Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-14

| NuAt VI tctN on but 10 return 10 MS SUBJECT.
MIR Nj. said he was opposed tn the policy OF th
bill. tis repugnaneo to II was unuterlbc and in
vincible. Would any gentleman tell him tina, th
Government Of this Union, representing twenty 81,
g'eat, populous, powerful and independent States
berg in want of money for the public service, an,
going into the market with its bond having twelve
yeas to run, 1T an interest of six per cent, coul,
not obtain 1t IAN assertion which amounted &
little short Of declaration of bankruptcy. II tina
were true, then terrible as II was, the nation ous h
10 know il. This country had been, with an empt,
| Treasury, on the eve Of war with Great Britain
power possessing; SIS ships OF war. while we ha,
6s-a Power whose fleets extending thcmselve
| along line of two thousand five hundred miles
were able to cirdlc our entire seaboord, and nigh
| at heir pleasure select any point of attack they
deemed the most vulncrsbie-a Power who, had she
actually gone tn war with us, would have found nc
greater fleet than that TO resist her and who hat
she made descent upon the land, would have en-
coun,crcd no army but the fee and hardy yeoman
~ OF the land. An experiment, indeed, she world
never again make, hut would wisely con6pe herself
to the ocean. There would have been tn, field OF
combat for
Tier march was on the mountain wave,
'iicr home was on tho deep
Then we must have ilcsii,, cos, what it might.
And did he understand gentlemen rs asserting tina,
we could not, even IN that emergency, have raised
twelve millions of dollars the bond of this Gov.
crnment7 So help him Heaven he did not believe
word ri 1t. So far 1t frnm being true thpt
had the necessity existed, tho Government could
nave GOT from tits great People hundred or two
hundred millions on its simple scrip.
But they were tod there was a necessity for this
emission of Treasury notes. MIR NJ. had denied il
IN Committee. and he denied it here If the money
must be had, he prefeueds loan. He abhotred the
whole Treasury Note system: not ON cops,;,u,;nn
grounds Tor he had not examined the constitutional
question; but he abhorrcd il on every account on
national grounds; and also, he would frankly ayow
y, ON party grounds. How did we stand, The
B'nk bill had been vetoed the bankrupt law was
on Ia Nsal q b,. ts.,.
better condition; the loan had f,iled and now ,hev
were to bc thrown on the Treasury Noio system.
Heaven and earth! Whit had become of the frui,
that was toresult from the Extra session "A bu.h
from portion ofthe Housed
Then with all personal respect. md with the
understanding that, after he had obtained from ~.
honorable chairman. at the Committee or WAYS and
Mems the information he desired, he should h., nj,
liberty To resume the floor and To comment upon H.
he would again ask for the personal iniotm,ti,n
which had been obtained by tho indef,ti,,ble n,d
perseveting exertions of the honorable rcn,lcm,n
apart from any facts contained in the official l.t,cr
or report OF the Secretary of the Treasury as To the
power of the Government to obtein in the DANES
TIC market, the emoun, needed by the Treasury q,
loan. 49,
MIR FILLMORE stated, in reply, that in RdJi.
