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.
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