I hear, in derogation of the value of the fact from which I draw
inferences so favorable to the spirit of the people and to its just
expectation from ministers, that the eighteen million loan is to be
considered in no other light than as taking advantage of a very
lucrative bargain held out to the subscribers. I do not in truth believe
it. All the circumstances which attended the subscription strongly spoke
a different language. Be it, however, as these detractors say. This with
me derogates little, or rather nothing at all, from the political value
and importance of the fact. I should be very sorry, if the transaction
was not such a bargain; otherwise it would not have been a fair one. A
corrupt and improvident loan, like everything else corrupt or prodigal,
cannot be too much condemned; but there is a short-sighted parsimony
still more fatal than an unforeseeing expense. The value of money must
be judged, like everything else, from its rate at market. To force that
market, or any market, is of all things the most dangerous. For a small
temporary benefit, the spring of all public credit might be relaxed
forever. The moneyed men have a right to look to advantage in the
investment of their property. To advance their money, they risk it; and
the risk is to be included in the price. If they were to incur a loss,
that loss would amount to a tax on that peculiar species of property. In
effect, it would be the most unjust and impolitic of all
things,--unequal taxation.
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