ords to foreigners to scrutinize the
management of our domestic affairs, if not actually to intermeddle with
them, presents a subject for earnest attention, not to say of serious
alarm. Fortunately, the Federal Government, with the exception of an
obligation entered into in behalf of the District of Columbia, which
must soon be discharged, is wholly exempt from any such embarrassment.
It is also, as is believed, the only Government which, having fully and
faithfully paid all its creditors, has also relieved itself entirely
from debt. To maintain a distinction so desirable and so honorable to
our national character should be an object of earnest solicitude. Never
should a free people, if it be possible to avoid it, expose themselves
to the necessity of having to treat of the peace, the honor, or the
safety of the Republic with the governments of foreign creditors, who,
however well disposed they may be to cultivate with us in general
friendly relations, are nevertheless by the law of their own condition
made hostile to the success and permanency of political institutions
like ours. Most humiliating may be the embarrassments consequent upon
such a condition. Another objection, scarcely less formidable, to the
commencement of a new debt is its inevitable tendency to increase in
magnitude and to foster national extravagance. He has been an
unprofitable observer of events who needs at this day to be admonished
of the difficulties which a government habitually dependent on loans
to sustain its ordinary expenditures has to encounter in resisting
the influences constantly exerted in favor of additional loans; by
capitalists, who enrich themselves by government securities for amounts
much exceeding the money they actually advance--a prolific source of
individual aggrandizement in all borrowing countries; by stockholders,
who seek their gains in the rise and fall of public stocks; and by
the selfish importunities of applicants for appropriations for works
avowedly for the accommodation of the public, but the real objects of
which are too frequently the advancement of private interests. The known
necessity which so many of the States will be under to impose taxes
for the payment of the interest on their debts furnishes an additional
and very cogent reason why the Federal Government should refrain from
creating a national debt, by which the people would be exposed to
double taxation for a similar object. We possess within ourselves