Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1847-02-17
Rem arsKs of Mr.. Day. in the III use
on the 9TH inst, on the passage
of the new LOan Bill,

on the 7th inst, on the passage
of the new Loan Bill.
i Mr.. Day said that he was not then pre-
pared to vote for the bill under considera-
ton. lie enquired, what had happened?
What emergency called for the rules of this
House to be suspended, in order to pass
this second loan bill? Is the state in dan.
ger2 Have couriers arrived with any
alarming news? Ha, our first loan law
been vetoed by any higher authority .lan
the State Of Iowa? And is the second loan
bill dictated to US by the same authority?
Must cur prompt allegiance 10 this author !.
ity be proved by passing this bill into a
law without delay, without delberation.
and without the usual three days Of grace
10 which an unmportant road law is emit
tied. This bill, lift passes into law, (as
fear it will, vetoes and expunges one Of
the flrst and INST important laws Of the
present session. From whence comes this
magician, waving his silver wand over
this House, producing a complete and sud-
| den revolution in the minds of gentlemen
upon this floor. He comes from Philadel-
phia-irom the very shade Of the marble
palace. AT the beginning of this session,
loan was passed authorizing an agent TO
effect loan Of $55,oo0,0o0, at seven per
cent interest That law is still in force;
it has been published, and the people APP
prove it. Why do we now repeal tip
! If we are to sit here and revise and re-
peal laws which we have already passed,
4 we had better select such as are more de-
fective than the first loau law. The pro-
visions of that law were discussed, and
received the deliberation its importance
demanded. Why now this substituted
this second loan bill2 Can gentlemen an
swer? Pay for the important services we
are rendering the State is very seryicea-
ble-that is strong argument. Mr.. D.
said he felt its full force-,hat he loved
money as much as most men, and had as If
tie OF 1t; but, as an individual he would beg
before he would yield to the exorbitant de-
: mands of an extortioner. And be 1t re-
membered, that as members of the first
General Assembly of Iowa, we have some
thing higher TO guard than individual pride
or honor. II mas been said somewhere
but not here that the credit of the State
was in jeopardy. How can we sustain
the credit of the State? Will such legis-
lallon as this bill proposes, sustain the Gre
dit of the State? No sir; its credit is pla
ced beyond our reach---it is guaranteed
by our State constitution. That instru-
---% l:-..:.-.,,.. i<.rrs,-,y u cy,coo---urIr
credit is good and thank God, ii is out
OF our power TO impair it If anything
can affect our credit, it is the vascilIation
evinced by the members of this House, in
the support Of this second loan bill. BY
making second proposition for loan,
accompanied NTH higher interest and dis
graceful conditions, dictated by avarice
from abroad, we destroy all confidence in
our good faith. We manifest what we
would do, if the constitution interposed
no barrier.
4 mans credit is never in danger when
ne makes but one proposition TO Jew
1t is the same with State. The Jew is
| a good judge of human nature-he knows
his man and acts accordingly. A sardonic
smile lightens his features when pros
pect Of loan has tempted his victim into
extravaganza. He places his gold in
tempting piles, and with the cold, grey
eye OF ayariee, watches the impatience
and avidity of his customer. He fatters
or frowns, is benevolent or sarcastic, adj
vises or dictates, as the experience, tenn
per, or necessity of bis victim require.
BY the law now in force, we offer a
reasonable inlerest-a safe investment for
| capital. Seven per cent with good secu
rity, would have secured the lean; but
ten per cent is a better investment, and
ten per cent will be given. Our case is
this; A young man of good capacity and
! business reputation, undertakes to act for
himself. tie has a patrimony as vast and
beautiful, and resources as unbounded, as
has this young and vigorous State. Limi-
| ted by constitutional provisions, failure
nifty and honesty Of purpose, he presents
himself before the lords Of The marble pal
ace; his case is examined, his proposals,
| (identical with the provisions OF our frs,
loan law,} are presented. With the most
fascinating politeness, he is informed that
the loa.. can be effected. Do not trouble
yourself young man, go on with your bu'
siness; be generous, and extrayagant if
you please prosperity attend you, and we
will be with you to the end of the game.
/ The young man bows with profound res
| pect, and commences the expensive manu-
| faciure of modern laws; his looms are in
rapid motion; yard after yard of the gen
uine article, (evincing much mechanical
| genius, with occasionally beautiful speci-
mems Of fancy article called political CAPT
tal )rewards the spirited labors OF this prom
:sing youth-he riots il every thing but
bribery and uption--upon that he
frowns with the stately dignity of mon
arch. He loves the institutions OF his
country, the lawso Of Moses, and the grand
jury system, Constituted in the dark ages =
so dark that no one can see its use, unless
to present cannibals for feasting nearer
home than upon their first cousins, are
| cherished and rated like wine the older
the better the more absurd the more
venerable. He loves his country dearly,
and would go to Mexico or Oregon, or
any where, to serve her. Nothing but