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

ions, or equal TO the whole amount EN-
braced in this and the July loan bills,anl
one million of what is in. the Treasurl
note bill Of last January,
The whole case, then, lies within tht
span Of your hand II we could now re
trace our steps, and incur no more ex
pense in IS4i and 1912 than was cOhiem
plated by the past Administration and ad
yeriise and retain the proceeds OF the
lands as that Administration proposed we
could at once remove any cause for a
single dollar Of the present loans and could
redeem all Of the twelve millions ofJuly
last, which has already been borrowed.
But admit that the whole Of this is not
now in our power. What is past is gone
for ever, and We must submit 70 the loss.
What is to come, however, is yet under
our control. This includes most Of the
expenses Of the present year, as few Of
the new appropriations have passed, and
includes, also, most of the sales of the
public lands.
tits then manifest, that il the old ap.
preparations are now so postponed, and
the new ones so reduced as to require in
lS42 but eighteen or nineteen millions
expenditure, which is practicable with,
Out essential injury TO the public inter-
esis, (as shown fully on former occas-
ion. and If the distribution of the pro-
ceeds Of the public lands is suspended
or repealed, and those ready for the mar
ket are seasonably advertised in the ac-
customed manner, it will make differ
ence in expense OF seven to eight millions
and in receipts Of three to-four millions;
and thus united, supersede the necessity
OF any part ofthe loan included in the
present. bill, with view solely to defray
OUT expenses. This is the whole case in
a nutshell. But some gentlemen refuse
to recall the lands for this purpose. And
others still, iflhe retFenchment or repeal
Of The distribution issintended hereafter,
are not yet willing TO do either. And
others may wish the loan accomplished in
order to redeem and fund at once all the
Treasury notes out, and answer the pres
ent emergency fpr,a few weeks, though
not needed to cover the current expenses
f they are properly reduced. ! say then
to all such, that il the distribution ofthe
lands is ever to be suspended OF repeal
ed, this is the accepted time. It not done
by an amendment TO this bill, Il will come
100 late for accomplishing all its natural
benefits, and will leave your public cred
il TO he blown upon, blasted and sunk,
more TO the injury of the States separate
ly, as well as collectively, than the val
le Of all these lands TO the end oftime.
Why do say thisG Not for declama-
ton, Sir, but from solemn conviction,
that if without that suspension or repeal,
aud without tretrenchmeDt,as we'll as with
out the previous imposition OF a dollar ct
new tax Of any kind, OF in sny way, you
90 into the market with the proyislonspt
this bill, to sell the stock at any sacrifice
and for a period oftweniy years, your
conduct will lead to the loss OF more than
three millions of dollars on this loan
alone. twill also be hung upio repro
baton, not only by those WAC are now to
suffer Is to the interest from such lfu'
providence, but by succeeding genera.
lion, who are to suffer still more and
more as to the principal, by rotundlng
millions, which neither they nor The
Government ever received. Ii any usu,
~, exlOrlion, or waste, could justify re-
pudiation, or tempt toit, such conduct
has powerful tendency that ayilhough
from the bottom Of my keart, ! abhor ev-
~. tI,ino like raDndiatior of debt. whether
in public OF private life. am debt
paying man. belong to debt.paying
race represent a debt paying State
and thank God no native OF foreigner can
obtain its scrip or bonds under par, or e.
ven above par--for not dollar Of them
exist, or ever has existed, OF permanent
character, nnder its present form ofCov-
ernment.
Lot us see how this matter stands, as
to The analoges and examples around Us
at the present moment, when We are for
cedainlothe market with loan bill SO
exceedingly loose, and dangerous, aud,
in It's provisions. Some
Senators seem 10 forget thechangesin the
tiInes and character Of the country on the
subject Of public debt Il is no longer
a matter Of theory and conjecture, that
the obligation Of contracts will never
hereaferbe impaired, and the debts Of indi-
viduals-tho sacred loans to them-nev-
er be spopgedolt by retrospective bank
rnpt law, and one. ton, made ayowedly to
release the debtor forever rather than
benefit The creditor. Nor is it any Logger
a matter Of doubt. denial, AMI abhorreuce
that even States themselves, the Amcr
can States, can ever fail orrefuse 70 pay
the sacred loans TO them punciually-
The borrowers have had piighted faith,
public morality, constitutional ddty abli
ify in population aud wealth, all consecra,
led originally to iodischargc tho interest
and redeem Inc principal promptly and
vet hasit been doneg Have not theso
borrowers been oblgediiu many cases %