Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1813-07-15
THURSDAY, July Is, 1918.

to the late loan is, as have generally un
derstood, one of the greatest capitalists O
the city of New York /; as little deserving
the aspersions OF the honorable gentleman
from that state, since he too. unless ar
much mistaken, belongs to that class o.
Americans, who do rot fall in with the pc
litical exclusiveness of that honorable gen.
tieman, who has SO boldly laid claim--I am
endeavoring to shew with what Justice
to all the capital as we'll as all the virtue, &
OF course all the talents ofthe community
y fourth of these npbraided delinquents is
an inhabitant of Salem or Boston, though
am not certain whether he had any oppor
| tunity of coming in for a share of the loan
| OF 1913, but who, At all events, l believe
subscribed most literally to that Of 1912 |;
and who, far from meriting the distorted &
wholly unfounded elimination of the honor
able gentleman from New York, is like the
others have excuIpated. = ci,igen 1T the
same time of immense wealth, and sterling
republicanism There was, think, a fifth
large subscriber, rich and respectable
merchant of Baltimore, WHO'S, am inform
ed, of the political denomination of those
with whom the honorable gentleman from
New York acts but who-as am not dis.
posed To follow the illiberal example ofthat
to add, have always considered, instead of
delinquent, rather a high toned pa,tizan,
but nevertheless man amiable in his man
ners and character, and entirely exempt
from any OF the faults imputed by the in
vective of the honorable gentleman from
New York.
That honorable gentleman could not have
been aware of the mischief he imprecated
on his own head, in common with the heads
OF all his other countrymen, without dlscri
mlnation, when he suffered himself to be the
assalant of public credit. Sir, as iuestima-
BILE as consider the American union to A.
merican prosperity, have no hesitation in
declaring that hold public credit to be of in
hnitely greater importance. 1t is the rock
OF our national salvation. 1t is that to which
foreign powers look as the base of our endur-
ance. Our union is undoubtedly all essenti-
al to ourselves-but other nations care very
little for our Union, and would destroy it if
they could, as you, Mr.. Chairman, very
justly observed on this floor this morning.
But as long as our public credit remains un-
impaired all nations must continue II res
pect us--as soon as it sinks, to despise US.
Does the honorable gentleman from New
York imagine does any one suppose-that
every species of property would not be de-
they think, can they think, that public faith
may decline, and yet private properly main
tain its present estimation. If SO, SIR, they
egregiousy deceive themselves. Lands,
houses, personal estate, mcuey, even the cir
culating medium of the country, wou!h all
lose their value with the d. struction or iii
minutioh of the public credit and faith for
they would cease to represent and 10 enable
the purchase of those comforts TO which mo-
ney and property afford titles for the enjoy
ment
Whether it would be possible, and how
long, to cary on the belligerent operations Of
government by loans alone, without taxes
pledged for their regular and faithful re
demption-and whether loans as system.
be good or bad mel am not now about
70 enquire: though / am inclined to believe,
from the abundance of money in the coun
try, and the facility with which it has been
procured, provided higtIinterest is offered,
that perhaps for some time it wouid not be
impracticable to obtain such loans. But then
it must be ratio of interest always increas-
ing in ratio of amount obtained always de-
creasing and when the economy, independ
emily of the dignity OF the commonwealth is
taken into view, there can be no question of
the necessity and advantage Of taxation
1hu OtnerWise laIl INTO tHe nanuS OF OrokerS.
You have not incurred that misfortune yet
But as your first interest was six per cent
your second seven and half, or some frac-
tional sum between seven and eight,
do not know exactly what, nor is it materi
also your next must be ten--after that
twenty, or some such eXorbitant remunera-
ton, and so on ill the interest almost equals
the principal. That system of loans, thcre'
fore is n bad SyStem. in n cOrTeSD oHliiDP ar
rangement of taxes, is not to be disputed"