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Editorial September 5, 1792

Gazette Of The United States

New York, New York County, New York

What is this article about?

An editorial praises the thriving agriculture, commerce, and industry in the US, attributing it to restored public credit via the general government's funding act and National Bank. It defends these policies against critics, calling them baseless and contradictory, and urges support for government stability.

Merged-components note: Merged connected editorial pieces on government and prosperity.

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OCR Quality

95% Excellent

Full Text

A writer in one of the Eastern papers, says—

"It is with singular pleasure I observe the thriving state of agriculture, commerce, and arts in every part of the country I have visited. At no former period of the last twenty-five years, have people so generally enjoyed the blessings of peace, plenty and satisfaction. It is a remark of farmers in the interior country, that people were never before so industrious, and never acquired property so fast as at the present time. This industry is, through the northern states, rewarded with the most plentiful crops ever known. Three years ago industry languished, and multitudes of people were wandering about the country in quest of employment. Day laborers were about the streets of our large towns in herds. But times are changed. It is now almost impossible to procure laborers at any price. In the town and country there is more employment than men—the mechanic's undertaking retarded, and the farmer's crops wasting in the field for want of laborers. Even emigration to the western lands is checked by this favorable state of business.

"Let the reader pause a moment and enquire what is the cause of this new and unexpected change of affairs. To what physical, moral or political energy shall this flourishing state of things be ascribed? There is but one answer to these enquiries; Public credit is restored and established. The general government, by uniting, and calling into action, the pecuniary resources of the states, has created a new capital stock of several millions of dollars, which, with that before existing, is directed into every branch of business, giving life and vigor to industry in its infinitely diversified operations. The enemies of the general government, the funding act and the National Bank, may bestow tyranny, aristocracy and speculators through the Union, and repeat the clamorous din as long as they please; but the actual state of agriculture and commerce, the peace, the contentment and satisfaction of the great mass of people, give the lie to their assertions, and stamp on them in capitals, Vox et praeterea nihil. It is surprising this pouting whining herd of disappointed wrongheads will not be silent and retire with shame from public notice, when they see all their visionary predictions falsified, and instead of their expected calamities, they see the public mind at ease, and all parts of the community congratulating each other on the full enjoyment of the blessings of peace, liberty, safety and general prosperity.

One would think that baffled ambition itself would retire from assailing our ears and annoying our happiness; after having for two years murmured out its puny whinings in vain. But why should government be exempted from the vexations of harboring foes in its bosom? There was a Judas among the disciples of Jesus, and the joys of paradise were interrupted by the restless ambition of a Satan. How then can the most perfect system of human government satisfy all the wants and wishes of its subjects?

"And little less than angels, would be more."
COMMUNICATIONS.

Those who deny that they are enemies of the government, and yet labor to undo all that the government has been three years in doing, assume all shapes and use even contradictory pretences to carry their point. They call themselves simple republicans, and they of course abhor, as they affect to say, the fine spun theories and new fangled visions which Congress has adopted from the Minister of the Treasury.—The irredeemable quality of the debt, the bank, and almost all the principles drawn from mathematics, the most certain of the sciences, are called schemes and visions with which the Secretary has bewitched the country. The same men do not however allow the merit of these new invented schemes to the Secretary. Jealous of giving credit for any thing, they say he treads in the steps of the British financier. According to these consistent wise men, our systems are at the same time fanciful theories and servile imitations of the practice and experience of other nations—they want invention and they have too much of it—they are whims that no person in his wits ever thought of before, and they are dull and stupid because other nations have done just so. This is blowing hot and cold with the same breath. But if the people can be made to abhor the laws of Congress the end will justify the means.

Those who recommend good order and who aid those who inculcate it will be right ninety times out of an hundred; for there will not happen one occasion in a million when the peace of society will not be found to be of more worth than any thing that the people will gain by disturbing it; the agents of mischief will gain, though the people may suffer; for by blowing up the coals of discord, they will be hired to work at the bellows. Many political bullies who wrangle themselves into places become the quietest men till they lose possession—and then they have only to begin another quarrel.

What sub-type of article is it?

Economic Policy Agriculture Partisan Politics

What keywords are associated?

Public Credit Funding Act National Bank Agriculture Prosperity Economic Recovery Government Critics Partisan Opposition

What entities or persons were involved?

General Government Minister Of The Treasury Secretary Enemies Of The General Government British Financier

Editorial Details

Primary Topic

Defense Of General Government's Financial Policies And Their Economic Benefits

Stance / Tone

Strongly Supportive Of Government Funding Act And National Bank, Critical Of Opponents

Key Figures

General Government Minister Of The Treasury Secretary Enemies Of The General Government British Financier

Key Arguments

Public Credit Restored By General Government Creates New Capital Stock Aiding Industry Thriving Agriculture And Commerce Contradict Critics' Predictions Of Calamity Opponents' Attacks On Funding Act And National Bank Are Baseless And Contradictory Critics Accuse Policies Of Being Both Innovative Whims And Servile Imitations Maintaining Peace And Order Benefits Society More Than Political Discord

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