The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-08-12
VOL. 2 NO. 30. WHOLE ND. 81

for any period exceeding one hundred and eighty
days. account of any particular State to amount
exceeding hundred thousand dollars. or for any pc
rod exceeding hundred and eighty days. unless pre-
Viously authorized by law of the unitad States"
Here is authority, resumed Mr.. b. for the
Administration 10 borrow and for the Bank to
lend, million at a time, for ak months Iogeth
pr, and iha, without further leave or license
from Congress; and this little operation in fin
snce is subject to be repeated exactly forty
times IN twenty year" whoa this bank Is pro-
posed to continue. do not daie upon the
uncon .truucnality Of this provision: time does
not permit. showed on Saturday that it was
delegation Of legis alive power to the execu-
tivehranch Of the Government authorizing
The President to borrow money for objects not
defined by Cong ess, and unknown to Sny Bp-
pr priation law, and for any purpose that he
pleased. Congress has no power 10 borrow
money. not al its pleasure, aud for what pur-
poses It pleaSes, but to pay the debls and to
provide for the support Of The Government: it
bas of en- civ n The President authou.y 10 bor-
row, but always named for what purpose, or
that il must be for satisfying appropriations
made by law. These are the lin mltatiens upon
tho Precedent, he NAV borrow the men, and
repeat the loan forty times in twenty years, for
whatever object he p'eases This lie what the
new bank charter aurhorzes. | know that
this clause is substantially copied from the old
bank charter Of 1916 where IT stood for a half
million of dollars; and know that clause
wac copied from one in charter Of the Bank oil
England; whore it stood for half mllIion ster
Ing two and half millions Of dollars ]
know these instances, bat dispute their correct
ness, and oppose their limitation here. Blu, 1
drop THE argument. My present object is 10
enumeraIe the means which this new Admins
istration has raised, or is attempting 10 raise
for itself ln this point OF view Limit myself
Is the enumeration oflhis strange item. and
set it down for single loan ofone million Of
| dollars, and ito interest for siT months, mak:ug
| Sl,04O,000.
| proceed TO the next item which find in these
! famous new books, namely: the loan bill for
| twelve millions, which we now have before US
and which wOs the subject Of such ex'ermina-
| ting de bate on Friday and Saturday last. |
| do not repeat the arguments Of my friends on
| that day was not IN that d bae-but all A.
meriea ShoYlh IeHrn the character and pre-
texts for ihls hill which calls for az much.
lacking one million, ~ Ito new powers pledg.
ed themselves 10 carry on The Government a
whole yoar upon, and this addition to the
means already placed in their hands. The
twelve miIOns in the bill viii mako thirty
three millions for ten montbs, which is at the
rate Of thirty-nins millions per annum; tho exc
act sum which they unlru'y charged upon US,
and which We, most truly, prove upon theml
This is a fine commentary upon pledges made
before the elects n; but, let Nc pass on. Large
as this item is, il will look small before | am
done with the entries which are found in thes o
new books. proceed with the bill, and do
not repeat the arguments against it, do not
reiterats what our friends have demonstra a,od.
namely: that the sum demanded is six millions
more than the Secretary Of the Treasury has
slledged to be necessary in his report; that il
is nine millions more than we have proved 10
be needed, exclusive ofths new appropriations
which cannot be expended during the year,
that, in fact, the principal part Of this lean is 10
supply the place Of the land revenue, which il
to go. nomnAllv, TO the States, but in reality
to British capitalists, and also to furnish indi.
rect capital to the new Bank. repeat none
Of these !hings, not even my own molten tC
dcfer the borrowing ofthe two millions, (par
and parcel Of the twelve which is to lie in tn,
Treasury, that 10 to say, in the Bank, az re
served fund, TO meet contin agencies aud aCci
dents, which may never happen, and which
will be time enough 10 borrow money for whe
they actually occur, showed on Saturda
Iha,it was cheaper and safer for tho Govern
ment 10 permit these two millions TO rema
with the Lenders until we need them, whic
: may never be. offered an apendmeutto de
fer the execution OF so much Of the bill as wen
TO create this Tenewed fund. My amendmen
vas rejected: all our amendments wera rsiec
ted. Nothing stuck but our arguments, an
they will 60 10 the country, aud will prove I
the people that Federalism, in l64l, 10 N
same that il was in 179S-sn extravag ami
wastsfu, tax laying, money bOro wing, reyeu
ne consuming animal; and thatto get 10 ta1in
the people when they get into power, is jus, I
natural as it is for young duCks to 20 to swim
ming, or for old foxes to 60 to eating chicL
ems. They must tax. and borrow. They ca
help it. The bill will PAss. II 10 for iwel,
millions, and for three years, the interest d
per cent: at first it was for eight years, b
the Democratic opposition reduced il 10 ihre
which 10 as long, 10 all probability, astho Fe,
eral party will remain in power. Adding il
tetest 10 principal, and this loan will be fou
teen millions one hundred and sixty theUsal
dollars. That is the.sum which the Cover
mont will pay TO tho lenderE bueisis not d
cum which the people will pay ia the Cover
| menk on account of fha l0Au sFahnt, ,,;iI1 a.