a necromancer to wield? Was it meant as a kind of charm to lull the senses of the nation into that perfect confidence and unqualified security, that always precede the loss of liberty?

Coeval with this measure (the abolition of the internal taxes) commenced a vigorous spirit of economy, in which the legislature and executive heartily united. This is the common promise of reformers; a promise, which unfortunately for the people, is rarely kept. In the present case, however, it was sacredly observed. A sum much larger than that derived from the internal revenues was saved.

Without any reduction of the navy, the annual expenditures of that department were reduced 200,000 doilars.

The military arrangements were brought down to the situation of the country, and the annual sum of 522,000 dollars retrenched.

Other sources of expence were annihilated or reduced, by which the public service was, in some instances, promoted, and in no instance impaired.

Among these, were the suspension of two foreign embassies.

The abolition of the offices of sixteen circuit judges.

A diminution in the compensations of collectors of the customs.

With a variety of other retrenchments, the greater part of which from their minuteness forbid specification, but which in the aggregate amounted to no inconsiderable sum.

The whole of these savings, taking four successive years, may be computed at the annual sum of one million of dollars, amounting to more than a fourth of the whole disbursements of the treasury, with an

G

exception of the sum applied to the payment of the public debt.

There is little occasion to dilate on this branch of our view. It does not require any logic to impress on the people, the inferences deducible from such a reform. It may suffice to say that while it justified the repeal of the internal taxes, it tried the sincerity of the professions of the administration in those points, in which it is the most rarely observed. The love of office in the United States is unfortunately too predominant. He, who is the least acquainted with the secret springs of government, perceives it with regret mingling itself with the most important measures, and asserting its claims with alternate arrogance and servility. For an administration to pursue the straight line of justice, without giving way to the wiles or menaces of men actuated by interested motives, is an arduous duty. To go farther, and to cut off the very provender on which they hope to fatten, is to risque incurring the displeasure of a class of men, whose want of regular avocations, connected with an ardent and desperate spirit, give them great power over the prejudices of the people. An administration, pur. suing such reforms, can only be upheld by the affections of the people. For their support alone can be sufficiently powerful to keep under those secret cabals which the disappointed and discontented will always excite.

The measures of the administration tried their sincerity on another important point. The funding interest, with what policy we shall not pretend to say, had uniformly reproached them with hostility to the regular payment of the interest and the final discharge of the public debt. This opinion was industriously and widedly disseminated; and operating, with other circumstances, produced the almost total tranfer of the public stock, either to fo

reigners, or to a class of men the most infuriatedly hostile to the new order of things. Duped, by designing individuals, they had, by every mean of secret as well as open enmity, borne a conspicuous share in traducing the character of the most distinguished republicans, and in resisting the grow. ing spirit of the times. They had, on the other hand, lent themselves as willing instruments to those who disturbed the peace, and menaced the liberties of of the country, by intemperate or unconstitutional measures. This description of men monopolised the evidences of the public debt, amounting to above eighty millions.

Under these circumstances the new administration came into office. Had they listened to any voice but that of duty, they might have reasoned thus: "Our promotion has been opposed by a body of men who derive their power from the bounty of the government. However efficient from their wealth, their numbers are trifling. The greatest part of the debt is due to foreigners, and the residue is in the hands of men, ever ready to de. stroy us by enlisting in any scheme destructive of the general good. The mournful experience of England ought to teach us that this formidable interest necessarily leads to a prodigal expenditure of money, to war, and to oppression. Let us then, while we have the power, crush the monster, which has arisen in a spirit of favoritism, and in views hostile to liberty. By this means we shall destroy our greatest enemies. It is true we shall disoblige them; but this cannot make them more our enemies, while we shall make the nation our friends. We shall injure, perhaps, ten thousand men; but we shall benefit five millions. By the annihilation of a debt of eighty millions, we shall in fact do that which will be equivalent to giving every family in the United States the sum of one hundred

and thirty dollars. And by destroying this infant funding system, we shall forever crush the proud hopes of an aspiring aristocracy."

Such might have been the language of the administration. It would, it is true, have been the language of unprincipled ambition, of demoniacal revenge. But alas! how general has been the domi nion of these dark and atrocious passions over rulers! State policy, that damnable pretext of ty rants, has extinguished every where the lights of justice and humanity. No-the republican admi, nistration held no such language. They rose not like lawless comets, here to deluge and there to conflagiate a world; but, revolving, in their appro, priate spheres, and shining upon the bad as well as the good, they shed joy and gladness in their course. As true to the principles of justice, as the planetary system to the laws of nature, they sacredly respected her eternal mandates. A regard to national good faith obliterated every minor feeling. They loved their country too well to sacrifice its fame on the altar of revenge. The regular payment of the interest has not, for a moment, been impeded; while the ultimate discharge of the principal has been hastened beyond all precedent, towards which the annual sum of seven millions three hundred thousand dollars has been appropriated. Under the auspices of these measures, our stock has risen, and those, to whom we are indebted, are only dissatisfied with the unexpectedly speedy discharge of their claims.

This view of the fiscal operations of the government might be extensively ramified. This would, however, probably be too great a trial of the patience of the reader. We shall therefore here rest our details.

The concurring opinions of enlightened writers have imposed three great duties on the intendants of

the revenues of a state; viz. to raise a revenue equal to the expenditure; to collect it in such a manner as to be the least oppressive; and to disburse it frugally. These great duties have been faithfully discharged. That the revenue raised has been steadily equal to the expenditure clearly appears from the specie balance in the Treasury for three successive years. On the first of October, one thousand eight hundred and one, it was 2,946,038 dollars; on the first of October, one thousand eight hundred and two, 4,539,675 dollars; and on the first of October, one thousand eight hundred and three, 5,860,000 dollars; sums, all of which are larger than the specie balance at the time the new administration commenced, which only amounted to 1,794,044 dollars.

That they have collected the revenue in such a manner as to be the least oppressive is evinced by two considerations, the diminution of the expense of collection, and the perfect satisfaction, on this point, which is not disturbed by a single murmur of disapprobation.

That the revenue thus raised has been frugally disbursed has already appeared.

We cannot close these remarks on the prosperous state of our finances without observing that neither the President or the secretary of the treasury have, in a single instance, over-rated, in their estimates, the national resources. On the contrary, the resources have invariably exceeded the estimates. Without intending an invidious comparison, it may be asked whether the same can be said of the preceding administrations? Nor is it altogether unworthy of notice, that while the estimates of Mr. Gallatin have proved uncommonly accurate, the predictions of the opposition have, in every instance, been falsified by experience.Thus, in the first session of the seventh Congress,