Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1842-12-23

fnnd. as the basis for the negotiaiionnl
tho loans authorized TO be contracted. l
hon thought that such an application u
Tho nnblic domain would, without douMs
have placed al the command OF the -
eminent ample funds 10 relieve the Ire
ury from the temporary cnlbarrassmess
under which i. labored. American creuu
has suffered considerable shock in En-
rope. from the large Indebtedness Of ne
States, and the temporary Inability 1c'
some of them to meet the Interests o"
| their debts. The utter aud disastrous
nrosttation of the United States Bank OF
Pennsylvania, had contributed largely 10
increase the sentiment of dIslrust by fea-
son of the loss and ruin sustained by the
holders of its stock, large portion OF
whom were foreigners, and many OF whom
were alike ignorant of our political or
ganization, and our actual responsibilities.
1t was the anxious ,desire of the Execu-
tive that, in the effort to negotiate the loan
abroad, the American negoslator mlght DC
able to point the money-lender TO the fund
mor,gaged for the redemption of the prln-
opal and interest of any loan ne might
contract, and thereby vindicate the Gov
ernmen, from all suspicion of bad faith
or inability to meet its engagements.
Congress differed from the Executive IN
this view of the subject. 1t became nev-
er,heless, the duty Of the Executive. TO re-
sort to every expedent in its power TO ne
gotia,e the authorized loan. Alter lall-
ure to do so in the American market cit
izen of high character anu talents was sent
to Europe with no better success; and
thus the Notifying spectacle has been
presented Of the inability of this Govern
ment to obtain loan so small as not in the
whole TO amount to more than one fourth
of its ordinary annual income at time
when the Governments of Europe, allho
involved in debt, and with their subjects
heavily burdened with taxation, readily
obtain loans Of any amount at greatly re-
duced rate of interest. 1t would be I'M
profitable 10 look further into this anon
alous state of things, but cannot conclude
without adding that, for Government
which has paid off its debts of two wars
with the largest mara,ime power of En-
rope, and now owing debt which is al
most next TO nothing when compared to
its boundless resources, Government the
strongest in the world, because emanalng
from the popular will, and firmly rooted
in the affections of great and free people.
and whose fidelity to its engagements has
never been questioned; for such Gov
ernment to have rendered to the capitalists
of other countries an opportunity Tor
| c,L at IN hn n
failed, implies either the most unfounded
distrust in its good faith, or purpose, to
obtain which the course pursued is the
| most fatal which could have been adopted,
it has now become obvious to all, men that
the Government must look to lis own
means for supplying its own wants. and it
is consoling to know tina, these means are
altogether adequate for the object, The
Exchequer. if adopted, will greatly aid in
bringing about this result. Upon what
regard as well founded supposi,ion that
its bills would be readily sought for by The
public creditors, and that the issue woul!
in shor. time reach the maximum of SIS,
OOO 600, it is obvious that Sl0,O0O,O00
would thereby be added to the available
means Of the treasury without cost or
charge. Nor can / fail to urge the grea,
and beneficial effects which would be pro-
duced in aid of all the active pursuits of
life. It's effect upon the solvent State
hanks. while it would force into.liquidaton
those of an opposite character through It's
weekly settlements would be highly benz
eficial; and with the advantages of sound
currency, the restoration of confidence and
credit would follow, with a numerous train
of blessings. My convictions are most
strong that these benefits would flow from
the adoption Of this measure; but if the re-
suit should he adverse, there is this secu
rty in connection with it that the law Gre
aiing it may be repealed at the pleasure of
the Legislature, without the slightest i'm
| plication of its good faith.
commend TO Congress TO take into
consideration the proprie,y of reimburs-
ing fine imposed on General Jackson at
New Orleans at the time of the attack and
defence of that city and paid by him.
Without designing any reflection on the
judicial tribunal which imposed the fine,
the remission at this day may be regarded
as not unjust or inexpedient. The voice
of civil authority was heard amidst the
glitter of arms and obeyed by those who
held the sword, thereby giving additional
lustre to memorable military achievement.
If the laws were offended their majesty
was fully indicated; and although the
penalty incurred and paid, is worthy of lit
tie regard in pecuniary point of view, it
can badly be doubted that it would be