We have found the alternate swells and diminutions embracing
periods of from two to three years. The last period of depression to us
was from 1819 to 1822. The corresponding revival was from 1823 to the
commencement of the present year. Still, we have no cause to apprehend a
depression comparable to that of the former period, or even to
anticipate a deficiency which will intrench upon the ability to apply
the annual ten millions to the reduction of the debt. It is well for us,
however, to be admonished of the necessity of abiding by the maxims of
the most vigilant economy, and of resorting to all honorable and useful
expedients for pursuing with steady and inflexible perseverance the
total discharge of the debt.
Besides the seven millions of the loans of 1813 which will have been
discharged in the course of the present year, there are nine millions
which by the terms of the contracts would have been and are now
redeemable. Thirteen millions more of the loan of 1814 will become
redeemable from and after the expiration of the present month, and nine
other millions from and after the close of the ensuing year.
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