It can not fail to
stimulate their agents to adhere under all circumstances to the line of
duty and to satisfy them of the safety with which a course really right
and demanded by a financial crisis may in a community like ours be
pursued, however apparently severe its immediate operation.
The policy of the Federal Government in extinguishing as rapidly as
possible the national debt, and subsequently in resisting every
temptation to create a new one, deserves to be regarded in the same
favorable light. Among the many objections to a national debt, the
certain tendency of public securities to concentrate ultimately in the
coffers of foreign stockholders is one which is every day gathering
strength. Already have the resources of many of the States and the
future industry of their citizens been indefinitely mortgaged to the
subjects of European Governments to the amount of twelve millions
annually to pay the constantly accruing interest on borrowed money--a
sum exceeding half the ordinary revenues of the whole United States.
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