Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-06-21

d
neney' Thin debt ~s authorized under It's
Jaw OF October lat. II has teen alTead, iuI,
" incurred oS sn ISSUE OF the whole 1. 90
HONS Nsas', ose-hs,f of 70 n. vet y---,--g
ana We are now asked 10 have TIE "a re-
he"ed by another issue Cfrk- same amount
~ y IN proof, by iacis aud reasoning from the
highest sources, that Il cannot DC eancelicl
Tor Tour ye5rs 10 come. VI indeed, il REQUIRE
not longer time. What then ar. we To do
why, when Nc reiuta here in 'D,cembsr.
continue the loan Tor half YEAR more b, .
ne" Issue Of Treasury notes, and 80 on from
umo 10 time, until the revenue D, adequate 10
suOrd sutlic.eni surplus bey Oal expenditure
10 wipe At oil. Are We iEeu 10 De frightened
10y shadow by this spectre If a public debt.
"heu We have Il before us already actuall,
incurred, fixed upon the Treasury beyond r.,
lre'e' No, sir, :, for one su. for meeting IL
oo'diy aLd ab3SgoosTi. The Government,
owes ihe money, and must have a. IwoulI
have them 10 Ga abroad, iIko men of charac.
'sf ahd GREAT "a private life. who manage
heir AFFAIRS " iih economy and thrift, and Dor
10" He money IA open market upon tie test
terms 1t can D. had, and not like mcntican,s.
soTTo~tns al disadN antage from day 70 IA,
or irom halt year TO haiti year, ~ the vain
nope VI keeping their uecossitIe. cut Of view.
ihis, sir. regard a. the true anJ honest 20.
het' al - TIE osly oEJ at ~hich aim IN NV
orpo'iton To tn, bill. u - due from u. 10
toe Ieopie We represent, upon whom the bar.
den irlS' that We should borrow the none,
upon the best terms 20 DC had. " extendini
Tie loan 10 period when Ne expect 10 raw.
ard not To increase Tho cost bv series Of
short and dciGsNc credit,
iOE The prcsrtt cXig~nCv, and 10 meet the
immediate demsud. ! have no objection To a
i'niied extension Of This Treasur, issue; and
i"r That purpose. when the proper time shall
come, ] may otter to amend this It'll But,
regarding TIL, debt ~ fixed and ire,itable for
al least four year, 10 come. I am for meeting
II at once BY a loan fer that period, at the
Iosesi rate Of Interest, aud 10 have done with
lh's "fetched substitute Of shott credits 81
hish rates, upon deprecated paper.
lie" words more, SIR, 50 reply 10 what
ieli from the honorable NE Inber from South
Carolina, (Nr kheu,) aud viii p.ss ~ ano-
iher part OF TIA, question. In advocating thi.
ball. understood him 10 sew TINT II had been
the in'arisble practice u the Government to
RAISE money by on Issue Of Treasury papet in
preference to loan, whenever the condition
OF The revenue required an extraordinary sup
riy. Sr, the honorable member - entirely
mistaken. The facts are historically against
h'm have shown already that IT was first
introduced 10y MIR. G3lIaiin, ia old Of a loan.
mat II wa, not even proposed until the loan
had been tried, and had f,i,ed, and al Is,twa,
conceived aud recommended exclusively a
'"b'idiGry aud 10 no sense asa priaary mea
sure OF supply that, IN lSli, though recon.
mended by MI Eppts Is a MEDIUM II cire.ils.
lion, 10 rest IN fuadsd dtbt, Mr.. Dallas de-
nounced II as ian expensive aud precsriou.
substitute" And hsscnow 10 state, IN add.
lion That MI. Crawford, then Secretsr, of the
Il fN 49, sas Na
recommended that deficiency shown Ia exit
should be met by loan IN preference 10 an
issue OF Treasury notes, and "a loan c'two mil
lions. The amount required, was ortersd ac-
cor'linslys
The facts, then, being against him o, 10 the
practice Of The Government, submit 10 the
honorable gentleman. on which side !, the
weight of suthotuy
But, sir, the same gentleman. in thoexcc,,
OF his zeal Ia favor of this most cNp.nsn.
