US Presidency
1842

I need scarcely mention the condition of the banking institutions of some of the States, the vast amount of foreign debt contracted during a period of wild speculation by corporations and individuals, and, above all, the doctrine of repudiation of contracts solemnly entered into by States, which, although as yet applied only under circumstances of a peculiar character and generally rebuked with severity by the moral sense of the community, is yet so very licentious and, in a Government depending wholly on opinion, so very alarming that the impression made by it to our disadvantage as a people is anything but surprising. Under such circumstances it is imperatively due from us to the people whom we represent that when we go into the money market to contract a loan we should tender such securities as to cause the money lender, as well at home as abroad, to feel that the most propitious opportunity is afforded him of investing profitably and judiciously his capital.