ption
it was in my opinion a wise, a just, and a beneficent measure. But to
continue it in force while there is no such surplus to distribute and
when it is manifestly necessary not only to increase the duties, but at
the same time to borrow money in order to liquidate the public debt and
disembarrass the public Treasury, would cause it to be regarded as an
unwise alienation of the best security of the public creditor, which
would with difficulty be excused and could not be justified.

Causes of no ordinary character have recently depressed American credit
in the stock market of the world to a degree quite unprecedented. I need
scarcely mention the condition of the banking institutions of some of
the States, the vast amount of foreign debt contracted during a period
of wild speculation by corporations and individuals, and, above all, the
Doctrine of repudiation of contracts solemnly entered into by States,
which, although as yet applied only under circumstances of a peculiar
character and generally rebuked with severity by the moral sense of the
community, is yet so very licentious and, in a Government depending
wholly on opinion, so very alarming that the impression made by it to
our disadvantage as a people is anything but surprising. Under such
circumstances it is imperatively due from us to the people whom we
represent that when we go into the money market to contract a loan we
should tender such securities as to cause the money lender, as well at
home as abroad, to feel that the most propitious opportunity is afforded
him of investing profitably and judiciously his capital. A government
which has paid off the debts of two wars, waged with the most powerful
nation of modern times, should not be brought to the necessity of
chaffering for terms in the money market. Under such circumstances as I
have adverted to our object should be to produce with the capitalist a
feeling of entire confidence, by a tender of that sort of security which
in all times past has been esteemed sufficient, and which for the small
amount of our proposed indebtedness will unhesitatingly be regarded as
amply adequate. While a pledge of all the revenues amounts to no more
than is implied in every instance when the Government contracts a
debt, and although it ought in ordinary circumstances to be entirely
satisfactory, yet in times like these the capitalist would feel better
satisfied with the pledge of a specific fund, ample in magnitude to the