the impulse of the time, and dropping the objects for which—as he said—he had been brought into office, took up again the heavy load of taxation and debt which his life had been devoted to lightening. No one could have supposed, from his language in 1807, that within only ten years he and his party had regarded debt as fatal to freedom and virtue.
- "An addition to the debt is doubtless an evil," he informed Congress; "but experience having now shown with what rapid progress the revenue of the Union increases in time of peace, with what facility the debt formerly contracted has in a few years been reduced, a hope may confidently be entertained that all the evils of the war will be temporary and easily repaired, and that the return of peace will, without any effort, afford ample resources for reimbursing whatever may have been borrowed during the war."
If Gallatin was so willing to abandon his dogma, the Federalists might at least be forgiven for asking why he had taken it up. For what practical object had he left the country helpless and defenceless for six years in order to pay off in driblets the capital of a petty debt which, within much less than a century, could be paid in full from the surplus of a single year? The success of his policy depended on the correctness of Jefferson's doctrine, that foreign nations could be coerced by peaceable means into respect for neutral rights; but Gallatin seemed to have already abandoned the theory of peaceable coercion before it had been tried.
