The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-03


me most Important under consideration u Ae I'd.
tournament was reians " ne wsr loaus Of 1874 NJ a
cob Barksrs apeech on he. OCCASION will when publish
3D. be read by Ill those who have thirst for The financial
history Of those times or wish 70 know the course pur
sued BY political partsans. Madison, Hamilton. Webster,
Pickering, King GaIlatn and others wwe oil noticed. Mr.
Barker read from and commented In high appreciation
Hamton's Treasury Report 70 Congress In 1870, which
reads thus
American State Papers, Is, volume of Finance page 49,
PUBLIC CREDIT.
Communicated 10 tue House of Representatives. BY Alex
andsr Hamilton Secretary Of the Treasury, January H.
1870.
Treasury DEPARTMENT, January 0, $780,
The Secretary Of the Treasury obedience to the reso
uton Of the House Of Representatives, Of tho LIST day
himself TO the confederation proper plan for tho sup
port Of the public credit with s the attention which was
due to the authority Of the House and to the magnitude
the object Reports among oher things
That exgeDoies exposed In the Of drs Of
nations In which there VIII be necessity for borrowing
That loans In times Of public danger especially from To-
reign war; are found resource, even to
the weahiee Of them and that In country which, like
this, Of little active wealth, other words,
little moneyed capital the necessity for tina. resource must
In such emergencies be proporionaoly urgon And a.
the other hand the oessiy for borrowing parcu
lar emergencies canno, be doubted the other it Is
equally evident that be aoie upon good
essential that he credit OF nation sh ,ulo be we'll
tabshed for when the credit Of country in degree
questionsble, fails to give exrAvagant premium
IN one thape or another, upon all the loans has occasion
TO make
Nor does the evil end here; the same disad vantage
must be sustained upon whatever 70 be bought on terms
OF future payment From this constant necessity OF Dor
rowing and buying d,sr easy 10 conceive how i'm
meDsey the expenses OF nation In o. time viii be
augmented BY unsouud sate OF the public credit To
stIempt 10 emu nerste the complicated variety of
mis- shiels is the whole system of the social economy
which ON the maxms that Uphold public credit
and justify the socude msnes,ed by tho House on this
point would be an improper intrusion on their umo and
patience.
In go strong light nevertheless do they appear to the
Secretary in their due observance at the press
critical uncture, materially depends in bis judgment tie
ndivdt and aggregate Prosperity VI t3 ezen- Of the
United States their relief from the embaTrassmens they
experience; their character As people, the carse OK
good government
II the maintenance OF public credit then be Truly i'm
portant the inquiry which suggests itself is Dy what
means n 1t to be efecedp The ready 10 which
question is, by good ishby pune ual performance Of
contT acte
mens respected and trusted she the me
fate Of those who pursue opposite conduct Evosy
breach OF he pnbc nt', whether from CHOICE or
necessity, r Ia different degrees hnrtfp 10 public credit
When tuch necessity COOS truly exist the evils OF u are
only TO be paba'ed by 'orupulous attention on inc part
OF the government 10 carry the violation no farther than
the necetsty absolutely requires aud to manies IS the
nature of the admit Of H. sincere disposon make
reparstong whenever circumstances shall vermlt Bat
with every possible mitigation, credit musl snftr and
mi chiefs II Is therefore bighlt in.
portant when an Appearance of secessiy seems TO
press upon public coupcs that they hood nine
well Ia reality and be perfectly sss1roi tha there is
method OF etCapiDa IRON before hey yief 10 is sag
gtsions; for, though l.. safely be eirmef t1at
occasions eX ed may net OK 1t, in which
violations 0f tho public faith this respect uegiabie
yet there great 10 believe that they EXITS far less
frequently than precec cots indicate and cenest either
pretended, tbi ouRh oyty want OF hrmpe cup
posed, through want OF kno~ ledge ESJedi,nt. often
have been devised 70 effect, coneseny with good faith,
what has been done in Contav non OF Il. those who
most monty creditors Of nat on, aro se 'ssay
speaking erl gsned men and there signal examples
to rant conclusion that when candid ana fair up
peal Is made 10 them, they will understand their trus
tefes too well reius their concurrence 10 such modii
q
While the OF That good faith which il tho
bats of public credS, Is recommended by the stronges
Inducements or political expedency IL is enforced by
considerations Of still greater authority There are argu
mena for It which Test he immUtaoio prncipes or
moral obligation And in proportion "a the mind s dis
posed to coDtem pate In the order of Pr0vi ncc init
CO. nexiop between public virtue and public happ
will be Its repugnsncy 10 violation OF those
principles