Gazette Of The United States

To comprehend every charge, it is probable that the late war was an expense to the people of America of at least 60,000,000 of pounds sterling. The paper money was an effectual tax, which has not cost the government much to collect. What was advanced during the war was paid rather by suffering the noble enthusiasm of the people to tax itself, than by the resources of Congress. The sums paid towards the debts since the peace have been at a great discount. Perhaps not a single instance can be given of a dollar paid at par. The entire remaining debt is about eighteen millions sterling, or eighty millions of dollars. It will appear therefore that the burden of this debt, however heavy upon unfortunate individuals, has been light to the government, as more than two thirds of the charges of the war no longer exist as debts against the Union. It seems to follow clearly, that altho justice calls for a good provision for the existing debt, and it may seem useless to urge any other motive, yet this claim of justice is enforced by the above state of facts. Why should we wish to dispute the validity of it, or object to paying what remains, inasmuch as we have extinguished vast sums on such easy terms?

If it is thought necessary to suspend part of the demands of our creditors, on account of our present inability to pay them: Government is under every possible obligation to pledge itself to do them full justice the moment they are in a capacity to do it.