It is easy to see that
the increase of this foreign debt must augment the annual demand on
the exports to pay the interest, and to the same extent diminish the
imports, and in proportion to the enlargement of the foreign debt and
the consequent increase of interest must be the decrease of the import
trade. In lieu of the comforts which it now brings us we might have
our gigantic banking institutions and splendid, but in many instances
profitless, railroads and canals absorbing to a great extent in interest
upon the capital borrowed to construct them the surplus fruits of
national industry for years to come, and securing to posterity no
adequate return for the comforts which the labors of their hands might
otherwise have secured. It is not by the increase of this debt that
relief is to be sought, but in its diminution. Upon this point there
is, I am happy to say, hope before us; not so much in the return of
confidence abroad, which will enable the States to borrow more money, as
in a change of public feeling at home, which prompts our people to pause
in their career and think of the means by which debts are to be paid
before they are contracted.
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