South Carolinian Robert Y. Hayne (1791-1839) followed Jefferson’s admonition that the national debt was not something to be passed on to future generations, and most presidents of his era and until the War endeavored to pay the debts incurred by their administrations before leaving office. In encouraging a perpetual public debt, Daniel Webster promoted the American System of Hamilton and Henry Clay which provided the government a perpetual supply of money with which to buy influence and power.
Bernhard Thuersam, www.Circa1865.com
Binding Men to the Footstools of Despots
“The gentleman from Massachusetts [Webster], in alluding to a remark of mine that before any disposition could be made of the public lands, the national debt (for which they stand pledged) must be first paid, took occasion to intimate [that Southerners desire to pay the national debt] “arises from a disposition to weaken the ties which bind the people to the Union.”
But, adds the gentleman, “so far as the debt may have an effect in binding the debtors to the country, and thereby serving as a link to hold the States together, he would be glad that it should exist forever.”
Surely then, sir, on the gentleman’s own principles, he must be opposed to the payment of the debt. Sir, let me tell that gentleman that the South repudiates the idea that a pecuniary dependence on the Federal Government is one of the legitimate means of holding the States together.
A monied interest in the Government is essentially a base interest . . . it is opposed to all the principles of free government and at war with virtue and patriotism. In a free government, this principle of abject dependence if extended through all the ramifications of society must be fatal to liberty. Already we have made alarming strides in that direction.
The entire class of manufacturers, the holders of stocks with their hundreds of millions in capital, are held to the Government by the strong link of pecuniary interests; millions of people, entire sections of the country, interested, or believing themselves to be so, in the public lands and the public treasure, are bound to the Government by the expectation of pecuniary favors.
If this system is carried on much further, no man can fail to see that every generous motive of attachment to the country will be destroyed, and in its place will spring up those low, groveling, base and selfish feelings which bind men to the footstool of despots by bonds as strong and as enduring as those which attach them to free institutions.”
(Speech of Robert Y. Hayne of South Carolina, January 25, 1830; The Webster-Hayne Debate on the Nature of the Union, Herman Belz, Editor, Liberty Fund, 2000, pp. 42-43.)