THE NATIONAL DEBT.
Sin—Agitation is so seldom successful unless based on prejudice and up. pealing to passions, that it is hopeless to expect any enthusiasm in so cora- mon-sense a cause as a crusade against the National Debt blen shrug their, shoulders at the veryname—they have heard, read, talked, and written about: it risque ad nauseam, and at length find a relief in considering the matter be- pond their control, and a malicious pleasure in imputing to private insolvency any concern about public debt. Though personally unembarrassed at present, I am unable to join in 'the' general complacency, and must own to some degree of apprehension for the future, from the ominous cuticle in thelast number of the _Banker's Maga-. tine, entitled "Progressive Increase of the National Debt." Surely, 'hi- upwards of thirty years' peace and prosperity should have enabled us to shake. off encumbrances of more perilous times. In my opinion, the National Debt is the question of the day. Is it or is it not a redeemable loan ? Should not the first act of fiscal reform be directed to this subject? Why have we not a sinking-fund invested in Consols, addedth at convenience and accumu- lating ting at compound terest63yithout the remission of a single tax, till a e,er- Una portion, say one-eiglith, of our National Debt be redeemable thereby "Ms datqui cite dot" is an under-statement of the fact that time is really, money where compound interest is concerned. Would not such an applica-: thin of our recently-saved 2,000,0001. have been wiserthan the infinitesimal reduction of taxation effected by it ? As the nucleus of such a fund, it would have been a palladium of state ; as it was, it was little -aft than an apple of discord.
Without some such step, it is not only useless it is absolutely unwise, to attempt retrenchment on squeezable "establishments"; it increases the dis- proportion between the sum manifestly sufficient for the maintenance of go- vernment and good order, and that by which we -commemorate the advan- tages of the last generation. It leads men to anineonveniently olosescrutiny of the items in the bill, and may beget at last a thought of repudiation.
Should you take up this matter with vigour, you will deserve well of every rathmai and taxpaying individual ; while others are assiduously levelling molehills, you will warn them of the mountain in our path.
Should you require any other support in the advocacy of a good cause, raw may find it in the consciousness that the sound sense of the country once awakened will revond to your exertions, and require no other "pleasant. ness" in liquidating their debt than that which invariably attends .the honest performance of obligations.
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