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


deficiency in means, il would clearly be
Useful to any particular creditor 10 have
4 priority Of preference in The revenue,
u some important branch of II, doing
much service IN case Of a defict; and the
only mode Of eiecting this is By giving
aim previous, specific, tangible, coilsteF-
Il pledge Of part Of it, as is proposed
N this amendment
Bot it would be infinitely more Useful
IN other views, connected with this loan,
10 repeal the distribution, not merely TO
use it as pledge, but so as TO add three
Or four millions more TO our certain and
permanent income, so as 10 reduce the
necessity Ofso large loan, no less than
he difficulty and sacrifices in effectinq il
ind so as 10 increase OUT ability, and Of
course our credit TO ike extent 10 meet
all our public engagements, whether Of
debts or otherwise.
Let us look amoment at these objects
separately.
l. With those cons dering an actual
pledge, either conducive 10 success, OF
success on better Terms, the land presents
large aud valuable auxiliary.
The House Of Representatives have,
by this bill. shown their confidence in q
pledge BY including the customs If
hey lthe cusiOms) are useful, SO would
be lands. Ii they will help 20 reduce the
interest on the diseount.so will the lands.
The President, also, has recommended a
suspension or repeal, evidentlyIo aiG the
loan by pledge, as well as for other pur-
poses. Dor past history is also full Of .
evidence that pledge Of these very lands
has been deemed usefnn ia securing loans
FneJ were pledged in the very FIRST fur-
| ding and loan bill under the Constitution,
aa has been often stated before at this
session. But more than this, they remain
ed pledged till the Revolutionary debt
was exIiuguished, as late as 1895. This
is The reason whv the pledge Of them was
not repeated during the late war; whilo
OLD taxes, new taxes, and the sinking fund
we're all pledged over and over again.--
The lands had been already devoted and
consecraied TO pay part of the price
Of our Liberties. But we, likeAmericans
and honest men, gave every thing else as
security for our public faith in the second
great struggle with our ancient OpPress-
ors, and noby have we redeemed those.
promises. The security was not confined !.
as the chairman supposed, Mr.. Egans,l
to stipulation 10 raise more taxes, but II
was extended to The whole sinking fund
Of eight millions, and new taxes raised.
direct and indirect. The whole were de-
dlcaled to this sacred object. They
went so far as 10 engage, not even after
peace, to repeal the latter, unless substi-
luling something else as valuable. (Sce-
tioH 5, Of act Dec. 23, lSl4.)
Such course as this. pursued in 1889
and 1914, instead of being degrading. de-
rogatory OF humiliating, was, on the con-
trary honest, truthful, manly, honorable
fora debtot--American in duty and An
glo-Saxon in feeling. Remember, that
we are asking favors, not coHfeFring them
dependent on our creditors for mOnsY
and indulgence, far should il be from US
TO i'll treat, OF trIfs with, or leave them
insecure EGglaRd always pledged new
taxes for her loans till, ,as gentlemen have
explained, they could, from the sizeof
her debt, be of no avail. Such a pledge 4
secured the very debt on which the Bank =
of England Itself rested inits origin
And when Governments are discredited
in the stock market, and become beg
gars for loans, they must not assume
lofty part and be choosers ef their terms,
but give usual certainty, if Expecting sue
cess with any reasonable sacrifice. 10
be sure, we are not torn by internal dis
in M NHefauh-
ing what is occurring in one OF theS'ates
(Rhode Island) in struggle fer popular
rights: vet we are ia a condition fgTeat
pscuniary discredil, and must expect to
ne asked for ample security. Spain has
had 10 Mace the RothschIds in the receipt
of The income OF her qickslver mines for
their security. Even the revenues of
Cnba have been talked Of as pledge
placed under the control of some third
power for the slfety Of still further loans.
And is il unworthy for US to pledge our
own lands, won by the valor Of our fore
fathers and pledged by their honesty and
6Iel:ty to their obligations, and which,
parted with instead of pledged during the
iasl half year, have been fruitful source
Of all our present pscuniary woes? Such
a pledge has likewise been most strenu-
ously advocated by the great founder Of
American finance; and in his second re-
7ort on public credit ia i795, enforced
II as always iudicious by reasons the
most irresistible. Are wo wiser In these
matters than Hamilton? Is il disreruts-
lie for US to do, in matters ike these.
What such men as be and Madison and
Washington appFoveda Is if degtadatiOp
Ii follow in their fooisteps7 OF 70 SCI
d secure well and ply promptly all tbsE
Ne over There is lutking coavieiioa
in the Gill as It comes 10 Us tbht
pledge isuseful, or why arc The customs
nlad1ad2 There IS such conviction