A Ramble of Six Thousand Miles through the United States of America

by S. A. Ferrall

English novels have very extensive circulation here, which certainly is of no service to the country, as it induces the wives and daughters of American gentlemen (alias, shopkeepers) to ape gentility. In Louisville, Cincinnati, and all the other towns of the west, the women have established circles of society. You will frequently be amused by seeing a lady, the wife of a dry-goods store-keeper, look most contemptuously at the mention of another's name, whose husband pursues precisely the same occupation, but on a less extensive scale, and observe, that "she only belongs to the third circle of society." This species of embryo aristocracy—or as Socrates would, call it, Plutocracy—is based on wealth alone, and is decidedly the most contemptible of any. There are, notwithstanding, very many well-bred, if not highly polished, women in the country; and on the whole, the manners of the women are much more agreeable than those of the men.

Early in the summer I proceeded to Maysville, in Kentucky, which lies about 220 miles above the Falls. Here having to visit a gentlemen in the interior, I hired a chaise, for which I paid about two shillings British per mile.

A great deal of excitement was just then produced among the inhabitants of Maysville by the president's having put his veto on the bill, passed by congress, granting loans to the "Maysville and Lexington road," and the "Louisville canal" companies. The Kentuckians were in high dudgeon, and denounced Jackson as an enemy to internal improvement, and to the western states. It would appear that the friends of Adams and Clay, had determined to place Jackson in a dilemma which would involve his character, either as a friend to internal improvement or an enemy to lavish expenditure. Accordingly, they passed an unusual number of bills, appropriating money to the clearing of creeks, building of bridges, and making of canals and turnpike roads; the amount of which, instead of leaving a surplus of ten millions to the liquidation of the national debt, would not only have totally exhausted the treasury, but have actually exceeded by 20,000,000 dollars the revenue of the current year. This manoeuvre was timely discovered by the administration, and the president consequently refused to put his signature to those bills, amongst a number of others. He refused on two grounds. The first was, that although it had been the practice of congress to grant sums of money for the purpose of making roads and perfecting other works, which only benefited one or two states; yet that such practice was not sanctioned by the constitution—the federal legislature having no power to act but with reference to the general interests of the states. The second was, that the road in question was local in the most limited sense, commencing at the Ohio river, and running back sixty miles to an interior town, and consequently, the grant in question came within neither the constitutional powers nor practice of congress.

The president recommends that the surplus revenue, after the debt shall have been paid off, should be portioned out to the different states, in proportion to their ratio of representation; which appears to be judicious, as the question of congressional power to appropriate money to road-making, &c., although of a general character, involves also the right of jurisdiction; which congress clearly has not, except where the defence of the country, or other paramount interests, are concerned.

The national debt will be totally extinguished in four years, when this country will present a curious spectacle for the serious consideration of European nations. During the space of fifty-six years, two successful wars have been carried on—one for the establishment, and the other for the maintenance of national independence, and a large amount of public works and improvements has been effected; yet, after the expiration of four years from this time, there will not only be no public debt, but the revenue arising from protecting tariff duties alone will amount to more than the expenditure by upwards of 10,000,000 dollars.

A brief abstract from the treasury report on the finances of the United States, up to the 1st January, 1831, may not be uninteresting.

Dollars. Cts.
Balance in the treasury, 1st January,
1828 6,668,286 10
Receipts of the year 1828 24,789,463 61
_____________
Total 31,457,749 71
Expenditure for the year 1828 25,485,313 90
_____________
Leaving a balance in the treasury, 1st
January, 1829, of 5,972,435 81
Receipts from all sources during the
year 1829 24,827,627 38
Expenditures for the same year, including
3,686,542 dol. 93 ct. on account of
the public debt, and 9,033 dol. 38 ct.
for awards under the first article of the
treaty of Ghent 25,044,358 40
Balance in the treasury on 1st January,
1830 5,755,704 79
The receipts from all sources during the
year 1830 were 24,844,116 51
viz.
Customs 21,922,391 39
Lands 2,329,356 14
Dividends on bank stock 490,000 00
Incidental receipts 102,368 98
_____________
The expenditures for the same year were 24,585,281 55
viz.
Civil list, foreign intercourse,
and miscellaneous 3,237,416 04
Military service, including
fortifications, ordnance,
Indian affairs,
pensions, arming the
militia, and internal
improvements 6,752,688 66
Naval service, including
sums appropriated
to the gradual
improvement of the
navy[₁₄] 3,239,428 63
Public debt 11,355,748 22
_____________
Leaving a balance in the treasury
on the 1st of January, 1831, of 6,014,539 75
Public Debt.
Dollars. Cts.
The payments made on account of the
Public Debt, during the first three
quarters of the year 1831, amounted to 9,883,479 46
It was estimated that the payments to
be made in the fourth quarter of the
same year, would amount to 6,205,810 21
______________
Making the whole amount of disbursments
on account of the Debt in 1831 16,089,289 67
THE PUBLIC DEBT, ON THE SECOND OF JANUARY, 1832, WILL
BE AS FOLLOWS, VIZ.;—
1. Funded Debt.
Dollars. Cts.
Three per cents, per act
of the 4th of August,
1790, redeemable at the
pleasure of government 13,296,626 21
Five per cents, per act of
the 3rd of March, 1821,
redeemable after the 1st
January, 1823 4,735,296 30
Five per cents, (exchanged),
per act of 20th of
April, 1823; one third
redeemable annually
after 31st of December,
1830, 1831 and 1832 56,704 77
Four and half per cents.
per act of the 24th of
May, 1824, redeemable
after 1st of January,
1832 1,739,524 01
Four and half per cents.
(exchanged), per act of
the 26th of May, 1824;
one half redeemable
after the 31st day of
December, 1832 4,454,727 95
______________
24,282,879 24
2. Unfunded Debt.
Registered Debt, being
claims registered prior
to the year 1793, for
services and supplies
during the revolutionary war 27,919 85
Treasury notes 7,116 00
Mississippi stock 4,320 09
______________
39,355 94
Making the whole amount of the Public
Debt of the United States 24,322,235 18
______________
Which is, allowing 480 cents to the
sovereign, in sterling money £5,067,132 6s. 7d.

General Jackson has proposed another source of national revenue, in the establishment of a bank; the profits of which, instead of going into the pockets of stock-holders as at present, should be placed to the credit of the nation. If an establishment of this nature could be formed, without involving higher interests than the mere pecuniary concerns of the country, no doubt it would be most desirable. But how a government bank could be so formed as that it should not throw immense and dangerous influence into the hands of the executive, appears difficult to determine. If it be at all connected with the government, the executive must exercise an extensive authority over its affairs; and in that case, the mercantile portion of the community would lie completely under the surveillance of the president, who might at pleasure exercise this immense patronage to forward private political designs. No doubt there have been abuses to a considerable extent practised by the present bank of the United States in the exercise of its functions; but how those abuses are likely to be remedied by Jackson's plan, does not appear. For, let the directors be appointed by government, or elected by congress, they must still exercise discretional power; and they are quite as likely to exercise it unwarrantably as those who have a direct interest in the prosperity of the concern. I totally disapprove of the attempt to correct the abuses of one monopoly by the establishment of another in its stead, of a still more dangerous character; and I am inclined to think that if two banks were chartered instead of one, each having ample capital to insure public confidence, competition alone would furnish a sufficient motive to induce them to act with justice and liberality towards the public.