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

larliy combined, il would, up TO this tim
have been done under The last Tressur
note bill, or under tho former permanen
loan bill. Could all these high qualilie
bring the money, as my Wing frien,
near me seems to suppose-lhen VIII
has il not Gomez You have had thes
qualities, and both those bills sine,
January last, but You have not had th,
money
The permanent loan having sunk i'm
potently in your hands, though your ia
voiite measure in contrast with the sys
ITEM Of Treasury notes, you then took
new track, and soon after this session
commenced, adopted the odious and do
nounced issue ofTreasury notes. AS 0
last resort, rather than recall the lands
| you took TO your embrace system
which had been before discarded with the
most contemptuous SCOTS. You hoped il
might prosper and keep your credit at
par, as we'll as it had accomplished both
Of those ends under the preceding Ad.
ministration
But you refused to sustain il with any
additional pledges or revenues, as then
had the honor to propose pledge simi.
lar to this, under conviction that in a
state Of discredi like the present It was
judicious, II not Indispensable. You reli-
ed, as you argue now, only on great ma.
tional weallh-great national resours
ees--and your grea, financial skill.
What has been The murtifying resuh2
In less than three months, even this ex.
cellent resource for an emergency, if
properly guarded aud properly conducted
failed entirely in your hands. The cred
it of your notes has sunk as low of times
as three 10 four per cent. below par
your public interest and public debt in
these very notes have remained unpaid
and protested-your public faith TO con.
tractors and officers broken, and your
Treasury subject to take the benefit Of
your new bankrupt system over and ovel
again, if the same forms would be applied
10 il as TO an individual Yet, after these
loads Of finaRcial disgrace, we hear elo
qnent appeals TO run again the round Of
mere hollow and fallacloHs promises
we hear exhortatOns TO put another bill
into the market for other loans, instead Of
these dscredited ones, with no new rev.
enues pledged or raisedt sustain It, and
no new policy adopted. Aud confidence
yes, sir, Senatorial confidence, is asked,
that il can thus be obtained at par or near
w at par, in despite ofall arguments, ex-
perience and analogy You could get
something for tho stock, but can you ge
what ills creditabe TO receive orhonestio
our constituents to sanction? Ia this e
IN ergen.cy, then, something more
must he done on our part 10 obtain
such terms as are reasonable and jnst,and
TO pluck up drowning honor by the locks,
or Il Is lost forever. Experience proves
this. Some Of the terms of the bill it,
self prove il. The state of the country,
the Treasury and the Administration.
proves It, What, then, is that something
moreY Manifestly remove the cause or
necessity for the whole or a part Of the
loan, ifit be practicable, consistent with
public faith and duty, lfitbe not, then
in the next place to increase the secnri-
~ and success Of such loan as is indis
so as to obtain it on, the best
possible terms which are within our pow
er and ar proper under all the un(ortu;
nate cmcumslances of the Treasury
The real cause Of the loan lies deeper
than the mere failure Of the last Treasu-
~ note billor Of the last loan bill. Il is
this: The past Administration yearly re. I
duced its expenses, for reasons explain
ed on former occasions, but which need
MT now be repeated, till in 1910 they
were only twenty two millions and half
of dollaEs. Itsent in estimates and de-
tefmined 10 bring them down in iS4l to-
less than twenty millions, and proposed
farther reduction in 1912 10 about eigh-
teen millions, Now, the present Admin
.islration instead Of keeping DOM the,
expenses in lS4l to less than twenty
millions, or even as low as the twenty two
and a half Of 1910, uniurled at once eV-
ery sail, crowded every kind of expense,
called extra session, made millions Of
new appropriations. and thus swelled the
expenditures for lS4l to more than Iwen-
" FIVE millions. In this way a necessity
was caused for more than five millions of
the proposed loan. Again, this year the
same Administration contemplates an ex,.
pendilure gilmore than twenty six mill
ions, being eight more than what was pro
posed BY The past Administration. These
together have created anecessity for thir.t
teen millions Of loan.
Butaboye and beyond all this-the
present Administration omitted last year
10 advertise and sell the public lands IN
tho usual manner aherihe 4th Of March,
and thus lessened the receipts from them
probably quite Two millions Il next
gave away for this yeat the whole Of the
receipIs from that source which if the
lands were adsertisedas fully as usual,
would equal three millionss and thus. as
~ fhe lands in both wears. created no.