Page:Henry Adams' History of the United States Vol. 1.djvu/250

1801. the general principle that payment of debt should take precedence of all other expenditure. This axiom of Republicanism was a party dogma too well settled to be disputed. Debt, taxes, wars, armies, and navies were all pillars of corruption; but the habit of mortgaging the future to support present waste was the most fatal to freedom and purity. Having fixed this broad principle, which was, as Gallatin afterward declared, the principal object of bringing him into office, a harder task remained; for if theory required prompt payment of the debt, party interest insisted with still greater energy on reduction of taxes; and the revenue was not sufficient to satisfy both demands. The customs duties were already low. The highest ad valorem rate was twenty per cent; the average was but thirteen. Reduction to a lower average, except in the specific duties on salt, coffee, and sugar, was asked by no one; and Gallatin could not increase the rates even to relieve taxation elsewhere. Whatever relief the party required must come from another source.

The Secretary began by fixing the limits of his main scheme. Assuming four Administrations, or sixteen years, as a fair allowance of time for extinguishing the debt, he calculated the annual sum which would be required for the purpose, and found that $7,300,000 applied every year to the payment of interest and principal would discharge the whole within the year 1817. Setting aside $7,300,000 as