Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-05-28
We find au abstract of the able and states

no''no opoSSu uohFcTeu ny Don atOT DELLi VI
Tennessee, on the new Loan Bill, 10 the
Senate, on Wednesday, published in the
Nationsl In'e,ligeucer. Mr.. Bell, in al
luding to the fact that the bill, as reported
by the Finance Committee, created q ueot
without prGridIog or contemplating toe
means of paying 1t. and that even PROPOSE
ton to partially subserve TINS latter end by
pfeyenting notorious frauds on the revenue
was sedu!ously resisted, remarked upon the
measure and manner 10 which 1t was pressed,
as serving to illustrate the tendencies uf par
tisan pred mnance, which, unwilling to oou-
fess the errors Of the past, chose rather to
trust to the eyentualties of the future in the
hope that they would bring relief or delivery
To thoughtful and patriotic citizens the
present condition of the country was sueges-
tive Of grave misgivihgs. The popular mind,
after being so long reoccupied with ques-
tons engendering a morbid political excite
ment. seems, said Mr.. b., to have sunk into
comparative insensbilty to those topics
which mast vitality concern the healthful
functions of the body polite. Alternately
played upon by the mast powerful stimulants,
whether found 10 sympathy with the down
territorial aggraUd cement, or in the fierce
jealousies Of contending sections, the pOltl-
cal conscience Of the country seems stricken
with apathy in the face OF questions most in
timsteiy affecting the national welfare.
Ii was t. be hoped, however, that the pee
pie, wearied aud disgus;ed with the frui,less
agitatOns OF the last few years, would glad
iy turn to the consideration OF topics which
concern the common veal, and, at the same
time, afjrd ample scope for the play of our
politicai activity. The present occasion aud
the pending biil seemed oppOrtune Tor such
an awakening OF the popular interest In
practical questions Of Safe policy. Twelve
mouths ago We had surplus of twenty mil
lions in the Treasury. Now the Treasury is
bankrupt, and @e are running rapidly in
debt without providing any certain means of
liquidation. Should not such prospect
rouse the eopie to irqulry into the financial
policy of the ADMINISTRATION! Ia what 9th
sr free country would such condition of a.
fairs be regarded with acquies ,enco? No
British Ministry would 50 far presume on
the federation Of British public, az to come
before Parliament with a l0an-bill like that
now pending in the Senate of the United
States for since the Revolution of 1858 no
British public would have allowed sucn man
agement OF the national revenues to paGs un-
challenged.
An unparalleled financial revulsiOn bad re-
Gently swept over tue civilized world. 1t
was the duty of our rulers TO have been among
the first to oescry the coming storm, whereas
they seen to have been among the last, u we
may Judge from the dispositions taken by
the present Secretary Of the Treasury IN buy
ing up on its eve the bonds OF the Govern.
ment at exOrbitant premiums. Powerless to
avert, they now confess themselves equally
Incompetent 10 remedy the Disasters which
have befallen the trade and industry of the
country.
Mr. Bell then proceeded to criticise the
views OF the President, as announced under
this head in his annual message, and con-
tested so much of tho Presidents argument
as sought to throw upon the banks the bur-
den of responsibility in the matter. lie also
reviewed briefly the history and working OF .
national bank, considered as a re- u !ator Of the
national currency, and remarked on the fal-
lacy Of those iree-trade theorists who consid-
er gold in the same category with other
exportable commodities OF cpuntry, instead
Of regarding it's etfiux as the sure criterion OF
redundant paper currency. lie closed his
speech by commenting on the comparative adj
vantages OF free trade in a country like Great
Britain aud in a counrry situated as our Own.
The free trade which Great Britain practised
is not the tree trade We Are invited to estai =
lish. Great Britain, while preaching free
trade to the rest Of the world, knew how to
provide for her own interests; whereas we,
in obedience to popular sophistries and catch
words, bad discarded nearly every maxim
which 10, ked to the protection and develop
ment of American industry.