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Editorial
February 26, 1803
Rhode Island Republican
Newport, Newport County, Rhode Island
What is this article about?
Editorial contrasts national debt growth under Federalist administration (1790-1801, increasing by over $10 million) with Republican reductions (nearly $5.5 million paid plus $4.5 million in treasury for further discharge), despite abolishing internal taxes. Urges support for Republicans based on official facts.
OCR Quality
95%
Excellent
Full Text
Contrast—read judge for yourselves.
Under the former administration, the National Debt increased almost a million of Dollars a year, upon an average; and according to their system, there was no rational probability that it would ever be reduced a cent. On the first of January 1790, when it was completely funded, it was dollars, 69,740,366 27 cents. January 1st, 1801, it was dollars, 80,161,207 60 cents, an increase of dollars. 10,420,841 33 cents in eleven years, or dols. 947,349 21 cents average annual increase. The present administration, notwithstanding their abolition of all the internal taxes, have been enabled, as the President officially assures us in his late Message, "to answer all the regular exigencies of government, to pay from the Treasury, within one year, upwards of eight millions of dollars, and meet fully, of the public debt, exclusive of upwards of one million paid by the sale of Bank stock, and making in the whole a reduction of nearly five millions and a half of principal. and to have more in the Treasury, four millions and a half of dollars, which are in a course of application to the further discharge of debt, and current demands."
Here is demonstration. Federalists, behold, in this contrast, an absolute contradiction of your predictions, and a mathematical refutation of your system. Republicans, rejoice in the actual fulfilment of your most sanguine expectations, and the practical confirmation of your principles. Fellow-Citizens, of all political denominations, attend to official statements; be convinced by facts, and instructed by experience. If it is not a clear, established, unequivocal dictate of interest, and therefore of duty, to support Republican men and measures, in preference to modern Federalists, "calculation is a cheat and arithmetic a liar."
[Sun.]
Under the former administration, the National Debt increased almost a million of Dollars a year, upon an average; and according to their system, there was no rational probability that it would ever be reduced a cent. On the first of January 1790, when it was completely funded, it was dollars, 69,740,366 27 cents. January 1st, 1801, it was dollars, 80,161,207 60 cents, an increase of dollars. 10,420,841 33 cents in eleven years, or dols. 947,349 21 cents average annual increase. The present administration, notwithstanding their abolition of all the internal taxes, have been enabled, as the President officially assures us in his late Message, "to answer all the regular exigencies of government, to pay from the Treasury, within one year, upwards of eight millions of dollars, and meet fully, of the public debt, exclusive of upwards of one million paid by the sale of Bank stock, and making in the whole a reduction of nearly five millions and a half of principal. and to have more in the Treasury, four millions and a half of dollars, which are in a course of application to the further discharge of debt, and current demands."
Here is demonstration. Federalists, behold, in this contrast, an absolute contradiction of your predictions, and a mathematical refutation of your system. Republicans, rejoice in the actual fulfilment of your most sanguine expectations, and the practical confirmation of your principles. Fellow-Citizens, of all political denominations, attend to official statements; be convinced by facts, and instructed by experience. If it is not a clear, established, unequivocal dictate of interest, and therefore of duty, to support Republican men and measures, in preference to modern Federalists, "calculation is a cheat and arithmetic a liar."
[Sun.]
What sub-type of article is it?
Economic Policy
Partisan Politics
What keywords are associated?
National Debt
Federalists
Republicans
Debt Reduction
Internal Taxes
Presidential Message
Fiscal Policy
What entities or persons were involved?
Federalists
Republicans
President
Editorial Details
Primary Topic
Contrast Of National Debt Under Federalist And Republican Administrations
Stance / Tone
Pro Republican, Anti Federalist Advocacy Based On Fiscal Success
Key Figures
Federalists
Republicans
President
Key Arguments
National Debt Increased By $10,420,841.33 From 1790 To 1801 Under Former Administration
Average Annual Increase Of Nearly $1 Million Under Federalists
Present Administration Reduced Debt By Nearly $5.5 Million Principal Plus $1 Million From Bank Stock
Abolished Internal Taxes Yet Met Government Needs And Built $4.5 Million Treasury Surplus
Official Presidential Message Confirms Fiscal Achievements
Contradicts Federalist Predictions And Confirms Republican Principles
Duty To Support Republicans Over Federalists Based On Facts And Experience