Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-07-19
SPEECH On
HON. LEVI WOODBURY.,
OF NEW IIAMFsnIRE.

On The Loan bill, delicered in thS SEN
ate of the United States, April O.,
1912.
Mn. PRESIDENT: ALI admit that this is
an alarming exigency in our financial af,
fairs. The bill on yout table, as we'll as
the proposed amendment TO it, both look
TO the dire necessity Of borrowing some.
thing, not only in period Of profound,
peace, buL at a moment when our cred.
il has suddenly become much depreca'
ted; friends and foes must, therefore, be
anxious to effect a loan on.the best terms
which are practicables As general
rule, the loan should be smallin amount
as possible, and the best terms would be
The lowest rate Of interest, and the short
est period, which ale... oblainable IN so
criticala position. We cen hardly appre-
ciate the change, inthat position snd ITS
present deplorable character, unless we
advert TO our situation one short year ago,
with no permanent debt OF our own,
with small temporary one Of only five
or six millions, and that above or at par,
with reduced and reducing expenditure,
with revenue from lands aud customs,
ample under slight reyisiOns in the latter
10 meet such an expenditure, and extln-
gush the whole debl, and with a national
credit, untarnished, undepreciated, and
ansuspecied. If, more in sorrow than in
anger or in party reProach, we contrast
that lofty. position with what now slares
us in the face--a hideout mass OF large
permanent2debt, and a still larger tempo'
rary que greatly increased expenditures,
deprecated stocks, and protest on pro-
test Tor non payment OF ordinary demands
as we'll as temporary loans-our hearts
must recoil al the sight When welook
further, aud see the whole land revenue
squandered, and an impossbihty OF get
ting onward in such ruintus career,
Without further disgrace 9e-lurther acts OF
bankruptcy, or further loans at rank usu
~, il all admonishes as solemnly thai
something wrong must have produced
such disasters, and that something new
and efficient must be adoptedto remove
them. Let US examine the SUBJECT, then
in mahner,which an. emergency so ca
amltous demands, rising for once above
party or the m ere politics oflhe day, and
forgetting every thing bur what is reqni-
red Of us as statesmen, patriots and SEN
arors. | shall, therefore forbear 10 Grim
2 ina,c or rrecrlniinale; ;and in such a condi-
lion Of peril to the cOnntg, and its high
character, Iwil devote my whole efforts
10 discover the best mode of relief
through loan, whichappearsi to comportf
with public honor and public safety, and
which, at the same time, bids fair to be
crowned with success.
Hence, I am willing to overlook every
consideration of form in this bill, and ev-
ery subordinate objection, if only the
main features Of il can be made, such as
are most likely to ensure creditable
escape from present ignominy. ! say
nosbinp, then, as 10 the extension Of the
time for yearor two within which the
loan must be made, if made al all Nor
will be captious concerning ths amount
which The Executive is authorized 10 bor-
row. though i'll one view, il is much too
large. and in another il snotlarge enough
lDQ SEVERAL llltliOUSs W Suiiy ONN- ,.''ST P.'-
az now IA force. Nor will dwell on the
better reasons which exist for amoHlhly
publication Of what is done under this
bill, as in the case Of all our Treasury
note bills, rather than areport OF II 70
Congress hereaftsr,which Of course could
cali for IL without this provision Nor
am tenacious as 10 the form OF adVeFli-
sing and Of accepting offers, though, ID n
some respects, exceptioDable. Nor VIII
Istopto expose the greatdauger OF lssu;
ing certificates virtually 70 bearer, and
also ID sums as small as fifty dollars, OF
fiftycenls, and thus open the door7to m
finite difficulties or frauds and forgefies
in respectio the payment ofinteFest, and
cEeale paper circulation, not redeema
bic Al all for twenty years, and for dischar'
ging which. noreven the one dollar o
specie 70 three uf Paper Is required % b
kspl which the original Exchequer pro
jec provided for
Nor willI, on this occasion, 50 press