mploy it
resulted from the whole of them taken together. To detail those
arguments would occupy too much space, and is the less necessary,
because their correctness obviously depends on the correctness of the
principles which have been already stated.

* * * * *

NOTE--No. VI. _See Page 434._

The officer to whom the management of the finances was confided was so
repeatedly charged with a desire to increase the public debt and to
render it perpetual, and this charge had such important influence in
the formation of parties, that an extract from this report can not be
improperly introduced.

After stating the sum to be raised, the secretary says, "three
expedients occur to the option of the government for providing this:

"One, to dispose of the interest to which the United States are
entitled in the bank of the United States. This at the present market
price of bank stock would yield a clear gain to the government much
more than adequate to the sum required.

"Another, to borrow the money upon an establishment of funds either
merely commensurate with the interest to be paid, or affording a
surplus which will discharge the principal by instalments within a
short term.

"The third is to raise the amount by taxes."

After stating his objections to the first and second expedients, the
report proceeds thus, "but the result of mature reflection is, in the
mind of the secretary, a strong conviction that the last of the three
expedients which have been mentioned, is to be preferred to either of
the other two.

"Nothing can more interest the national credit and prosperity than a
constant and systematic attention to husband all the means previously
possessed for extinguishing the present debt, and to avoid, as much as
possible, the incurring of any new debt.

"Necessity alone, therefore, can justify the application of any of the
public property, other than the annual revenues, to the current
service, or the temporary and casual exigencies; or the contracting of
an additional debt by loans, to provide for those exigencies.

"Great emergencies indeed might exist, in which loans would be
indispensable. But the occasions which will justify them must be truly
of that description.

"The present is not of such a nature. The sum to be provided is not of
magnitude enough to furnish the plea of necessity.

"Taxes are never welcome to a community. They seldom fail to excite
uneasy sensations m