Abridgment of the Debates of Congress, from 1789 to 1856, Vol. 1 (of 16)United States. Congress
History
Abridgment of the Debates of Congress, from 1789 to 1856, Vol. 1 (of 16)
United States. Congress
Law -- United States; United States -- Politics and government
Mr. SMITH, of South Carolina, was also in favor of the clause; he
conceived the only reason of weight urged against it, related to the
restoration of public credit; but he thought every person possessed of
the stock or debt of the United States would have the same feelings and
reasoning as the House; they would know that their demands depended upon
a higher source than Congress, and might be sure that we would do our
duty in making particular provision. If Congress neglected this, one
part of the creditors would compel them. If it was found that the United
States were not disposed to pay their debts, foreigners would find the
means to make them. Taking it therefore for granted, that Congress would
always provide for these objects, he would proceed to consider what
effect might arise from a permanent or temporary provision. If the
latter were made, the creditors would honor us for our exertions, and
confide in our continuing to provide for them in the manner we should
find upon experience most convenient to the community. If the system was
declared to be a perpetual provision for the payment of their interest,
it would give no hope, in the first place, for the redemption of the
capital; and in the second, if Congress were to alter it, and which, in
all probability they shortly must, the security would be impaired, and
an essential injury done to the public credit, which we are so desirous
to revive.
Mr. AMES considered this as a very important question; and in order that
his own mind might be fully enlightened, he had listened with the most
unwearied attention to the arguments urged on both sides; but he was far
from being satisfied that the motion was necessary or proper for the
House to adopt.
Gentlemen tell us they are willing to make the revenue commensurate with
the debt. If they do this, all the inconveniences resulting from the
imperfection of the system will be entailed upon us for a number of
years. Other gentlemen mention a year or two for its limitation. Can the
House listen seriously to such a proposition? If we were to tell our
creditors that we are making provision for them for one year, would it
tend to inspire them with confidence in our wisdom or justice? Would our
foreign creditors believe we were scrupulously fulfilling our
engagements with them? No: nothing less than a fixed, permanent system,
can beget confidence or give security. An illusory system of one or two
years' duration would engender distrust; its very visage would make the
public suspect deception. If we do not mean to deceive, why not make the
provision commensurate to the occasion? His idea of a temporary act was
_pro hac vice_, by way of experiment: but he thought the House could not
make the experiment with this bill, because the public credit would not
admit of it. If this act be made for one year, will it not be a
considerable expense to the public by going over all the ground again,
which had taken the House such a length of time to discuss?
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