realized, the very first movement of troops would make it necessary to resort to new loans, which, if the troubles should continue, must be increased to an indefinite extent, and would effectually prevent the so much dreaded evil of an eventual surplus. We are inclined in fact to doubt very much, whether it will ever be found practicable to bring down the revenue below its present amount, even supposing it to afford ten or fifteen millions more than is wanted for the ordinary expenses of the Government. Such is the condition of human affairs, that periods of trouble of one kind or another must in the nature of things occur, at least as often as once in twenty or thirty years. These will, in general, render it necessary to resort to loans, which during the intervals of tranquillity must be extinguished. If, with taxes as light and as little felt as those which we now pay, we are able to defray the ordinary charges of the Government,--sustain the public credit,--meet the exigencies of foreign and civil war when they occur, and pay off the debts they impose upon us in time of peace, we shall do more,--far more,--than any other nation of ancient or modern times has done before us. At all events, the moment when we are about to enter on a period of civil commotion, of which the extent, duration and consequences cannot even be conjectured, is obviously the last that should be chosen for commencing a system of reduction. 3. _What will be the effect of the present troubles upon the political condition of the country?_ This will depend entirely upon the conduct of the General Government, and especially of the Executive branch, upon which, under present circumstances, the weight of responsibility principally falls. If the crisis be met with the necessary firmness and discretion, there can hardly be a doubt, that the resources of the Union are amply sufficient to secure the execution of the laws. If, from a want of firmness and discretion in the Executive, or of a disposition in Congress to sustain the Executive in the measures required by the crisis,--contingencies of which we cannot anticipate the possibility,--the nullifiers are permitted to carry their projects into effect, the Government is of course at an end. The state of things which would then ensue, has been described somewhat in detail in a preceding part of this article. The ports of Carolina would be free, and the country would be deluged through them, with foreign goods imported without duties. The revenue would fall off to nothing; the manufactures would all be destroyed; the public credit would cease, and the public service come to a stand for want of funds; a general bankruptcy of private fortunes would overspread the country, and the body politic would fall into a state of complete dissolution.