The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-04-15
NUMBER lO2.

of Europe also. Our six per cent. Treasury notes,
too, are sinking in our own markets, and hecom-
ing less desirable securities TO capitalists and bus
mess men than the notes specie-Paying banks
why Is this ; Not because the volume of that
paper has been increased, because il has not been
increased in fact The amount of Treasury notes
now outstanding is not very different from that
which has been outstanding for a considerable por-
ton Of the time since the year 1887, and yet I'M
til now, just complaint has not been made that a
paymen, in them was not equivalent to payment
in money. Why, then, MrW would again ask.
s this influence upon aur public credit manifested
at this time' The answer seemed to him 10 be
most simple. Our policy, as manifested to the
world, is TO give away what we have which is GER
tain. to borrow for the immediate deiciecy thus
produced and 10 trust to incidental taxation not yet
imposed, and only to be imposed upon an uncer-
tain and fuclua,ing trade, TO redeem our promises,
and sustain our credit.
Mr. w. said gentlemen might suppose these
opinions his own, theoretically formed. They
were not so solely, but ne had already facts to rest
them upon. A correspondent in New York had
transmitted to him an extract Of most sensible
letter from capitalists in Holland who had already
made investments in American securities. II show
ed minute understanding on the part of those sa-
gacions gentlemen, between cause and effect, in
these matters of credit hele, which, he regretted to
believe, were much, too llmitedly known, and
much too little appreciated, by ourselves Senators
must not forget that mOney-enders are the most
cautious Of men-that they watch the policy and
providence of hose to whom they give credit, and
that confidence in them, once wounded, is Il sickly
plant. and can only be restored to vigor and health
again, by the most careful and faithful culture, and
the most active and substantial nulrimcnt The
letter 10 which he referred, and which he did no.
| rnnl 81; Al,
that this wound had been given to the confidence
of the money-lenders Of Holland. so far as Amer
lean securities were concerned; and how would
that sicly confidence be affected by this action
What would be thought Of an individual who,
being in want of money, should give away his es-
tate, and then offer his notes in the market to raise
the means for the payment of his debts, and his flu
ture support Precisely what must be thought Of
this Government by all foreign capitalists, in the
judgment Of Mr.. W., we should pass this es.
olulion, and thus adhere 10 this plan of distributing
the proceeds of the public lands, regardless OF the
present state of the public Treasury, and then seek
to borrow money on the credit Of the T. S, with
out any pledge for the payment of interest or prin-
cipal, 10 meet our public expenditures.
! Another fact had been recently stated TO him
which would confirm these conclusions. A gen.
t.eman Of the highest responsibility from his State,
had told him that he had recently received nm or
der for The investment Of an amount Of European
funds for private account, with express instructions
from his correspondent TO make the investment in
the stocks Of the United States in case fund for
the payment of the interest should be set apart and
pledged by Congress for that particular application.
and not otherwise, to invest in those stocks II, all.
Could the policy now .PII9possd 10. bR. pursued,
essr0n1oh?U eSaa any my man doubt, a, this day
and time, that public credit, as well as private, TO
command the confidence of capitalists, must have
something more substantial than mere Faith to
stand upon For himself, Mr.. w. thought the
credit of the t. $. was yet within the power OF
Congress but that it could only be placed upon that
high and honorable footing which could sustain it
unimpaired amidst the ruin which surrounded it,
by recalling the land fund and irreyocably pledglng
i, for the payment of the interest and The redemp-
ton of the principal Of all loans made or TO be
made, whether in the form Of 'rreasur, notes, ora
funded stock debt. Let that be done with the
prompness and unauimity which would show that
our public credit must not be dislrus,ed, and no
could not entertain doubt that our six per cent
stocks would meet ready sale at par, and our six
per cent. Treasury notes would be willingly re-
cevcd every where within the country, us an e.
quivaent for money.
Another view Of this policy ia connection with
the public credit Of the country, had been recently
made imperative and important: II had ever hecn
predicted, by the opponents of the policy, that tho
mere system of distribution, in any form in which
it could be rractsed, would not 90 fast enough 10
meet the wants Of the States, or the wishes OF the
representatives who should adopt this mode Of pay
ing their debts and completing their works Tie
had been one Of those who hid sustained this opin-
ion, but he had not expected so soon TO see the
new impulse" formally and officially proposed Tor
tho sanction and appreciation of Congress. Yet so
it was. lie had not printed copy of,he PROPOSE.
lions before him, as he had not been able to find
them in that form, bu, he had their substance in
one Of the public journals Of the city. a colleague
of the honorable mover Of these resolutions, hol-
ding n seat in the other branch OF Congress, had
come forward very FAR IN advance OF The honor
able Senator's present ground. His propositions
were an immediate emission Of ONE HUNDRED
MILLIONS of 3 per cent. stocks Of the L. s., 10 be
distributed to the States at once, with pledge Of
lbe proceeds of the sales Of the public lands for the
payment of the interest and the redemption Of the
principal of this stock; further emission OF per
cent stock 10 an indefinite amount supposed TO be
from eight to twelve millions, 10 purchase the right
TO travel the public mail routes and the railroad
and canals with the public mail; for the payment
of the interest and redemption OF the principal OF
which certain portion Of the revenues OF the Post
Office Department are 10 be put in pledges and
further emission OF my SIN anu qud''o .'"''o"'
of public Stock nj what rate Of interest, or how to
be redeemed, principal and interest is not stated,
TO constitute three-iourfs of the capital stock Of
new National Bank Of seventy-fye million. Now.
this was proposition TO use the public credit 20
, some purpose, and especially at period when ne-
her six per cent. stocks, nor six per cent Treasu-
nv notes. could be got of at par, either IN our own
or the European markets. Still !, was only the
| movement, Of sanguinc mind upon the policy OF
= the honorable Senator, 10 throw the States upon
! the national Treasury, for the payment of their
debts and the completion Of their public improve
= men,s It was, as Mr. W. believed but ioreshad-
, owing the impotence which might be expected 10
Il be realized in the public mind If this new system
of finance should be permitted 10 90 into operation.
; II had one feature preferable 10 the system OF the
e honorable Senator. II proposed, to make pledges.
: in form n, least for payment Of the in,eres, and
= final redemption Of the principal OF the stock 10 be