, 1842-12-24

eAPeoieht 10 order 10 place the Urea.
sury on a footing Of the highest r..
spectnbili,y. is certainly obyiou..
The credit of the Government mar
be regarded as the very soul Of n.
Government irself-a principle of vi.
ialitv without which all its move.
ments are lausuid, and all lis opera.
tons embarrassed. In this spirit the
Executive felt itself bound bv rhe
most imperative sense of dufy 10 sinh
nit TO Congre.sat its las, session. Tho
ProPriety of making a special .pIedoe
of the land fund, rs The basis for The
negotiation of he loans authorized to
be contracted. then thought tina,
nch an application of the public do
tran would. without doubt. have plac-
ed at The c.nh'nand OF tie Govern.
ment ample finds To relieve the
Treasury ir. III tie .trmpoaly cml,ar.
rass'nent under Which il labored.
American creci, has suffered a consid.
cradle shock IN Europe. fr.m the
large mtirl'eI ess nf tie States and
tie temporary inability Of sor.e of
them 10 meet tie in,eres, IN their
dett;. Ii nt'er ard dis; st,ous pros.
%tratI"n Of h. u. :. Bunk oi P.nnsyI.
vania has contributed largely to increase
the sentiment Of distrust by reason ofthe
loss and ruin sustained by the holders Of
stuck, a large portion of whom were TO-
rcigncrs, and many Of V HON are alike
Ignorant of our political organization, and
of our actual responsibilities. 1t was
the anxious desire Of the Executive that.
IN the efforts TO negotiate the loan abroad,
the American negotiator might be able
TO point the money lender 10 the fund
morigased for the redemption ofthe prin-
cipal and interest of any loan he might
contract, and thereby yindicate the Gov
eminent from all suspicion of bad filth or
inability 10 meet its engagements. Con-
grcss differed from the Executive in this
view of the subject. 1t became never
thcless, the duty Of the Executive TO re-
sort 10 every e%xpcdient in its power TO
negotiate the authorized loan. After a
failure 10 do so in the American market,
a citizen of thigh character and talent was
sent I" Europe with no better success;
and thus the Notifying spccticle has
been presented of the inability of this
Government 10 obtain a loan SO small as
not IN the whole TO amount 10 moro than
one fourth of IFS ordinary annual income;
at 4 time when the Governments Of Eu-
rope, although involved in debt, and
with their subjects heavily burdencd
with taxation, readily obtain loans Of any
amount at a greatly reduced rate of in
tercst. 1t would be Improbable to look
further into this anomalous state cfthings,
but cannot conclude without adding
that. for a Government which has paid
oil lis debts oftwo wars, with the llrg-
est maritime power of Europe, and now
owing Il debt which is almost next to
nothing, when compared with i,s bound
less r~esources;a Government the strong
est in the world, because emanatins from
the popular will. and firmly rooted in
The affections OF a great and free people,
and whose fidelity 10 its engagements has
never been questioned, for suoh a Gov
eminent TO have rendered TO the capital
lists OF other countries an opportunity for
a small investment of its stock, and yet
10 have failed, implies either the most
.rnfoundef distrust in its good faith, or a
purpose, 10 obtain which, the course pur-
sned, is the most fatal which could have
been adopted.-It has now become OBJ
vious TO all men that the Government
must look 10 its own means for supply
ing Its wants, and il is consoling TO know
that these means are altogether adequate
for the object. The Exohequer, if adopt-
ed, will greatly aid in bringing about
Tins result Upon what | regard rs well
founded supposition, that its bills would
be readily sough, for by the public credi-
tors, and that the issue would in a short
time reach the maximum of$l5, DOC. 900,
1T 10 obvious that 1O,OOO,O 900 would
thereby be added to the available means
oil The Treasury without cost or charge.
Nor can fail to urge the great and ben
efcial effects which would be produced
IN and oil all the active pursuits of life.
It's effects upon the solvent State Banks.
while 1t would force into liquidation
those OF an opposite character through
ITS weekly settlements, would be highly
beneficial; and with the advantages Of
a sound currency, the restoration ofcon-
hdence and credit would follow, with a
numerous train of blessings. My con-
vic'ions are most strong that these bene-
hts would flow from the adoption of thi,
measure; but if the result should be adj
verse, there is this security in connection
with it, that the law creating it NAV be
repealed at the pleasure of the Lcsisla-
lure, without the slightest implication of
its good faith.
| recommend to Congress TO take