TO the official statement Of the Secretary he had
been permitted TO see the original correspondence of
mat officer with our commercial cities on tha, sub
Jec and he Of opinion tina, il went fully TO sus-
tam the statements made by the Secretary To the
committee. lie had also taken pains To acouaint
himself with the facts from those who were well nc
qnaintcd with the state of the money market. and
all he had learned confirmed him in the same brec I,
was, indeed, thing undoub,ed with him that tbere
existed no probability, even il there were pos,ihil
lty, oi obtaining the money needed by Government
on the loan already authorized no. not even should
the time be extended To twelve years-witbou, ~,
application 20 European capitalists
In addition, he begged leave to say tina, n friend
ana colleague OF his, doubling that such could he the
fact, he had for his conviction obtained evidence of
the appalling state OF the public credit at The presen,
H'onGnt: re mere sent to the Clerks table letter
rom Prime, Ward and King, of New York. nd
dressed 10 himself, declaring il ms their opinion tb,,
no amount could bc obtained on the United States
loan, even should the time be extended To tw.Ivo
years. nasmuch ~ tho United States six per con,
stock had been offered in the market at from threc
10 five per cent, and was without buv,rs 'TL.,,
further stated that the Government would b,v. IN
allow seven per cent. nteres, IN which case the sum
wanted might toe obtained They advise TIM, bonds
I've given to run seven years for four millions and
that Tor i've millions more Treasury no es be is-ued
bearing above seven per cent, since the notes he,r
ing SIX per cent. were al per cent. discoup,
The letter closed w tin some very melnncholv ,c
Elections on the present state of the Government
credit and gloomy io'ebodinss rs to its future de-
presslons to still lower point unless speedy and
efficient measures should be adopted for its res,orn
Gon.l
MIR F. stated in conclusion, TINT similar state
ment had been made TO him from Boston. by the
honorable Abbot Lawrence, late a Represcn,o,iye
from that State
MIR MARSHALL resumed the floor From tho
ieVer now read. he understood il 10 be stated on
the authority of Prime. Ward * King, Of ~ Yor,,
tina, the requisite amount could be obtnincd in Tho
domestic market If Government would nav nm in
terest OF cent, and make ts bond run ~ wears
and that II could not be had for less. That was
the present state OF tho credit OF the United States
Governments and on that basis it was insisted that
fla nyg II
sury Notes. Why Would our credi, be nnv
better on treasury Notes thnh on the hond os RI.
Government They could not compel the public
creditor to take them in payment of his debt; and
II not, would the public credit be any better on
notes than on bondl If MIR NJ. should On IN n
man TO borrow a sum he had need Of and The man
would not let him have the money on his bond nm
der per cent interest," would he let him have nj
any less interest on his promissOry no;e2 Irh
would, he must be loser somewhere r. then
these Treasury notes were TO go at nm interest Of
per cent, II must bc by iorce-either nv the forco
necessity LAID on the public creditor by law or Nv
actual ST ong-handed despotism; such desootism NJ
prevailed IN ancient times; for no form of modern
despotism would ever attempt such thing. The
state OF the public credit was correctly known.
and II certainly could not be made any better bv
Treasury notes. In this argument, Mr. NJ. reasoned
fairly and sincerely, not from nny party bias lie
did not wish, Tor party sake, 10 the Government
OF his country degraded. He was ready 10 le, her
borrow on the best terms she could get Int those
terms never could be better than her credit wns
Surely II was not in the contemplation OF gentlemen
TO cheat the public creditor the extent of the Cnil
ure Of Government credit in the matket-that MAYER
could he seriously intended.
Unless, therefore, lie obtained moro light on
subject which he did not profess to understand ms
well as some gentlemen in that House he must
still profess hlmselfin favor of the old plnn-the
Wing plan, he would call it-Of giving the bond
Of the Government on time lie would rather Give
the seven per cent. and get the money by loan than
attempt this most detestable Of all modes of raising
money; mode TO which he never could he brought
TO give his consent, unless in tho most extreme cir
cumstences Of necessity. II these notes were fore
ed on the public creditor, theiIovernment CHEATED
him; It dishOnored itself by an act of Open bnnk.
rupicy; and then there should he inserted clause
IN the bankrupt bill Ia include the Government of
the United States. A nurh1 What. Tux Of pub.
lie credit What could so efTectunlly strike dagger
through the very heart Of the public credit Ms ths3
What this Government IN turn brokcrl md
bankrupt broker TO BOOB To SHAVE on its oyyn
pipe1 The political school in which he had studied
never recognised such policy that. Il might. to
be sure, he neat financial operations but il nyoly.
cd question OF the national honor. If YOU pnid
your creditors, pny them in something that was
worth their debt. II you could not get the money
to piyi II, in all conscience add the amount of dis
count, and pay the whole
IL might be very unpleasant and very ALARMING
thing 10 tell the creditors that the credit of the Cow
eminent was nj seven per cent. below par; but he
would tell tie IN so; and though his constituents
should hurl him from his seat he would rather vote
for direct taxes than bo driven To such n system-
There could bo no difference in expense between I,
loan and these notes, unless It was intended to cheat
4