Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-04-27
SPEECH OF MIR. PRESTON, OF = c.

Ia Senate, .1pTt, lSi2, on iht Loan bh.
EXTRACTS.
am sorry to see this, like every other occasion
seized upon TO indulge in partisan assaults and
common striies, and that the gentlemen OF the Up
position should think proper 10 asSal us. ami throw
themselves upon US, ami cucumber Ne with difheui
ties and call of our attention 10y tnunis and revil =
inss at the instant that are advancing with all
possible speed to so sacred an object. will pause
a moment, and but moment, TO dispose OF these
assaiants so much more intent on attacking us than
relieving the country. They say that all this IS our
doing; that our prodeality has created the debt ;
that our want of forecast has failed 10 provide for
A.. and that It is who have destroyed the public
credit Ii It were so-if our folly or our crime has
brought on this state OF things the Senators OF
the Opposition find, in reason, humanity, or pat
rotism ON excuse for their e'hargy, rather active
hinderauce Of our cNeTtlonsi
But what shall be SAID or thought of their con.
duct, when it is known, as every body does know,
that the country is brought to this pass bv their
own Encouragement by years and years of ms
government, prodIgalty, ard reckessness, and that
we, the Wings, have been but this moment sent,
by an Indignant and suffering people, TO relieve the
body polite from the rulnous course Of their mpir
csm 7 Both the Senator from Pennsylvani mir.
Buchanan and the Senator from New Hampshire
(Mr Woodbury. charge upon US the mighty evils
which oppress the people, and that we, in thirteen
months, and not yet the end OF the first consiitu-
tional Congress, have done al this. Sir, this vgo
rous ans young Republic could not he thus struck
down at one blow; these grey hairs are not Of one
nights growth; This decreplLude is not Of the para
lysis but Of long and wasting disease, aggravated
by un.kilful treatment and dele,erious drugs re
quiring time as well potent remedies to effect a
cure. Where Is that country which the mistaken
CO. hdence of the people entrusted To them FIVE
years ago2 Where thatoverhowng Treisuty, that
cornucopia OF commerce. that Astounding agricultural
Did you give them ,ck TO as you received them,
or in their stead chat aud husksl
One thing OF least is clear that the Wretchel
system OF Government pa Der, which has now ter
minated. as all systems OF Government paper must
terminate inevitably, in depreciation and bankrU pit
CIV, was OF their begetting and nourlshing. They
began it-they Instituted the system Of Treasury
Notes. The late Administration is the FIRST in the
history OF our Government that IN time OF profound
peace, was compelled TO resort TO borrowing, ond
chose that most tallaclous, dangerous and rUInou:
mode OF borrowing by the issues of Treasury notes
They destroyed the equilibrium between expendi-
turos and income, and thus deranged the whole
financial order. From the beginning, they have
lived and had their being on Treasury notes. To
use the words Of the Senator from New Hampshire,
more expressive perhaps than pure, they fed their
spendttniIedness throughout this paper. Ses
son siler session they rushed into this Hall, pro.
claiming that the country was in danger, that the
Treasury was empty, that credit would fail, and
begging and supplica'ing for a few more Treasury
notes. They were always IN debt, and paid by
giving their notes.
After the first terrific explosion in 1897, the
Treasury a mere crater which man might
look into. throwing up at irregular periods masses
of Treasury notes, with ishes Of urld light from
the agonzed Secretary, who wrilhed below like the
giant under K'na.
This crippled, broken down, and now utterly
disrredied paper, the financial wisdom and
Tie le financial policy Of our predecessors, and is
an evil which we have inherited from them. Bot
Senators say that they were frugal and we have
been prodgn'. There is something grand IN this
contempt Of hislory-in this reversing Of the mex
Grab past They frugal There Is not one who
has denied that they spent every year more than
they received: that every year they borrowed to
pay the debt Of the preceding and at length thai,
they went out, leaving 10y their own acknOu eds-
ment, FIVE millions Of debt, with provision made
t1mest IT, md no recommendation but that il should
he paid by the economy Of their successors. A
novel mode Of plyment-one which certainly they
had never tired. The sum stated IS unquesionsbl bly,
short Of their Indebtedness; but the five millions
they plead guilty TO-
But, Mr. President, hold IN my hand the ofFcinl
reports Of his ;rugalily, made by the Senator from
New Hampshire when he was Secretary. ! read
from u the aggregate amounts