Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1858-07-16
Buchanans Administration Bringing
the Country TO Bankruptcy and Ruin.

the Country TO Bankruptcy ana KUN
. The unparalleled prodigality and waste
fol cItrayasancc Of tins miserable National
Administration we intend to Keep before M
people. We had collected together some
financial items, intending to cmbody them
in an article. but for wan. Of time defer the
matter. and extract the following article
from the Republic, and invite our readers to
study it fJr themselves.
The truth IL, IL Buchanan goes on at The
rate he has thus lar, be will saddle a public
debt upon the country Of hundreds Of 'H'l-
hon, The black democracy are trying to
throw dir, and get up dust, to hide the
base and infamous rlundcr,ns Of the public
treasury. whic. Is going on through the
agency Of their party, bu, they nrc being
smoked out 1T all honest men in tho
country expos, cvilains-show them up.
The democracy Of 1858 are nothing less than
a party Of public plundcrcrs, stock jobbcrs,
land spectators aud robbers. They plumber
tho National Treasury with all the gus,o
that West India pirate would merchant.
man, and with a. little remorsc OF con-
essence.
"When Mr. Buchanan was inaugurated
as President, and Howell Cobb was install.
cd as Secretary Of the Treasury, there was,
It we are not mistaken, a surplus OF more
than SO ,OCO, 900 in the Treasury. a, all
events, on the first Of July las, there was,
according TO Mr.. Cobb's Official report, a
surplus OF Sl7,7lO,llI This was certainly
fair capital for the Administration TO
commence business upon. When a thought
less individual comes suddenly in possession
ola large fortune, he is up, TO imagine nj,
pile ineNhausiiblc, and, acting upon that
drludou. q reach tho bottom Of j, in very
short time. Mr.. Cobb seems 10 have been
seized by a similar delusion on coming into
the Treasury.
Last fall, when the great financial panic
came on, and simul,ancou, complaints Of
tho scarcity Of money cane up from all parts
Of the country. Mr. Cobb seemed to think
that ne had enough locked up in tie Treas
ury to make matters perfectly easy, II he
could only put tout. Accordingly he com.
menccd rcdccmins Government stock, hay.
ing several years run, At premium Of six.
teen Ter eentum. In the course Of few
weeks he redeemed, a, tai. rate, stocks to
the amount Of S3,S9j ,232. For the priyi.
lego Of rclcCming ihi, amount Of the public
deb, beloreit fell due, he paid, in premiums,
sjmeihing moro than siI hERdr,iaadhrcniy.
hr,s hyu'dad dollars. and that at time
when the Treasury was on the verge Of
bankruptcy. IL was certainly very kind in
Mr.. Cobb thus to throw open the Treasury
ioT the relief Of the country but i, strikes
US. nevertheless, tia, the holders Of these
stocks could rot have been very hard up
COR money, or he could have driven better
bargain with them. We must, however.
do Mr.. Cobb the justice u say, that he did
not long continue to labor under the dclu-
sion to which We have alluded.
Before the meeting Of Congress, he
(Cobb) had evidently lost all faith in the
ability Of the Treasury to relieve the pccu-
MARY wants Of the community. So far from
expressing any such faith in bis annual re-
port, he had to admit that failure Of al.
cquate means for meeting lawful demands
on the Treasury might occur at an early
day The cSisency being regarded as
temporary merely, he asked Congress for
authority to issue Treasury notes 20 the
amount OF 500, 200 600. to enable him to
meet such temporary eIigcncy, il i, si0uid
happen to arise but he did not think il
probable that all Of said amount would DO
needed at an early day, If al al The Pres
ident, in his annual message. camo to the
Sccrctary's aid with a modest hint, that
loan m,ghi te required before ne dose ofhe
Sssuoa.
"In fact, before Congress had been in
session one week. this loan had become
matter Of immediate and pressing necessity,
and the Trcasury-no,e bill had to be driven
through Congress in ho, haste, to save the
Treasury from actual bankruptcy.
4" Long before the time at which tho Pres
i1ent had intlma,cd that loan might b re-
quircd. ('iz: the close OF the session. a
second loan was called for. BY this time
the Secretary of the Treasury had become
used to asking, and was therefore less dill.
dent. lie did not tel Congress this time
that be might want more money at some
future, indefinite time, bu, he said plainly
that he must have further loan Of Sl5,-
600 900, to keep him going till the next
meeting Of Congress : and tina, il would Be
time enough then. should ii become neecs-
sary, to provide for further eOnfiHSeHne'.'
But il turned out that, after all, the
Secretary had been too modest Tho fifteen
million dollars asked for was no. enough.
As the session was drawing rapidly to a
close, the President sent in another message,