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TEXAS STATE LIBRARY
be made, will remain unaccomplished. We have a depreciated cur- rency which should be redeemed or placed on a better footing- we have a National Debt to extinguish- public engagements to meet- and a line of military posts to establish. We have also purchased one Corvette, two Brigs, and three Schooners, which have to be paid for in cash, or a premium is to be added to their cost much greater than what we will have to allow on borrowed Capital. Our national char- acter and faith are involved in these matters; they are of pressing -emergency, admitting of no postponement; and we have to meet them, or suffer in our dignity and credit, as well as in public prosperity. .And I would respectfully ask how far would a Loan of only one million of dollars go toward effecting these important objects? Its influence upon them would scarcely be felt. Out of that million when obtained we should have to refund two hundred and eighty thousand dollars :already advanced upon it, leaving unexpended only seven hundred and twenty thousand dollars a sum -altogether insufficient to supply the wants of the Government and'maintain its plighted faith. Nearly the whole of this amount would be immediately absorbed in foreign lia- bilities already incurred, leaving the protection of our entire frontier both maratime and inland, unprovided for, and the nation still lan- guishing under all the evils of a depreciated currency. With this view of the subject, I feel that no essential or permanent good can result to the country from so limited a loan, and consider it eminently im- politic in the Government to deny itself the use of means which it may have the credit to obtain, and which can so beneficially be em- ployed. Our necessities at this time are certainly greater than what we have a right to suppose they will be five years hence; yet by the resolution under consideration our Commissioners are instructed to ·borrow for present emergencies the same sum only which is appro- priated to a period when in all probability we may have no emergen- cies to meet. Five years hence, Texas may be in a condition to Loan .1nstead of borrowing capital. Her greatest necessities are now upon her; and now is the time she requires the greatest pecuniary aid. Let us not then, in the day of her utmost need, limit our assistance to the mere fragment of a loan which can be of but little service; but let us give to her such a portion of the loan as will at once relieve her from all -embarrassments; render her faith undoubted with other nations, and ensure her safety and prosperity at home. It should also be recollected that we are also in a state of war. As yet we have made no peace with our enemies; and notwithstanding hol"tilities may for a time bt> suspended, we know not how rnon they may be resumed. The ever changeful policy of Mexico, might in the short space of a few months, render it necessary for us to einploy the 1argest means our credit could possibly place at the disposal of Govern- ment. We are liable to i1wasion every day. We are often threatened with it. And should such an occurrence shortly happen, would it not be a well founded source of mortification to the people, to find that their Government, had in the time of war inhibited itself from the use -of more than one million of dollars, when to save our soil from in- vasion and to maintain our national faith and honor, two or even three millions were required? If not invaded by our more numerous and
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