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It is essential, in the sound management of the Government's finances, that we be mindful of our enormous national debt and of the obligation we have toward future Americans to reduce that debt whenever we can appropriately do so.
The post-office is such an old and well-established branch of the government's activity as not in itself to be included among newly adopted functions, but its administration has been extended since the middle of the century over at least four new fields of duty: the telegraph, the telephone, the parcels post, and the post-office savings-bank.
The credit of the nation was restored and its treasury resumed specie payments. But confidence in the institution was shaken. We shall see how it met with President Jackson's opposition on every possible occasion. In 1832 he vetoed a bill for the renewal of its charter, to expire in 1836, and in 1833 caused all the Government's deposits in it, amounting to ten million dollars, to be removed.
The government's positive net savings the budget surplus nicely balanced the inexorable demand by households and firms for foreign goods and capital. This is why this fiscal year's looming budget deficit c. $200 billion provokes such heated debate and anxiety. Is there a growing reluctance of foreigners to lend to the US and to finance its imports and investment needs?
The least of the new Government's mistakes has been a squandering of the public money, which, when considered with reference to the country's resources, has perhaps no parallel in the history of nations. Yet the first idea was large, patriotic, even grand.
'Then we suspected that talk, perpetual talk, and nothing but talk, about our social diseases, was not worth while, that it all led to nothing but superficiality and pedantry; we saw that our leading men, so-called advanced people and reformers, are no good; that we busy ourselves over foolery, talk rubbish about art, unconscious creativeness, parliamentarism, trial by jury, and the deuce knows what all; while, all the while, it's a question of getting bread to eat, while we're stifling under the grossest superstition, while all our enterprises come to grief, simply because there aren't honest men enough to carry them on, while the very emancipation our Government's busy upon will hardly come to any good, because peasants are glad to rob even themselves to get drunk at the gin-shop.
He was respectfully listened to and called "dear master" by a republican orator, whose red-hot convictions began to ooze away, and who, soon after, as minister of the Liberal empire, did his best to hasten the government's downfall.
The eloquence of the Commission, if I may borrow the language appropriately used to me by a very competent authority, was chiefly directed towards representing the important benefits that would be likely to accrue to Government and to education by the relaxation of Government's control over education, the withdrawal of Government from the management of schools, and the adoption of a general go-as-you-please policy.
At the same time it was required that the capital stock should not be diminished. In the course of the debate over the law in 1796 considerable laissez faire sentiment was called out against the government's becoming a trader, notwithstanding that the purpose of the bill was benevolence and political advantage rather than financial gain.
They were also delighted to see the Irish party openly exert its power not quite realizing that such exhibitions were against the interest of the democratic alliance, which had to undergo a grave test. The Government's vacillation had rendered another general election necessary if the Veto question were to be fought out.
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