Page:Debates in the Several State Conventions, v4.djvu/205

.] paper money is made. When we adopt, if ever, gold and silver will again appear in circulation. People will not let their hard money go, because they know that paper money cannot repay it. After the war, we had more money in gold and silver, in circulation, than we have nominal money now. Suppose Congress wished to raise a million of money more than the imposts. Suppose they borrow it. They can easily borrow it in Europe at four per cent. The interest of that sum will be but £40,000. So that the people, instead of having the whole £1,000,000 to pay, will have but £40,000 to pay, which will hardly be felt. The proportion of £40,000 for this state would be a trifle. In seven years' time, the people would be able, by only being obliged to pay the interest annually, to save money, and pay the whole principal, perhaps, afterwards, without much difficulty. Congress will not lay a single tax when it is not to the advantage of the people at large. The western lands will also be a considerable fund. The sale of them will aid the revenue greatly, and we have reason to believe the impost will be productive.

Mr. J. M'DOWALL. Mr. Chairman, instead of reasons and authorities to convince me, assertions are made. Many respectable gentlemen are satisfied that the taxes will be higher. By what authority does the gentleman say that the impost will be productive, when our trade is come to nothing? Sir, borrowing money is detrimental and ruinous to nations. The interest is lost money. We have been obliged to borrow money to pay interest! We have no way of paying additional and extraordinary sums. The people cannot stand them. I should be extremely sorry to live under a government which the people could not understand, and which it would require the greatest abilities to understand. It ought to be plain and easy to the meanest capacity. What would be the consequence of ambiguity? It may raise animosity and revolutions, and involve us in bloodshed. It becomes us to be extremely cautious.

Mr. MACLAINE. Mr. Chairman, I would ask the gentleman what is the state of our trade. I do not pretend to a very great knowledge in trade, but I know something of it. If our trade be in a low situation, it must be the effect of our present weak government. I really believe that Congress will be able to raise almost what sums they please by