Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-07-19
NEW sERIEs-VoL. II. NO. 81.


aud in others for thirty aud sixty cent
only on some Of the largest States in ihe
] Uniong And yeiare we 80 purblind and
iDconsideEate as not TO see the inevitable
consequence Of all lhisl II not, can We
suppose that these same capitalists and
brokers', whether here or abroad, who
have just been so sadly plundered, will
rush forward and lend more TO US, at q
much less sacrifice OF depricaiion, on the
samepighted faith Only--on the same
public morality, population, wealth and
duty Only9 The borrowers have nothing
more TO rely ON yei--the frm is no rich
or than all the separate partners. The
ability Of ihe whole in their mere popula.
lion and resources is no more certain, 10
the extent ofthis loan, than that Of man,
ofthe sepa ate indebted States. But IL
these times il has turned out, as has been
predicted in all former times, and TealiZ
ed IL many instances, that promises with
sclual collateral security Of lands and tax
es, OF other revenue sufficient is mos
loans, and current expenses, is infinitely
better and quicker in the market than
promises without such security. This is
the case with individuals; and nOsf EN-.
pharically is il SO with GeVernmenis,with
States, and confederacies. Hence those
States that have actually imposed taxes.
or possessed other resources equal 10 the
Ipaymentof their current expenses&inter.
EST on their lOaGs,are not discrsdited at all,
or but slightly, while others without such
existing income, or any other collateral
pledge, are protested, and their bonds
scorned. Even while this debate is going
ION, the bonds of the great State OF Penn
sylvania, before sunk below Fifty cents on
the dollar. (because without any ade.
quate pledge 70 redeem them) have fall.
en- in single day FIVE dollars more on
the hundred, IN consequence Of her Leg
islalure having just adjourned for two
monihswithoul raising sufficient reve-
nue. 10 discharge her current expenses
and interest.
But why dwell longer on analogies9-
Where are our own bonds or scrip issu-
ed in July tast2 Where are cur own
treasury notes issued since January last?
deprecaied- -hawked about at discount,
protested and refused for payment BY ev-
cry public claimant who has any pros
pect ofobtaining any thing better In
this deplorable condition we are urged TO
pass this biil speedily to remedy the evil
and yet arc sending this new scrip into
the market without raising first a dollar
Of more revenue in tiny shape Of tariff or
taxes, tomeet the interest Of our expens.
es s-withodpta taking back the proceeds of
the lands 70 assist in this essential duty
without material lreirenchment ofsny kind
with seventeen millions Of permanent
debt thus anthofized, and the certainty
of FIVE or six more before we adjourn. if
the present policy is persisted iR--and
IN fine, with an increase now secTuiIg,
tagging far behind our bnrdens, and moi
equal to our contemplated expense into
abont ten millions year.
Look moment al this last attraction
to confidence. See how il has turned
out with States conducting in similar
infatuated See how it has turn
ed out with ourselves thus far-giving
away great revenues when we are obliged
to borrow--iDereasing greatly our expeL-
ses when we ought to reduce them and
asking more confidence aud more loans,
after we have already failed, and without
raising OF pledging dollar, that did mol
exist when the failure occurred
II is true, that this bill does what the
biltof lastJnly did notify making pledge
Of the cuslome generally TO meet this loan
and thus recognising tho utility Of some
kind Of pledges. But the msfortue in
this is il pledes nothing new--nothing1
additional nothing which did not exist
and would not exist, 10 be applied 10 the
debt, perhaps as faithfully without the
pledge as with It though not with like
assurance and certainly as regards the
creditor. Bat the pledge Of the lands,
contained ID this amendment, would, on
the contrary, be three to four millions
year ofnep meaus. new revenue, new a
biIity; means, too, in our own possession
and control, aud not contingent or uneer
tain like iUan,means, voluntary, aud moi
extorted by.taxes, and hence doubtful, and
often delayed--means coming in weekly
and monthly, as wanted, and where want
ed--means which We have always used
from the foundation Of The Government
and the parting with which last summer
under all the circumstances Of the case
mas been one oflhe most fatal stabs 70
our credit, our financial character aao
national honor, which il was 10 nuinah
power to indict. -
Gentlemen have misapprehehae 2 snf
whole scope Of this amendment ano iae
advantages = bs ,ls logardina ,Sr i ss mer
ones,ion Of pledging or not plodging 10
creditor. ia collateral iorn' what yo'
,lready possess, and are beundin good
faith, # able,to apply 10 his payment with
out specific pledge.
In the vacilla,ion and uncertainty ofleg
1890 and lhn Aiairnanaa aAf The ilneS. |