Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-07-19

0 and al any length, 10 many party stric
' lures, made in the course Of this debate
by Senators on the other side. The
have been such as swelling the real ex
/ pens4 Of the last administration 10 thirty
5 five millions, on an average yearly, when
all who examine with care, know and ad
NIT them TO have been but twenty-sever
and fraction; such as taunting us with
the Florida war, when our opponents en-,
gagged TO end il in single month, but
have not yet finished it, though more than
a year has elapsed and such as asking for
the monuments over the country Of our
expenses and declaring that none exist,
when all The civil, foreign, judicial, legis.
latlve, military and naval operations of
the country, have been promptly sustain
ed: immense removals of Indians made
TO give place to Christian civilization
large pension payments, continued to the
survivors of the Revolution-numerous
public buildings erected--arsenals, armo-
ries, barracks and forts buih-roads ex.
tended--rivers and harbors in many ca
ses improved, and peace maintained in
most .perilous crisis, on both our North
ern and Northeastern, as we'll as South
! western frontier.
| pass by much more, because nv great
anxiety is to discuss only the leading
principles involved in the amend,
meut 10 the bill, and in The bull
liitselE
What then has led to the necessity Tor
a further loan bill, in any form? For this
is virtually the third one asked within the
last eight months. The answer to this
will, in some degree, explain the propriety
Of the amendment; aud the best mode
Of elfecting whatever loan is necsssa
ry.
This bill is wanted first, for the resi-
due ofthe twelve million loan authorized
in July last, because that loan, 10 the a.
tnsunt Of nearly six millions, had utterly
failed, even before this session cammen. |
ced. But tho act Of July permitted six
per cent, interest to be given, if no low.
er terms could be 0btained--jt run foII
only three Yeas. which time. the
chairman Of the committee IMr. Evans
has urged would now ensure better terms
in the market than longer one. 1t /
pledged the faith, before unsullied, Of the
whole Union, for the prompt payment Of
both It's interest and principal II had
for aid, beside, the overwhelming popu-
larily ofa new administration; the whole
financial talent ofits numerous experien
ced friends; the boasted superior tact,
which was TO. be evinced in managing our
magnificent resources; yet, in less thans
four months il utterly failed, and the
Treasury soon after became protested
the national faith viOiaiad--and the siock
is now selling at the discredted discount
Of ninety FIVE in the hundred This-
as the stock is redeemabIe ia two or
three years--is rate Of interest near
eight per cent, being the only instance
before Of such depreciotion ia our cred
it in time Of peace since the Government
went fully into operation. except in the de. /
plorsble era Of the Administration Of the |
elder Adams.
Let my friend nearme, then I MIR Ar
cher, when he reflects on these facts,
notllalter himself longer, that the propo-
posed loan, as the bill now stands, can be
obtained at par Let not him or others
dream, in s1cha pfosUation Of our cred
il, that the greatness Of the nation---iis |
numerous population-itsim immense wealth
---its past glory, will ensure success
wilhoutfuFther special pledges for secu
rty,or additional revenues from lands orl
taxation Of some kind No, sir. llthe |
fe,t, a oY.d ,,,ana tLav tL,.a o.,sr.,.I i =.
dcI the billofJuly, aud yet, wre,ched de
fusion and disappoinimont--tbe loan has
not been effected and our national faith
hasreceiVedthe widest, deepest, darkest
stain which ever branded it with degra.
datiOn and dishOnor. In short, the Gov
ernment stands before Europe, as well as
America, both bankrups and delallter
Look a. these astounding facts, and at
other recent experience in the Union,
and not delude ourselves or the country
with abstract reasoning about the extent
OF our resources, with eloquent eulogIes
on national grandeur, and patriotic hopes
ofFellef from mere empty promises.
Hard @iilIt be Cor these, when already so
faithless,to accomplish what our own sen,
ses and memory disprove, aud what the
history all nations eviHces must, ia such
emergencies in peace, be derived either
from increased means N diminished
wants, and perhaps at the same time
4 greater skill in managing them and VII
ser couDsels.
\ There is another striking illus
ration on this point in the other part of
the bill.
i WHY is the additional FIVE mill;
Lion loan, included IN thai, wanted at
EaIl2
Would ii bc needed.nowif you were
able to succeed ia borrowing money even
q The rate of six PERCENT rate high
4 Ior us in peace, with oil our old nation
.,;nrt,ished No. sic. III Won