s have in deposit with the States, is
composed of such only as are not yet due or have not been presented
for payment. They may be redeemed out of the accruing revenue if the
expenditures do not exceed the amount within which they may, it is
thought, be kept without prejudice to the public interest, and the
revenue shall prove to be as large as may justly be anticipated.

Among the reflections arising from the contemplation of these
circumstances, one, not the least gratifying, is the consciousness that
the Government had the resolution and the ability to adhere in every
emergency to the sacred obligations of law, to execute all its contracts
according to the requirements of the Constitution, and thus to present
when most needed a rallying point by which the business of the whole
country might be brought back to a safe and unvarying standard--a result
vitally important as well to the interests as to the morals of the
people. There can surely now be no difference of opinion in regard
to the incalculable evils that would have arisen if the Government at
that critical moment had suffered itself to be deterred from upholding
the only true standard of value, either by the pressure of adverse
circumstances or the violence of unmerited denunciation. The manner
in which the people sustained the performance of this duty was highly
honorable to their fortitude and patriotism. 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.
The pretext which this relation aff