereign
States, the genius of whose government is
at war with their own? 1t is we'll known
fact that the large majority of our State
stocks are held by British stockholders; and
while thought is not for moment suggested
or even entertained, that the most scru-
pulous honesty and exactness should not, for
that reason, be observed in the fulfillment Of
our obligations, the fact is material to the
public knowledge, ia order to full appre-
citation of the truth, that the State of Ohio
alone is annually tributary to Great Britain
to the amount of at least half a million OF
dollars; and to mature consideration of the
evils which the very relations Of debtor and
creditor, to such an enormous extent, be.
tween sovereign State and the citizens Of
a monarchial government, may possibly, it
not probably, engcnder. 4. .... 4.
A prominent American statesman has
said that all power is resolvablo into that of
the purse and the advancement of the
world in the philosophy of Government,
acting upon this theory, has refined the
system of extending dominion into the power
of money-the influence it creates, and the
tendency OF the institutions it builds up, to
resolve the sovereignty of the many into the
hands of the few. Its silent approach is at
once its ablcst accomplice. Whilst the peo
pie Of these States would have risen as one
man at the slightest approach of apparent
hostilities the cloud Of war, no larger
than mans hand, upon the horizon, would
have moved and animated every arm against
approaching danger-all have witnessed
with perfect uncencern the silent inroads Of
the money power, until it has insinuated
itself with the citadel of our strength.
On the lst day of January, 1840, it was
computed that the debts of the American
States, the banks and other corporations, to
British money lenders, amounted to tleo
hundred million of dollars. The whole
revenue of the General Government and all
the States do not amount to more than
seventy millions, twelve millions of which,
being less than one-sixth of the sum, is
annually yielded, in the form Of tribute, to
our foreign creditors; draining the country
of its wealth.-compromising the very spirit
of independence, and establishing more
firmly the power, which even now makes or
breaks our credit at will, and affects for good
or for evil Through its influence over tn
moneyed institutions ofthe country all cur
rency and all our interests. The revenues
of the State of Ohio within the past year,
from taxation and her public works, have
been but little over one million of dollars,
more than half a million of which, being
equal to the a0hok amount of our taxation,
in sixty days more will have found its way,
as interest, into the hands Of English holders
of the State stocks If.then, it be true that
the relation Of debtor" which the Govern
ment of England holds to the concentrated
money power as its creditor" enables the
latter to perpetuate its own ascendancy to
control tho measures of that Government
for the benefit of the few, while the toiling
millions occupy the positions of mere
/" '"hewers OF wood and drawers of water"
whose labor itself is species of capital
drawn within the vast vortex upon which
money is made to speculate, what reason
have we to look forward to any other than
the same effects from the same causes?-
/ What grounds have We to anticipate, five
but reflect upon the subject, any other re-
suit than that, by the silent but potent
power which these means always exercise,
the Substance of sovereignty and power in
the many will pass, by imperceptibe degrees
through the channel Of exclusive privileges
and partial legislation, into the hands of the
few; the great mass becoming mere sup
pOrCeTb 0I tH6 OONeTUlneuU, suuJtUU III all
their pursuits to the conflicts of innumerable
monopolies and in all their interests, and
eJea their sufrages, to the fluctuations and
designs Of associated pecuniary and political
ambitionp Such change in the political
institutions of our country may seem, to the
superficial eye, matter of impossibility,
and yet all history teaches US how easy these
transitions are made; and reflection cannot
fail to convince that, in the inception and
rapid accumulation of our State debts, a
strong link has been forged in the chain,
which, in its completion must bind free in
stitutions in degrading and absolute subserv
iency. -, | .'..,.' ,.
An alarming feature in this system OF
| State indebtedness evidencing, at once, its
constantly accumulative character, and its
intimate connection with the menopolies
that are daily springing up around us-is
the various expedients it originates, and toe
often carries into practice /; the constant
stimulus it furnishes to the inventive facul-
ties of those who are connected by interest,
or invested by the people with the control Of
public improvements, leading to conduct in
States like that of individuals, turning :fol
present relief to deeper Indebtedness, doubt
full expediepts aud, certain sacrifice; allend
ingin incrsasing,the public burdens, building
up exclusive privileges, aud basing them up
! on forced and unnatural public wants, anC