Use OF public credit, tax. Of a loan a. bri,gin.
The Government 10 the feet Of Ihe raonC,ct
power IN the country
would respectfully ask what il the mo.
neJed power ~ tins country, of which he has
50 holy horror Does he tD-an by the mo.
neyed power, those men, dispersed every
"here through The country, Who, by patient
tod and frugal life, have become tho srtiGc.rs
Of their Own fortunes or ihoss ia our com.
merciai cities who have amused wealth IA
The more hazardous but not Iess .bor lou, pur.
suits of trade
such men az hose (and amongst my own
commitments We have many Of tic class lnt
enumerated; are always Of tie most exemp!a
~ hie, aud ~'il ield 10 none ~ eVtTy virtue
hat dignih the man, or eDGobles the pa;fi1t
But what IL the moneJed power thu. stigma
t'zed IA Ih,s Hall by tAo Honorable msntef3
There }. eoftsiIly B0uG such known 10 our
laws, our Institutions or our u.ages Ne-haVe
no separate classes, created by law. and set
apart 40 the hereditary pos.essors 81 Wesl,h
rank, or privilege 81 any Kind. The pro,sc
ton Of law - extended 10 all ind,aefentIy
shke whether 10 the scq4sii.JE VI property,
or hs protection afterwards
cannot see. therefore. tAe force II such
illusions. uules, this rhimers 81 moueyed
power b, placed before u, "a some emboJied
iorn intsil gable % reason. 81 least, Il not
isuginle g. thesrns
Again, cir wc have from tho honorable
member . like wbi dcnufit la ZION % she i1ui.
inc interestsrd sre ta'i t1st ne true question
upon tbs biIi - ~betser the G1sefnmeft
shall be made suuotdihstc o. the bsuts. soI
cOmPe lied 20 afford Them lts credit 10 his
then, ne moueyod power which is - o5.at
lovs 90 the fervid defamation Il tie h1nora
bic member
u q be- let - inquire Tor moment whsi
ihsse bsnks are, hus held up O. ue ,1eeta.
iion 81 TIE cpHpi5y ~ usatpeTs u FEDERAL
rule, o. traitors 90 ftdsrsi p7~tr Sir. are
ihey not tie domestic Institutions 81 our own
states. brought into bsira by their Isus. TO-.
Tered ~ Their policy. snd Sustained " Stale
authority aiore' Afe thcy not toe tLofi,heJ
Institutions 81 ne ger tleman'. Own stale. 81
nirs ard ofe'ers delegation upan ttitfl.f5
~ what Authority. iren. are mev sff,l-r.
ID here WI thc honorable Hcntbsr contend
10 saP-rti,ofs power on tbgs hsur Over tfs
domestic policy - tfe states should bs
tau'ct ttr o. hear " sufh BssgmFf.on from
'nV quarter but more especially from met
Ftcnee ttst gentleman comes
Arc thfy d,ue.atsd uHatf belief fist iheif
tiarnrs 20 tstcus'Hsnt 18th rsu scheme 90
ont'.I Over ,he -hois Easn-,sl t0besi.s - ib,s
Since TIE f1rsroirT vas delivered. ,a TOOK .
~ ~ tite report Il thr Caursittcr ~ W4fs asf
iFsus for ttstyrsf. $50. - tie bod a shisb
80 fnott dtsiiasl isii- state 8fasu ffaui y 9th
s-reiiHs. Nc losrdrs D. - i1Hsd that BE- &C..
DIANE n.itt. aiia 81 G.ll-tia. . tusa BE- trs
errucc fo o. issue q frcstsf1 notra Tia ia.
osinE it quoted from hIs rstgrf
% u tppsarinT % yuur c7mtalnas incnpsfts.t
. rft1itt9 irrssasy hSies. sni ii bster imrrs-.
csblr " ~ tjettiofs tEisfod sEatfsi tir sfst
Jon ~ su,h saursel 20 esrrf toto Effects t,s.
sm ~ internsi dniics in iiule CD fo-ri the r6snI
thr lret. ~ gssr, cor eosatatites ha.4 oi, a.
h1nsr Bot r. rrH Loco af e.. r....s.r. 49,.